Document:

Exhibit 10.2

 

SALE AND SERVICING AGREEMENT 

  

  among 

  

  USAA AUTO OWNER TRUST 2008-2, 

  as Issuer, 

  

  USAA ACCEPTANCE, LLC, 

  as Depositor, 

  

  and 

  

  USAA FEDERAL SAVINGS BANK, 

  as Seller and Servicer 

  

  Dated as of April 29, 2008 

 

TABLE OF CONTENTS 

				
	 		 		 		
Page	
	 	
	
ARTICLE I    DEFINITIONS AND USAGE		
1	
	 	 	 
	
ARTICLE II    TRUST PROPERTY		
1	
	 	 	 	 
	SECTION 2.1		 	
Conveyance of Purchased Property; Intent of the Parties		
1	
	 	 	 	 
	SECTION 2.2		 	
Representations and Warranties of the Depositor regarding
the Receivables		2 
	 	 	 	 
	SECTION 2.3		 	
Repurchase Upon Breach		
5	
	 	 	 	 
	SECTION 2.4		 	
Custody of Receivable Files		
6	
	 	 	 	 
	SECTION 2.5		 	
Duties of Servicer as Custodian		
7	
	 	 	 	 
	SECTION 2.6		 	
Instructions; Authority to Act		
8	
	 	 	 	 
	SECTION 2.7		 	
Custodian’s Indemnification		
8	
	 	 	 	 
	SECTION 2.8		 	
Effective Period and Termination		
8	
	 	 
	
ARTICLE III    ADMINISTRATION AND SERVICING OF RECEIVABLES AND TRUST
PROPERTY		9 
	 	 	 	 
	SECTION 3.1		 	
Duties of Servicer		
9	
	 	 	 	 
	SECTION 3.2		 	
Collection of Receivable Payments		
9	
	 	 	 	 
	SECTION 3.3		 	
Realization Upon Receivables		
10	
	 	 	 	 
	SECTION 3.4		 	
Allocations of Collections		
11	
	 	 	 	 
	SECTION 3.5		 	
Maintenance of Security Interests in Financed Vehicles		
11	
	 	 	 	 
	SECTION 3.6		 	
Covenants of Servicer		
11	
	 	 	 	 
	SECTION 3.7		 	
Purchase of Receivables Upon Breach		
12	
	 	 	 	 
	SECTION 3.8		 	
Servicer Fees		
12	
	 	 	 	 
	SECTION 3.9		 	
Servicer’s Certificate		
12	
	 	 	 	 
	SECTION 3.10		 	
Annual Statement as to Compliance; Item 1122 Servicing
Criteria Assessment; Notice of Event of Servicing Termination		13 
	 		 		 	 
	SECTION 3.11		 	
Annual Independent Registered Public Accountant’s Report		
14	
	 	 	 	 
	SECTION 3.12		 	
Access to Certain Documentation and Information Regarding
Receivables		15 
	 		 		 	 
	SECTION 3.13		 	
Servicer Expenses		
15	
	 	 	 	 
	SECTION 3.14		 	
[Reserved]		
15	
	 	 	 	 
	SECTION 3.15		 	
1934 Act Filings; Sarbanes-Oxley Act Requirements		
15	
	 	 
	
ARTICLE IV    DISTRIBUTIONS; RESERVE ACCOUNT; STATEMENTS
TO NOTEHOLDERS AND CERTIFICATEHOLDERS		15 
	 		 		 	 

i 

TABLE OF CONTENTS 

(continued) 

				
	 		 		 		
Page	
	 	
	SECTION 4.1		 		
Accounts		
15	
	 	 	 	 
	SECTION 4.2		 		
Collections		
17	
	 	 	 	 
	SECTION 4.3		 		
Application of Collections		
17	
	 	 	 	 
	SECTION 4.4		 		
Advances		
17	
	 	 	 	 
	SECTION 4.5		 		
Additional Deposits		
18	
	 	 	 	 
	SECTION 4.6		 		
Distributions		
18	
	 	 	 	 
	SECTION 4.7		 		
Reserve Account		
22	
	 	 	 	 
	SECTION 4.8		 		
Net Deposits		
24	
	 	 	 	 
	SECTION 4.9		 		
Statements to Noteholders and Certificateholders		
24	
	 	 
	
ARTICLE V    THE DEPOSITOR		
26	
	 	 	 	 
	SECTION 5.1		 		
Representations, Warranties and Covenants of Depositor		
26	
	 	 	 	 
	SECTION 5.2		 		
Liability of Depositor; Indemnities		
27	
	 	 	 	 
	SECTION 5.3		 		
Merger or Consolidation of, or Assumption of the Obligations
of Depositor		28 
	 		 		 	 
	SECTION 5.4		 		
Limitation on Liability of Depositor and Others		
28	
	 	 	 	 
	SECTION 5.5		 		
Depositor May Own Notes or Certificates		
28	
	 	 
	
ARTICLE VI    THE SERVICER		
29	
	 	 	 	 
	SECTION 6.1		 		
Representations of Servicer		
29	
	 	 	 	 
	SECTION 6.2		 		
Indemnities of Servicer		
30	
	 	 	 	 
	SECTION 6.3		 		
Merger or Consolidation of, or Assumption of the Obligations
of Servicer		31 
	 		 		 	 
	SECTION 6.4		 		
Limitation on Liability of Servicer and Others		
31	
	 	 	 	 
	SECTION 6.5		 		
Delegation of Duties		
32	
	 	 	 	 
	SECTION 6.6		 		
Servicer Not to Resign as Servicer		
32	
	 	 	 	 
	SECTION 6.7		 		
Servicer May Own Notes or Certificates		
33	
	 	 
	
ARTICLE VII    SERVICING TERMINATION		
33	
	 	 	 	 
	SECTION 7.1		 		
Events of Servicing Termination		
33	
	 	 	 	 
	SECTION 7.2		 		
Appointment of Successor Servicer		
35	
	 	 	 	 
	SECTION 7.3		 		
Repayment of Advances		
36	
	 	 	 	 
	SECTION 7.4		 		
Notification to Noteholders and Certificateholders		
36	
	 	 	 	 
	SECTION 7.5		 		
Waiver of Past Events of Servicing Termination		
36	

ii 

TABLE OF CONTENTS 

(continued) 

				
	 		 		 		
Page	
	 	
	
ARTICLE VIII    TERMINATION		
36	
	 	 	 	 
	SECTION 8.1		 		
Optional Purchase of All Receivables		
36	
	 	 	 	 
	SECTION 8.2		 		
Succession Upon Satisfaction and Discharge of Indenture		
36	
	 	 
	
ARTICLE IX    MISCELLANEOUS PROVISIONS		
37	
	 	 	 	 
	SECTION 9.1		 		
Amendment		
37	
	 	 	 	 
	SECTION 9.2		 		
Protection of Title to Trust Property		
38	
	 	 	 	 
	SECTION 9.3		 		
Counterparts		
40	
	 	 	 	 
	SECTION 9.4		 		
GOVERNING LAW		
40	
	 	 	 	 
	SECTION 9.5		 		
Notices		
40	
	 	 	 	 
	SECTION 9.6		 		
Severability of Provisions		
40	
	 	 	 	 
	SECTION 9.7		 		
Assignment		
41	
	 	 	 	 
	SECTION 9.8		 		
Further Assurances		
41	
	 	 	 	 
	SECTION 9.9		 		
No Waiver; Cumulative Remedies		
41	
	 	 	 	 
	SECTION 9.10		 		
Third-Party Beneficiaries		
41	
	 	 	 	 
	SECTION 9.11		 		
Actions by Noteholders or Certificateholders		
41	
	 	 	 	 
	SECTION 9.12		 		
Limitation of Liability of Owner Trustee and Indenture Trustee		
42	
	 	 	 	 
	SECTION 9.13		 		
Savings Clause		
42	
	 	 	 
	
ARTICLE X    EXCHANGE ACT REPORTING		
43	
	 	 	 	 
	SECTION 10.1		 		
Further Assurances		
43	
	 	 	 	 
	SECTION 10.2		 		
Form 10-D Filings		
43	
	 	 	 	 
	SECTION 10.3		 		
Form 8-K Filings		
44	
	 	 	 	 
	SECTION 10.4		 		
Form 10-K Filings		
44	
	 	 	 	 
	SECTION 10.5		 		
Report on Assessment of Compliance and Attestation		
44	
	 	 	 	 
	SECTION 10.6		 		
Back-up Certification		
45	
	 	 	 	 
	SECTION 10.7		 		
Use of Subcontractors		
45	
	 	 	 	 
	SECTION 10.8		 		
Representations and Warranties		
46	
	 	 	 	 
	SECTION 10.9		 		
Indemnification		
46	
	 	 	 	 
	SECTION 10.10		 		
Amendments		
47	
	 	 	 
	
Schedule A    Schedule
of Receivables		
A-1	
	 	 	 
	
Schedule B-1    Location
of Receivable Files		
B-1	
	 	 	 
	
Schedule B-2    Location of Lien Certificates		
B-2	

iii 

TABLE OF CONTENTS 

(continued) 

				
	 		 		 		
Page	
	 	
	 	
	
Appendix A		 		
Definitions and Usage		
Appendix A-1	
	
Appendix B		 		
Item 1119 Parties		
Appendix B-1	
	
Appendix C		 		
Minimum Servicing Criteria Assessment		
Appendix C-1	
	
Appendix D		 		
Performance Certification (Trustee/Reporting Subcontractor)		
Appendix D-1	
	
Appendix E		 		
Performance Certification (Servicer)		
Appendix E-1	

iv

     SALE AND SERVICING AGREEMENT, dated as of April 29, 2008 (as from time to time amended, supplemented or otherwise modified and in effect, this “Agreement”), among USAA AUTO OWNER TRUST 2008-2, a Delaware statutory trust (the “Issuer”), USAA ACCEPTANCE,
LLC, a Delaware limited liability company (the “Depositor”) and USAA FEDERAL SAVINGS BANK, a federally chartered savings association, as seller of the Receivables to
the Depositor (in such capacity, the “Seller”) and servicer (in such capacity, the “Servicer”).  Each of The Bank of New York (the “Indenture Trustee”) and Wells Fargo Delaware Trust Company (the “Owner Trustee”) join in this Agreement to agree to perform each of its respective duties as Indenture Trustee and Owner Trustee, respectively, as are specifically set forth in this Agreement.

     WHEREAS, the Issuer desires to purchase a portfolio of receivables and related property consisting of motor vehicle installment loan contracts originated by the Seller in the ordinary course of
its business; 

     WHEREAS, the Seller is concurrently selling such portfolio of receivables and related property to the Depositor pursuant to the Receivables Purchase Agreement, and the Depositor is willing to
sell such portfolio of receivables and related property to the Issuer; and 

     WHEREAS, the Servicer is willing to service such receivables on behalf of the Issuer.

     NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, and other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto, intending to be legally bound, agree as follows: 

ARTICLE I

DEFINITIONS AND USAGE

     Except as otherwise specified herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein are defined in Appendix
A hereto, which also contains rules as to usage that shall be applicable herein. 

ARTICLE II 

TRUST PROPERTY

     SECTION 2.1 Conveyance of Purchased Property; Intent of the Parties. In consideration of the Issuer’s delivery to,
or upon the order of, the Depositor of the Notes and the Certificates, the Depositor does hereby irrevocably sell, transfer, assign and otherwise convey to the Issuer (i) without recourse (subject to the obligations herein) all right, title and
interest of the Depositor, whether now owned or hereafter acquired, in and to the (x) the Purchased Property and (y) the Depositor’s rights under the Receivables Purchase Agreement and (ii) funds in the amount of the Reserve Initial Deposit.
The sale, transfer, assignment and conveyance made hereunder shall not constitute and is not intended to result in an assumption by the Issuer of any obligation of the Depositor to the Obligors or any other Person in connection with the Receivables
and the other Trust Property or any agreement, document or instrument related thereto. The Depositor and the

Issuer intend that the sale, transfer, assignment and conveyance of the Trust Property pursuant to this Section 2.1 shall be a sale, and not a secured
borrowing, for accounting purposes. 

     SECTION 2.2 Representations and Warranties of the Depositor regarding the Receivables. The Depositor makes the following
representations and warranties with respect to the Receivables, on which the Issuer relies in purchasing the Receivables and pledging the same to the Indenture Trustee.  Such representations and warranties speak as of the execution and delivery of
this Agreement and as of the Transfer Date, but shall survive the sale, transfer and assignment of the Receivables by the Depositor to the Issuer and the pledge of the Receivables by the Issuer to the Indenture Trustee pursuant to the Indenture.

	 	(i)	Schedule of Receivables.
      The information set forth in Schedule
        A to this Agreement with respect
          to each Receivable is true and correct in all material respects, and
          no selection procedures adverse to the Securityholders have been used
          in selecting the Receivables from all receivables owned by the Seller
    which meet the selection criteria specified herein. 

	 	 	 
	 	(ii)	 No Sale or Transfer. No Receivable
        has been sold, transferred, assigned or pledged by the Depositor to any
    Person other than the Issuer. 
	 	 	 
	 	(iii)	Good Title. Immediately prior to the
      transfer and assignment of the Receivables to the Issuer herein contemplated,
      the Depositor had good and marketable title to each Receivable free and
      clear of all Liens and rights of others; and, immediately upon the transfer
      thereof, the Issuer, has either (i) good and marketable title to each
      Receivable, free and clear of all Liens and rights of others, and the
      transfer has been perfected under applicable law or (ii) a first priority
    perfected security interest in each Receivable. 

	 	 	 
	 	(iv)	Receivable Files. The Receivable Files
      shall be kept at one or more of the locations specified in Schedule
        B-1 hereto; provided,
          that the Lien Certificates shall be kept at one or more of the locations
    specified in Schedule B-2 hereto. 

	 	 	 
	 	(v)	Characteristics of Receivables. Each
      Receivable (a) has been originated for the retail financing of a Financed
      Vehicle by an Obligor located in one of the States of the United States
      or the District of Columbia; (b) contains customary and enforceable provisions
      such that the rights and remedies of the holder thereof are adequate
      for realization against the collateral of the benefits of the security;
      and (c) provides for fully amortizing level scheduled monthly, semi-monthly
      or bi-weekly payments (provided that
        the payment in the last month in the life of the Receivable may be different
        from the level scheduled payment) and for accrual of interest at a fixed
    rate according to the simple interest method.

	 	 	 
	 	(vi)	 Compliance with
            Law. Each Receivable and each sale of the related Financed Vehicle
            complied at the time it was originated or made, and complies on and
            after the Cut-off Date, in all material respects with all requirements
            of applicable federal, state, and local laws, and regulations thereunder,
            including 

  

  

2 

	 	 	usury laws, the Federal Truth-in-Lending
      Act, the Equal Credit Opportunity Act, the Fair Credit Reporting Act,
      the Federal Trade Commission Act, the Magnuson-Moss Warranty Act, Federal
      Reserve Board Regulations B and Z, state adaptations of the National
      Consumer Act and of the Uniform Consumer Credit Code, and any other consumer
      credit, equal opportunity, and disclosure laws applicable to such Receivable
    and sale.

	 	 	 
	 	(vii)	Binding Obligation.
          Each Receivable constitutes the legal, valid, and binding payment obligation
          in writing of the Obligor, enforceable by the holder thereof in all
          material respects in accordance with its terms, subject, as to enforcement,
          to applicable bankruptcy, insolvency, reorganization, liquidation and
          other similar laws and equitable principles relating to or affecting
    the enforcement of creditors’ rights. 

	 	 	 
	 	(viii)	No Government Obligor. No Receivable
      is due from the United States of America or any state or from any agency,
      department, instrumentality or political subdivision of the United States
      of America or any state or local municipality and no Receivable is due
      from a business except to the extent that such receivable has a personal
    guaranty. 

	 	 	 
	 	(ix)	Security Interest in Financed Vehicle.
      Immediately prior to the sale and assignment thereof to the Issuer as
      herein contemplated, each Receivable was secured by a validly perfected
      first priority security interest in the Financed Vehicle in favor of
      the Seller as secured party or all necessary and appropriate action with
      respect to such Receivable had been taken to perfect a first priority
      security interest in the related Financed Vehicle in favor of the Seller
      as secured party, which security interest is assignable and has been
      so assigned by the Seller to the Depositor and by the Depositor to the
    Issuer. 

	 	 	 
	 	(x)	Receivables in Force.
      No Receivable has been satisfied, subordinated, or rescinded, nor has
      any Financed Vehicle been released from the Lien granted by the related
    Receivable in whole or in part.

	 	 	 
	 	(xi)	No Waiver. No provision of a Receivable
      has been waived in such a manner that such Receivable fails to meet all
      of the representations and warranties made by the Depositor herein with
      respect thereto pursuant to this Section
    2.2. 

	 	 	 
	 	(xii)	No Amendments. No Receivable has been
      amended except pursuant to instruments included in the Receivable Files
      and no such amendment has caused such Receivable to fail to meet all
      of the representations and warranties made by the Depositor herein with
      respect thereto pursuant to this Section
    2.2. 

	 	 	 
	 	(xiii)	 No Defenses. As of the Cut-off
      Date, there are no rights of rescission, setoff, counterclaim, or defense,
      and the Depositor has no knowledge of the same being asserted or threatened,
    with respect to any Receivable. 

 

3

	 	(xiv)	No Liens. As of the Cut-off
        Date, no Liens or claims have been filed that would be Liens prior to,
    or equal or coordinate with, the Lien granted by the Receivable. 
	 	 	 
	 	(xv)	No Default.
      Except for payment defaults continuing for a period of not more than
      thirty (30) days as of the Cut-off Date, the Depositor has no knowledge
      that a default, breach, violation, or event permitting acceleration under
      the terms of any Receivable exists; the Depositor has no knowledge that
      a continuing condition that with notice or lapse of time would constitute
      a default, breach, violation, or event permitting acceleration under
      the terms of any Receivable exists; and the Depositor has not waived
    any of the foregoing. 

	 	 	 
	 	(xvi)	Insurance.
        Each Receivable requires that the Obligor thereunder obtain comprehensive
    and collision insurance covering the Financed Vehicle.
	 	 	 
	 	(xvii)	Lawful Assignment.
      No Receivable has been originated in, or is subject to the laws of, any
      jurisdiction under which the sale, transfer, and assignment of such Receivable
    under this Agreement is unlawful, void or voidable. 

	 	 	 
	 	(xviii)	All Filings Made.
      No filings (other than UCC filings which have been made on the Closing
      Date) or other actions are necessary in any jurisdiction to give the
      Issuer a first priority perfected security interest in the Receivables
      and to give the Indenture Trustee a first priority perfected security
    interest in the Receivables. 

	 	 	 
	 	(xix)	One Original.
      With respect to any Receivable constituting electronic chattel paper,
      there is only one
  “authoritative copy” (as such term is used in Section 9-105 of the
      UCC) of the Receivable or with respect to any Receivable constituting tangible
      chattel paper for which an original executed copy exists, there is no more
  than one original executed copy of such Receivable and none of the instruments,
  tangible chattel paper or electronic chattel paper that constitute or evidence
  the Receivables has any marks or notations indicating that it has been pledged,
  assigned or otherwise conveyed to any Person other than the Seller, the Issuer
  and the Indenture Trustee and the original copies of such instruments and tangible
  chattel paper that constitute or evidence the Receivables, immediately prior
  to the delivery thereof to the Servicer, as custodian for the Indenture Trustee,
  was in the possession of the Seller. 

