Document:

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                                                                     Exhibit 4.4

[MBIA Logo]

                           MBIA INSURANCE CORPORATION

                      FINANCIAL GUARANTEE INSURANCE POLICY
                                NOVEMBER 27, 2002

                                                         POLICY NUMBER: 39714(1)

RE:                                HOUSEHOLD AUTOMOTIVE TRUST 2002-3 (THE
                                   "TRUST") $285,000,000 1.41375% ASSET BACKED
                                   NOTES, CLASS A-1 ("CLASS A-1 NOTES");
                                   $125,000,000 1.93% ASSET BACKED NOTES, CLASS
                                   A-2-A ("CLASS A-2-A NOTES"); $268,000,000
                                   LIBOR + 0.12% ASSET BACKED NOTES, CLASS A-2-B
                                   ("CLASS A-2-B NOTES"); $125,000,000 2.75%
                                   ASSET BACKED NOTES, CLASS A-3-A ("CLASS A-3-A
                                   NOTES"); $234,000,000 LIBOR + 0.19% ASSET
                                   BACKED NOTES, CLASS A-3-B ("CLASS A-3-B
                                   NOTES"); $238,000,000 3.44% ASSET BACKED
                                   NOTES, CLASS A-4-A ("CLASS A-4-A NOTES") AND
                                   $125,000,000 LIBOR + 0.34% ASSET BACKED
                                   NOTES, CLASS A-4-B ("CLASS A-4-B NOTES" AND
                                   TOGETHER WITH THE CLASS A-1 NOTES, CLASS
                                   A-2-A NOTES, CLASS A-2-B NOTES, CLASS A-3-A
                                   NOTES, CLASS A-3-B NOTES AND CLASS A-4-A
                                   NOTES, THE "NOTES").

INSURED OBLIGATION:                OBLIGATION TO PAY SERVICING AND TRUSTEE FEES,
                                   TIMELY INTEREST, ANY INSURED PRINCIPAL
                                   BALANCE SHORTFALLS (AS DEFINED IN THE SERIES
                                   SUPPLEMENT) AND ULTIMATE PRINCIPAL ON THE
                                   NOTES.

BENEFICIARY:                       U.S. BANK NATIONAL ASSOCIATION, AS INDENTURE
                                   TRUSTEE (THE "INDENTURE TRUSTEE") UNDER THE
                                   INDENTURE DATED AS OF NOVEMBER 18, 2002 (THE
                                   "INDENTURE") BETWEEN THE TRUST AND THE
                                   INDENTURE TRUSTEE (TOGETHER WITH ANY
                                   SUCCESSOR INDENTURE TRUSTEE DULY APPOINTED
                                   AND QUALIFIED UNDER THE INDENTURE) FOR THE
                                   BENEFIT OF THE OWNERS (AS DEFINED BELOW).

MBIA INSURANCE CORPORATION ("MBIA"), for consideration received, hereby
unconditionally and irrevocably guarantees to the Beneficiary, subject only
to the terms of this Financial Guarantee Insurance Policy (the "POLICY"),
payment of the Insured Obligation. MBIA agrees to pay to the Indenture
Trustee, in respect of each Distribution Date, an amount equal to the amount
by which (A) the sum of the following amounts, each as of or with respect to
such Distribution Date, (i) net payments due to the swap counterparty under
the Swap Agreements, (ii) the Servicing Fee (if HFC is no longer acting as
the Master Servicer), including any unpaid Servicing Fees (if HFC is no
longer acting as the Master Servicer), (iii) any accrued and unpaid fees and
any unreimbursed costs and expenses of the Indenture trustee and the Owner
Trustee, in each case to the extent such fees have not been paid by the
Master Servicer, (iv) the Class A Interest Distributable Amount, (v) the
Insured Principal Balance Shortfall, if any, if such Distribution Date is not
the Scheduled Maturity Date with respect to any Class of Notes, and (vi) if
such Distribution Date is a Scheduled Maturity Date with respect to any Class
of Notes, the outstanding principal amount of such Class of Notes on such
Distribution Date, exceeds (B) the

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sum of (i) the amount of Available Funds available to make such payments with
respect ion Date and (ii) the amount on deposit in the Reserve Account as of
such Distribution Date (the "DEFICIENCY AMOUNT"). MBIA also agrees to pay an
amount equal to any Avoided Payment (as defined below). This Policy does not
cover shortfalls, if any, attributable to the liability of the Trust for
withholding taxes, if any (including interest and penalties in respect of such
liability). Payments hereunder shall be made only at the time set forth in this
Policy. This Policy will not guarantee payment of any Class A Additional
Principal Distributable Amount or amounts that become due on an accelerated
basis as a result of (a) a default by the Trust, (b) the occurrence of an Event
of Default under the Indenture, or (c) any other cause. MBIA may elect, in its
sole discretion, to pay in whole or in part such principal due upon
acceleration.

     Capitalized terms used herein and not otherwise defined shall have the
meanings assigned to them in the Master Sale and Servicing Agreement dated as of
November 18, 2002 amount Household Auto Receivables Corporation, as seller (the
"SELLER"), Household Finance Corporation, as Master Servicer (the "MASTER
SERVICER"), the Indenture Trustee and the Trust (the "MASTER SALE AND SERVICING
AGREEMENT").

     As used herein the term "OWNER" means each Noteholder who on the applicable
Distribution Date is entitled under the terms of the related Note to receive
payments thereunder.

     Payment of amounts hereunder shall be made in immediately available funds
no later than the later of (a) 12:00 noon, New York City time, on the related
Distribution Date and (b) 12:00 noon, New York City time, on the second Business
Day following presentation to State Street Bank and Trust Company, N.A., as
Fiscal Agent for MBIA or any successor fiscal agent appointed by MBIA (the
"FISCAL AGENT") (as hereinafter provided) and MBIA of a notice for payment in
the form of EXHIBIT A hereto ("NOTICE FOR PAYMENT"), appropriately completed and
executed by the Indenture Trustee. A Notice for Payment under this Policy may be
presented to the Fiscal Agent and MBIA on any Business Day following the
Determination Date in respect of which the Notice for Payment is being
presented, by (a) delivery of the original Notice for Payment to the Fiscal
Agent and MBIA at its respective address set forth below, or (b) facsimile
transmission of the original Notice for Payment to the Fiscal Agent and MBIA at
its respective facsimile number set forth below. If presentation is made by
facsimile transmission, the Indenture Trustee shall (i) simultaneously confirm
transmission by telephone to the Fiscal Agent and MBIA at its respective
telephone number set forth below, and (ii) as soon as reasonably practicable,
deliver the original Notice for Payment to the Fiscal Agent and MBIA at its
respective address set forth below. Any Notice for Payment received by the
Fiscal Agent or MBIA after 12:00 noon, New York City time, on a Business Day, or
on any day that is not a Business Day, will be deemed to be received by the
Fiscal Agent and MBIA on the next succeeding Business Day.

     Subject to the foregoing, if the payment of any amount previously
distributed to an Owner in respect of the Notes that is recoverable and sought
to be recovered as a voidable preference by a trustee in bankruptcy with respect
to the Trust, the Seller or the Originator pursuant to the United States
Bankruptcy Code (11 U.S.C.), as amended from time to time, in accordance with a
nonappealable order of a court having competent jurisdiction is voided ("AVOIDED
PAYMENT"), MBIA will make such Avoided Payment on behalf of the Owner to the
receiver, conservator, debtor-in-possession or trustee in bankruptcy named in
the Final Order (as defined below) and not to any Owner directly, unless such
Owner has previously paid such Avoided Payment to the receiver, conservator,
debtor-in-possession or trustee in bankruptcy, in which case MBIA will

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make such Avoided Payment to such Owner upon receipt by the Fiscal Agent and
MBIA from the Indenture Trustee on behalf of such Owner of (i) a certified copy
of a final, nonappealable order of a court having competent jurisdiction to the
effect that the Owner is required to return any such payment or portion thereof
prior to the Termination Date of this Policy because such payment was voided
under applicable law (the "FINAL ORDER") together with an opinion of counsel
satisfactory to MBIA that such Final Order is final and not subject to appeal,
(ii) an assignment, substantially in the form attached hereto as EXHIBIT B,
properly completed and executed by such Owner irrevocably assigning to MBIA all
rights and claims of such Owner relating to or arising under such Avoided
Payment, (iii) a Notice for Payment in the form of EXHIBIT A hereto
appropriately completed and executed by the Indenture Trustee and (iv)
appropriate instruments to effect the appointment of MBIA as agent for such
Owner in any legal proceeding relating to such Avoided Payment.

     MBIA shall make payments due in respect of Avoided Payments no later than
12:00 noon, New York City time on the Business Date following the Fiscal Agent's
and MBIA's receipt of the documents required under clauses (i) through (iv) of
the preceding paragraph. Any such documents received by the Fiscal Agent or MBIA
after 12:00 noon, New York City time, on any Business Day or on any day that is
not a Business Day shall be deemed to have been received by the Fiscal Agent and
MBIA prior to 12:00 noon on the next succeeding Business Day. All payments made
by MBIA hereunder on account of any Avoided Payment shall be made to the
receiver or the trustee in bankruptcy named in the Final Order on behalf of
Owner and not to any owner directly unless such Owner has returned such Avoided
Payment to such receiver or trustee in bankruptcy, in which case such payment
will be disbursed to such Owner.

     If any Notice for Payment received by the Fiscal Agent and MBIA is not in
proper form or is otherwise insufficient for the purpose of making a claim
hereunder, it shall be deemed no to have been received by the Fiscal Agent and
MBIA, and the Fiscal Agent or MBIA shall promptly so advise the Indenture
Trustee, and the Indenture Trustee may submit an amended Notice for Payment.

     Payments due hereunder unless otherwise stated herein will be disbursed by
the Fiscal Agent to the Indenture Trustee on behalf of the Owners by wire
transfer of immediately available funds in the amount of such payment, less, in
respect of Avoided Payments, any amounts held by the Indenture Trustee for the
payment of such Avoided Payment and legally available therefor.

     The Fiscal Agent is agent of MBIA only, and the Fiscal Agent shall in no
event be liable to Owners for any acts of the Fiscal Agent or any failure of
MBIA to deposit or cause to be deposited sufficient funds to make payments due
under this Policy.

     MBIA shall be subrogated to the rights of each Owner to receive payments
under the Notes to the extent of any payment by MBIA hereunder.

     MBIA hereby waives and agrees not to assert any and all rights to require
the Indenture Trustee to make demand on or to proceed against any person, party
or security prior to the Indenture Trustee demanding payment under this Policy.

     No defenses, set-offs and counterclaims of any kind available to MBIA so as
to deny payment of any amount due in respect of this Policy will be valid and
MBIA hereby waives and agrees not to assert any and all such defenses
(including, without limitation, fraud in the inducement or fact, or any other
circumstances that would have the effect of discharging a surety

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at law or in equity), set-offs and counterclaims, including, without limitation,
any such rights acquired by subrogation, assignment or otherwise. Any rights of
subrogation acquired by MBIA as a result of any payment made under this Policy
shall, in all respects, be subordinate and junior in right of payment to the
prior indefeasible payment in full of all amounts due to the Indenture Trustee
on account of payments due under the Notes.

     MBIA's obligations under this Policy shall be discharged to the extent
funds to pay the Insured Obligation are deposited by the Master Servicer into
the Collection Account in accordance with the Master Sale and Servicing
Agreement or disbursed by MBIA as provided in this Policy, whether or not such
funds are properly applied by the Indenture Trustee.

     This Policy is neither transferable nor assignable, in whole or in part,
except to a successor to the Indenture Trustee pursuant to the Indenture. All
notices, presentations, transmissions, deliveries and communications made by the
Indenture Trustee to MBIA with respect to this Policy shall specifically refer
to the number of this Policy and shall be made to MBIA at:

                MBIA Insurance Corporation
                113 King Street
                Armonk, New York  10504
                Attention: Insured Portfolio Management, Structured Finance
                Telephone:  (914) 273-4545
                Facsimile:  (914) 765-3810

or such other address, telephone number or facsimile number as MBIA may
designate to the Indenture Trustee in writing from time to time. Each such
notice, presentation, transmission, delivery and communication shall be
effective only upon actual receipt by MBIA.

     All notices, presentations, transmissions, deliveries and communications
made by the Indenture Trustee to the Fiscal Agent of MBIA shall specifically
refer to the number of this Policy and shall be made at the address listed below
for the Fiscal Agent of MBIA or such other address, telephone number or
facsimile number as MBIA or the Fiscal Agent shall specify in writing to the
Indenture Trustee.

     The notice address of the Fiscal Agent is 61 Broadway, 15th Floor, New
York, New York 10006 Attention: Municipal Registrar and Paying Agency,
Telephone: 212-612-3458, Facsimile: 212-612-3203, or such other address as
the Fiscal Agent shall specify to the Indenture Trustee in writing.

     The obligations of MBIA under this Policy are irrevocable, primary,
absolute and unconditional (except as expressly provided herein) and neither
the failure of the Trust, the Indenture Trustee, the Owner Trustee, the
Originator, HACC, the Subservicer, the Seller, the Master Servicer or any
other person to perform any covenant or obligation in favor of MBIA (or
otherwise), nor the failure or omission to make a demand permitted hereunder,
not the commencement of any bankruptcy, debtor or other insolvency proceeding
by or against the Trust, the Indenture Trustee, the Originator, HACC, the
Subservicer, the Owner Trustee, the Seller, the Master Servicer or any other
person shall in any way affect or limit MBIA's obligations under this Policy.
If a successful action or proceeding to enforce this Policy is brought by the
Indenture Trustee, the Indenture Trustee shall be entitled to recover from
MBIA costs and expenses reasonably incurred, including without limitation
reasonable fees and expenses of counsel.

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     This Policy and the obligations of MBIA hereunder shall terminate on the
date (the "TERMINATION DATE")that is one year and one day following the earlier
of (a) the Final Scheduled Distribution Date and (b) the date on which all
amounts required to be paid to the Owners have been paid in full, PROVIDED,
THAT, if any Insolvency Proceeding is existing by or against the Originator, the
Trust, the Seller or the Bank during such one year and one day period, then this
Policy and MBIA's obligations hereunder shall terminate on the date of the
conclusion or dismissal of such Insolvency Proceeding without continuing
jurisdiction by the court in such Insolvency Proceeding, PROVIDED, FURTHER that,
and notwithstanding anything herein to the contrary, this Policy shall not
terminate prior to the date on which MBIA has made all payments required to be
made under the terms of this Policy in respect of Avoided Payments.

     All payments made hereunder by MBIA shall be made with MBIA's own funds.
The payment by MBIA to the Indenture Trustee of any amount guaranteed by the
first paragraph of this Policy, and the payment by MBIA of any Avoided Payment
shall constitute "PAYMENTS" for all purposes under this Policy. In no event
shall any payment be made under this Policy on account of (a) the failure of the
Indenture Trustee to deliver the proceeds of any such payment to any Owner or
(b) the failure of any such Owner to claim any such proceeds from the Indenture
Trustee.

     THIS POLICY IS NOT COVERED BY THE PROPERTY/CASUALTY INSURANCE FUND
SPECIFIED IN ARTICLE SEVENTY-SIX OF THE NEW YORK STATE INSURANCE LAW.

     This Policy sets forth in full the undertaking of MBIA, and shall not,
except with the prior written consent of the Indenture Trustee or otherwise
in accordance with the express terms hereof, be modified, altered or affected
by any other agreement or instrument, including any modification or amendment
thereto and may not be canceled or revoked by MBIA prior to the Termination
Date. The Premium on this Policy is not refundable for any reason.

     This Policy shall be returned to MBIA by the Indenture Trustee on the
Termination Date.

     THIS POLICY SHALL BE CONSTRUED, AND THE OBLIGATIONS, RIGHTS AND REMEDIES
OF THE PARTIES HEREUNDER SHALL BE DETERMINED, IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES OR THE
APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION.

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     IN WITNESS WHEREOF, MBIA has caused this Policy to be executed on the date
first written above.