	 	 	 
	 	(xx)	Authoritative Copy.
      Neither the Seller nor a custodian or vaulting agent thereof holding
      any Receivable that is electronic chattel paper has communicated an “authoritative
      copy” (as such term is used in Section 9-105 of the UCC) of any
      loan agreement that constitutes or evidences such Receivable to any Person
    other than the Servicer.

	 	 	 
	 	(xxi)	Security.
        Each Receivable is secured by a new or used automobile or light-duty
    truck. 

 

4

	 	(xxii)	Maturity of Receivables.
      Each Receivable has a remaining maturity, as of the Cut-off Date, of
      not less than 8 months and not more than 72 months and had an original
      maturity of not less than 12 months and not more than 72 months. No Receivable
    has a scheduled maturity later than March 21, 2014. 

	 	 	 
	 	(xxiii)	Annual Percentage Rate.
      Each Receivable is a fully-amortizing simple interest contract which
      bears interest at a fixed rate per annum and which provides for level
      scheduled monthly, semi-monthly or bi-weekly payments (except for the
      last payment, which may be minimally different from the level payments)
      over its respective remaining term, and is not secured by any interest
    in real estate. 

	 	 	 
	 	(xxiv)	No Repossessions.
      Each Receivable is secured by a Financed Vehicle that, as of the Cut-off
    Date, has not been repossessed without reinstatement of such Receivable.

	 	 	 
	 	(xxv)	Obligor Not Subject to Bankruptcy Proceedings.
      Each Receivable has been entered into by an Obligor who has not been
      identified on the computer files of the Seller as being a debtor in any
    bankruptcy proceeding as of the Cut-off Date. 

	 	 	 
	 	(xxvi)	No Overdue Payments.
        No Receivable has any payment that is more than thirty (30) days past
    due as of the Cut-off Date. 
	 	 	 
	 	(xxvii)	Chattel Paper.
        The Receivables constitute either “electronic chattel paper” or “tangible
    chattel paper” within the meaning of UCC Section 9-102.
	 	 	 
	 	(xxviii)	Remaining Principal Balance.
        Each Receivable had a remaining principal balance, as of the Cut-off
    Date, of at least $800.00.

     SECTION 2.3 Repurchase Upon Breach. Upon discovery by any party hereto or by an Authorized Officer of the Indenture
Trustee of a breach of any of the representations and warranties set forth in Section 2.2 at the time such representations and warranties were made which materially and
adversely affects the interests of the Issuer or the Noteholders, the party discovering such breach shall give prompt written notice thereof to the other parties hereto and to the Indenture Trustee; provided,
that delivery of the Servicer’s Certificate,
which identifies that Receivables are being or have been repurchased, shall be
deemed to constitute prompt notice by the Servicer and the Issuer of such breach; provided, further, that the
failure to give such notice shall not affect any obligation of the Depositor hereunder. If the Depositor does not correct or cure such breach prior to the end of the Collection Period which includes the 60th day (or, if the Depositor elects, an
earlier date) after the date that the Depositor became aware or was notified of such breach, then the Depositor shall purchase any Receivable materially and adversely affected by such breach from the Issuer on the Payment Date following the end of
such Collection Period (or, if the Depositor elects, an earlier date). Any such breach or failure will not be deemed to have a material and adverse effect if such breach or failure does not affect the ability of the Issuer to collect, receive and
retain timely payment in full on such Receivable, including any Liquidation Proceeds.  Any such purchase by the Depositor shall be at a price

5

equal to the Purchase Amount (less any Liquidation Proceeds deposited, or to be deposited, in the Collection Account with respect to such Receivable pursuant to Section
3.3).  In consideration for such repurchase, the Depositor shall make (or shall cause to be made) a payment to the Issuer equal to the Purchase Amount (less any Liquidation Proceeds deposited, or to be deposited,
in the Collection Account with respect to such Receivable pursuant to Section 3.3) by depositing such amount into the Collection Account prior to 11:00 a.m., New York City time
on such Payment Date, or earlier date, if elected by the Depositor.  Upon payment of such Purchase Amount (less any Liquidation Proceeds deposited, or to be deposited, in the Collection Account with respect to such Receivable pursuant to
Section 3.3) by the Depositor, the Issuer and the Indenture Trustee shall release and shall execute and deliver such instruments of release, transfer or assignment, in each
case without recourse or representation, as shall be reasonably requested of it to vest in the Depositor or its designee any Receivable repurchased pursuant hereto. It is understood and agreed that the right to cause the Depositor to purchase (or to
enforce the obligations of the Seller under the Receivables Purchase Agreement to purchase) any Receivable as described above shall constitute the sole remedy respecting such breach available to the Issuer and the Indenture Trustee.  Neither the
Owner Trustee nor the Indenture Trustee will have any duty to conduct an affirmative investigation as to the occurrence of any condition requiring the repurchase of any Receivable pursuant to this Section
2.3 or the eligibility of any Receivable for purposes of this Agreement. Notwithstanding anything herein to the contrary, the Depositor shall only be obligated to pay such Purchase Amount and repurchase the
related Receivable to the extent it receives the Purchase Amount from the Seller pursuant to Section 3.03 of the Receivables Purchase Agreement. 

     SECTION 2.4 Custody of Receivable Files. To assure uniform quality in servicing the Receivables and to reduce
administrative costs, the Issuer, upon the execution and delivery of this Agreement, hereby revocably appoints the Servicer, and the Servicer hereby accepts such appointment, to act as the agent of the Issuer and the Indenture Trustee as custodian
of the following documents or instruments, but only to the extent held in tangible paper form or electronic form, which are hereby constructively delivered to the Indenture Trustee, as pledgee of the Issuer pursuant to the Indenture, with respect to
each Receivable (collectively, the “Receivable Files”): 

     (i) The original executed Receivable (with respect to tangible chattel paper) or an “authoritative copy” (as
such term is used in Section 9-105 of the UCC) of the Receivable (with respect to electronic chattel paper) or, if no such original executed Receivable or authoritative copy exists, a copy thereof. 

     (ii) The original credit application fully executed by the Obligor or a photocopy thereof or a record thereof on a
computer file, diskette or on microfiche. 

     (iii) The notice of recorded Lien or such documents that the Servicer or the Depositor shall keep on file, in accordance
with its customary procedures, evidencing the first priority perfected security interest of the Seller in the Financed Vehicle. 

     (iv) Any and all other documents (including any computer file, diskette or microfiche) that the Servicer or the Seller
shall keep on file, in accordance with its

6

customary procedures, relating to a Receivable, an Obligor (to the extent relating to a Receivable), or a Financed Vehicle. 

     The Servicer acknowledges that it holds the documents and instruments relating to the Receivables for the benefit of the Issuer and the Indenture Trustee. The Issuer and the Indenture Trustee
shall have no responsibility to monitor the Servicer’s performance as custodian and shall have no liability in connection with the Servicer’s performance of such duties hereunder. 

     SECTION 2.5 Duties of Servicer as Custodian.

     (a)    Safekeeping. The Servicer shall hold the Receivable Files for the benefit of
the Issuer and the Indenture Trustee and shall maintain such accurate and complete accounts, records and computer systems pertaining to each Receivable File as shall enable the Servicer and the Issuer to comply with the terms and conditions of this
Agreement, and the Indenture Trustee to comply with the terms and conditions of the Indenture. 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 motor vehicle 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 identify all Receivables Files and such related accounts, records and computer systems and 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, the Owner Trustee or the Indenture Trustee of the Receivable Files.
The Servicer may, in accordance with its customary procedures, (i) maintain all or a portion of the Receivable Files in electronic form, (ii) maintain custody of all or any portion of the Receivable Files with one or more of its agents or designees
and (iii) with respect to those Receivables the form of which consists in part of a check to be endorsed by the Obligor, maintain either an image of that endorsed check or such other information or records evidencing that endorsement as permitted or
provided by clearing house rules, rules and regulations of the Federal Reserve Board, or other established systems for the transmission of payments within the banking system.  With respect to any Receivable that is electronic chattel paper, the
Servicer shall maintain the “authoritative copy” (as such term is used in Section 9-105 of the UCC) of any loan agreement that constitutes or evidences such Receivable and shall not permit such “authoritative copy” to be
communicated to any other Person; provided however, that the Servicer shall not be liable for any
breach or inaccuracy of the representations and warranties made by the Depositor in Section 2.2. 

     (b)    Maintenance of and Access to Records.  The Servicer shall maintain each
Receivable File at its offices specified in Schedule B-1 to this Agreement provided, that all Lien
Certificates will be maintained at the location specified in Schedule B-2, or at such other office as shall be specified to the Issuer and the Indenture Trustee by 30
days’ prior written notice. The Servicer shall make available to the Issuer and the Indenture Trustee or their duly authorized representatives, attorneys, or auditors, the Receivable Files and the related accounts, records and computer systems
maintained by the Servicer during normal business hours as the Issuer or the

7

Indenture Trustee shall reasonably request, which does not unreasonably interfere with the Servicer’s normal operations. 

     (c)    Release of Documents. Upon written instructions from the Indenture Trustee,
the Servicer shall release or cause to be released any document in the Receivable Files 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 reasonably designate, as soon as is reasonably practicable, to the extent it does not unreasonably interfere with the Servicer’s normal operations. The Servicer shall not be responsible for any loss occasioned by the
failure of the Indenture Trustee or its agent or designee to return any document or any delay in doing so. 

     SECTION 2.6 Instructions; Authority to Act.  All instructions from the Indenture Trustee shall be in writing and signed
by an Authorized Officer of the Indenture Trustee, and the Servicer shall be deemed to have received proper instructions with respect to the Receivable Files upon its receipt of such written instructions. 

     SECTION 2.7 Custodian’s Indemnification. The Servicer, as custodian, shall indemnify the Issuer, the Owner Trustee
and the Indenture Trustee for any and all liabilities, obligations, losses, compensatory damages, payments, costs, or expenses of any kind whatsoever that may be imposed on, incurred, or asserted against the Issuer, the Owner Trustee or the
Indenture Trustee 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 (i) to the Issuer for any portion of any such amount resulting from the willful misfeasance, bad faith, or
negligence of the Indenture Trustee, the Owner Trustee or the Issuer, (ii) to the Owner Trustee for any portion of any such amount resulting from the willful misfeasance, bad faith, or negligence of the Indenture Trustee, the Owner Trustee or the
Issuer, (iii) to the Indenture Trustee for any portion of any such amount resulting from the willful misfeasance, bad faith, or negligence of the Indenture Trustee, the Owner Trustee or the Issuer and (iv) to the Issuer for any portion of any such
amount resulting from any breach or inaccuracy of the representations and warranties made by the Depositor in Section 2.2. 

     SECTION 2.8 Effective Period and Termination.  The Servicer’s appointment as custodian shall become effective as of
the Cut-off Date and shall continue in full force and effect until terminated pursuant to this Section 2.8. If the Bank shall resign as Servicer in accordance with the
provisions of this Agreement or if all of the rights and obligations of the Servicer shall have been terminated under Section 7.1, the appointment of the Servicer as custodian
hereunder may be terminated by the Indenture Trustee, or by the holders of Notes evidencing not less than a majority of the principal amount of the Controlling Class Outstanding (or if no Notes are Outstanding, by holders of Certificates evidencing
not less than a majority of the Percentage Interests evidenced by the Certificates), in the same manner as the Indenture Trustee or such Securityholders may terminate the rights and obligations of the Servicer under Section 7.1. As soon as practicable after any termination of such appointment, the Servicer shall deliver to the Indenture Trustee or the Indenture Trustee’s agent the Receivable Files and the
related accounts and records maintained by the Servicer at such place or places as the Indenture Trustee may reasonably designate; provided, however, that with respect to authoritative copies of the Receivables constituting electronic chattel paper, the Servicer, in its sole discretion, shall either (i) continue to hold any such
authoritative copies on behalf of the Issuer and the Indenture

8

Trustee or the Indenture Trustee’s agent or (ii) deliver copies of such authoritative copies and destroy the authoritative copies maintained by the Servicer prior to its termination such that such copy delivered to the
Indenture Trustee or the Indenture Trustee’s agent becomes the authoritative copy of the Receivable constituting electronic chattel paper. 

ARTICLE III

ADMINISTRATION AND SERVICING OF RECEIVABLES AND TRUST PROPERTY 

     SECTION 3.1 Duties of Servicer.  The Servicer shall manage, service, administer and make collections on the Receivables
with reasonable care, using that degree of skill and attention that the Servicer exercises with respect to all comparable new or used automobile and light-duty truck receivables that it services for itself.  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, furnishing monthly
and annual statements to the Owner Trustee and the Indenture Trustee with respect to distributions, making Advances pursuant to Section 4.4, preparing (or causing to be
prepared) the tax returns of the Trust in accordance with Section 5.6 of the Trust Agreement and, if requested to do so, providing the certifications required, pursuant to
Section 5.1(b) hereof.  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 hereby authorized and empowered to execute and deliver, on behalf of itself, the Issuer, the Owner Trustee, the Indenture Trustee, the Noteholders, the Certificateholders, 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 not enforce a Receivable on the ground that it shall not be a real party in interest or a holder entitled to enforce the Receivable, the Issuer shall, at the Servicer’s expense and
direction, take steps to enforce the Receivable, including bringing suit in its name or the names of the Indenture Trustee, the Noteholders, the Certificateholders, or any of them. The Issuer shall 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 3.2 Collection 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 new or used automobile and light-duty truck receivables that it
services for itself.  The Servicer shall not change the amount of or reschedule the due date of any scheduled payment of a Receivable to a date more than 30 days from the original due date of such scheduled payment, change the annual percentage rate
of or extend any Receivable or change any material term of a Receivable, except as provided by the terms of the Receivable or of this Agreement or as required by law or court order; provided, however, that the Servicer may extend any Receivable that is in default or with respect to which default is reasonably

9

foreseeable and that would be acceptable to the Servicer with respect to comparable new or used automobile and light-duty truck receivables that it services for itself if (a) the amount on deposit in the Reserve Account is
greater than zero at the time of the extension, (b) the total credit-related extensions granted on the Receivable will not exceed four months in the aggregate, (c) the total number of credit-related extensions granted on the Receivable will not
exceed two, and (d) the maturity of such Receivable will not be extended beyond March 21, 2014. If, as a result of inadvertently rescheduling or extending payments, such rescheduling or extension breaches any of the terms of the proviso to the
preceding sentence, then the Servicer shall be obligated to purchase such Receivable pursuant to Section 3.7.  For the purpose of such purchases pursuant to Section 3.7, notice shall be deemed to have been received by the Servicer at such time as shall make purchase mandatory as of the last day of the Collection Period during which the discovery
of such breach occurred. 

     Notwithstanding anything to the contrary herein, the Servicer may implement programs that grant payment extensions in respect of receivables that are not delinquent.  Any such program shall be
implemented with the approval of the senior officer’s credit committee of the Servicer in accordance with the Servicer’s general lending and policy guidelines.  Any such payment extension may extend the maturity of the applicable
receivable beyond its original term to maturity. Notwithstanding anything to the contrary herein, the Servicer may also reduce the interest rate on Receivables affected by the application of the Servicemembers Civil Relief Act to a rate that is
lower than the maximum rate prescribed by the Servicemembers Civil Relief Act and may readjust the payment schedule for any Receivable that is affected by the application of the Servicemembers Civil Relief Act until the maturity of the receivable.

     The Servicer may at any time perform specific duties as servicer or custodian under this Agreement through subcontractors; provided, however, that no such delegation or subcontracting shall relieve the Servicer of its responsibilities with respect to such duties as to which the Servicer shall
remain primarily responsible with respect thereto.  All amounts payable to any subcontractor shall be paid by the Servicer and shall not be obligations of the Indenture Trustee, the Owner Trustee or the Issuer or paid from the Indenture Trust
Estate.  References in this Agreement to actions taken or to be taken by the Servicer include actions taken or to be taken by a subcontractor on behalf of the Servicer. 

     SECTION 3.3 Realization Upon Receivables. On behalf of the Issuer, the Servicer shall use reasonable efforts, consistent
with its customary standards, policies and procedures, to repossess or otherwise convert the ownership of the Financed Vehicle securing any Receivable as to which the Servicer shall have determined to be a Defaulted Receivable or otherwise (and
shall specify any such Defaulted Receivable to the Indenture Trustee no later than the Determination Date following the Collection Period in which the Servicer shall have made such determination). The Servicer shall follow such customary standards,
policies and procedures as it shall deem necessary or advisable in its servicing of comparable receivables, which may include selling the Financed Vehicle at public or private sale. The Servicer shall be entitled to recover from proceeds all
reasonable expenses incurred by it in the course of converting the Financed Vehicle into cash proceeds. The Liquidation Proceeds (net of such expenses) realized in connection with any such action with respect to a Receivable shall be deposited by
the Servicer in the Collection Account in the manner specified in Section 4.2 and shall be applied to reduce (or to satisfy, as the case may be) the Purchase Amount of the
Receivable, if such

10

Receivable is to be repurchased by the Depositor pursuant to Section 2.3, or is to be purchased by the Servicer pursuant to Section 3.7. 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 be required to 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 3.4 Allocations of Collections. If an Obligor is obligated under one or more Receivables and also under one or
more other assets owned by the Bank or assigned by the Bank to third parties, then any payment on any such asset received from or on behalf of such Obligor shall, if identified as being made with respect to a particular item or asset, be applied to
such item, and otherwise shall be allocated by the Bank in accordance with its customary standards, policies and procedures. 

     SECTION 3.5 Maintenance of Security Interests in Financed Vehicles.  The Servicer shall, in accordance with its
customary procedures, take such steps as are necessary to maintain perfection of the security interest created by each Receivable in the related Financed Vehicle. The Issuer hereby authorizes the Servicer to take such steps 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, in either case, when the Servicer has knowledge of the need for such re-perfection. In
the event that the assignment of a Receivable to the Issuer 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 transfer to the Issuer a perfected security interest in the related Financed Vehicle, the Servicer hereby agrees that the Servicer’s listing as the secured party on the certificate of title is deemed
to be in its capacity as agent of the Issuer and the Indenture Trustee and further agrees to hold such certificate of title as the agent and custodian of the Issuer and the Indenture Trustee; provided, that the Servicer shall not, nor shall the Issuer or the Indenture Trustee have the right to require that the Servicer, make any such notation on the related Financed Vehicles’
certificate of title or fulfill any such additional administrative requirement of the laws of the state in which a Financed Vehicle is located. 

     SECTION 3.6 Covenants of Servicer.  The Servicer shall not (i) release the Financed Vehicle securing each such
Receivable from the security interest granted by such Receivable in whole or in part except in the event of payment in full by or on behalf of the Obligor thereunder, (ii) impair the rights of the Trust or the Indenture Trustee in the Receivables,
or (iii) increase the number of payments under a Receivable, increase the Amount Financed under a Receivable or extend or forgive payments on a Receivable, except as provided in Section 3.2. In the event that at the end of the scheduled term of any Receivable, the outstanding principal amount thereof is such that the final payment to be made by the related Obligor is larger than the regularly scheduled payment of
principal and interest made by such Obligor, the Servicer may permit such Obligor to pay such remaining principal amount in more than one payment of principal and interest; provided that the last such payment shall be due on or prior to the Collection Period immediately preceding the Final Scheduled Payment Date of the last maturing Class of Notes issued under the Indenture. 