                                          MBIA INSURANCE CORPORATION

                                          By: /s/ Gary C. Dunton
                                              ----------------------
                                          Name: Gary C. Dunton
                                          Title: President

                                          By: /s/ Amy R. Gonch
                                              ----------------------
                                          Name: Amy R. Gonch
                                          Title: Assistant Secretary

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       EXHIBIT A TO FINANCIAL GUARANTEE INSURANCE POLICY, NUMBER 39714(1)

     MBIA Insurance Corporation
     113 King Street
     Armonk, NY  10504
     Attention:  Insured Portfolio Management,
                        Structured Finance

                               NOTICE FOR PAYMENT
           UNDER FINANCIAL GUARANTEE INSURANCE POLICY NUMBER 39714(1)

U.S. Bank National Association, as indenture trustee (the "INDENTURE TRUSTEE"),
hereby certifies to MBIA Insurance Corporation ("MBIA") with reference to that
certain Financial Guarantee Insurance Policy, Number 39714(1), dated November
27, 2002 (the "POLICY"), issued by MBIA in favor of the Indenture Trustee under
the Indenture, dated as of November 18, 2002 between Household Automotive Trust
2002-3 and the Indenture Trustee as follows:

       1. The Indenture Trustee is the Indenture Trustee under the Indenture and
          the Beneficiary under the Policy.

       2. The Indenture Trustee is entitled to make a demand under the Policy
          pursuant to Section 3.03(c) of the Series Supplement [in connection
          with an Avoided Payment as defined in the Policy].

          [For a Notice for Payment in respect of a Distribution Date use the
          following paragraphs 3, 4 and 5.]

       3. This notice relates to the [insert date] Distribution Date. The amount
          claimed under the Policy, as specified to the Indenture Trustee by the
          Master Servicer, for such Distribution Date is $________. The amount
          demanded by this notice does not exceed amounts permitted to be drawn
          under the Policy.

       4. The Indenture Trustee demands payment of $________ which is an amount
          equal to the Deficiency Amount for such Distribution Date.

       5. The amount demanded is to be paid in immediately available funds to
          the Collection Account at ___________, account number ____________.

          [For a Notice for Payment in respect of an Avoided Payment use the
          following paragraphs 3 and 4.]

       3. The Indenture Trustee hereby represents and warrants, based upon
          information available to it, that (i) the amount entitled to be drawn
          under the Policy on the date hereof in respect of Avoided Payments is
          the amount paid or to be paid simultaneously with such draw on the
          Policy, by all Noteholders [$      ] (the "AVOIDED PAYMENT AMOUNT"),
          (ii) each Noteholder with respect to which the drawing is being made
          under the Policy has paid or simultaneously with such draw on the
          Policy will pay such Avoided Payment, and (iii) the documents required
          by the Policy to be delivered in connection with such Avoided Payment
          and Avoided Payment Amount have previously been presented to MBIA or
          are attached hereto.

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       4. The amount demanded is to be paid in immediately available funds by
          wire transfer to [          ].

          [For a Notice for Payment relating to both an Avoided Payment and a
          Distribution Date, use the following paragraphs 3, 4, 5 and 6.]

       3. This notice relates to the [insert date] Distribution Date. The amount
          claimed under the Policy, as specified to the Indenture Trustee by the
          Master Servicer, for such Distribution Date is $________. The amount
          demanded by this notice does not exceed amounts permitted to be drawn
          under the Policy.

       4. The Indenture Trustee demands payment of $________ which is an amount
          equal to the Deficiency Amount for such Distribution Date.

       5. The Indenture Trustee hereby represents and warrants, based upon
          information available to it, that (i) the amount entitled to be drawn
          under the Policy on the date hereof in respect of Avoided Payments is
          the amount paid or to be paid simultaneously with such draw on the
          Policy, by all Noteholders [$        ] (the "AVOIDED PAYMENT
          AMOUNT"), and (ii) the documents required by the Policy to be
          delivered in connection with such Avoided Payment and Avoided Payment
          Amount have previously been presented to MBIA or are attached hereto.

       6. The amount demanded is to be paid in immediately available funds by
          wire transfer to [         ].

     Capitalized term used herein and not otherwise defined herein shall have
the meaning assigned to them in the Policy.

     ANY PERSON WHO KNOWINGLY AND WITH INTENT TO DEFRAUD ANY INSURANCE COMPANY
OR OTHER PERSON FILES AN APPLICATION FOR INSURANCE OR STATEMENT OF CLAIM
CONTAINING ANY MATERIALLY FALSE INFORMATION, OR CONCEALS FOR THE PURPOSE OF
MISLEADING INFORMATION CONCERNING ANY FACT MATERIAL THEREOF, COMMITS A
FRAUDULENT INSURANCE ACT, WHICH IS A CRIME, AND SHALL BE SUBJECT TO A CIVIL
PENALTY NOT TO EXCEED FIVE THOUSAND DOLLARS AND THE STATED VALUE OF THE CLAIM
FOR EACH SUCH VIOLATION.

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     IN WITNESS WHEREOF, this notice has been executed this ___ day of ________,
___.

                                            U.S. Bank National Association

                                            By:
                                               -------------------------------
                                                     Authorized Officer

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       EXHIBIT B TO FINANCIAL GUARANTEE INSURANCE POLICY, NUMBER 39714(1)

                               FORM OF ASSIGNMENT

     Reference is made to the Financial Guarantee Insurance Policy No.
39714(1), dated November 27 2002, (the "POLICY") issued by MBIA Insurance
Corporation ("MBIA") relating to the $1,400,000,000 Household Automotive
Trust 2002-3 1.41375% Asset Backed Notes, Class A-1, 1.93% Asset Backed
Notes, Class A-2-A, LIBOR + 0.12% Asset Backed Notes, Class A-2-B, 2.75%
Asset Backed Notes, Class A-3-A, LIBOR + 0.19% Asset Backed Notes, Class
A-3-B, 3.44% Asset Backed Notes, Class A-4-A, and LIBOR + 0.34% Asset Backed
Notes, Class A-4-B. Unless otherwise defined herein, capitalized terms used
in this Assignment shall have the meanings assigned thereto in the Policy as
incorporated by reference therein. In connection with the Avoided Payment of
[$     ] paid by the undersigned (the "HOLDER") on [     ] and the payment by
MBIA in respect of such Avoided Payment pursuant to the Policy, the Holder
hereby irrevocably and unconditionally, without recourse, representation or
warranty (except as provided below), sells, assigns, transfers, conveys and
delivers all of such Holder's rights, title and interest in and to any rights
or claims, whether accrued, contingent or otherwise, which the Holder now has
or may hereafter acquire, against any person relating to, arising out of or
in connection with such Avoided Payment. The Holder represents and warrants
that such claims and rights are free and clear of any lien or encumbrance
created or incurred by such Holder.

                                                     --------------------------
                                                     Holder(1)

----------
(1)  In the event that the terms of this form of assignment are reasonably
     determined to be insufficient solely as a result of a change of law or
     applicable rules after the date of the Policy to fully vest all of the
     Holder's right, title and interest in such rights and claims, the Holder
     and MBIA shall agree on such other form as is reasonably necessary to
     effect such assignment, which assignment shall be without recourse,
     representation or warranty except as provided above.<Page>

                                                                    Exhibit 10.1
                                                                  EXECUTION COPY

                      MASTER RECEIVABLES PURCHASE AGREEMENT

                                     between

                    HOUSEHOLD AUTOMOTIVE FINANCE CORPORATION,
                                    as Seller

                                       and

                     HOUSEHOLD AUTO RECEIVABLES CORPORATION,
                                  as Purchaser

                                   dated as of

                                December 18, 2001

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                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                                 Page
                                                                                                 ----
<S>                                                                                              <C>
ARTICLE I DEFINITIONS.............................................................................1

   SECTION 1.1   General..........................................................................1
   SECTION 1.2   Specific Terms...................................................................1
   SECTION 1.3   Other Definitional Provisions....................................................2
   SECTION 1.4   Certain References...............................................................2
   SECTION 1.5   No Recourse......................................................................3

ARTICLE II CONVEYANCE OF THE RECEIVABLES AND THE OTHER CONVEYED PROPERTY..........................3

   SECTION 2.1   Purchase.........................................................................3

ARTICLE III REPRESENTATIONS AND WARRANTIES........................................................5

   SECTION 3.1   Representations and Warranties of Seller.........................................5
   SECTION 3.2   Representations and Warranties of HARC...........................................7

ARTICLE IV COVENANTS OF SELLER....................................................................8

   SECTION 4.1   Seller's Covenants...............................................................8