11

     SECTION 3.7 Purchase of Receivables Upon Breach.  Upon discovery by any party hereto or by an Authorized Officer of the
Indenture Trustee of a breach of any of the covenants set forth in Section 3.2, 3.5 or 3.6 which materially and adversely affects the interests of the Issuer or the Noteholders, the party discovering such breach shall give prompt written notice thereof to the other parties
hereto and to the Indenture Trustee; provided, that delivery of the Servicer’s Certificate, which identifies that Receivables are being or have been repurchased, shall be
deemed to constitute prompt notice by the Servicer and the Issuer of such breach; provided, further,
that the failure to give such notice shall not affect any obligation of the Servicer hereunder. If the Servicer does not correct or cure such breach prior to the end of the Collection Period which includes the 60th day (or, if the Servicer elects,
an earlier date) after the date that the Servicer became aware or was notified of such breach, then the Servicer shall purchase any Receivable materially and adversely affected by such breach from the Issuer on the Payment Date following the end of
such Collection Period. Any such breach or failure will not be deemed to have a material and adverse effect if such breach or failure does not affect the ability of the Issuer to collect, receive and retain timely payment in full on such Receivable,
including any Liquidation Proceeds. Any such purchase by the Servicer shall be at a price equal to the Purchase Amount (less any Liquidation Proceeds deposited, or to be deposited, in the Collection Account with respect to such Receivable pursuant
to Section 3.3). For purposes of this Section 3.7, the Purchase Amount shall consist in part of a
release by the Servicer of all rights of reimbursement with respect to Outstanding Advances on the Receivable.  In consideration for such repurchase, the Servicer shall make (or shall cause to be made) a payment to the Issuer equal to the Purchase
Amount (less any Liquidation Proceeds deposited, or to be deposited, in the Collection Account with respect to such Receivable pursuant to Section 3.3) by depositing such
amount into the Collection Account prior to 11:00 a.m., New York City time on such Payment Date. Upon payment of such Purchase Amount (less any Liquidation Proceeds deposited, or to be deposited, in the Collection Account with respect to such
Receivable pursuant to Section 3.3) by the Servicer, the Issuer and the Indenture Trustee shall release and shall execute and deliver such instruments of release, transfer or
assignment, in each case without recourse or representation, as shall be reasonably necessary to vest in the Servicer or its designee any Receivable repurchased pursuant hereto. It is understood and agreed that the obligation of the Servicer to
purchase any Receivable as described above shall constitute the sole remedy respecting such breach available to the Issuer and the Indenture Trustee. 

     SECTION 3.8 Servicer Fees. The Servicer shall be entitled to any interest earned on the amounts deposited in the
Collection Account during each Collection Period plus all late fees, prepayment charges and other administrative fees and expenses or similar charges, if any, allowed by applicable law and the terms of the Receivables during each Collection Period
(the “Supplemental Servicing Fee”).  The Servicer also shall be entitled to the Servicing Fee, as provided herein. 

     SECTION 3.9 Servicer’s Certificate.  On or prior to the Determination Date for each Payment Date, the Servicer
shall deliver to the Depositor, the Owner Trustee, each Note Paying Agent, the Indenture Trustee and the Seller, with a copy to the Rating Agencies, a Servicer’s Certificate containing all information (including all specific dollar amounts)
necessary to make the transfers and distributions pursuant to Sections 4.3, 4.4, 4.5, 4.6 and 4.7 hereof, and Section 8.2 of the Indenture for the Collection Period preceding the date of such Servicer’s Certificate, together with the written statements to be furnished by the Owner Trustee to
Certificateholders

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pursuant to Section 4.9 hereof and by the Indenture Trustee to the Noteholders pursuant to Section
4.9 hereof and Section 6.6 of the Indenture. Receivables purchased or to be purchased by the Servicer or the Depositor shall be identified
by the Servicer by the Seller’s account number with respect to such Receivable (as specified in the Schedule of Receivables). 

     SECTION 3.10 Annual Statement as to Compliance; Item 1122 Servicing Criteria Assessment; Notice of Event of Servicing Termination.  (a) The Servicer shall deliver to the Owner Trustee, the Indenture Trustee and each Rating Agency within 90 days after the end of each fiscal year of the Issuer (or if such day is not a Business Day, the next Business Day) beginning
with the fiscal year ending December 31, 2008, 

     (i) an Officer’s Certificate, with respect to the preceding 12-month period (or since the Closing Date in the case of
the first such certificate), stating that (x) a review of the activities of the Servicer during the preceding 12-month period (or since the Closing Date in the case of the first such certificate) and of its performance under this Agreement has been
made under such officer’s supervision and (y) to the best of such officer’s knowledge, based on such review, the Servicer has fulfilled all its obligations in all material respects under this Agreement throughout such period, or, if there
has been a failure to fulfill any such obligation in any material respect, specifying each such failure known to such officer and the nature and status thereof, and 

     (ii) the servicing criteria assessment required to be filed in respect of the Trust under the Exchange Act under Item 1122
of Regulation AB, if periodic reports under Section 15(d) of the Exchange Act, or any successor provision thereto, are required to be filed in respect of the Trust. Such report
shall be signed by an authorized officer of the Servicer and shall at a minimum address each of the Servicing Criteria specified on a certification substantially in the form of Appendix C hereto delivered to the Depositor concurrently with the execution of this Agreement. To the extent any of the Servicing Criteria are not applicable to the Servicer, with respect to asset-backed securities transactions taken as a whole
involving the Servicer and that are backed by the same asset type backing the Notes, such report shall include such a statement to that effect. The Depositor and the Servicer, and each of their respective officers and directors shall be entitled to
rely upon each such servicing criteria assessment. 

     A copy of such Officer’s Certificate and the report referred to in Section 3.11 may be obtained by any
Certificateholder by a request in writing to the Owner Trustee, or by any Noteholder or Person certifying that it is a Note Owner by a request in writing to the Indenture Trustee, in either case addressed to the applicable Corporate Trust Office.
Upon the telephone request of the Owner Trustee, the Indenture Trustee shall 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 each Rating Agency 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 an Event of Servicing
Termination under Section 7.1.  The Seller shall deliver to the Owner Trustee, the Indenture Trustee and each Rating Agency promptly after having obtained knowledge thereof,
but in no

13

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 an Event of Servicing Termination
under clause (a)(ii) of Section 7.1. 

     (c) The Servicer shall cause each Reporting Subcontractor to deliver to the Depositor an assessment of compliance and
accountant’s attestation as and when provided in paragraph (a)(ii) of this Section 3.10 and
Section 3.11. The Servicer shall execute (provided the Servicer is not an Affiliate of the Depositor)
(and shall cause each Reporting Subcontractor to execute) a reliance certificate to enable the Certification Parties to rely upon each (i) annual report on assessment of compliance with servicing criteria provided pursuant to Section 3.10 and (ii) accountant’s report provided pursuant to Section 3.11 and shall include a certification that each
such annual compliance statement or report discloses any deficiencies or defaults described to the registered public accountants of such Person to enable such accountants to render the certificates provided for in Section 3.11. 

     (d) In the event the Servicer, any subservicer or Reporting Subcontractor is terminated or resigns during the term of this
Agreement, such Person shall provide the documents and information pursuant to Section 3.10 and Section 3.11 with respect to the period of time it was subject to this Agreement or provided services with respect to the Trust or the Receivables.  Notwithstanding anything to the contrary contained herein, if the Servicer has exercised
commercially reasonable efforts to obtain any assessment or attestation required hereunder from a Reporting Subcontractor, the failure by the Reporting Subcontractor to provide such attestation on or assessment shall not constitute a breach
hereunder by the Servicer. 

     (e) Notwithstanding anything in this Section 3.10
to the contrary, any certification, assessment of compliance or accountant’s attestation required by this Section 3.10 may be replaced by any similar certification,
assessment or attestation using other procedures or attestation standards which are now or in the future in use by servicers of comparable assets, and which otherwise comply with any rule, regulation, “no action” letter, telephone
interpretation or similar guidance promulgated by the Commission. 

     SECTION 3.11 Annual Independent Registered Public Accountant’s Report.  The Servicer shall cause a firm of
independent registered public accountants, who may also render other services to the Servicer, the Seller or the Depositor, to deliver to the Owner Trustee and the Indenture Trustee within 90 days after the end of each fiscal year of the Issuer (or
if such day is not a Business Day, the next Business Day) beginning with the fiscal year ending December 31, 2008 with respect to the prior calendar year (or since the Closing Date in the case of the first such report) the attestation report that
would be required to be filed in respect of the Trust under the Exchange Act, if periodic reports under Section 15(d) of the Exchange Act, or any successor provision thereto, were required to be filed in respect of the Trust. Such attestation shall
be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act, including, without limitation that in the event that an overall opinion cannot be expressed, such registered public accounting firm
shall state in such report why it was unable to express such an opinion. The certification required by this paragraph may be replaced by any similar certification using other procedures or attestation standards which are now or in the future in use
by servicers of comparable assets, and which otherwise comply with any rule,

14

regulation, “no action” letter, telephone interpretation or similar guidance promulgated by the Commission. 

     SECTION 3.12 Access to Certain Documentation and Information Regarding Receivables. The Servicer shall provide to the
Certificateholders, the Indenture Trustee and the Noteholders access to the Receivable Files in such cases where the Certificateholders, the Indenture Trustee or the Noteholders shall be required by applicable statutes or regulations to review such
documentation. Access shall be afforded without charge, but only upon reasonable request and during the normal business hours at the respective offices of the Servicer. Nothing in this Section 3.12 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 3.12. 

     SECTION 3.13 Servicer Expenses. The Servicer shall be required to pay all expenses incurred by it in connection with its
activities hereunder, including fees, expenses (including counsel fees and expenses) and disbursements of the Owner Trustee and the Indenture Trustee, independent accountants, taxes imposed on the Servicer and expenses incurred in connection with
distributions and reports to Noteholders and Certificateholders. 

     SECTION 3.14 [Reserved].

     SECTION 3.15 1934 Act Filings; Sarbanes-Oxley Act Requirements. The Issuer hereby authorizes the Servicer and the
Depositor, or either of them, to prepare, sign, certify and file any and all reports, statements and information respecting the Issuer and/or the Notes required to be filed pursuant to the Exchange Act, and the rules thereunder. To the extent any
documents are required to be filed or any certification is required to be made with respect to the Issuer or the Notes pursuant to the Sarbanes-Oxley Act, the Issuer hereby authorizes the Servicer and the Depositor, or either of them, to prepare,
sign, certify and file any such documents or certifications on behalf of the Issuer. 

ARTICLE IV

DISTRIBUTIONS; RESERVE ACCOUNT; STATEMENTS TO NOTEHOLDERS AND 

CERTIFICATEHOLDERS 

     SECTION 4.1 Accounts. (a) The Servicer shall, prior to the Closing Date, cause to be established and maintained an
Eligible Deposit Account in the name “The Bank of New York, as Indenture Trustee, as secured party for USAA Auto Owner Trust 2008-2”, initially at the corporate trust department of the Indenture Trustee, which shall be designated as the
“Collection Account”. The Collection Account shall be under the sole dominion and control of the Indenture Trustee; provided, that the Servicer may make deposits to
and direct the Indenture Trustee in writing to make withdrawals from the Collection Account in accordance with the terms of the Basic Documents.  The documentation pursuant to which the Collection Account will be established and maintained specifies
New York law as the governing law.  In addition, the Collection Account shall be established and maintained at an institution which agrees in writing that for so long as the Notes are outstanding (i) to the extent the Collection Account is
a

15

securities account, it will comply with entitlement orders (as defined in Article 8 of the UCC) originated by the Indenture Trustee without further consent of the Issuer and (ii) to the extent the Collection Account is a
deposit account, it will comply with instructions directing disposition of funds in the account originated by the Indenture Trustee without further consent of the Issuer. All monies deposited from time to time in the Collection Account shall be held
by the Indenture Trustee as secured party for the benefit of the Noteholders and, after payment in full of the Notes, as agent of the Issuer and as part of the Trust Property. All deposits to and withdrawals from the Collection Account shall be made
only upon the terms and conditions of the Basic Documents.  No checks shall be issued, printed or honored with respect to the Collection Account. 

     If the Servicer is required to remit collections pursuant to the first sentence of Section 4.2, all amounts held in the
Collection Account shall, to the extent permitted by applicable law, rules and regulations, be invested, as directed in writing by the Servicer, by the bank or trust company then maintaining the Collection Account in specified Permitted Investments
that mature so that funds will be available by 11:00 a.m., New York City time, on the Payment Date for the Collection Period to which such amounts relate and such Permitted Investments shall be held to maturity.  All interest and other income (net
of losses and investment expenses) on funds on deposit in the Collection Account shall be withdrawn from the Collection Account at the written direction of the Servicer and shall be paid to the Servicer. For the avoidance of doubt, with respect to
each Payment Date, any interest and other income earned on funds in deposit in the Collection Account from the Business Day prior to such Payment Date through such Payment Date shall be paid to the Servicer. The Indenture Trustee shall not be liable
for investment losses in Permitted Investments made in accordance with directions from the Servicer.  In the event that the Collection Account is no longer to be maintained at the corporate trust department of the Indenture Trustee, the Servicer
shall, with the Indenture Trustee’s or Issuer’s assistance as necessary, cause an Eligible Deposit Account to be established as the Collection Account within ten (10) Business Days (or such longer period not to exceed thirty (30) calendar
days as to which each Rating Agency may consent) and give written notice of the location and account number of such account to the Indenture Trustee. 

     (b) The Servicer shall, prior to the Closing Date, cause to be established and maintained an Eligible Deposit Account in
the name “The Bank of New York, as Indenture Trustee, as secured party for USAA Auto Owner Trust 2008-2”, initially at the corporate trust department of the Indenture Trustee, which shall be designated as the “Principal Distribution
Account”. The Principal Distribution Account shall be under the sole dominion and control of the Indenture Trustee; provided, that the Servicer may make deposits to and
direct the Indenture Trustee in writing to make withdrawals from the Principal Distribution Account in accordance with the terms of the Basic Documents.  The documentation pursuant to which the Principal Distribution Account will be established and
maintained specifies New York law as the governing law.  In addition, the Principal Distribution Account shall be established and maintained at an institution which agrees in writing that for so long as the Notes are outstanding (i) to the extent
the Collection Account is a securities account, it will comply with entitlement orders (as defined in Article 8 of the UCC) originated by the Indenture Trustee without further consent of the Issuer and (ii) to the extent the Principal Distribution
Account is a deposit account, it will comply with instructions directing disposition of funds in the account originated by the Indenture Trustee without further consent of the Issuer. All monies deposited from time

16

to time in the Principal Distribution Account shall be held by the Indenture Trustee as secured party for the benefit of the Noteholders and, after payment in full of the Notes, as agent of the Issuer and as part of the
Trust Property.  All deposits to and withdrawals from the Principal Distribution Account shall be made only upon the terms and conditions of the Basic Documents. 

     (c) [Reserved].

     SECTION 4.2 Collections.  Except as provided below, the Servicer shall remit to the Collection Account within two (2)
Business Days of the receipt thereof (i) all payments by or on behalf of the Obligors (but excluding Purchased Receivables) and (ii) all Liquidation Proceeds, both as collected during the Collection Period; provided that the Bank, so long as it is acting as the Servicer and no Event of Servicing Termination has occurred and is continuing, may make remittances of Collections on a less frequent basis than
that specified in the immediately preceding sentence. It is understood that such less frequent remittances may be made only on the specific terms and conditions set forth below in this Section 4.2 and only for so long as such terms and conditions are fulfilled.  Accordingly, notwithstanding the provisions of the first sentence of this Section 4.2,
the Servicer shall remit Collections received during a Collection Period to the Collection Account in immediately available funds by 10:00 a.m. New York City time on the Payment Date, but only for so long as the Monthly Remittance Condition is
satisfied. The Owner Trustee or the Indenture Trustee shall not be deemed to have knowledge of any event or circumstance in the definition of Monthly Remittance Condition that would require remittance by the Servicer to the Collection Account within
two (2) Business Days of receipt as aforesaid unless the Owner Trustee or the Indenture Trustee has received written notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate or from the holders of Notes
evidencing not less than 25% of the principal amount of the Notes Outstanding or from the Certificateholders of Certificates evidencing not less than 25% of the Percentage Interests evidenced by the Certificates or a Trustee Officer in the Corporate
Trust Office with knowledge hereof or familiarity herewith has actual knowledge of such event or circumstance. For purposes of this Article IV the phrase “payments by or
on behalf of Obligors” shall mean payments made by Persons other than the Servicer or by other means. 

     SECTION 4.3 Application of Collections. For the purposes of this Agreement, as of the close of business on the last day
of each Collection Period, all Collections for the Collection Period with respect to each Receivable shall be applied by the Servicer in accordance with the terms of the related Receivable consistent with the Servicer’s customary standards,
policies and procedures. 

     SECTION 4.4 Advances. (a) As of each Determination Date, the Servicer shall make a payment with respect to each
Receivable (other than a Defaulted Receivable) equal to the excess, if any, of (x) the product of the Principal Balance of such Receivable as of the first day of the related Collection Period and one-twelfth of the Annual Percentage Rate (as
adjusted downward, as the case may be, in accordance with the Servicemembers Civil Relief Act or pursuant to Section 3.2) on such Receivable (calculated on the basis of a
360-day year of twelve 30-day months), over (y) the interest actually received by the Servicer with respect to such Receivable from the Obligor or from payment of the Purchase Amount during or with respect to such Collection Period. The Servicer
shall deposit all such Advances into the Collection Account in immediately available funds no later than, 10:00 a.m. New York City time, on the Payment Date.

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Notwithstanding the foregoing, the Servicer may elect not to make any Advance with respect to a Receivable to the extent that the Servicer, in its sole discretion, shall determine that such Advance is not recoverable from
subsequent payments on such Receivable or from withdrawals from the Reserve Account.  To the extent that the amount set forth in clause (y) above with respect to a Receivable
is greater than the amount set forth in clause (x) above with respect thereto, such excess amount shall be distributed to the Servicer pursuant to Section 4.6(a). In addition, in the event that a Receivable becomes a Defaulted Receivable, Outstanding Advances in respect of that Receivable shall be reimbursed to the extent of interest
Collections with respect to such Receivable and, if such amounts are insufficient, from amounts on deposit in the Reserve Account, and if such amounts are not sufficient, from amounts on deposit in the Collection Account. The Servicer shall not make
any advance with respect to principal of Receivables. 

     (b) The Servicer shall deposit in the Collection Account the aggregate Advances on the Receivables pursuant to
Section 4.4(a).  To the extent that the Servicer fails to make an Advance pursuant to Section 4.4(a) on
the date required, the Servicer shall so notify the Issuer and the Indenture Trustee in writing specifying the amount of the Advance and the Receivable to which such Advance related, and the Indenture Trustee shall withdraw such amount (or, if
determinable by the Servicer, such portion of such amount as does not represent advances for delinquent interest) from the Reserve Account and deposit such amount in the Collection Account. 

     SECTION 4.5 Additional Deposits. (a) The Depositor and the Servicer shall deposit in the Collection Account the
aggregate Purchase Amounts with respect to Purchased Receivables pursuant to Sections 2.3 and 3.7,
respectively, and the Servicer shall deposit therein all Purchase Amounts to be paid under Section 8.1.  All such deposits with respect to a Collection Period shall be made, in
immediately available funds no later than 10:00 a.m. New York City time, on the Payment Date related to such Collection Period. 