ARTICLE V REPURCHASES.............................................................................9

   SECTION 5.1   Repurchase of Receivables Upon Breach of Warranty................................9
   SECTION 5.2   Reassignment of Repurchased Receivables.........................................10
   SECTION 5.3   Waivers.........................................................................10

ARTICLE VI MISCELLANEOUS.........................................................................10

   SECTION 6.1   Liability of Seller.............................................................10
   SECTION 6.2   Amendment.......................................................................10
   SECTION 6.3   GOVERNING LAW...................................................................11
   SECTION 6.4   Notices.........................................................................11
   SECTION 6.5   Severability of Provisions......................................................11
   SECTION 6.6   Assignment......................................................................11
   SECTION 6.7   Acknowledgment and Agreement of Seller..........................................11
   SECTION 6.8   Further Assurances..............................................................12
   SECTION 6.9   No Waiver; Cumulative Remedies..................................................12
   SECTION 6.10  Counterparts....................................................................12
   SECTION 6.11  Binding Effect; Third-Party Beneficiaries.......................................12
   SECTION 6.12  Merger and Integration..........................................................12
   SECTION 6.13  Heading.........................................................................12
   SECTION 6.14  Schedules and Exhibits..........................................................12
   SECTION 6.15  Survival of Representations and Warranties......................................12
   SECTION 6.16  Nonpetition Covenant............................................................13
</Table>

<Page>

EXHIBITS

   EXHIBIT A     Form of Receivables Purchase Agreement Supplement

SCHEDULES

   Schedule A    Schedule of Receivables

<Page>

          THIS MASTER RECEIVABLES PURCHASE AGREEMENT, dated as of December 18,
2001, executed between Household Auto Receivables Corporation, a Nevada
corporation, as purchaser ("HARC") and Household Automotive Finance Corporation,
a Delaware corporation, as seller ("SELLER").

                              W I T N E S S E T H :

          WHEREAS, HARC has agreed to purchase from time to time from Seller,
and Seller, pursuant to this Agreement, has agreed to transfer from time to time
to HARC the Receivables and the Other Conveyed Property.

          NOW, THEREFORE, in consideration of the premises and the mutual
agreements hereinafter contained, and for other good and valuable consideration,
the receipt of which is acknowledged, HARC and Seller, intending to be legally
bound, hereby agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

          SECTION 1.1 GENERAL. Capitalized terms used herein without definition
shall have the respective meanings assigned to such terms in the Master Sale and
Servicing Agreement.

          SECTION 1.2 SPECIFIC TERMS. Whenever used in this Agreement, the
following words and phrases, unless the context otherwise requires, shall have
the following meanings:

          "AGREEMENT" means this Master Receivables Purchase Agreement and all
amendments hereof and supplements hereto.

          "CLOSING DATE" means December 18, 2001.

          "CONVEYANCE" shall have the meaning specified in Section 2.1.

          "CONVEYANCE PAPERS" shall have the meaning specified in Section 3.1.

          "CUTOFF DATE" shall have the meaning assigned to such term in the
Master Sale and Servicing Agreement or applicable Receivables Purchase Agreement
Supplement.

          "MASTER SALE AND SERVICING AGREEMENT" means the Master Sale and
Servicing Agreement dated as of December 18, 2001, by and among Household
Automotive Warehouse Trust, as Issuer, HARC, as Seller, Household Finance
Corporation, as Master Servicer, and Wells Fargo Bank Minnesota, National
Association, as Indenture Trustee, as the same may be amended, restated,
supplemented or otherwise modified from time to time.

<Page>

          "OTHER CONVEYED PROPERTY" means all money, instruments, rights and
other property that are subject or intended to be subject to the lien and
security interest of the Indenture (including all property and interests granted
to the Indenture Trustee), including all proceeds thereof, other than the
Receivables.

          "PURCHASE DATE" means, with respect to Receivables, any date, on which
Receivables are to be purchased by HARC pursuant to this Agreement and a
Receivables Purchase Agreement Supplement is executed and delivered by Seller
and HARC.

          "RECEIVABLES" means the Receivables listed on the Schedules of
Receivables attached to this Agreement or to each Receivables Purchase Agreement
Supplement as Schedule A.

          "RECEIVABLES PURCHASE AGREEMENT SUPPLEMENT" means an agreement between
HARC and Seller, substantially in the form of Exhibit A hereto.

          "REPURCHASE EVENT" means a determination pursuant to Section 3.2 or
Section 4.7 of the Master Sale and Servicing Agreement that HARC is required to
repurchase a Receivable.

          "SCHEDULE OF RECEIVABLES" means the schedule of Receivables sold and
transferred pursuant to this Agreement and each related Receivables Purchase
Agreement Supplement from time to time, which schedule collectively includes the
schedules attached as Schedule A to this Agreement and Schedule A to each
related Receivables Purchase Agreement Supplement.

          SECTION 1.3 OTHER DEFINITIONAL PROVISIONS.

          (a) All terms defined in this Agreement shall have the defined
meanings when used in any certificate, other documents, or Conveyance Paper made
or delivered pursuant hereto unless otherwise defined herein.

          (b) The words "HEREOF", "HEREIN" and "HEREUNDER" and words of similar
import when used in this Agreement or any Conveyance Paper shall refer to this
Agreement as a whole and not to any particular provision of this Agreement; and
Section, Subsection, Schedule and Exhibit references contained in this Agreement
are references to Sections, Subsections, Schedules and Exhibits in or to this
Agreement unless otherwise specified.

          (c) All determinations of the principal or finance charge balance of
Receivables, and of any collections thereof, shall be made in accordance with
the Master Sale and Servicing Agreement and the Series Supplement.

          SECTION 1.4 CERTAIN REFERENCES. All references to the Principal
Balance of a Receivable as of any date of determination shall refer to the close
of business on such day, or as of the first day of a Collection Period shall
refer to the opening of business on such day. All references to the last day of
a Collection Period shall refer to the close of business on such day.

                                        2
<Page>

          SECTION 1.5 NO RECOURSE. Without limiting the obligations of Seller
hereunder, no recourse may be taken, directly or indirectly, under this
Agreement or any certificate or other writing delivered in connection herewith
or therewith, against any stockholder, officer or director, as such, of Seller,
or of any predecessor or successor of Seller.

                                   ARTICLE II

                          CONVEYANCE OF THE RECEIVABLES
                         AND THE OTHER CONVEYED PROPERTY

          SECTION 2.1 PURCHASE.

          (a) By execution of this Agreement and subject to the terms and
conditions of this Agreement, on each Purchase Date Seller shall sell, transfer,
assign, and otherwise convey to HARC (collectively, the "CONVEYANCE") without
recourse (but without limitation of its obligations in this Agreement), and HARC
shall purchase, all right, title and interest of Seller in and to:

              (i)  each and every Receivable listed from time to time on
          Schedule A hereto or to each related Receivables Purchase Agreement
          Supplement and all monies paid or payable thereon or in respect
          thereof on or after the related Cutoff Date (including amounts due on
          or before the related Cutoff Date but received by Seller on or after
          such date);

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

            (iii)  all rights of Seller against Dealers pursuant to Dealer
          Agreements or Dealer Assignments related to such Receivables;

             (iv)  any proceeds and the right to receive proceeds with respect
          to such Receivables repurchased by a Dealer, pursuant to a Dealer
          Agreement, as a result of a breach of representation or warranty in
          the related Dealer Agreement;

              (v)  all rights of Seller under any Service Contracts on the
          related Financed Vehicles;

             (vi)  any proceeds and the right to receive proceeds with respect
          to the related Receivables from claims on any physical damage, loss,
          credit life or disability insurance policies, if any, covering
          Financed Vehicles or Obligors, including rebates of insurance premiums
          relating to the Receivables and any proceeds from the liquidation of
          such Receivables;

                                        3
<Page>

            (vii)  all items contained in the Receivables Files with respect to
          such Receivables and any and all other documents that Seller or Master
          Servicer keeps on file in accordance with its customary procedures
          relating to the related Receivables, or the related Financed Vehicles
          or Obligor;

           (viii)  all property (including the right to receive future Net
          Liquidation Proceeds) that secures each related Receivable and that
          has been acquired by or on behalf of HARC pursuant to the liquidation
          of such Receivable; and

             (ix)  all present and future claims, demands, causes and choses in
          action in respect of any or all of the foregoing and all payments on
          or under and all proceeds of every kind and nature whatsoever in
          respect of any or all of the foregoing, including all proceeds of the
          conversion, 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.