     (b) The Indenture Trustee, in accordance with the written instructions of the Servicer, shall, on each Payment Date, make
a withdrawal from the Reserve Account (i) first, in an amount equal to the Reserve Account Excess Amount for such Payment Date and (ii) second, in an amount equal to the amount (if positive) calculated by the Servicer pursuant to the second sentence
of Section 4.6(b) and deposit such amounts in the Collection Account.

     SECTION 4.6 Distributions.  (a)  On each Payment Date, the Indenture Trustee shall cause the transfer and distribution
of the amounts set forth in the Servicer’s Certificate for such Payment Date from the Collection Account to the Servicer, in immediately available funds, for repayment of Outstanding Advances pursuant to Section 4.4(a). 

     (b) The Servicer shall on or before each Determination Date calculate the Available Collections, the Reserve Account
Excess Amount, the Available Funds, the Servicing Fee and all unpaid Servicing Fees from prior Collection Periods, if any, the Accrued Class A Note Interest, the Accrued Class B Note Interest, the First Priority Principal Payment, if any, and the
Regular Principal Distribution Amount.  In addition, the Servicer shall calculate on or before each Determination Date the difference, if any, between the Total Required Payment and the Available Funds and, pursuant to Section 4.5(b), the Indenture Trustee shall withdraw funds

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from the Reserve Account in an amount equal to the lesser of such difference (if positive) or the balance of such Reserve Account. 

     (c) On each Payment Date, the Servicer shall instruct the Indenture Trustee (based on the information contained in the
Servicer’s Certificate delivered on or before the related Determination Date pursuant to Section 3.9), to make the following withdrawals from the Collection Account and
make deposits, distributions and payments, to the extent of Available Funds for such Payment Date (including funds, if any, deposited in the Collection Account from the Reserve Account pursuant to Section
4.5(b)), in the following order of priority: 

     (i) first, to the Servicer, the Servicing Fee and all unpaid Servicing Fees from
prior Collection Periods; 

     (ii) second, to the Class A Noteholders, the Accrued Class A Note Interest for
such Payment Date; provided that if there are not sufficient funds available to pay the entire amount of the Accrued Class A Note Interest, the amounts available shall be
applied to the payment of such interest on the Class A Notes on a pro rata basis; 

     (iii) third, to the Class A Noteholders, the First Priority Principal Payment, if
any, for such Payment Date to be distributed in the same priority as described under Section 4.6(d) of this Agreement; 

     (iv) fourth, to the Class B Noteholders, the Accrued Class B Note Interest for
such Payment Date; 

     (v) fifth, to the Principal Distribution Account, the Regular Principal
Distribution Amount (less any amounts distributed under clause (iii) above) for such Payment Date; 

     (vi) sixth, if such Payment Date is a Final Scheduled Payment Date for any Class,
to the Principal Distribution Account, the amount necessary to reduce the remaining principal amount of such Class to zero after giving effect to the amount, if any, to be applied on such Payment Date to such Class from funds deposited pursuant to
clauses (iii) and (v) above; 

     (vii) seventh, to the Reserve Account, the amount, if any, required to reinstate
the amount in the Reserve Account up to the Specified Reserve Balance for such Payment Date; 

     (viii) eighth, to the Indenture Trustee and the Owner Trustee, all amounts due for
fees, expenses and indemnification pursuant to Section 6.7 of the Indenture and Section 7.1 of the
Trust Agreement, respectively, and not previously paid;

     (ix) ninth, to the Servicer, the legal expenses and costs, if any, payable
pursuant to Sections 6.4(b) and (c), and 

     (x) tenth, to the Certificateholder, any remaining Available Funds for such
Payment Date. 

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Notwithstanding the foregoing in this Section 4.6(c),

     (A) if the Notes have been accelerated after an Event of Default specified in Section
5.1(iii) of the Indenture, then the Servicer shall instead instruct the Indenture Trustee to apply Available Funds in the following order of priority: 

(1) to the Indenture Trustee and the Owner Trustee, all amounts due for fees, expenses and indemnification under Section 6.7 of the Indenture and Section 7.1 of the Trust Agreement, respectively, and not previously paid; 

(2) to the Servicer, the Servicing Fee and all unpaid Servicing Fees from prior Collection Periods; 

(3) to the Class A Noteholders, the Accrued Class A Note Interest for such Payment Date; provided that if there are not sufficient funds available to pay the entire amount of the Accrued Class A Note Interest, the amounts available shall be applied to the payment of such interest on the Class A Notes on a pro rata basis; 

(4) to the Class A Noteholders, the First Priority Principal Payment, if any, for such Payment Date to be distributed in the same priority as described
under Section 4.6(e) of this Agreement; 

(5) to the Class B Noteholders, the Accrued Class B Note Interest for such Payment Date; 

(6) first, to the holders of the Class A-1 Notes in reduction of principal until the principal amount of the Class A-1 Notes has been paid in full, and
then to the holders of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes on a pro rata basis in reduction of principal until the principal amount of such Class A
Notes has been paid in full; 

(7) to the holders of the Class B Notes in reduction of principal until the principal amount of the Class B Notes has been paid in full;

(8) to the Servicer, legal expenses and costs, if any, incurred pursuant to Sections 6.4(b) and (c); and

(9) to the Certificateholder, any remaining Available Funds for such Payment Date; and 

     (B) if the Notes have been accelerated after an Event of Default specified in Section
5.1(i), (ii), (iv) or (v) of the Indenture, then the Servicer shall instead instruct the Indenture Trustee to apply Available Funds in the following order of
priority: 

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(1) to the Indenture Trustee and the Owner Trustee, all amounts due for fees, expenses and indemnification under Section 6.7 of the Indenture and Section 7.1 of the Trust Agreement, respectively, and not previously paid; 

(2) to the Servicer, the Servicing Fee and all unpaid Servicing Fees from prior Collection Periods; 

(3) to the Class A Noteholders, the Accrued Class A Note Interest for such Payment Date; provided that if there are not sufficient funds available to pay the entire amount of the Accrued Class A Note Interest, the amounts available shall be applied to the payment of such interest on the Class A Notes on a pro rata basis; 

(4) first, to the holders of the Class A-1 Notes in reduction of principal until the principal amount of the Class A-1 Notes has been paid in full, and
then to the holders of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes on a pro rata basis in reduction of principal until the principal amount of such Class A
Notes has been paid in full; 

(5) to the Class B Noteholders, first, the Accrued Class B Note Interest for such Payment Date and second, in reduction of principal until the principal
amount of the Class B Notes has been paid in full;

(6) to the Servicer, legal expenses and costs incurred pursuant to Sections 6.4(b) and (c); and 

(7) to the Certificateholder, any remaining Available Funds for such Payment Date. 

     (d) If the Notes have not been accelerated because of an Event of Default, then on each Payment Date the Servicer shall
instruct the Indenture Trustee (based on the information contained in the Servicer’s Certificate delivered on or before the related Determination Date pursuant to Section 3.9), to withdraw the funds deposited in the Principal Distribution Account on such Payment Date and make distributions and payments in the following order of priority: 

     (i) first, to the holders of the Class A-1 Notes on a pro rata basis in reduction of principal until the principal amount of the Class A-1 Notes has been paid in full; 

     (ii) second, to the holders of the Class A-2 Notes on a pro rata basis in reduction of principal until the principal amount of the Class A-2 Notes has been paid in full; 

     (iii) third, to the holders of the Class A-3 Notes on a pro rata basis in reduction of principal until the principal amount of the Class A-3 Notes has been paid in full; 

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     (iv) fourth, to the holders of the Class A-4 Notes on a pro rata basis in reduction of principal until the principal amount of the Class A-4 Notes has been paid in full; and 

     (v) fifth, to the holders of the Class B Notes on a pro rata basis in reduction of principal until the principal amount of the Class B Notes has been paid in full. 

Any funds remaining on deposit in the Principal Distribution Account shall be paid to the Indenture Trustee and the Owner Trustee to the extent, if any, of amounts due to them hereunder that are unpaid, then to the Servicer
any amounts payable pursuant to Sections 6.4(b) and (c) that are unpaid and then to the
Certificateholder. 

     (e) Notwithstanding the foregoing in Section 4.6(d), if the Notes have been accelerated after an Event of Default, then on each Payment Date the Servicer shall instruct the Indenture Trustee (based on the information contained in the Servicer’s Certificate delivered on or before
the related Determination Date pursuant to Section 3.9), to withdraw the funds deposited in the Principal Distribution Account on such Payment Date and pay them, first, to the
holders of the Class A-1 Notes until the principal amount of the Class A-1 Notes has been paid in full, then, to the holders of the Class A-2 Notes, Class A-3 Notes and Class A-4 Notes on a pro
rata basis in reduction of principal until the principal amount of the Class A Notes has been paid in full and then to the holders of the Class B Notes in reduction of principal until the principal amount of the
Class B Notes has been paid in full. 

     (f) [Reserved.]

     SECTION 4.7 Reserve Account.  (a) (i) The Servicer shall, prior to the Closing Date, cause to be established and
maintained an Eligible Deposit Account in the name “The Bank of New York, as Indenture Trustee, as secured party for USAA Auto Owner Trust 2008-2”, initially at the corporate trust department of the Indenture Trustee, which shall be
designated as the “Reserve Account” (the Reserve Account, together with the Collection Account (including the Principal Distribution Account), the “Trust Accounts”). The Reserve Account shall be under the sole dominion and control of the Indenture Trustee; provided, that the Servicer may make deposits to the Reserve
Account in accordance with the Basic Documents. The documentation pursuant to which the Reserve Account will be established and maintained specifies New York law as the governing law. In addition, the Reserve Account shall be established and
maintained at an institution which agrees in writing that for so long as the Notes are Outstanding (i) to the extent the Reserve Account is a securities account, it will comply with entitlement orders (as defined in Article 8 of the UCC) originated
by the Indenture Trustee without further consent of the Issuer and (ii) to the extent the Reserve Account is a deposit account, it will comply with instructions directing disposition of funds in the account originated by the Indenture Trustee
without further consent of the Issuer.  On the Closing Date, the Depositor shall deposit the Reserve Initial Deposit into the Reserve Account.  The Reserve Account and all amounts, securities, investments, financial assets and other property
deposited in or credited to the Reserve Account (such amounts, the “Reserve Account Property”) shall be held by the Indenture Trustee as secured party for the benefit
of the Noteholders and, after payment in full of the Notes, as agent of the Owner Trustee and as part of the Trust Property, and all deposits to and withdrawals

22

from the Reserve Account shall be made only upon the terms and conditions of the Basic Documents. No checks shall be issued, printed or honored with respect to the Reserve Account.

     The Reserve Account Property shall, to the extent permitted by applicable law, rules and regulations, be invested, as directed in writing by holders of Certificates holding not less than a
majority of the Percentage Interests evidenced by the Certificates, by the bank or trust company then maintaining the Reserve Account in Permitted Investments that mature so that funds will be available by 11:00 a.m. New York City time on the next
Payment Date or such later date that satisfies the Rating Agency Condition, and such Permitted Investments shall be held to maturity. If The Bank of New York is the Indenture Trustee, in the absence of written direction, all funds shall be retained
uninvested.  Additionally, amounts in the Reserve Account will be retained uninvested in the circumstances described in Section 8.3(c) of the Indenture. All interest and other
income (net of losses and investment expenses) on funds on deposit in the Reserve Account shall be deposited therein. For the avoidance of doubt, with respect to each Payment Date, any interest and other income earned on funds in deposit in the
Reserve Account from the Business Day prior to such Payment Date through such Payment Date shall be deposited into the Reserve Account. The Indenture Trustee shall not be liable for investment losses in Permitted Investments made in accordance with
directions from the investment instructions received from holders of the Certificates as provided above. In the event the Reserve Account is no longer to be maintained at the corporate trust department of the Indenture Trustee, the Servicer shall,
with the Indenture Trustee’s or Owner Trustee’s assistance as necessary, cause an Eligible Deposit Account to be established as the Reserve Account within ten (10) Business Days (or such longer period not to exceed thirty (30) calendar
days as to which each Rating Agency may consent) and give written notice of the location and account number of such account to the Indenture Trustee. 

     (ii) With respect to Reserve Account Property: 

     (A) any Reserve Account Property that is a “financial asset” as defined in Section 8-102(a)(9) of the UCC shall
be physically delivered to, or credited to an account in the name of, the institution maintaining the Reserve Account in accordance with such institution’s customary procedures such that such institution establishes a “securities
entitlement” in favor of the Indenture Trustee with respect thereto; and 

     (B) any Reserve Account Property that is held in deposit accounts shall be held solely in the name of the Indenture
Trustee at one or more depository institutions having the Required Rating and each such 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. 

     (iii) Except for any deposit accounts specified in clause (ii)(B) above, the Reserve Account shall only be invested in securities or in other assets which the institution maintaining the Reserve Account agrees to treat as “financial assets” as defined in Section 8-102(a)(9) of the
UCC. 

     (b) If
the Servicer pursuant to Section 4.4 determines
on or before any  Determination Date that it
is required to make an Advance and does not do so from its own funds, the Servicer

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shall promptly instruct the Indenture Trustee in writing to draw funds, in an amount specified by the Servicer, from the Reserve Account and deposit them in the Collection Account to cover any shortfall.  Such payment shall
be deemed to have been made by the Servicer pursuant to Section 4.4 for purposes of making distributions pursuant to this Agreement, but shall not otherwise satisfy the
Servicer’s obligation to deliver the amount of the Advances to the Indenture Trustee, and the Servicer shall within two (2) Business Days replace any funds in the Reserve Account so used. 

     (c) Following the payment in full of the aggregate principal amount of the Notes and of all other amounts owing or to be
distributed hereunder or under the Indenture or the Trust Agreement to Noteholders, the Indenture Trustee and the Owner Trustee, any remaining Reserve Account Property shall be distributed to the Certificateholder. 

     SECTION 4.8 Net Deposits. For so long as (i) the Bank shall be the Servicer and (ii) the Servicer shall be entitled,
pursuant to Section 4.2, to remit collections on a monthly basis rather than within two (2) Business Days of receipt, the Bank may make the remittances pursuant to
Sections 4.2, 4.4 and 4.5
above, net of amounts to be distributed to the Bank pursuant to Section 4.6(c). Nonetheless, the Servicer shall account for all of the above described remittances and
distributions except for the Supplemental Servicing Fee in the Servicer’s Certificate as if the amounts were deposited and/or transferred separately. 

     SECTION 4.9 Statements to Noteholders and Certificateholders. On the Business Day prior to each Payment Date, the
Servicer shall provide to the Indenture Trustee (with copies to the Rating Agencies, each Note Paying Agent and the Depositor) for the Indenture Trustee to make available to each Noteholder of record as of the most recent Record Date and to the
Owner Trustee for the Owner Trustee to forward to each Certificateholder of record as of the most recent Record Date a statement based on information in the Servicer’s Certificate furnished pursuant to Section 3.9, setting forth for the Collection Period relating to such Payment Date the following information as to the Notes and the Certificates to the extent applicable: 

     (i) the amount of such distribution in respect of principal allocable to the Notes and to the Certificates; 

     (ii) the amount of such distribution in respect of interest allocable to the Notes and the Certificates; 

     (iii) the amount of such distribution allocable to draws from the Reserve Account,
if any; 

     (iv) the number of Receivables and the Pool Balance as of the beginning of business on the first day of the preceding
Collection Period and the close of business on the last day of the preceding Collection Period; 

     (v) the Specified Reserve Balance as of such Payment Date; 

     (vi) the
amount of the Servicing Fee paid to the Servicer with respect to the related Collection Period and the amount of any unpaid Servicing Fees and the change in such amount from that of the prior
 Payment Date; 

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     (vii) the amounts of the Class A Noteholders’ Interest Carryover Shortfall and the Class B Noteholders’ Interest
Carryover Shortfall, if any, on such Payment Date and the change in such amounts from the preceding Payment Date; 

     (viii) the aggregate outstanding principal amount of each Class of Notes and the Note Pool Factor for each Class of Notes
as of such Payment Date; 

     (ix) the amount of any previously due and unpaid payment of principal of the Notes, and the change in such amount from
that of the prior Payment Date; 

     (x) [reserved]; 

     (xi) the balance of the Reserve Account on such Payment Date, after giving effect to distributions made on such Payment
Date and the change in such balance from the preceding Payment Date; 

     (xii) [reserved]; 

     (xiii) the aggregate Purchase Amount of Receivables repurchased by the Depositor or the Seller or purchased by the
Servicer, if any, with respect to the related Collection Period; 

     (xiv) the amount of Advances, if any, on such Payment Date; 

     (xv) the aggregate Collections for the related Collection Period; 

     (xvi) the aggregate Principal Balance of the Receivables that became designated as Defaulted Receivables during the
related Collection Period; 

     (xvii) the applicable Record Dates, Interest Period and Determination Dates for calculating distributions and the actual
Payment Date; 

     (xviii) the amount of Collections received on the Receivables and any other assets of the Trust for the related Collection
Period and any fees and expenses of the Trust paid with respect to the Collection Period; 

     (xix) delinquency and loss information for the Receivables for the related Collection Period; and 

     (xx) information on any coverage ratios or performance triggers, if applicable, including the Specified Reserve Reduction
Trigger, and an indication if such triggers have been reached. 

     In addition, such statements may be made available to the Noteholders and Certificateholders of record by being posted by the Indenture Trustee on its website at www.bnyinvestorreporting.com.  Access to such statements posted to such website shall be limited to Noteholders and Certificateholders only. The Indenture Trustee shall take whatever 

25

steps it believes in its sole discretion to be necessary to so limit access to such statements on such website. 

ARTICLE V 

THE DEPOSITOR

     SECTION 5.1 Representations, Warranties and Covenants of Depositor.

     (a) The Depositor makes the following representations and warranties on which the Issuer is deemed to have relied in
acquiring the Trust Property.  The representations and warranties speak as of the execution and delivery of this Agreement and shall survive the conveyance of the Trust Property, by the Depositor to the Issuer and the pledge thereof by the Issuer to
the Indenture Trustee pursuant to the Indenture: 

     (i)    Organization and Good Standing.  The Depositor is a limited liability company
duly formed, validly existing and in good standing under the laws of the State of Delaware, with all requisite power and authority to own its properties and to conduct its business as such properties are currently owned and such business is
presently conducted, and had at all relevant times, and has, power, authority, and legal right to acquire and own the Receivables. 

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

     (iii)    Binding Obligations. This Agreement, when duly executed and delivered by the
other parties hereto, constitutes a legal, valid, and binding obligation of the Depositor enforceable against the Depositor in accordance with its terms, except as the enforceability hereof may be limited by bankruptcy, insolvency, reorganization,
or other similar laws affecting creditors’ rights in general and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 

     (iv)    No Violation. The consummation of the transactions contemplated by this
Agreement and the other Basic Documents to which the Depositor is a party and the fulfillment of the terms hereof and thereof do not (i) 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 limited liability company agreement of the Depositor, or conflict with or breach any of the material terms or provisions of, or constitute (with or without notice or lapse of time) a default under, any
indenture, agreement, or other instrument to which

26

the Depositor is a party or by which it is bound, (ii) 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, or (iii)
violate any law or, to the best of the Depositor’s knowledge, any order, rule, or regulation applicable to the Depositor of any court or of any federal or state regulatory body, administrative agency, or other governmental instrumentality
having jurisdiction over the Depositor or its properties. 

     (v)    No Proceedings. There are no proceedings or investigations pending, or, to the
best of the Depositor’s knowledge, threatened, before any court, regulatory body, administrative agency, or other governmental instrumentality having jurisdiction over the Depositor or its properties (i) asserting the invalidity of this
Agreement, any of the other Basic Documents or the Securities, (ii) seeking to prevent the issuance of the Securities or the consummation of any of the transactions contemplated by this Agreement or the other Basic Documents, (iii) seeking any
determination or ruling that might materially and adversely affect the performance by the Depositor of its obligations under, or the validity or enforceability of, this Agreement, any of the other Basic Documents or the Securities or (iv) relating
to the Depositor and which might adversely affect the federal income tax attributes of the Securities. 

     (vi)    Security Interest Representation.  This Agreement creates a valid and
continuing security interest (as defined in the applicable UCC) in the Receivables that is in existence in favor of the Issuer, which security interest is prior to all other liens, and is enforceable as such as against creditors of and purchasers
from the Depositor, which security interest will be assigned to the Indenture Trustee pursuant to the Indenture. Other than the security interest granted to the Issuer, the Depositor has not pledged, assigned, transferred or sold, a security
interest in, or otherwise conveyed any of the Receivables, the Depositor has not authorized the filing of and is not aware of any financing statements against the Depositor that include a description of such Receivables other than the financing
statements in favor of the Issuer and the Indenture Trustee, and the Depositor is not aware of any judgment or tax lien filing against it. 

     (b) The Depositor covenants that it shall provide, or cause the Servicer to provide, in a timely manner the certifications
required by Section 302 of the Sarbanes-Oxley Act of 2002. 

     SECTION 5.2 Liability of Depositor; Indemnities.  The Depositor shall be liable in accordance herewith only to the
extent of the obligations specifically undertaken by the Depositor under this Agreement, and hereby agrees to the following: 

     (a) The Depositor shall indemnify, defend, and hold harmless 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, and as of the date of, the conveyance of the Receivables to the Issuer or the issuance and original sale of the Notes and the Certificates, 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 ownership of the Receivables or federal or state income taxes
arising out of the transactions contemplated by this Agreement and the other Basic Documents) and costs and expenses in defending against the same. 

27

     (b) The Depositor shall indemnify, defend, and hold harmless the Issuer, the Owner Trustee, the Indenture Trustee, the
Noteholders and the Certificateholders from and against any loss, liability or expense incurred by reason of (i) the Depositor’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 Depositor’s violation of federal or State securities laws in connection with the registration or the sale of the Notes or the Certificates. 

     (c) Indemnification under this Section 5.2 shall
survive the resignation or removal of the Owner Trustee or the Indenture Trustee and the termination of this Agreement and shall include, without limitation, reasonable fees and expenses of counsel and expenses of litigation. If the Depositor shall
have made any indemnity payments pursuant to this Section 5.2 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 Depositor, without interest. 

     SECTION 5.3 Merger or Consolidation of, or Assumption of the Obligations of Depositor.  Any Person (i) into which the
Depositor may be merged or consolidated, (ii) resulting from any merger, conversion, or consolidation to which the Depositor shall be a party, or (iii) succeeding to the business of the Depositor, which Person in any of the foregoing cases executes
an agreement of assumption to perform every obligation of the Depositor under this Agreement, will be the successor to the Depositor under this Agreement without the execution or filing of any document or any further act on the part of any of the
parties to this Agreement.  The Depositor shall provide notice of any merger, conversion, consolidation, or succession pursuant to this Section 5.3 to the Rating Agencies.

     SECTION 5.4 Limitation on Liability of Depositor and Others. The Depositor and any officer or employee or agent of the
Depositor 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 Depositor 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 5.5 Depositor May Own Notes or Certificates.  The Depositor, and any Affiliate of the Depositor, may in its
individual or any other capacity become the owner or pledgee of Notes or Certificates with the same rights as it would have if it were not the Depositor or an Affiliate thereof, except as otherwise expressly provided herein or in the other Basic
Documents. Except as set forth herein or in the other Basic Documents, Notes and Certificates so owned by or pledged to the Depositor or any such Affiliate shall have an equal and proportionate benefit under the provisions of this Agreement and the
other Basic Documents, without preference, priority, or distinction as among all of the Notes and Certificates. 

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ARTICLE VI 

THE SERVICER

     SECTION 6.1 Representations of Servicer.  The Servicer makes the following representations on which the Issuer is deemed
to have relied in acquiring the Trust Property. The representations speak as of the execution and delivery of this Agreement and shall survive the conveyance of the Trust Property to the Issuer and the pledge thereof by the Issuer pursuant to the
Indenture: 

     (a)  Organization and Good Standing. The Servicer has been duly organized and is
validly existing as a federally chartered savings association or corporation and is in good standing under the laws of the United States of America or its state of incorporation, with power and authority to own its properties and to conduct its
business as such properties are currently owned and such business is presently conducted, and had at all relevant times, and has, power, authority, and legal right to acquire, own, sell, and service the Receivables and to hold the Receivable Files
as custodian on behalf of the Indenture Trustee. 

     (b)  Power and Authority. The Servicer has the power and authority to execute and
deliver this Agreement and the other Basic Documents to which it is a party and to carry out their terms; and the execution, delivery, and performance of this Agreement and the other Basic Documents to which it is a party shall have been duly
authorized, executed and delivered by the Servicer by all necessary corporate action. 

     (c)  Binding Obligations.  This Agreement constitutes a legal, valid, and binding
obligation of the Servicer enforceable in accordance with its terms subject, as to enforcement, to applicable bankruptcy, insolvency, reorganization, liquidation or other similar laws and equitable principles relating to or affecting the enforcement
of creditors’ rights in general and by general principles of equity regardless of whether such enforceability is considered in a proceeding in equity or law. 

     (d)  No Violation.  The consummation of the transactions contemplated by this
Agreement and the other Basic Documents to which the Servicer is a party and the fulfillment of the terms hereof do not conflict with, result in any breach of any of the terms and provisions of, nor constitute (i) (with or without notice or lapse of
time) a default under, the articles of association or bylaws of the Servicer, or conflict with or breach any of the material terms or provisions of, or constitute (with or without notice or lapse of time) a default under, any indenture, agreement,
or other instrument to which the Servicer is a party or by which it shall be bound, (ii) 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 or (iii)
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. 

     (e)  No Proceedings.  There are no proceedings or investigations pending, or to the
best of the Servicer’s knowledge, threatened, before any court, regulatory body, administrative agency, or other governmental instrumentality having jurisdiction over the Servicer or its

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properties (i) asserting the invalidity of this Agreement, any of the other Basic Documents or the Securities, (ii) seeking to prevent the issuance of the Securities or the consummation of any of the transactions
contemplated by this Agreement and 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, any of the other Basic Documents or the Securities, or (iv) relating to the Servicer and which might adversely affect the federal income tax attributes of the Securities. 

     (f)  Fidelity Bond. The Servicer maintains a fidelity bond in such form and amount
as is customary for banks acting as custodian of funds and documents in respect of retail motor vehicle installment sales contracts. 

     (g)  Qualifying Income.  The Servicer will assist the Issuer in meeting its
responsibility under Section 2.4 of the Indenture and Section 2.11 of the Trust Agreement that at least
90% of the Issuer’s gross income for each taxable year of the Issuer will constitute “qualifying income” under Section 7704(d) of the Internal Revenue Code of 1986, as amended in the form of interest and gains from the receivables and
other qualifying income. 

     SECTION 6.2 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, and hereby agrees to the following: 

     (a) The Servicer shall defend, indemnify and hold harmless the Issuer, the Owner Trustee, the Indenture Trustee, the
Noteholders, the Certificateholders and the Depositor 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 Depositor 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 or in the other Basic Documents, if any, including, without limitation, 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 conveyance of the Receivables to the Issuer or the issuance
and original sale of the Notes and the Certificates, or asserted with respect to ownership of the Receivables, or federal or state income taxes arising out of the transactions contemplated by this Agreement and the other Basic Documents) and costs
and expenses in defending against the same. 

     (c) The Servicer shall indemnify, defend and hold harmless the Issuer, the Owner Trustee, the Indenture Trustee, the
Noteholders, the Certificateholders and the Depositor 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 any other Basic Document to which it is a party, or by reason of reckless disregard of its
obligations and duties under this Agreement or any other Basic Document to which it is a party. 

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     (d) The Servicer shall indemnify, defend, and hold harmless the Owner Trustee and the Indenture Trustee, as applicable,
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 contained herein and in the other Basic Documents, if any, except to
the extent that such cost, expense, loss, claim, damage, or liability: (i) shall be due to the willful misfeasance, bad faith, or negligence (except for errors in judgment) of the Owner Trustee or the Indenture Trustee, as applicable; (ii) in the
case of the Owner Trustee, shall arise from the Owner Trustee’s breach of any of its representations or warranties set forth in Section 6.9 of the Trust Agreement or, in
the case of the Indenture Trustee, from the Indenture Trustee’s breach of any of its representations or warranties set forth in the Indenture; or (iii) in the case of the Indenture Trustee, shall arise out of or be incurred in connection with
the performance by the Indenture Trustee of the duties of a Successor Servicer hereunder. 

     (e) Indemnification under this Section 6.2 by the
Bank (or any successor thereto pursuant to Section 7.2) as Servicer, with respect to the period such Person was the Servicer, shall survive the termination of such Person as
Servicer or a resignation by such Person as Servicer as well as the termination of this Agreement or the resignation or removal of the Owner Trustee or the Indenture Trustee 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 6.2 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 Servicer, without interest. 

     SECTION 6.3 Merger or Consolidation of, or Assumption of the Obligations of Servicer. Any Person (i) into which the
Servicer may be merged or consolidated, (ii) resulting from any merger, conversion, or consolidation to which the Servicer shall be a party, (iii) succeeding to the business of the Servicer or (iv) 50% or more of the equity of which is owned,
directly or indirectly, by the United Services Automobile Association, which Person in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Servicer under this Agreement, will be the successor to the
Servicer under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties to this Agreement. The Servicer shall provide prior notice of the effective date of any merger, conversion, consolidation
or succession pursuant to this Section 6.3 to the Rating Agencies, the Indenture Trustee and the Depositor. The Servicer shall provide the Depositor in writing such information
as reasonably requested by the Depositor to comply with its Exchange Act reporting obligations with respect to a successor Servicer. 

     SECTION 6.4 Limitation on Liability of Servicer and Others. (a) Neither the Servicer nor any of the directors or
officers or 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 or bad faith in the performance of duties or by reason of reckless disregard of obligations and duties under this
Agreement, or by reason of negligence in the performance of its duties under this Agreement. The Servicer and any director, officer or employee or agent of the Servicer may rely in good faith on any Opinion of Counsel or on any Officer’s
Certificate of the

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Depositor or certificate of auditors believed to be genuine and to have been signed by the proper party in respect of any matters arising under this Agreement. 

     (b) 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 rights and duties of the parties to this Agreement and the interests of the Noteholders and Certificateholders under this Agreement.  In such event, the legal expenses and costs of such action and any liability resulting
therefrom shall be expenses, costs and liabilities of the Issuer, and the Servicer shall be entitled to be reimbursed therefor.  Any amounts due the Servicer pursuant to this subsection shall be payable on a Payment Date from the Available
Collections on deposit in the Collection Account only after all payments required to be made on such date to the Noteholders and the Servicer have been made, and deposits of any amount required to be deposited into the Reserve Account pursuant to
Section 4.6(c)(vii) to maintain the amount on deposit therein (exclusive of investment income and earnings on amounts on deposit therein) at the Specified Reserve Balance on
such date have been made. 

     (c) The Servicer and any director or officer or employee or agent of the Servicer shall be indemnified by the Trust and
held harmless against any loss, liability, or expense including reasonable attorneys’ fees and expenses incurred in connection with any legal action relating to the performance of the Servicer’s duties under this Agreement, other than (i)
any loss or liability otherwise reimbursable pursuant to this Agreement; (ii) any loss, liability, or expense incurred solely by reason of the Servicer’s willful misfeasance, negligence, or bad faith in the performance of its duties hereunder
or by reason of reckless disregard of its obligations and duties under this Agreement; and (iii) any loss, liability, or expense for which the Issuer is to be indemnified by the Servicer under this Agreement. Any amounts due the Servicer pursuant to
this subsection shall be payable on a Payment Date from the Available Funds on deposit in the Collection Account only after all payments required to be made on such date to the Noteholders and the Servicer have been made, and deposits of any amount
required to be deposited into the Reserve Account pursuant to Section 4.6(c)(vii) to maintain the amount on deposit therein (exclusive of investment income and earnings on
amounts on deposit therein) at the Specified Reserve Balance on such date have been made. 

     SECTION 6.5 Delegation of Duties.  The Servicer may at any time perform specific duties as servicer under this Agreement
through sub-contractors; provided that no such delegation or subcontracting shall relieve the Servicer of its responsibilities with respect to such duties as to which the
Servicer shall remain primarily responsible and the Servicer shall be solely responsible for the fees of any such sub-contractors. 

     SECTION 6.6 Servicer Not to Resign as Servicer.  Subject to the provisions of Section 6.3, the Servicer shall not resign from its obligations and duties under this Agreement except upon determination that the performance of its duties under this Agreement shall no longer be
permissible under applicable law.  Notice of any such determination permitting the resignation of the Servicer shall be communicated to the Owner Trustee, the Indenture Trustee and the Depositor at the earliest practicable time (and, if such
communication is not in writing,

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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 have (i) taken the actions required by Section 7.1(b), (ii) assumed the responsibilities and obligations of the Servicer in accordance with Section 7.2 and (iii) provided in writing the information reasonably
requested by the Depositor to comply with its reporting obligations under the Exchange Act with respect to a replacement Servicer. 

     SECTION 6.7 Servicer May Own Notes or Certificates. The Servicer, and any Affiliate of the Servicer, may, in its
individual or any other capacity, become the owner or pledgee of Notes or Certificates with the same rights as it would have if it were not the Servicer or an Affiliate thereof, except as otherwise expressly provided herein or in the other Basic
Documents. Except as set forth herein or in the other Basic Documents, Notes and Certificates so owned by or pledged to the Servicer or such Affiliate shall have an equal and proportionate benefit under the provisions of this Agreement, without
preference, priority or distinction as among all of the Notes and Certificates. 

ARTICLE VII

SERVICING TERMINATION

     SECTION 7.1 Events of Servicing Termination. (a) If any one of the following events (“Events of Servicing Termination”) shall occur and be continuing: 

     (i) Any failure by the Servicer (or, so long as the Seller is the Servicer, the Seller) to deliver to the Owner Trustee or
the Indenture Trustee any proceeds or payment required to be so delivered under the terms of the Notes and the Certificates and this Agreement that shall continue unremedied for a period of five (5) Business Days after written notice of such failure
is received by the Servicer or the Seller, as the case may be, from the Owner Trustee or the Indenture Trustee or after discovery of such failure by an officer of the Servicer or the Seller, as the case may be; or 

     (ii) Failure on the part of the Servicer (or, so long as the Seller is the Servicer, the Seller) duly to observe or to
perform in any material respect any other covenants or agreements, as the case may be, set forth in the Notes, the Certificates or in this Agreement, which failure shall (A) materially and adversely affect the rights of Noteholders or
Certificateholders and (B) continue unremedied for a period of ninety (90) days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given (1) to the Servicer or the Seller, as the case may be,
by the Owner Trustee or the Indenture Trustee, or (2) to the Owner Trustee, the Indenture Trustee, the Seller and the Servicer by the Noteholders of Notes evidencing not less than 25% of the principal amount of the Controlling Class Outstanding or,
if no Notes are outstanding, by Certificateholders of Certificates evidencing not less than 25% of the Percentage Interests evidenced by the Certificates; or 

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     (iii) So long as the Bank or another depository institution is not the Servicer, the entry of a decree or order by a court
or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator, receiver, or liquidator for the Servicer in any insolvency, readjustment of debt, marshalling of assets and liabilities, or similar
proceedings, or for the winding up or liquidation of its respective affairs, and the continuance of any such decree or order unstayed and in effect for a period of sixty (60) consecutive days; or 

     (iv) So long as the Bank or another depository institution is not the Servicer, the consent by the Servicer to the
appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities, or similar proceedings of or relating to the Servicer of or relating to substantially all of its property; or the
Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, or voluntary
suspend payment of its obligations or become insolvent; 

then the Indenture Trustee shall promptly notify each Rating Agency, and in each and every case, so long as an Event of Servicing Termination shall not have been remedied, either the Indenture Trustee or the holders of
Notes evidencing not less than a majority of the principal amount of the Controlling Class Outstanding (or, if no Notes are Outstanding, Certificates evidencing not less than a majority of the Percentage Interests evidenced by the Certificates), by
notice then given in writing to the Servicer (and to the Indenture Trustee and the Owner Trustee if given by the Noteholders and to the Owner Trustee if given by the Certificateholders) (with a copy to the Rating Agencies) may terminate all of the
rights and obligations 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
Trust Property or otherwise, shall pass to and be vested in the Indenture Trustee or such Successor Servicer as may be appointed under Section 7.2; and, without limitation, the
Indenture Trustee and the Owner Trustee are hereby authorized and empowered to execute and deliver, on behalf 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. 

     (b) Upon termination of the Servicer under Section 7.1(a), the predecessor Servicer shall cooperate with the Indenture Trustee, the Owner Trustee and such Successor Servicer in effecting the termination of the responsibilities and rights of the predecessor Servicer under this Agreement,
including the transfer to the Indenture Trustee or such Successor Servicer for administration of all cash amounts that shall at the time be held by the predecessor Servicer for deposit, or shall thereafter be received with respect to a Receivable
and the delivery of the Receivable Files and the related accounts and records maintained by the Servicer. 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 7.1 shall be paid by the predecessor Servicer upon presentation
of reasonable documentation of such costs and expenses. 

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     SECTION 7.2 Appointment of Successor Servicer. (a) Upon the Servicer’s receipt of notice of termination pursuant to
Section 7.1 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
(x) the date 90 days from the delivery to the Indenture Trustee and the Owner Trustee of written notice of such resignation (or written confirmation of such notice) in accordance with the terms of this Agreement and (y) 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 resignation or termination hereunder, the Issuer shall appoint a
Successor Servicer, and the Successor Servicer shall accept its appointment by a written assumption in form acceptable to the Owner Trustee and the Indenture Trustee (with a copy to each Rating Agency) and shall provide the Depositor in writing with
such information as reasonably requested by the Depositor to comply with its reporting obligations under the Exchange Act with respect to a replacement servicer.  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 7.2, the Indenture Trustee without further action shall automatically be appointed the
Successor Servicer and the Indenture Trustee shall be entitled to the Servicing Fee and shall provide the Depositor in writing with such information as reasonably requested by the Depositor to comply with its reporting obligations under the Exchange
Act with respect to a replacement servicer.  The Indenture Trustee may resign as the Servicer by giving written notice of such resignation to the Issuer and in such event shall be released from such duties and obligations, such release not to be
effective until the date a Successor Servicer enters into a written assumption as provided in this Section. Upon delivery of any such notice to the Issuer, the Issuer shall obtain a new servicer as the Successor Servicer in accordance with this
Section.  Notwithstanding the above, if the Indenture Trustee shall be legally unable so to act or if, within 30 days after the delivery of its notice of resignation, the Issuer shall not have obtained a Successor Servicer, the Indenture Trustee
shall 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 motor vehicle receivables, as the
successor to the Servicer under this Agreement; provided that the Rating Agency Condition shall be satisfied in connection with such appointment. 