          (b) Simultaneously with the conveyance of the Receivables and the
Other Conveyed Property to HARC by Seller, HARC has paid or caused to be paid to
or upon the order of Seller an amount equal to 100% of the Principal Balance of
the Receivables on the books and records of Seller, plus the present value of
anticipated excess spread on such Receivables, discounted to take into account
any uncertainty as to future performance matching historical performance,
servicing fees, delinquencies, pay down rates, yield and such other factors as
may be mutually agreed upon between Seller and HARC, by wire transfer of
immediately available funds.

          (c) In connection with such Conveyance, Seller further agrees that it
will, at its own expense, on or prior to the Purchase Date (i) indicate in its
computer files or microfiche lists that the Receivables have been conveyed to
HARC in accordance with this Agreement and have been conveyed by HARC to the
Indenture Trustee pursuant to the Master Sale and Servicing Agreement for the
benefit of the Secured Parties by including in such computer files and
microfiche lists the code identifying each such Receivable and (ii) deliver to
HARC (or to the Indenture Trustee if HARC so directs) a computer file or
microfiche list containing a true and complete list of all such Receivables
specifying for each such Receivable, as of the Cutoff Date (A) its account
number and (B) the outstanding balance of such Receivable. Such computer files
or microfiche lists shall be delivered to HARC (or to the Indenture Trustee if
so directed by HARC) and marked as proprietary and confidential. Seller further
agrees not to alter the code referenced in clause (i) of this paragraph with
respect to any Receivable during the term of this Agreement.

                                        4
<Page>

          (d) The parties hereto intend that the conveyance of Seller's right,
title and interest in and to the Receivables and Other Conveyed Property shall
constitute a sale, conveying good title free and clear of any liens, claims,
encumbrances or rights of others from Seller to HARC and that the Receivables
and Other Conveyed Property shall not be part of Seller's estate in the event of
the insolvency of Seller or a conservatorship, receivership or similar event
with respect to Seller. It is the intention of the parties hereto that the
arrangements with respect to the Receivables and Other Conveyed Property shall
constitute a purchase and sale of such Receivables and not a loan. In the event,
however, that a court of competent jurisdiction were to hold that the
transactions evidenced hereby constitute a loan and not a purchase and sale, it
is the intention of the parties hereto that this Agreement shall constitute a
security agreement under applicable law, and that Seller shall be deemed to have
granted to HARC a first priority perfected security interest in all of such
Seller's right, title and interest in and to the Receivables and Other Conveyed
Property.

                                   ARTICLE III

                         REPRESENTATIONS AND WARRANTIES

          SECTION 3.1 REPRESENTATIONS AND WARRANTIES OF SELLER. Seller makes the
following representations and warranties as of the date hereof on which HARC
relies in purchasing the Receivables and the Other Conveyed Property and in
transferring the Receivables and the Other Conveyed Property to the Issuer under
the Master Sale and Servicing Agreement. Such representations are made as of the
execution and delivery of this Agreement and as to Receivables and Other
Conveyed Property conveyed thereunder, as of the execution and delivery of each
Receivables Purchase Agreement Supplement, but shall survive the sale, transfer
and assignment of the Receivables and the Other Conveyed Property hereunder, and
the sale, transfer and assignment thereof by HARC to the Issuer under the Master
Sale and Servicing Agreement. Seller and HARC agree that HARC will assign to
Issuer all HARC's rights under this Agreement and each Receivables Purchase
Agreement Supplement and that the Indenture Trustee will thereafter be entitled
to enforce this Agreement and each Receivables Purchase Agreement Supplement
against Seller in the Indenture Trustee's own name on behalf of the
Securityholders.

          (a) ELIGIBILITY CRITERIA. Each of the Receivables which is to be
pledged as collateral for the Notes will satisfy the Eligibility Criteria set
forth in Schedule I to the Series Supplement.

          (b) ORGANIZATION AND GOOD STANDING. Seller is a corporation duly
organized and validly existing in good standing under the laws of the State of
Delaware and has, in all material respects, full power and authority to own its
properties and conduct its business as such properties are presently owned and
such business is presently conducted, and to execute, deliver and perform its
obligations under this Agreement.

          (c) DUE OBLIGATION. Seller is duly qualified to do business and is in
good standing as a foreign corporation (or is exempt from such requirements) and
has obtained

                                        5
<Page>

all necessary licenses and approvals, in each jurisdiction in which failure to
so qualify or to obtain such licenses and approvals would (i) render any
Receivable unenforceable by Seller, HARC or the Trust and (ii) have a material
adverse effect on the Secured Parties.

          (d) DUE AUTHORIZATION. The execution, delivery and performance of this
Agreement and any other document or instrument delivered pursuant hereto (such
other documents and instruments, including, but not limited to, the Receivables
Purchase Agreement Supplement collectively, the "CONVEYANCE PAPERS") and the
consummation of the transactions provided for in this Agreement or any other
Conveyance Papers have been duly authorized by all necessary corporate action on
the part of Seller and constitute or will constitute the legal, valid and
binding obligation of Seller, enforceable in accordance with their terms.

          (e) NO CONFLICT. The execution and delivery of this Agreement and the
Conveyance Papers, the performance of the transactions contemplated by this
Agreement and the Conveyance Papers, and the fulfillment of the terms of this
Agreement and the Conveyance Papers applicable to Seller will not conflict with,
violate or result in any breach of any of the material terms and provisions of,
or constitute (with or without notice or lapse of time or both) a material
default under, any indenture, contract, agreement, mortgage, deed of trust, or
other instrument to which Seller is a party or by which it or any of its
properties are bound.

          (f) NO VIOLATION. The execution, delivery and performance of this
Agreement and the Conveyance Papers and the fulfillment of the terms
contemplated herein and therein applicable to Seller will not conflict with or
violate any requirements of law applicable to Seller.

          (g) NO PROCEEDINGS. There are no proceedings or investigations pending
or, to the best knowledge of Seller, threatened against Seller, before any
court, regulatory body, administrative agency or other tribunal or governmental
instrumentality (i) asserting the invalidity of this Agreement or the Conveyance
Papers, (ii) seeking to prevent the consummation of any of the transactions
contemplated by this Agreement or the Conveyance Papers, (iii) seeking any
determination or ruling that, in the reasonable judgment of Seller, would
materially and adversely affect the performance by Seller of its obligations
under this Agreement or the Conveyance Papers, (iv) seeking any determination or
ruling that would materially and adversely affect the validity or enforceability
of this Agreement or the Conveyance Papers or (v) seeking to affect adversely
the income tax attributes of the Trust under United States Federal, Nevada or
California income tax systems.

          (h) ALL CONSENTS. All authorizations, consents, orders, approvals,
registrations or declarations with, or of, any Governmental Authority required
to be obtained, effected or given by Seller in connection with the execution and
delivery by Seller of this Agreement or the Conveyance Papers and the
performance of the transactions contemplated by this Agreement or the Conveyance
Papers by Seller have been duly obtained, effected or given and are in full
force and effect.

                                        6
<Page>

          SECTION 3.2 REPRESENTATIONS AND WARRANTIES OF HARC. HARC makes the
following representations and warranties, on which Seller relies in selling,
assigning, transferring and conveying the Receivables and the Other Conveyed
Property to HARC hereunder. Such representations are made as of the execution
and delivery of this Agreement and as to Receivables and Other Conveyed Property
conveyed thereunder, as of the execution and delivery of each Receivables
Purchase Agreement Supplement, but shall survive the sale, transfer and
assignment of the Receivables and the Other Conveyed Property hereunder and the
sale, transfer and assignment thereof by HARC to the Issuer under the Master
Sale and Servicing Agreement.

          (a) ORGANIZATION AND GOOD STANDING. HARC is a corporation duly
organized and validly existing under the laws of the State of Nevada and has, in
all material respects, full power and authority to own its properties and
conduct its business as such properties are presently owned and such business is
presently conducted and to execute, deliver and perform its obligations under
this Agreement and the Conveyance Papers.