     (b) Upon appointment, the Successor Servicer shall 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, by the terms and provisions of this Agreement. 

     (c) In connection with such appointment, subject to Section 3.7(e) of the Indenture, the Indenture Trustee may make such arrangements for the compensation of such Successor Servicer out of payments on Receivables as it and such Successor Servicer shall agree; provided, however, that no such compensation shall be in excess of that permitted the predecessor Servicer under this Agreement. The Indenture Trustee and such Successor Servicer shall take such
action, consistent with this Agreement, as shall be necessary to effectuate any such succession. 

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     SECTION 7.3 Repayment of Advances. If the identity of the Servicer shall change, the predecessor Servicer shall be
entitled to receive to the extent of Available Funds reimbursement for Outstanding Advances pursuant to Section 4.4, in the manner specified in Section 4.6, with respect to all Advances made by the predecessor Servicer. 

     SECTION 7.4 Notification to Noteholders and Certificateholders. Upon any termination of, or appointment of a successor
to, the Servicer pursuant to this Article VII, the Indenture Trustee shall give prompt written notice thereof to Noteholders, and the Owner Trustee shall give prompt written
notice thereof to Certificateholders at their respective addresses of record and to each Rating Agency. 

     SECTION 7.5 Waiver of Past Events of Servicing Termination. The holders of Notes evidencing not less than a majority of
the principal amount of the Controlling Class Outstanding (or, if no Notes are Outstanding, holders of Certificates evidencing not less than a majority of the Percentage Interests evidenced by the Certificates) may, on behalf of all Noteholders and
Certificateholders, waive any Event of Servicing Termination hereunder and its consequences, except an event resulting from the failure to make any required deposits to or payments from any of the Trust Accounts in accordance with this Agreement,
which shall require the unanimous vote of all Holders of Outstanding Securities. Upon any such waiver of a past Event of Servicing Termination, such Event of Servicing Termination shall cease to exist, and shall be deemed to have been remedied for
every purpose of this Agreement. No such waiver shall extend to any subsequent or other event or impair any right consequent thereon.  The Issuer shall provide written notice of any such waiver to the Rating Agencies. 

ARTICLE VIII 

TERMINATION

     SECTION 8.1 Optional Purchase of All Receivables.  As of the last day of any Collection Period as of which the Pool
Factor, expressed as a percentage, shall be equal to or less than the Optional Purchase Percentage, the Servicer shall have the option to purchase the Trust Property from the Trust. To exercise such option, the Servicer shall deposit pursuant to
Section 4.5 in the Collection Account an amount equal to the lesser of (i) the aggregate Purchase Amount for the Receivables and (ii) the fair market value of the Receivables,
and shall succeed to all interests in and to the Trust. Notwithstanding the foregoing, the Servicer shall not be permitted to exercise such option unless the amount to be deposited in the Collection Account pursuant to the preceding sentence is
greater than or equal to the sum of the outstanding principal amount of the Notes and all accrued but unpaid interest (including any over due interest) thereon.  The amount deposited in the Collection Account pursuant to this Section 8.1 shall be used on the next Payment Date to make payments in full to Noteholders and Certificateholders in the manner set forth in Article
IV.

     SECTION 8.2 Succession Upon Satisfaction and Discharge of Indenture. Following the satisfaction and discharge of the
Indenture and the payment in full of the principal of and interest on the Notes, to the extent permitted by applicable law and until the payment of all amounts owing or to be distributed hereunder to the Certificateholders, the Indenture Trustee
will continue to carry out its obligations hereunder as agent for the Owner Trustee, including without

36

limitation making distributions from the Collection Account in accordance with Section 4.6, making withdrawals from the Reserve Account in accordance
with Section 4.5(b) and Section 4.7. 

ARTICLE IX

MISCELLANEOUS PROVISIONS

     SECTION 9.1 Amendment.

     (a) This Agreement may be amended by the Depositor, the Servicer and the Issuer, with the consent of the Indenture Trustee
and the Owner Trustee to the extent that their respective rights or obligations may be affected thereby (which consent may not be unreasonably withheld), 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 to add any provisions to or change or eliminate any provisions or to modify the rights of the Noteholders or Certificateholders; provided, however, that (i) such action shall not, as evidenced by either an Opinion of Counsel or an Officer’s
Certificate delivered to the Owner Trustee and the Indenture Trustee, materially and adversely affect the interests of any Noteholder or Certificateholder and

     (b) This Agreement may also be amended from time to time by the Depositor, the Servicer and the Issuer, with the consent
of the Indenture Trustee and the Owner Trustee to the extent that their respective rights or obligations may be affected thereby (which consent may not be unreasonably withheld) and with the consent of (i) the Noteholders of Notes evidencing not
less than a majority of the principal amount of each Class of Notes and (ii) the Certificateholders of Certificates evidencing not less than a majority of the Percentage Interests evidenced by the Certificates (which consent of any holder of a Note
or holder of a Certificate given pursuant to this Section 9.1 or pursuant to any other provision of this Agreement shall be conclusive and binding on such Note or Certificate,
as the case may be, and on all future holders of such Note or holders of such Certificate, as the case may be, and of any Note or Certificate, as applicable, issued upon the transfer thereof or in exchange thereof or in lieu thereof whether or not
notation of such consent is made upon such Note or the Certificate), 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, or change the allocation or priority of, collections of payments on Receivables or distributions that shall be required to be made on any Note or Certificate or change any
Note Interest Rate or the amount required to be on deposit in the Reserve Account, without the consent of all Noteholders or Certificateholders or (B) reduce the aforesaid percentage required to consent to any such amendment, without the consent of
the holders of all Notes and holders of all Certificates.  Notwithstanding the foregoing, the Depositor may decrease the Specified Reserve Balance upon satisfaction of the Rating Agency Condition without the consent of any other party hereto or any
Noteholder or Certificateholder. 

     (c) Prior to the execution of any such amendment the Servicer will provide written notification of the substance of such
amendment to each Rating Agency. 

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     (d) Promptly after the execution of any such amendment, the Servicer shall furnish written notification of the substance
of such amendment to each Certificateholder, the Indenture Trustee and each Rating Agency and the Indenture Trustee will provide notification of the substance of such amendment to each Noteholder. It shall not be necessary for the consent of
Noteholders or the Certificateholders pursuant to this Section 9.1 to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such
consent shall approve the substance thereof.  The manner of obtaining such consents (and any other consents of Noteholders and Certificateholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by
Noteholders and Certificateholders shall be subject to such reasonable requirements as the Owner Trustee and the Indenture Trustee may prescribe, including the establishment of record dates pursuant to the Note Depository Agreement. 

     (e) 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
9.2(i). The Owner Trustee or the Indenture Trustee may, but shall not be obligated to, enter into any such amendment which affects such Owner Trustee’s or Indenture Trustee’s own rights, duties or
immunities under this Agreement or otherwise.

     SECTION 9.2 Protection of Title to Trust Property. (a) The Depositor and the Seller shall file such financing statements
and cause to be 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 the Indenture Trustee for the benefit of the Noteholders in
the Receivables and in the proceeds thereof. The financing statements referenced in the foregoing sentence will contain a statement to the following effect “A purchase of or security interest in any collateral described in this financing
statement will violate the rights of the Secured Party”. The Depositor or the Seller, as applicable, 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) None of the Depositor, the Seller or 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 by the Seller or the Depositor in accordance with paragraph (a) above seriously
misleading within the meaning of § 9-506 of the UCC, unless it shall have given the Owner Trustee and the Indenture Trustee at least 10 days’ prior written notice thereof, with a copy to the Rating Agencies, and shall have promptly filed
appropriate amendments to all previously filed financing statements or continuation statements described in paragraph (a) above. 

     (c) The Depositor, the Seller and the Servicer shall give the Owner Trustee and the Indenture Trustee at least ten (10)
days’ prior written notice of any change in the jurisdiction under whose laws it is formed if, as a result of such relocation or change, 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

38

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 Receivable accurately and in sufficient detail to permit
(i) the reader thereof to know at any time the status of such Receivable, including payments and recoveries made and payments owing (and the nature of each) and (ii) reconciliation between payments or recoveries on (or with respect to) each
Receivable and the amounts from time to time deposited in the Collection Account and the Reserve Account in respect of such Receivable. 

     (e) The Servicer shall maintain its computer systems so that, from and after the time of conveyance under this Agreement
of the Receivables to the Issuer, the Servicer’s master computer records (including any back-up archives) that refer to a Receivable shall indicate clearly, by numerical code or otherwise, that such Receivable is owned by the Issuer and has
been pledged to the Indenture Trustee pursuant to the Indenture. Indication of the Issuer’s and the Indenture Trustee’s interest in a Receivable shall not be deleted from or modified on the Servicer’s computer systems until, and only
until, the 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 motor vehicle 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 print-outs (including any restored
from back-up archives) that, if they shall refer in any manner whatsoever to any Receivable, shall indicate clearly that such Receivable has been conveyed to and is owned by the Issuer and has been pledged to the Indenture Trustee. 

     (g) The Servicer, upon receipt of reasonable prior notice, shall permit the Owner Trustee, the Indenture Trustee and their
respective agents at any time during normal business hours to inspect, audit, and make copies of and to obtain abstracts from the Servicer’s records regarding any Receivable. 

     (h) Upon request, the Servicer shall furnish to the Owner Trustee and the Indenture Trustee, within five (5) Business
Days, a list of all Receivables (by contract number and name of Obligor) then owned by the Issuer, 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 promptly after the execution and delivery of
each amendment to this Agreement, an Opinion of Counsel either (A) stating that, in the opinion of such Counsel and subject to customary qualifications and assumptions, all financing statements and continuation statements have been filed that are
necessary fully to preserve and protect the interest of the Issuer 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) stating that,
in the opinion of such Counsel, no such action shall be necessary to preserve and protect such interest. 

39

     Each Opinion of Counsel referred to in clause (i) 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. 

     SECTION 9.3 Counterparts.  For the purpose of facilitating the execution of this Agreement and for other purposes, this
Agreement may be executed in any number of counterparts, each of which counterparts shall be deemed to be an original, and all of which counterparts shall constitute but one and the same instrument. 

     SECTION 9.4 GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK
WITHOUT REFERENCE TO ITS CONFLICTS OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

     SECTION 9.5 Notices.  All demands, notices, and communications under this Agreement shall be in writing, personally
delivered, sent by telecopier, over night courier 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, at 10750 McDermott Freeway, San Antonio,
Texas 78288, Attention: Mike Broker, Vice President, or at such other address as shall be designated by the Seller or the Servicer in a written notice to the Owner Trustee and the Indenture Trustee, (b) in the case of the Depositor, at 9830
Colonnade Blvd., Suite 600, San Antonio, Texas 78230, Attention: Vice President, Legal Counsel, (c) in the case of the Owner Trustee, at the Corporate Trust Office of the Owner Trustee, (d) in the case of the Indenture Trustee, at the Corporate
Trust Office of the Indenture Trustee, (e) in the case of Moody’s Investors Service, Inc., at the following address: Moody’s Investors Service, Inc., ABS Monitoring Department, 7 World Trade Center, 250 Greenwich Street,
24th Floor, New York, New York 10007, and (f) in the case of Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., at the following
address: Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc., 55 Water Street, 40th Floor, New York, New York 10041, Attention: Asset Backed Surveillance Department.  Any notice required or permitted to be
mailed to a Noteholder shall be given by first class mail, postage prepaid, at the address of such Person as shown in the Note Register. Any notice required or permitted to be given to a Certificateholder shall be given by first class mail, postage
prepaid, at the address of such Certificateholder as shall be designated by such party in a written notice to each other party. Any notice so mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given,
whether or not the Noteholder shall receive such notice. 

     SECTION 9.6 Severability of Provisions.  If any one or more of the covenants, agreements, provisions, or terms of this
Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions, or terms shall be deemed severable from the remaining covenants, agreements, provisions, or terms of this Agreement and shall in no way affect
the validity or enforceability of the other provisions of this Agreement or of the Notes, the Certificates or the rights of the holders thereof. 

40

     SECTION 9.7 Assignment.
Notwithstanding anything to the contrary contained herein, except as provided
in Sections 6.3 and 7.2 and
as provided in the provisions of this Agreement concerning the resignation of
the Servicer,  this Agreement may not be assigned by the Depositor or the Servicer
unless (i)(A) the Rating Agency Condition is satisfied and (B) the Indenture
Trustee and the Owner Trustee have consented thereto, which consent shall not
be unreasonably withheld  or (ii) the Owner Trustee, the Indenture Trustee, the
Noteholders of Notes evidencing not less than 662/3% of the principal amount of
the Notes Outstanding and the Certificateholders of  Certificates evidencing
not less than 662/3% of the Percentage Interests evidenced by the Certificates consent
thereto. Any transfer or assignment with respect to the Servicer of all  its
rights, obligations and duties will not become effective until a successor Servicer
has assumed the Servicer’s rights, duties and obligations under this Agreement.
In the event of a transfer or assignment pursuant to clause
(ii) above, the Rating Agencies shall be
provided with notice of such transfer or assignment. 

     SECTION 9.8 Further
Assurances.  The Depositor and the Servicer
agree to do and perform, from time to time, any and all  acts and to execute
any and all further instruments required or reasonably requested by the Owner
Trustee or the Indenture Trustee more fully to effect the purposes of this Agreement. 

     SECTION 9.9 No
Waiver; Cumulative Remedies. No failure
to exercise and no delay in exercising, on the part of the Owner  Trustee, the
Indenture Trustee, the Noteholders or the Certificateholders, 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 9.10 Third-Party
Beneficiaries. This Agreement will inure
to the benefit of and be binding upon the parties  hereto, the Indenture Trustee
and the Owner Trustee and their respective successors and permitted assigns and
each of the Indenture Trustee and the Owner Trustee may enforce the provisions
hereof as if they were parties hereto. Except as otherwise  provided in this Article
IX, no other Person will have any right
or obligation hereunder. The parties hereto hereby acknowledge and consent to
the pledge of this Agreement by  the Issuer to the Indenture Trustee for the
benefit of the Noteholders pursuant to the Indenture. 

     SECTION 9.11 Actions
by Noteholders or Certificateholders.  (a)
Wherever in this Agreement a provision is made that an  action may be taken or
a notice, demand, or instruction given by Noteholders or Certificateholders,
such action, notice, or instruction may be taken or given by any Noteholder or
Certificateholder, as applicable, unless such provision requires a  specific
percentage of Noteholders or Certificateholders. 

     (b) Any
request, demand, authorization, direction, notice, consent, waiver, or other
act by a Noteholder or  Certificateholder shall bind such Noteholder or Certificateholder
and every subsequent holder of such Note or Certificate issued upon the registration
of transfer thereof or in exchange therefor or in lieu thereof in respect of
anything done or  omitted to be done by the Owner Trustee, the Indenture Trustee
or the Servicer in reliance thereon, whether or not notation of such action is
made upon such Note or Certificate. 

41

     SECTION 9.12 Limitation of Liability of Owner Trustee and Indenture Trustee.  (a) Notwithstanding anything contained
herein to the contrary, this Agreement has been countersigned by Wells Fargo Delaware Trust Company not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer and in no event shall Wells Fargo Delaware Trust Company, in
its individual capacity or, except as expressly provided in the Trust Agreement, as Owner Trustee 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 and VII of the Trust Agreement. 

     (b) Notwithstanding anything contained herein to the contrary, this Agreement has been accepted by The Bank of New York,
not in its individual capacity but solely as Indenture Trustee, and in no event shall The Bank of New York, 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 Indenture Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Article VI of the Indenture. 

     SECTION 9.13 Savings Clause.  (a) Each of the parties hereto expressly intends and agrees that the transfers
contemplated and effected under this Agreement are complete and absolute sales and transfers rather than pledges or assignments of only a security interest and shall be given effect as such for accounting and all other purposes. It is further the
intention of the parties hereto that the Receivables and related Trust Property shall not be part of the Depositor’s estate in the event of a bankruptcy or insolvency of the Depositor. The sales and transfers by the Depositor of Receivables and
related Trust Property hereunder are and shall be without recourse to, or representation or warranty (express or implied) by, the Depositor, except as otherwise specifically provided herein. The limited rights of recourse specified herein against
the Depositor are intended to provide a remedy for breach of representations and warranties relating to the condition of the property sold, rather than to the collectibility of the Receivables.

     (b) Notwithstanding the foregoing, in the event that the Receivables and other Trust Property are held to be property of
the Depositor, or if for any reason this Agreement is held or deemed to create indebtedness or a security interest in the Receivables and other Trust Property, then it is intended that: 

	 	(i)	This Agreement shall be deemed
      to be a security agreement within the meaning of Articles 8 and 9 of
    the New York UCC and the UCC of any other applicable jurisdiction;

	 	 	 
	 	(ii)	The conveyance provided for in Section
      2.1 shall be deemed to be a grant
        by the Depositor, and the Depositor hereby grants, to the Issuer of
        a security interest in all of its right (including the power to convey
    title thereto), title and

 

42

	 	 	interest, whether now owned or
      hereafter acquired, in and to the Receivables and other Trust Property,
      to secure such indebtedness and the performance of the obligations of
    the Depositor hereunder; 

	 	 	 
	 	(iii)	The possession by the Issuer, or the Servicer
        as the Issuer’s agent, of the Receivable Files and any other property
        as constitute instruments, money, negotiable documents or chattel paper
        shall be deemed to be “possession by the secured party” or
        possession by the purchaser or a person designated by such purchaser,
        for purposes of perfecting the security interest pursuant to the New
    York UCC and the UCC of any other applicable jurisdiction; and 
	 	 	 
	 	(iv)	Notifications to persons holding such property,
      and acknowledgments, receipts or confirmations from persons holding such
      property, shall be deemed to be notifications to, or acknowledgments,
      receipts or confirmations from, bailees or agents (as applicable) of
      the Issuer for the purpose of perfecting such security interest under
    applicable law. 

ARTICLE X

EXCHANGE ACT REPORTING

     SECTION 10.1 Further Assurances. The Indenture Trustee, the Owner Trustee and the Servicer shall reasonably cooperate
with the Depositor in connection with the satisfaction of the Depositor’s reporting requirements under the Exchange Act with respect to the Trust.  The Depositor shall not exercise its right to request delivery of information or other
performance under these provisions other than in good faith. In addition to the information specified below, if so requested by the Depositor for the purpose of satisfying its reporting obligation under the Exchange Act, the Indenture Trustee, the
Owner Trustee and the Servicer shall provide the Depositor with (a) such information which is available to such Person without unreasonable effort or expense and within such timeframe as may be reasonably requested by the Depositor to comply with
the Depositor’s reporting obligations under the Exchange Act and (b) to the extent such Person is a party (and the Depositor is not a party) to any agreement or amendment required to be filed, copies of such agreement or amendment in
EDGAR-compatible form. Each of the Servicer, the Indenture Trustee and the Owner Trustee acknowledges that interpretations of the requirements of Regulation AB may change over time, whether due to interpretive guidance provided by the Commission or
its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to comply with requests made by the Depositor in good faith for delivery of information under these provisions on the basis
of evolving interpretations of Regulation AB. 

     SECTION 10.2 Form 10-D Filings.  So long as the Depositor is required to file Exchange Act Reports with respect to the
Issuer, no later than each Payment Date, each of the Indenture Trustee, the Owner Trustee and the Servicer shall notify (and the Servicer shall cause any Subservicer to notify) the Depositor of any Form 10-D Disclosure Item with respect to such
Person, together with a description of any such Form 10-D Disclosure Item in form and substance reasonably acceptable to the Depositor. In addition to such information as the Servicer is obligated to provide pursuant to other provisions of this
Agreement, if so requested by the

43

Depositor, the Servicer shall provide such information which is available to the Servicer, without unreasonable effort or expense regarding the performance or servicing of the Receivables as is reasonably required to
facilitate preparation of distribution reports in accordance with Item 1121 of Regulation AB.  Such information shall be provided concurrently with the Statements to Noteholders pursuant to Section
4.9, commencing with the first such report due not less than five Business Days following such request. 

     SECTION 10.3 Form 8-K Filings. So long as the Depositor is required to file Exchange Act Reports with respect to the
Issuer, each of the Indenture Trustee, the Owner Trustee and the Servicer shall promptly notify the Depositor, but in no event later than one (1) Business Day after its occurrence, of any Reportable Event (in the case of the Owner Trustee, only an
event in clause (d) of the definition of “Reportable Event”) of which such Person (or in the case of the Owner Trustee and the Indenture Trustee, a Trustee Officer of
such Person) has actual knowledge. Each Person shall be deemed to have actual knowledge of any such event to the extent that it relates to such Person or any action or failure to act by such Person. 

     SECTION 10.4 Form 10-K Filings.  So long as the Depositor is required to file Exchange Act Reports with respect to the
Issuer: (i) if the Item 1119 Parties listed on Appendix B have changed since the Closing Date, no later than March 1 of each year, the Depositor shall provide each of the
Indenture Trustee, the Owner Trustee and the Servicer with an updated Appendix B setting forth the Item 1119 Parties and (ii) no later than March 15 of each year, commencing in
2009, the Indenture Trustee, the Owner Trustee and the Servicer shall notify the Depositor of any Form 10-K Disclosure Item, together with a description of any such Form 10-K Disclosure Item in form and substance reasonably acceptable to the
Depositor. 

     SECTION 10.5 Report on Assessment of Compliance and Attestation.  So long as the Depositor is required to file Exchange
Act Reports with respect to the Issuer, on or before March 15 of each calendar year, commencing in 2009: 

     (a) The Indenture Trustee shall deliver to the Depositor and the Servicer a report of the Indenture Trustee’s
assessment of compliance with the Servicing Criteria during the immediately preceding calendar year (or since the Closing Date in the case of the first such report), as set forth under Rules 13a-18 and 15d-18 of the Exchange Act (or any successor
provisions) and Item 1122 of Regulation AB.  Such report shall be signed by an authorized officer of the Indenture Trustee and shall at a minimum address each of the Servicing Criteria specified on a certification substantially in the form of
Appendix C hereto delivered to the Depositor concurrently with the execution of this Agreement (provided that such certification may be revised after the date of this Agreement as agreed by the Depositor and the Indenture Trustee to reflect any guidance with respect to such criteria from the Commission).  To the extent any of the
Servicing Criteria are not applicable to the Indenture Trustee, with respect to asset-backed securities transactions taken as a whole involving the Indenture Trustee and that are backed by the same asset type backing the Notes, such report shall
include such a statement to that effect. The Indenture Trustee acknowledges and agrees that the Depositor and the Servicer with respect to its duties as the Certifying Person, and each of their respective officers and directors shall be entitled to
rely on upon each such servicing criteria assessment and the attestation delivered pursuant to Section 10.5(b) below. 

44

     (b) The Indenture Trustee shall deliver to the Depositor and the Servicer a report of a registered public accounting firm
that attests to, and reports on, the assessment of compliance made by the Indenture Trustee and delivered pursuant to the preceding paragraph.  Such attestation shall be in accordance with Rules 13a-18 and 15d-18 of the Exchange Act (or any
successor provisions), Rules 1-02(a)(3) and 2-02(g) of Regulation S-X (or any successor provisions) under the Securities Act and the Exchange Act, including, without limitation that in the event that an overall opinion cannot be expressed, such
registered public accounting firm shall state in such report why it was unable to express such an opinion. Such report must be available for general use and not contain restricted use language. 

     (c) The Indenture Trustee shall cause each Reporting Subcontractor to deliver to the Depositor and the Servicer an
assessment of compliance and accountant’s attestation as and when provided in paragraphs (a) and (b) of this Section. An assessment of compliance provided by a Subcontractor need not address any elements of the Servicing Criteria other than those specified by the Indenture Trustee pursuant to Section 10.5(a). 

     (d) In the event the Indenture Trustee or Reporting Subcontractor is terminated or resigns during the term of this
Agreement, such Person shall provide the documents and information pursuant to this Section 10.5 with respect to the period of time it was subject to this Agreement or provided
services with respect to the Trust or the Receivables. 

     SECTION 10.6 Back-up Certification. No later than March 15 of each year, beginning in 2009, the Indenture Trustee and
the Servicer shall provide to the Person who signs the certification required by Rule 13a-14(d) or Rule 15d-14(d) of the Exchange Act (the “Certifying Person”) a
certification (each, a “Performance Certification”) and shall cause each Reporting Subcontractor, in the form attached hereto as Appendix D (in the case of the Indenture Trustee or a Reporting Subcontractor) and as Appendix E (in the case of the Servicer)
on which the Certifying Person, the entity for which the Certifying Person acts as an officer, and such entity’s officers, directors and Affiliates (collectively with the Certifying Person, “Certification Parties”) can reasonably rely. The Depositor will not request delivery of a certification under this clause unless the Depositor is required under the Exchange Act to file an
annual report on Form 10-K with respect to the Trust. So long as the Servicer is an Affiliate of the Depositor, the Servicer may, but is not required to deliver the Performance Certificate.  In the event that prior to the filing date of the Form
10-K in March of each year, the Indenture Trustee or the Servicer has actual knowledge of information material to the certification required by Rule 13a-14(d) or Rule 15d-14(d) of the Exchange Act, the Indenture Trustee or the Servicer shall
promptly notify the Depositor.  Each of the Indenture Trustee and the Servicer agrees to cooperate with all reasonable requests made by any Certifying Person or Certification Party in connection with such Person’s attempt to conduct any due
diligence that such Person reasonably believes to be appropriate in order to allow it to deliver any certification required by Rule 13a-14(d) or Rule 15d-14(d) of the Exchange Act or portion thereof with respect to the Trust. 

     SECTION 10.7 Use of Subcontractors.

     (a) It shall not be necessary for the Indenture Trustee or the Servicer to seek the consent of the Depositor or any other
party hereto to the utilization of any Subcontractor. Each of the Indenture Trustee and the Servicer shall promptly upon request provide to the Depositor

45

(or any designee of the Depositor, such as the Servicer or the Administrator) a written description (in form and substance satisfactory to the Depositor) of the role and function of each Subcontractor utilized by such
Person, specifying (i) the identity of each such Subcontractor, (ii) which (if any) of such Subcontractors are “participating in the servicing function” within the meaning of Item 1122 of Regulation AB, (iii) which elements of the
Servicing Criteria will be addressed in assessments of compliance provided by each Subcontractor identified pursuant to clause (ii) of this paragraph and (iv) which (if any) of
such Subcontractors such Person elects to take responsibility for assessing compliance with the servicing criteria applicable to such Subcontractor’s activities. As a condition to the utilization of any Subcontractor determined to be a
Reporting Subcontractor, the Indenture Trustee shall cause any such Subcontractor for the benefit of the Depositor to comply with the provisions of Sections 10.5 and
10.6 of this Agreement to the same extent as if such Subcontractor were the Indenture Trustee.  The Indenture Trustee shall be responsible for obtaining from each Subcontractor
and delivering to the Depositor, any assessment of compliance and attestation required to be delivered by such Subcontractor under Section 10.5 and Section 10.6, in each case as and when required to be delivered. 

     (b) As a condition to the utilization of any Subcontractor determined to be a Reporting Subcontractor, the Servicer shall
cause any such Subcontractor for the benefit of the Depositor to comply with the provisions of Section 3.10(a)(ii), Section
3.11 and Section 10.6 of this Agreement to the same extent as if such Subcontractor were the Servicer. The Servicer shall be responsible
for obtaining from each Subcontractor and delivering to the Depositor, any assessment of compliance and attestation required to be delivered by such Subcontractor under this Agreement, in each case as and when required to be delivered. 

     SECTION 10.8 Representations and Warranties. Each of the Indenture Trustee and the Owner Trustee represents that (i)
there are no affiliations, relating to such Person with respect to any 1119 Party, (ii) there are no relationships or transactions with respect to any 1119 Party and such Person that are outside the ordinary course of business or on terms other than
would be obtained in an arm’s length transaction with an unrelated third party, apart from the transactions contemplated under the Basic Documents, and that are material to the investors’ understanding of the Notes and (iii) there are no
legal proceedings pending, or known to be contemplated by governmental authorities, against such Person, or of which the property of such Person is subject, that is material to the Noteholders. 

     SECTION 10.9 Indemnification.

     (a) Each of the Indenture Trustee and the Servicer shall indemnify the Depositor, each affiliate of the Depositor, the
Servicer with respect to its duties as Certifying Person or each Person who controls any of such parties (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) and the respective present and former directors,
officers, employees and agents of each of the foregoing, and shall hold each of them harmless from and against any losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments, and any other costs, fees and
expenses that any of them may sustain arising out of or based upon: 

46

     (i) (A) any untrue statement of a material fact contained or alleged to be contained in (x) with respect to the Indenture
Trustee, the servicing criteria assessment provided under this Article X and (y) with respect to the Servicer, any information, report, certification, accountant’s letter
or other material provided under Section 3.10 and Section 3.11 of this Agreement by or on behalf of
such Person (with respect to each such party, the “Provided Information”), or (B) the omission or alleged omission to state in the Provided Information a material
fact required to be stated in the Provided Information, or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, by way of clarification, that clause (B) of this paragraph shall be construed solely by reference to the related Provided Information and not to any other
information communicated in connection with a sale or purchase of securities, without regard to whether the Provided Information or any portion thereof is presented together with or separately from such other information; or 

     (ii) with respect to the Indenture Trustee, any failure by the Indenture Trustee to deliver any servicing criteria
assessment when and as required under this Article X and with respect to the Servicer, any failure by the Servicer to deliver any information, report, certification,
accountant’s letter or other material when and as required under Section 3.10, Section 3.11 or
Article X, as applicable. 

     (b) In the case of any failure of performance described in clause (ii) of Section 10.9(a), each of the Indenture Trustee and the Servicer shall promptly reimburse the Depositor for all costs reasonably incurred by each such
party in order to obtain the information, report, certification, accountants’ letter or other material not delivered as required by the Indenture Trustee or the Servicer, as applicable. 

     (c) Each of the Indenture Trustee and the Servicer shall require that any Reporting Subcontractor agree to the provisions
of paragraphs (a) and (b) of this Section 10.9, or shall be responsible for all such indemnification, costs or expenses if the Reporting Subcontractor will not agree to such provisions. 

     (d) Notwithstanding anything to the contrary contained herein, in no event shall the Indenture Trustee be liable for
special, indirect or consequential damages of any kind whatsoever, including but not limited to lost profits, even if the Indenture Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

     SECTION 10.10 Amendments. Notwithstanding anything in Section 9.1 to the contrary, in the event the parties to this Agreement desire to further clarify or amend any provision of this Article X, this Agreement may be
amended to reflect the new agreement between the parties covering matters in this Article X, provided
such amendment will not require any Opinion of Counsel or satisfaction of the Rating Agency Condition or the consent of any Noteholder or Certificateholder. 

[Signatures Follow]

47

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

	 	USAA AUTO OWNER TRUST 2008-2,

as Issuer 
	 	 	 
	 	By:	WELLS FARGO DELAWARE TRUST

COMPANY,

not in its individual capacity but solely as

Owner Trustee 
	 	 	 
	 	By:	/s/ Sandra Battaglia
	 	 	Name: Sandra Battaglia

Title: Vice President 

 

S-1

			

	 	USAA FEDERAL SAVINGS BANK,

as Seller and Servicer 
	 	 	 
	 	By:  /s/ David K. Kimball
	 	Name:	  David K. Kimball
	 	Title:	  Vice President and Senior Financial Officer

 

S-2

 

			

USAA ACCEPTANCE, LLC,

as Depositor 

By: /s/ Edwin T. McQuiston

Name: Edwin T. McQuiston

Title: Senior Vice President and Treasurer

			

 

 

 

 

S-3

The Indenture Trustee and the Owner Trustee agree to undertake to perform each of its respective duties as Indenture Trustee and Owner Trustee, respectively, as are specifically set forth in this Agreement. 

Accepted and agreed: 

THE BANK OF NEW YORK,

not in its individual capacity

but solely as Indenture Trustee

By: /s/ Michael Burack 

Name: Michael Burack 

Title: Assistant Treasurer 

 

 

S-4

WELLS FARGO DELAWARE TRUST COMPANY,

not in its individual capacity

but solely as Owner Trustee 

By: /s/ Sandra Battaglia

Name: Sandra Battaglia

Title: Vice President

 

 

S-5

			

SCHEDULE A

SCHEDULE OF RECEIVABLES 

[On File with the Indenture Trustee]

SCHEDULE B-1 

Location of Receivable Files

c/o USAA Federal Savings Bank

10750
McDermott Freeway

San Antonio, TX 78288 

SCHEDULE B-2 

  

  Location of Lien Certificates

 

 

FDI Consulting, Inc. 

  1610 Arden Way, Suite 145

  Sacramento, CA 95815 

 

 Appendix A

 DEFINITIONS AND USAGE

      The
    following rules of construction and usage shall be applicable to any agreement
    or instrument that is governed by this Appendix: 

      (a)
    All terms defined in this Appendix shall have the defined meanings when used
    in any agreement or instrument governed hereby and in any certificate or
    other document made or delivered pursuant thereto unless otherwise defined
    therein. 

      (b)
    As used herein, in any agreement or instrument governed hereby and in any
    certificate or other document made or delivered pursuant thereto, accounting
    terms not defined in this Appendix or in any such agreement, instrument,
    certificate or other document, and accounting terms partly defined in this
    Appendix or in any such agreement, instrument, certificate or other document,
    to the extent not defined, shall have the respective meanings given to them
    under generally accepted accounting principles as in effect on the date of
    such agreement or instrument. To the extent that the definitions of accounting
    terms in this Appendix or in any such agreement, instrument, certificate
    or other document are inconsistent with the meanings of such terms under
    generally accepted accounting principles, the definitions contained in this
    Appendix or in any such instrument, certificate or other document shall control. 

      The
    words “hereof,” “herein,” “hereunder” and words
    of similar import when used in an agreement or instrument refer to such agreement
    or instrument as a whole and not to any particular provision or subdivision
    thereof; references in an agreement or instrument to “Article,” “Section” or
    another subdivision or to an attachment are, unless the context otherwise
    requires, to an article, section or subdivision of or an attachment to such
    agreement or instrument; and the term “including” and its variations
    shall be deemed to be followed by “without limitation.” 

      The
    definitions contained in this Appendix are equally applicable to both the
    singular and plural forms of such terms, to the masculine as well as to the
    feminine and neuter genders of such terms and to all conjugations of such
    terms.

      Any
    agreement, instrument or statute defined or referred to below or in any agreement
    or instrument that is governed by this Appendix means such agreement or instrument
    or statute as from time to time amended, modified or supplemented, including
    (in the case of agreements or instruments) by waiver or consent and (in the
    case of statutes) by succession of comparable successor statutes 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. 

 Definitions

      “Accrued
      Class A Note Interest” shall
      mean, with respect to any Payment Date, the sum of the Class A Noteholders’ Monthly
      Accrued Interest for such Payment Date and the Class A Noteholders’ Interest
      Carryover Shortfall for such Payment Date. 

     “Accrued
      Class B Note Interest” shall
      mean, with respect to any Payment Date, the sum of the Class B Noteholders’ Monthly
      Accrued Interest for such Payment Date and the Class B Noteholders’ Interest
      Carryover Shortfall for such Payment Date. 

     “Act” shall
    have the meaning specified in Section
    11.3(a) of the Indenture.

      “Administration
      Agreement” shall mean the Administration
      Agreement, dated as of April 29, 2008, by and among the Administrator,
      the Issuer and the Indenture Trustee. 

      “Administrator” shall
    mean the Bank, in its capacity as administrator under the Administration
    Agreement, or any successor Administrator thereunder. 

      “Advance” shall
    mean the amount of interest, as of a Determination Date, which the Servicer
    is required to advance on the Receivables pursuant to Section
    4.4(a) of the Sale and Servicing Agreement. 

      “Affiliate” shall
    mean, 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 shall mean 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” shall
    have meanings correlative to the foregoing. 

      “Amount
      Financed” shall mean, with respect
      to a Receivable, the amount advanced under the Receivable toward the purchase
      price of the Financed Vehicle and any related costs. 

      “Annual
      Percentage Rate” or “APR” of
      a Receivable shall mean the annual rate of finance charges stated in the
      Receivable. 

      “Applicable
      Tax State” shall mean, as of
      any date of determination, each State as to which any of the following
      is then applicable: (a) a State in which the Owner Trustee maintains its
      Corporate Trust Office and (b) the State of Texas. 

      “Authenticating
      Agent” shall have the meaning
      specified in Section 2.14 of
      the Indenture or Section 3.14 of
      the Trust Agreement, as applicable. 

      “Authorized
      Officer” shall mean, (i) with
      respect to the Issuer, any officer within the Corporate Trust Office of
      the Owner Trustee, including any vice president, assistant vice president,
      secretary, assistant secretary or any other officer of the Owner Trustee
      customarily performing functions similar to those performed by any of the
      above designated officers and, for so long as the Administration Agreement
      is in full force and effect, any 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 (ii) with respect to the Indenture Trustee or the Owner Trustee, any
      officer within the Corporate Trust Office of the Indenture Trustee or the
      Owner Trustee, as the case may be, including any vice president, assistant
      vice president, secretary, assistant secretary or any other officer of
      the Indenture Trustee or the Owner Trustee, as the case may be, customarily
      performing functions similar to those performed by any of the above designated
      officers and also, with respect to a

 2

 particular matter, any other officer
    to whom such matter is referred because of such officer’s knowledge
    of and familiarity with the particular subject, in each case having direct
    responsibility for the administration of the Indenture or the Trust Agreement,
    as applicable, and shall also mean, with respect to the Owner Trustee, any
    officer of the Administrator. 

      “Available
      Collections” shall mean, for
      any Payment Date, the sum of the following amounts with respect to the
      Collection Period preceding such Payment Date: (i) all payments collected
      with respect to Receivables; (ii) all Liquidation Proceeds attributable
      to Receivables which were designated as Defaulted Receivables in prior
      Collection Periods in accordance with the Servicer’s customary servicing
      procedures; (iii) all Advances made by the Servicer of interest due on
      the Receivables; (iv) the Purchase Amount received with respect to each
      Receivable that became a Purchased Receivable during such Collection Period;
      and (v) partial prepayments of any refunded item included in the principal
      balance of a Receivable, such as extended warranty protection plan costs,
      or physical damage, credit life, disability insurance premiums, or any
      partial prepayment which causes a reduction in the Obligor’s periodic
      payment to an amount below the Scheduled Payment as of the Cut-off Date; provided, however,
      that in calculating the Available Collections the following will be excluded:
      (i) amounts received on any Receivable to the extent that the Servicer
      has previously made an unreimbursed Advance on such Receivable and the
      amount received exceeds the accrued and unpaid interest on such Receivable
      that has not been advanced; (ii) amounts received on any of the Receivables
      to the extent that the Servicer has previously made an unreimbursed Advance
      on a Receivable which is not recoverable from collections on the particular
      Receivable; (iii) all payments and proceeds (including Liquidation Proceeds)
      of any Receivables the Purchase Amount of which has been included in Available
      Funds in a prior Collection Period; (iv) Liquidation Proceeds with respect
      to a Receivable attributable to accrued and unpaid interest thereon (but
      not including interest for the then current Collection Period) but only
      to the extent of any unreimbursed Advances; and (v) amounts constituting
      the Supplemental Servicing Fee. 