          (b) DUE AUTHORIZATION. The execution and delivery of this Agreement
and the Conveyance Papers and the consummation of the transactions provided for
in this Agreement and the Conveyance Papers have been duly authorized by HARC by
all necessary corporate action on the part of HARC.

          (c) NO CONFLICT. The execution and delivery of this Agreement and the
Conveyance Papers, the performance of the transactions contemplated by this
Agreement and the Conveyance Papers, and the fulfillment of the terms hereof and
thereof, will not conflict with, result in any breach of any of the material
terms and provisions of, or constitute (with or without notice or lapse of time
or both) a material default under, any indenture, contract, agreement, mortgage,
deed of trust or other instrument to which HARC is a party or by which it or its
properties is bound.

          (d) NO VIOLATION. The execution, delivery and performance of this
Agreement and the Conveyance Papers by HARC and the fulfillment of the terms
contemplated herein and therein applicable to HARC will not conflict with or
violate any requirements of law applicable to HARC.

          (e) NO PROCEEDING. There are no proceedings or investigations pending
or, to the best knowledge of HARC, threatened against HARC, before any court,
regulatory body, administrative agency, or other tribunal or governmental
instrumentality (i) asserting the invalidity of this Agreement or the Conveyance
Papers, (ii) seeking to prevent the consummation of any of the transactions
contemplated by this Agreement or the Conveyance Papers, (iii) seeking any
determination or ruling that, in the reasonable judgment of HARC, would
materially and adversely affect the performance by HARC of its obligations under
this Agreement or the Conveyance Papers or (iv) seeking any determination or
ruling that would materially and adversely affect the validity or enforceability
of this Agreement or the Conveyance Papers.

                                        7
<Page>

          (f) ALL CONSENTS. All authorizations, consents, orders or approvals of
or registrations or declarations with any Governmental Authority required to be
obtained, effected or given by HARC in connection with the execution and
delivery by HARC of this Agreement and the Conveyance Papers and the performance
of the transactions contemplated by this Agreement and the Conveyance Papers or
the fulfillment of the terms of this Agreement and the Conveyance Papers by HARC
have been duly obtained.

          In the event of any breach of a representation and warranty made by
HARC hereunder, Seller covenants and agrees that it will not take any action to
pursue any remedy that it may have hereunder, in law, in equity or otherwise,
until a year and a day have passed since the date on which all Notes and
Certificates issued by the Trust have been paid in full. Seller and HARC agree
that damages will not be an adequate remedy for such breach and that this
covenant may be specifically enforced by HARC, Issuer or by the Indenture
Trustee on behalf of the Noteholders and the Owner Trustee on behalf of the
Certificateholders. Seller agrees that with respect to its obligations in
connection with a Repurchase Event it will exercise no rights of offset with
respect to any claims it may have against HARC.

                                   ARTICLE IV

                               COVENANTS OF SELLER

          SECTION 4.1 SELLER'S COVENANTS. Seller hereby covenants and agrees
with HARC as follows:

          (a) RECEIVABLES NOT TO BE EVIDENCED BY PROMISSORY NOTES. Seller will
take no action to cause any Receivable to be evidenced by any instrument (as
defined in the UCC).

          (b) SECURITY INTERESTS. Except for the conveyances hereunder or as
otherwise provide herein, Seller will not sell, pledge, assign or transfer to
any other Person, or take any other action inconsistent with HARC's ownership of
the Receivables or grant, create, incur, assume or suffer to exist any Lien on
any Receivable, whether now existing or hereafter created, or any interest
therein, and Seller shall not claim any ownership interest in the Receivables
and shall defend the right, title and interest of HARC in and to the
Receivables, whether now existing or hereafter created, against all claims of
third parties claiming through or under Seller.

          (c) SECURITY'S INTEREST. Except for the conveyances hereunder and in
connection with any transaction permitted pursuant to Section 6.6, Seller hereby
agrees not to transfer, assign, exchange or otherwise convey or pledge,
hypothecate or otherwise grant a security interest in the Receivables and any
such attempted transfer, assignment, exchange, conveyance, pledge, hypothecation
or grant shall be void.

          (d) DELIVERY OF COLLECTIONS OR RECOVERIES. In the event that Seller
receives collections or recoveries with respect to the Receivables, Seller
agrees to pay to HARC

                                        8
<Page>

(or to the Master Servicer if HARC so directs) all such collections and
recoveries to the extent such amounts are payable to HARC as soon as practicable
after receipt thereof.

          (e) NOTICE OF LIENS. Seller shall notify HARC promptly after becoming
aware of any Lien on any Receivable other than the conveyances hereunder.

          (f) DOCUMENTATION OF TRANSFER. Seller shall undertake to file the
documents which would be necessary to perfect and maintain the transfer of the
security interest in and to the Receivables and Other Conveyed Assets.

          (g) APPROVAL OF OFFICE RECORDS. Seller shall cause this Agreement to
be duly approved by Seller's Board of Directors, and Seller shall maintain the
Agreement as a part of the official records of Seller for the term of the
Agreement.

          (h) MAINTENANCE OF SECURITY INTERESTS IN VEHICLES. In the event that
the assignment of a Receivable to HARC or any assignee thereof is insufficient,
without a notation on the related Financed Vehicle's certificate of title, or
without fulfilling any additional administrative requirements under the laws of
the state in which the Financed Vehicle is located, to perfect a security
interest in the related Financed Vehicle in favor of the HARC or any assignee
thereof, Seller hereby agrees that the designation of Seller or any Affiliate of
Seller as the secured party on the certificate of title is in its capacity as
agent of HARC or the agent of any assignee of HARC for such limited purpose.

                                    ARTICLE V

                                   REPURCHASES

          SECTION 5.1 REPURCHASE OF RECEIVABLES UPON BREACH OF WARRANTY. Upon
the occurrence of a Repurchase Event, Seller shall, unless the breach which is
the subject of such Repurchase Event shall have been cured in all material
respects, repurchase the Receivable relating thereto from the Issuer by the last
day of the first full calendar month following the discovery of such breach by
Seller or receipt by Seller of notice of such breach from any of the Master
Servicer, HARC, a Trust Officer of the Indenture Trustee or the Owner Trustee
and, simultaneously with the repurchase of the Receivable, Seller shall deposit
the Repurchase Amount in full, without deduction or offset, in the Collection
Account, pursuant to Section 3.2 of the Master Sale and Servicing Agreement. It
is understood and agreed that, except as set forth in Section 6.1 hereof, the
obligation of Seller to repurchase any Receivable, as to which a breach occurred
and is continuing, shall, if such obligation is fulfilled, constitute the sole
remedy against Seller for such breach available to HARC, the Issuer, the Secured
Parties, the Noteholders, the Certificateholders, the Indenture Trustee on
behalf of the Noteholders or the Owner Trustee on behalf of the
Certificateholders. The provisions of this Section 5.1 are intended to grant the
Indenture Trustee or the Issuer a direct right against Seller to demand
performance hereunder, and in connection therewith, Seller waives any
requirement of prior demand against HARC with respect to such repurchase
obligation. Any such repurchase shall take place in the manner specified in
Section 3.2 of the Master Sale and Servicing Agreement. Notwithstanding any
other provision of this Agreement

                                        9
<Page>

or the Master Sale and Servicing Agreement to the contrary, the obligation of
Seller under this Section shall not terminate upon a termination of Household
Finance Corporation as Master Servicer under the Master Sale and Servicing
Agreement and shall be performed in accordance with the terms hereof
notwithstanding the failure of the Master Servicer or HARC to perform any of
their respective obligations with respect to such Receivable under the Master
Sale and Servicing Agreement.

          SECTION 5.2 REASSIGNMENT OF REPURCHASED RECEIVABLES. Upon deposit in
the Collection Account of the Repurchase Amount of any Receivable repurchased by
Seller under Section 5.1 hereof, HARC and the Issuer shall take such steps as
may be reasonably requested by Seller in order to assign to Seller all of HARC's
and the Issuer's right, title and interest in and to such Receivable and all
security and documents and all Other Conveyed Property conveyed to HARC and the
Issuer directly relating thereto, without recourse, representation or warranty,
except as to the absence of liens, charges or encumbrances created by or arising
as a result of actions of HARC or the Issuer. Such assignment shall be a sale
and assignment outright, and not for security. If, following the reassignment of
a Repurchased Receivable, in any enforcement suit or legal proceeding, it is
held that Seller may not enforce any such Receivable on the ground that it shall
not be a real party in interest or a holder entitled to enforce the Receivable,
HARC and the Issuer shall, at the expense of Seller, take such steps as Seller
deems reasonably necessary to enforce the Receivable, including bringing suit in
HARC's or in the Issuer's name.

          SECTION 5.3 WAIVERS. No failure or delay on the part of HARC, or the
Issuer as assignee of HARC, in exercising any power, right or remedy under this
Agreement shall operate as a waiver thereof, nor shall any single or partial
exercise of any such power, right or remedy preclude any other or future
exercise thereof or the exercise of any other power, right or remedy.

                                   ARTICLE VI

                                  MISCELLANEOUS

          SECTION 6.1 LIABILITY OF SELLER. Seller shall be liable in accordance
herewith only to the extent of the obligations in this Agreement specifically
undertaken by Seller and the representations and warranties of Seller.

          SECTION 6.2 AMENDMENT. This Agreement and any Conveyance Papers and
the rights and obligations of the parties hereunder may not be changed orally,
but only by an instrument in writing signed by HARC and Seller in accordance
with this Section 6.2. This Agreement and any Conveyance Papers may be amended
from time to time, with the prior written consent of the Administrative Agent,
where one exists, or otherwise, the Managing Agents, by HARC and Seller,
provided that HARC provides to Seller (a) an Officer's Certificate to the effect
that HARC reasonably believes that such amendment will not have an adverse
effect upon the interest of any Secured Party, the Noteholders or the
Certificateholders and (b) an Opinion of Counsel addressed and

                                       10
<Page>

delivered to Seller, dated the date of such amendment, to the effect that the
conditions precedent to any such amendment have been satisfied.

          SECTION 6.3 GOVERNING LAW. THIS AGREEMENT AND THE CONVEYANCE PAPERS
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 6.4 NOTICES. All demands, notices and communications hereunder
shall be in writing and shall be deemed to have been duly given if personally
delivered at or mailed by registered mail, return receipt requested, to (a) in
the case of Seller, 5855 Copley Drive, San Diego, California 92111, Attention:
Chief Operating Officer, with a copy to 2700 Sanders Road, Prospect Heights,
Illinois 60070 Attention: Director--Asset Securitization, (b) in the case of
HARC, 1111 Town Center Drive, Las Vegas, Nevada 89134 Attention: Compliance
Officer, with a copy to 2700 Sanders Road, Prospect Heights, Illinois 60070,
Attention: Treasurer; or, as to each party, at such other address as shall be
designated by such party in a written notice to each other party.

          SECTION 6.5 SEVERABILITY OF PROVISIONS. If any one or more of the
covenants, agreements, provisions, or terms of this Agreement or Conveyance
Paper shall for any reason whatsoever be held invalid, then such covenants,
agreements, provisions, or terms shall be deemed severable from the remaining
covenants, agreements, provisions, and terms of this Agreement or any Conveyance
Paper and shall in no way affect the validity or enforceability of the other
provisions of this Agreement or of any Conveyance Paper.

          SECTION 6.6 ASSIGNMENT. Notwithstanding anything to the contrary
contained herein, other than HARC's assignment of its rights, title, and
interests in, to, and under this Agreement to the Issuer and by the Issuer to
the Indenture Trustee for the benefit of the Secured Parties, as contemplated by
the Master Sale and Servicing Agreement and Section 6.7 hereof, the Receivables,
the Other Conveyed Property, this Agreement and all other Conveyance Papers may
not be assigned by the parties hereto; PROVIDED, HOWEVER, that Seller shall have
the right to assign its rights, title and interests, in to and under this
Agreement to (i) any successor by merger or consolidation, or any Person which
acquires by conveyance, transfer or sale the properties and assets of Seller or
(ii) any Affiliate owned directly or indirectly by Household International, Inc.
The right granted in the foregoing proviso is subject to the further condition
that any such successor or other Person shall expressly assume by written
agreement, in form and substance satisfactory to HARC, the obligations of Seller
hereunder and under the Conveyance Papers.

          SECTION 6.7 ACKNOWLEDGMENT AND AGREEMENT OF SELLER. By execution
below, Seller expressly acknowledges and agrees that all of HARC's right, title,
and interest in, to, and under this Agreement, including, without limitation,
all of HARC's right title, and interest in and to the Receivables purchased
pursuant to this Agreement, shall be assigned by HARC to the Issuer and by the
Issuer to the Indenture Trustee for the

                                       11
<Page>

benefit of the Secured Parties, and Seller consents to such assignment.
Additionally, Seller agrees for the benefit of the Indenture Trustee that any
amounts payable by Seller to HARC hereunder which are to be paid by HARC to the
Indenture Trustee for the benefit of the Secured Parties shall be paid by
Seller, on behalf of HARC, directly to the Indenture Trustee. Any payment
required to be made on or before a specified date in same-day funds may be made
on the prior business day in next-day funds.

          SECTION 6.8 FURTHER ASSURANCES. HARC and Seller agree to do and
perform, from time to time, any and all acts to authenticate any and further
records, to execute any and further instruments, in each case required or
reasonably requested by the other party more fully to effect the purposes of
this Agreement and the Conveyance Papers, including, without limitation, the
execution of any financing statements or continuation statements or equivalent
documents relating to the Receivables for filing under the provisions of the UCC
or other law of any applicable jurisdiction.

          SECTION 6.9 NO WAIVER; CUMULATIVE REMEDIES. No failure to exercise and
no delay in exercising, on the part of HARC or Seller, any right, remedy, power
or privilege hereunder, shall operate as a waiver thereof; nor shall any single
or partial exercise of any right, remedy, power or privilege hereunder preclude
any other or further exercise thereof or the exercise of any other right,
remedy, power or privilege. The rights, remedies, powers and privileges herein
provided are cumulative and not exhaustive of any rights, remedies, powers and
privileges provided by law.

          SECTION 6.10 COUNTERPARTS. This Agreement and all Conveyance Papers
may be executed in two or more counterparts (and by different parties on
separate counterparts), each of which shall be an original, but all of which
together shall constitute one and the same instrument.

          SECTION 6.11 BINDING EFFECT; THIRD-PARTY BENEFICIARIES. This Agreement
and the Conveyance Papers will inure to the benefit of and be binding upon the
parties hereto and their respective successors and permitted assigns. Each of
the Indenture Trustee and the Owner Trustee shall be considered a third-party
beneficiary of this Agreement.

          SECTION 6.12 MERGER AND INTEGRATION. Except as specifically stated
otherwise herein, this Agreement and the Conveyance Papers set forth the entire
understanding of the parties relating to the subject matter hereof, and all
prior understandings, written or oral, are superseded by this Agreement and the
Conveyance Papers. This Agreement and the Conveyance Papers may not be modified,
amended, waived or supplemented except as provided herein.

          SECTION 6.13 HEADING. The headings are for purposes of reference only
and shall not otherwise affect the meaning or interpretation of any provision
hereof.

          SECTION 6.14 SCHEDULES AND EXHIBITS. The schedules and exhibits
attached hereto and referred to herein shall constitute a part of this Agreement
and are incorporated into this Agreement for all purposes.

          SECTION 6.15 SURVIVAL OF REPRESENTATIONS AND WARRANTIES. All
representations, warranties and agreements contained in this Agreement or
contained in any Conveyance Paper, shall remain operative and in full force and
effect and shall

                                       12
<Page>

survive conveyance of the Receivables by HARC to the Issuer pursuant to the
Master Sale and Servicing Agreement.

          SECTION 6.16 NONPETITION COVENANT. Until the date which is one year
and one day after payment in full of all the Notes, neither HARC nor Seller
shall petition or otherwise invoke the process of any court or government
authority for the purpose of commencing or sustaining a case against HARC,
Seller or the Issuer under any federal or state bankruptcy, insolvency or
similar law or appointing a receiver, liquidator, assignee, trustee, custodian,
sequestrator or other similar official of HARC, Seller or the Issuer or any
substantial part of their respective properties, or ordering the winding up or
liquidation of the affairs of HARC, Seller or the Issuer. This provision shall
survive the termination of this Agreement.

                            [Signature Page Follows]

                                       13
<Page>

          IN WITNESS WHEREOF, the parties have caused this Master Receivables
Purchase Agreement to be duly executed by their respective officers as of the
day and year first above written.

                             HOUSEHOLD AUTOMOTIVE FINANCE
                             CORPORATION,
                                as Seller

                             By:  /s/ T. R. Condon
                                 -----------------------------
                                 Name:  T. R. Condon
                                 Title: Executive Vice President and
                                        Chief Financial Officer

                             HOUSEHOLD AUTO RECEIVABLES
                             CORPORATION,
                                 as Purchaser

                             By:  /s/ Steven H. Smith
                                 -----------------------------
                                 Name:  Steven H. Smith
                                 Title: Vice President and Assistant Treasurer

<Page>

                                                                       EXHIBIT A

                FORM OF RECEIVABLES PURCHASE AGREEMENT SUPPLEMENT

          Transfer No.__ of Receivables, dated as of ___________________,
pursuant to a Master Receivables Purchase Agreement (the "PURCHASE AGREEMENT")
dated as of December 18, 2001, between Household Automotive Finance Corporation,
a Delaware corporation (the "SELLER") and Household Auto Receivables
Corporation, a Nevada corporation ("HARC").

                              W I T N E S S E T H :

          WHEREAS pursuant to the Purchase Agreement, Seller wishes to convey
Receivables and Other Conveyed Property to HARC; and

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

          NOW, THEREFORE, Seller and HARC hereby agree as follows:

          1. DEFINED TERMS. Capitalized terms used herein shall have the
meanings ascribed to them in the Purchase Agreement unless otherwise defined
herein.

          "CUTOFF DATE" shall mean with respect to the Receivables conveyed
hereby, the close of business on __________________________, 20__.

          "PURCHASE DATE" shall mean with respect to the Receivables conveyed
hereby, ________________________, 20__.

          "PURCHASE PRICE" shall mean 100% of the Principal Balance of the
Receivables on the books and records of Seller, plus the present value of
anticipated excess spread on such Receivables, discounted to take into account
any uncertainty as to future performance matching historical performance,
servicing fees, delinquencies, paydown rates, yield and such other factors as
may be mutually agreed upon by Seller and HARC.

          "TRANSFER DATE" means, with respect to Receivables, any date on which
Receivables are to be transferred to the Trust pursuant to the Master Sale and
Servicing Agreement and this Agreement.

          2. SCHEDULE OF RECEIVABLES. Annexed as Schedule A hereto is a computer
file which reflects the Receivables that constitute the Receivables to be
conveyed pursuant to this Agreement on the Purchase Date.

          3. CONVEYANCE OF RECEIVABLES. In consideration of HARC's delivery to
or upon the order of Seller of the Purchase Price, Seller does hereby sell,
transfer,

                                       A-1
<Page>

assign, set over and otherwise convey to HARC, without recourse (except as
expressly provided in the Purchase Agreement), all right, title and interest of
the Seller in and to:

                 (i)  each and every Receivable listed on Schedule A hereto and
          all monies paid or payable thereon or in respect thereof on or after
          the Cutoff Date (including amounts due on or before the Cutoff Date
          but received by the Seller on or after such date);

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

               (iii)  all rights of Seller against Dealers pursuant to Dealer
          Agreements or Dealer Assignments related to such Receivables;

                (iv)  any proceeds and the right to receive proceeds with
          respect to such Receivables repurchased by a Dealer, pursuant to a
          Dealer Agreement, as a result of a breach of representation or
          warranty in the related Dealer Agreement;

                 (v)  all rights of Seller under any Service Contracts on the
          related Financed Vehicles;

                (vi)  any proceeds and the right to receive proceeds with
          respect to the related Receivables from claims on any physical damage,
          loss, credit life or disability insurance policies, if any, covering
          Financed Vehicles or Obligors, including rebates of insurance premiums
          relating to the Receivables and any proceeds from the liquidation of
          such Receivables;

               (vii)  all items contained in the Receivables Files with respect
          to such Receivables and any and all other documents that the Seller or
          the Master Servicer keeps on file in accordance with its customary
          procedures relating to the related Receivables, or the related
          Financed Vehicles or Obligor;

              (viii)  property (including the right to receive future Net
          Liquidation Proceeds) that secures each related Receivable and that
          has been acquired by or on behalf of HARC pursuant to liquidation of
          such Receivable;

                (ix)  all present and future claims, demands, causes 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, 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

                                       A-2
<Page>

          time constitute all or part of or are included in the proceeds of any
          of the foregoing.

          4. REPRESENTATIONS AND WARRANTIES OF THE SELLER. As of the Purchase
Date, the Seller hereby makes the representations and warranties to HARC that
are set forth in Section 3.1 of the Purchase Agreement with respect to the
Conveyance effected hereby to the same extent as if set forth in full herein.

          5. REPRESENTATIONS AND WARRANTIES OF HARC. As of the Purchase Date,
HARC hereby makes the representations and warranties to the Seller that are set
forth in Section 3.2 of the Purchase Agreement with respect to the Conveyance
effected hereby to the same extent as if set forth in full herein.

          In the event of any breach of a representation and warranty made by
HARC hereunder, the Seller covenants and agrees that it will not take any action
to pursue any remedy that it may have hereunder, in law, in equity or otherwise,
until a year and a day have passed since the date on which all Notes and
Certificates issued by the Trust have been paid in full. Seller and HARC agree
that damages will not be an adequate remedy for such breach and that this
covenant may be specifically enforced by HARC, the Issuer or by the Indenture
Trustee on behalf of the Noteholders and the Owner Trustee on behalf of the
Certificateholders.

          6. CONDITIONS PRECEDENT. The obligation of HARC to acquire the
Receivables hereunder is subject to the satisfaction, on or prior to the
Purchase Date, of the following conditions precedent:

          (a) REPRESENTATIONS AND WARRANTIES. Each of the representations and
warranties made by the Seller in Section 4 of this Agreement and in Section 3.1
of the Master Receivables Purchase Agreement shall be true and correct as of the
date of this Agreement and as of the Purchase Date.

          (b) ADDITIONAL INFORMATION. The Seller shall have delivered to HARC
such information as was reasonably requested by HARC to satisfy itself as to (i)
the accuracy of the representations and warranties set forth in Section 4 of
this Agreement and in Section 3.1 of the Master Receivables Purchase Agreement
and (ii) the satisfaction of the conditions set forth in this Section.

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

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

                                       A-3
<Page>

          9. CONVEYANCE OF THE RECEIVABLES AND THE OTHER CONVEYED PROPERTY TO
THE ISSUER. The Seller acknowledges that HARC intends, pursuant to the Master
Sale and Servicing Agreement, to convey the Receivables and the Other Conveyed
Property, together with its rights under this Agreement, to the Issuer on the
Transfer Date. The Seller acknowledges and consents to such conveyance and
pledge and waives any further notice thereof and covenants and agrees that the
representations and warranties of Seller contained in this Agreement and the
rights of HARC hereunder are intended to benefit the Issuer, the Indenture
Trustee, the Owner Trustee, the Secured Parties and the Certificateholders. In
furtherance of the foregoing, the Seller covenants and agrees to perform its
duties and obligations hereunder, in accordance with the terms hereof for the
benefit of the Secured Parties, the Issuer, the Indenture Trustee and the Owner
Trustee and that, notwithstanding anything to the contrary in this Agreement,
the Seller shall be directly liable to the Issuer, the Owner Trustee, the
Indenture Trustee and the Secured Parties (notwithstanding any failure by the
Master Servicer or HARC to perform their respective duties and obligations
hereunder or under any Basic Document) and that the Indenture Trustee may
enforce the duties and obligations of the Seller under this Agreement against
the Seller for the benefit of the Secured Parties and the Owner Trustee.

          10. 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.

                                       A-4
<Page>

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

                                          HOUSEHOLD AUTOMOTIVE FINANCE
                                          CORPORATION,
                                            as Seller

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

                                          HOUSEHOLD AUTO RECEIVABLES
                                          CORPORATION,
                                            as Purchaser

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

                                       A-5
<Page>

                                   SCHEDULE A

                             SCHEDULE OF RECEIVABLES

           (COMPUTER FILE HELD AT THE OFFICES OF DEWEY BALLANTINE LLP)

                                     SCH A-1

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