      “Available
      Funds” shall mean, for any Payment
      Date, the sum of the Available Collections for such Payment Date and the
      Reserve Account Excess Amount for such Payment Date. 

      “Average
      Delinquency Ratio” shall mean,
      for any Payment Date, the average of the Delinquency Ratios for the preceding
      three Collection Periods. 

      “Average
      Delinquency Ratio Test” shall
      mean, for a Payment Date occurring in a month specified in the table below,
      a test that will be met if the Average Delinquency Ratio for such Payment
      Date is less than the percentage specified opposite such Payment Date: 

		
	   Payment
            Date 	Percentage 
	   April
        2010 	0.25% 
	   October
        2010 	0.30% 

      “Bank” shall
    mean USAA Federal Savings Bank, a federally chartered savings association. 

 3 

      “Bankruptcy
      Code” shall mean the United States
      Bankruptcy Code, 11 U.S.C. 101 et seq., as amended. 

      “Basic
      Documents” shall mean the Certificate
      of Trust, the Trust Agreement, the Sale and Servicing Agreement, the Receivables
      Purchase Agreement, the Indenture, the Administration Agreement, the Underwriting
      Agreement, the Note Depository Agreement and the other documents and certificates
      delivered in connection therewith. 

      “Benefit
      Plan” shall mean (a) an “employee
      benefit plan” (as defined in Section 3(3) of ERISA), whether or not
      subject to the provisions of Title I of ERISA, (b) any “plan” described
      in Section 4975(e)(1) of the Code, and (c) any entity whose underlying
      assets included plan assets by reason of an employee benefit plan’s
      or a plan’s investment in the entity. 

      “Benefit
      Plan Investor” shall mean an
      investment by any “employee benefit plan” within the meaning
      of Section 3(3) of ERISA that is subject to Title I of ERISA, or any “plan” described
      in Section 4975 of the Code or any entity whose underlying assets are deemed
      to be “plan assets” of any of the foregoing. 

      “Book-Entry
      Note” shall mean a beneficial
      interest in any of the Class A-1 Notes, the Class A-2 Notes, the Class
      A-3 Notes, the Class A-4 Notes and the Class B Notes, in each case issued
      in book-entry form. 

      “Business
      Day” shall mean any day other
      than a Saturday, a Sunday or a day on which banking institutions or trust
      companies in the State of New York, the State of Delaware or the State
      of Texas are authorized by law, regulation or executive order to be closed. 

      “Certificate
      of Trust” shall mean the Certificate
      of Trust in the form of Exhibit B to
      the Trust Agreement filed for the Trust pursuant to Section 3810(a) of
      the Statutory Trust Statute. 

      “Certificateholder” or “holder
      of a Certificate” shall mean
      a Person in whose name a Certificate is registered. 

      “Certificates” shall
    mean the asset backed Certificates evidencing the beneficial interest of
    a Certificateholder in the property of the Trust, substantially in the form
    of Exhibit A to
    the Trust Agreement; provided, however,
    that the Trust Property has been pledged to the Indenture Trustee to secure
    payment of the Notes and the rights of the Certificateholders to receive
    distributions on the Certificates are subordinated to the rights of the Noteholders
    as described in the Sale and Servicing Agreement, the Indenture and the Trust
    Agreement. 

      “Certification
      Party” shall have the meaning
      set forth in Section 10.6 of
      the Sale and Servicing Agreement. 

      “Certifying
      Person” shall have the meaning
      set forth in Section 10.6 of
      the Sale and Servicing Agreement. 

      “Class” shall
    mean a class of Notes, which may be the Class A-1 Notes, the Class A-2 Notes,
    the Class A-3 Notes, the Class A-4 Notes or the Class B Notes. 

 4

     “Class
      A Noteholder” shall mean any
      holder of a Class A Note.

      “Class
      A Noteholders’ Interest Carryover Shortfall” shall
      mean, for any Payment Date, the excess of the Accrued Class A Note Interest
      for the preceding Payment Date over the amount in respect of interest that
      is actually paid to Noteholders of Class A Notes on such preceding Payment
      Date, plus interest on the amount of interest due but not paid to Noteholders
      of Class A Notes on the preceding Payment Date, to the extent permitted
      by law, at the respective Note Interest Rates borne by such Class A Notes
      for the related Interest Period. 

      “Class
      A Noteholders’ Monthly Accrued Interest” shall
      mean, with respect to any Payment Date, the aggregate interest accrued
      for the related Interest Period on the Class A-1 Notes, the Class A-2 Notes,
      the Class A-3 Notes and the Class A-4 Notes at the respective Note Interest
      Rate for such Class in accordance with its terms on the outstanding principal
      amount of the Notes of each such Class on the immediately preceding Payment
      Date or the Closing Date, as the case may be, after giving effect to all
      payments of principal to the holders of the Notes of such Class on or prior
      to such preceding Payment Date. 

      “Class
      A Notes” shall mean, collectively,
      the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class
      A-4 Notes. 

      “Class
      A-1 Final Scheduled Payment Date” shall
      mean the November 2009 Payment Date.

      “Class
      A-1 Noteholder” shall mean the
      Person in whose name a Class A-1 Note is registered on the Note Register. 

      “Class
      A-1 Notes” shall mean the $242,000,000
      aggregate initial principal amount Class A-1 2.99600% Asset Backed Notes
      issued by the Trust pursuant to the Indenture, substantially in the form
      of Exhibit A-1 to
      the Indenture. 

      “Class
      A-1 Rate” shall mean 2.99600%
      per annum. Interest with respect to the Class A-1 Notes shall be computed
      on the basis of actual days elapsed in the applicable Interest Period divided
      by 360 for all purposes of the Basic Documents. 

      “Class
      A-2 Final Scheduled Payment Date” shall
      mean the January 2011 Payment Date.

      “Class
      A-2 Noteholder” shall mean the
      Person in whose name a Class A-2 Note is registered on the Note Register. 

      “Class
      A-2 Notes” shall mean the $250,000,000
      aggregate initial principal amount Class A-2 3.91% Asset Backed Notes issued
      by the Trust pursuant to the Indenture, substantially in the form of Exhibit
      A-2 to the Indenture. 

      “Class
      A-2 Rate” shall mean 3.91% per
      annum. Interest with respect to the Class A-2 Notes shall be computed on
      the basis of a 360-day year consisting of twelve 30-day months for all
      purposes of the Basic Documents. 

     “Class
      A-3 Final Scheduled Payment Date” shall
      mean the October 2012 Payment Date.

 5

      “Class
      A-3 Noteholder” shall mean the
      Person in whose name a Class A-3 Note is registered on the Note Register. 

      “Class
      A-3 Notes” shall mean the $347,000,000
      aggregate initial principal amount Class A-3 4.64% Asset Backed Notes issued
      by the Trust pursuant to the Indenture, substantially in the form of Exhibit
      A-3 to the Indenture. 

      “Class
      A-3 Rate” shall mean 4.64% per
      annum. Interest with respect to the Class A-3 Notes shall be computed on
      the basis of a 360-day year consisting of twelve 30-day months for all
      purposes of the Basic Documents. 

     “Class
      A-4 Final Scheduled Payment Date” shall
      mean the November 2013 Payment Date.

      “Class
      A-4 Noteholder” shall mean the
      Person in whose name a Class A-4 Note is registered on the Note Register. 

      “Class
      A-4 Notes” shall mean the $133,502,000
      aggregate initial principal amount Class A-4 5.16% Asset Backed Notes issued
      by the Trust pursuant to the Indenture, substantially in the form of Exhibit
      A-4 to the Indenture. 

      “Class
      A-4 Rate” shall mean 5.16% per
      annum. Interest with respect to the Class A-4 Notes shall be computed on
      the basis of a 360-day year consisting of twelve 30-day months for all
      purposes of the Basic Documents. 

     “Class
      B Final Scheduled Payment Date” shall
      mean the October 2014 Payment Date.

      “Class
      B Noteholder” shall mean the
      Person in whose name a Class B Note is registered on the Note Register. 

      “Class
      B Noteholders’ Interest Carryover Shortfall” shall
      mean, for any Payment Date, the excess of the Accrued Class B Note Interest
      for the preceding Payment Date over the amount in respect of interest that
      is actually paid to Noteholders of Class B Notes on such preceding Payment
      Date, plus interest on the amount of interest due but not paid to the Noteholders
      of Class B Notes on the preceding Payment Date, to the extent permitted
      by law, at the Class B Rate borne for the related Interest Period. 

      “Class
      B Noteholders’ Monthly Accrued Interest” shall
      mean, with respect to any Payment Date, the aggregate interest accrued
      for the related Interest Period on the Class B Notes at the Class B Rate
      on the outstanding principal amount of the Class B Notes on the immediately
      preceding Payment Date or the Closing Date, as the case may be, after giving
      effect to all payments of principal to the holders of the Class B Notes
      on or prior to such preceding Payment Date. 

      “Class
      B Notes” shall mean the $27,499,000
      aggregate initial principal amount Class B 8.30% Asset Backed Notes issued
      by the Trust pursuant to the Indenture, substantially in the form of Exhibit
      B to the Indenture. 

 6

      “Class
      B Rate” shall mean 8.30% per
      annum. Interest with respect to the Class B Notes shall be computed on
      the basis of a 360-day year consisting of twelve 30-day months for all
      purposes of the Basic Documents. 

      “Clearing
      Agency” shall mean an organization
      registered as a “clearing agency” pursuant to Section 17A of
      the Exchange Act. 

      “Clearing
      Agency Participant” shall mean
      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” shall mean April 29, 2008.

      “Code” shall
    mean the Internal Revenue Code of 1986, as amended, and Treasury Regulations
    promulgated thereunder. 

     “Collateral” shall
    have the meaning specified in the Granting Clause of the Indenture.

      “Collection
      Account” shall mean the account
      or accounts established and maintained as such pursuant to Section
      4.1(a) of the Sale and Servicing Agreement. 

      “Collection
      Period” shall mean, with respect
      to the first Payment Date, the period from and including the Cut-off Date
      to and including April 30, 2008 and, with respect to each subsequent Payment
      Date, the calendar month preceding the calendar month in which the Payment
      Date occurs. 

      “Collections” shall
    mean all amounts collected by the Servicer (from whatever source) on or with
    respect to the Receivables. 

     “Commission” shall
    mean the United States Securities and Exchange Commission.

      “Computer
      Tape” shall mean the computer
      tape generated by the Seller which provides information relating to the
      Receivables and which was used by the Seller in selecting the Receivables
      conveyed to the Trust hereunder. 

      “Controlling
      Class” shall mean the Class A
      Notes voting together as a single Class until they are paid in full; thereafter
      the Class B Notes will be the Controlling Class. 

      “Controlling
      Person” shall mean a Person,
      other than a Benefit Plan Investor, that has discretionary authority or
      control with respect to the assets of the Trust or who provides investment
      advice for a direct or indirect fee with respect to those assets, or any
      affiliate of such a Person. 

      “Corporate
      Trust Office” shall mean, (i)
      with respect to the Owner Trustee, the principal corporate trust office
      of the Owner Trustee located at 919 North Market Street, Suite 1600, Wilmington,
      Delaware 19801 or at such other address as the Owner Trustee may designate
      from time to time by notice to the Certificateholders and the Depositor,
      or the principal corporate trust office of any successor Owner Trustee
      (the address of which the successor Owner Trustee will

 7

 notify the Certificateholders and
    the Depositor); and (ii) with respect to the Indenture Trustee, the principal
    corporate trust office of the Indenture Trustee located at 101 Barclay Street,
    4 West, New York, New York 10286, Attention: Corporate Trust Administration--USAA
    2008-2 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 (the address of
    which the successor Indenture Trustee will notify the Noteholders and the
    Issuer). 

      “Cumulative
      Net Loss Ratio” shall mean, for
      any Payment Date, the ratio, expressed as a percentage, of (a) the sum
      of the excess of Realized Losses over Recoveries for each Collection Period
      since the Cut-off Date through the last day of the related Collection Period,
      to (b) the Pool Balance as of the Cut-off Date. 

      “Cumulative
      Net Loss Ratio Test” shall mean,
      for a Payment Date occurring in a month specified in the table below, a
      test that will be met if the Cumulative Net Loss Ratio for such Payment
Date is less than the percentage specified opposite such Payment Date: 

		
	   Payment
            Date 	Percentage 
	   April
        2010 	0.50% 
	   October
        2010 	0.65% 

     “Cut-off
      Date” shall mean April 1, 2008.

      “Default” shall
    mean any occurrence that is, or with notice or the lapse of time or both
    would become, an Event of Default. 

      “Defaulted
      Receivable” shall mean a Receivable
      (i) that the Servicer determines is unlikely to be paid in full or (ii)
      with respect to which at least 5% of a Scheduled Payment is 120 or more
      days delinquent as of the end of a calendar month. 

      “Definitive
      Certificates” shall have the
      meaning specified in Section 3.13 of
      the Trust Agreement. 

     “Definitive
      Notes” shall have the meaning
      specified in Section 2.11 of
      the Indenture.

      “Delinquency
      Ratio” means, for any Collection
      Period, the ratio, expressed as a percentage, of (a) the Principal Balance
      of all outstanding Receivables (other than Purchased Receivables and Defaulted
      Receivables) that are 60 or more days delinquent as of the end of such
      Collection Period, determined in accordance with the Servicer’s customary
      practices, plus Receivables as to which the related Financed Vehicle has
      been repossessed but not sold (other than Purchased Receivables and Defaulted
      Receivables), to (b) the Pool Balance as of the last day of such Collection
      Period. 

     “Depositor” shall
    mean USAA Acceptance, LLC, a Delaware limited liability company.

 8

      “Determination
      Date” shall mean, with respect
      to any Collection Period, the second Business Day immediately preceding
      the Payment Date following such Collection Period. 

      “EDGAR” shall
    mean the Commission’s Electronic Data Gathering, Analysis and Retrieval
    system. 

      “Eligible
      Deposit Account” shall mean either
      (i) a segregated account with an Eligible Institution or (ii) a segregated
      trust account with the corporate trust department of a depository institution
      organized under the laws of the U.S. 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
      have a credit rating from each Rating Agency in one of its generic rating
      categories which signifies investment grade. 

      “Eligible
      Institution” shall mean either
      (i) the corporate trust department of the Indenture Trustee or the Owner
      Trustee, as applicable; or (ii) a depository institution organized under
      the laws of the U.S. or any one of the states thereof or the District of
      Columbia (or any domestic branch of a foreign bank), (1) which has either
      (A) a long-term unsecured debt rating of at least “AA-” by Standard & Poor’s
      and “Baa3” by Moody’s or (B) a short-term unsecured debt
      rating or certificate of deposit rating of “A-1+” by Standard & Poor’ and
  “Prime-1” by Moody’s and (2) whose deposits are insured by the
  FDIC. 

      “ERISA” shall
    mean the Employee Retirement Income Security Act of 1974, as amended. 

     “Event
      of Default” shall have the meaning
      specified in Section 5.1 of
      the Indenture.

      “Event
      of Servicing Termination” shall
      mean an event specified in Section
      7.1 of the Sale and Servicing Agreement. 

     “Exchange
      Act” shall mean the Securities
      Exchange Act of 1934, as amended.

      “Exchange
      Act Reports” shall mean any reports
      on Form 10-D, Form 8-K and Form 10-K required to be filed by the Depositor
      with respect to the Trust under the Exchange Act. 

      “Executive
      Officer” shall mean, with respect
      to any corporation or depository institution, 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. 

     “FDIC” shall
    mean the Federal Deposit Insurance Corporation.

      “Final
      Scheduled Payment Date” shall
      mean, with respect to (i) the Class A-1 Notes, the Class A-1 Final Scheduled
      Payment Date, (ii) the Class A-2 Notes, the Class A-2 Final Scheduled Payment
      Date, (iii) the Class A-3 Notes, the Class A-3 Final Scheduled Payment
      Date, (iv) the Class A-4 Notes, the Class A-4 Final Scheduled Payment Date,
      and (v) the Class B Notes, the Class B Final Scheduled Payment Date. 

 9

      “Financed
      Vehicle” shall mean a new or
      used automobile or light-duty truck, together with all accessions thereto,
      securing an Obligor’s indebtedness under the respective Receivable. 

      “First
      Priority Principal Payment” shall
      mean, for each Payment Date, a payment of principal equal to the excess,
      if any, of the aggregate principal amount of the Class A Notes (before
      giving effect to any payments on that Payment Date) over the Pool Balance
      at the end of the related Collection Period. 

      “Form
      10-D Disclosure Item” shall mean
      with respect to any Person, any legal proceedings pending against such
      Person, or any of the Trust, the Depositor, the Indenture Trustee, the
      Owner Trustee or the Servicer if such Person or in the case of the Owner
      Trustee or Indenture Trustee, a Responsible Officer of such Person, has
      actual knowledge thereof or of which any property of such Person is then
      subject or any proceeding known to be contemplated by governmental authorities
      against such Person or of which any property of such Person would be subject,
      in each case that would be material to the Noteholders. 

      “Form
      10-K Disclosure Item” shall mean
      with respect to any Person, (a) any Form 10-D Disclosure Item and (b) any
      affiliations or relationships between such Person and any Item 1119 Party
      to the extent a Responsible Officer of such Person (in the case of the
      Indenture Trustee and the Owner Trustee) has actual knowledge thereof. 

      “Grant” shall
    mean to mortgage, pledge, bargain, sell, warrant, alienate, remise, release,
    convey, assign, transfer, create, and to grant a lien upon and a security
    interest in and right of set-off against, and to deposit, set over and confirm
    pursuant to the 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 monies 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. 

      “Indenture” shall
    mean the Indenture, dated as of April 29, 2008, by and between the Trust
    and the Indenture Trustee, as supplemented from time to time. 

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

      “Indenture
      Trustee” shall mean The Bank
      of New York, a banking corporation organized under the laws of the State
      of New York, not in its individual capacity but solely as Indenture Trustee
      under the Indenture, or any successor Indenture Trustee under the Indenture. 

      “Independent” shall
    mean, when used with respect to any specified Person, that such Person (a)
    is in fact independent of the Issuer, any other obligor on the Notes, the
    Seller and any Affiliate of any of the foregoing Persons, (b) does not have
    any direct financial interest or any

 10

 material indirect financial interest
    in the Issuer, any such other obligor on the Notes, the Seller or any Affiliate
    of any of the foregoing Persons and (c) is not connected with the Issuer,
    any such other obligor on the Notes, 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” shall mean 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 11.1 of
      the Indenture, made by an Independent appraiser, firm of certified public
      accountants 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 the Indenture and that the signer is Independent within the meaning thereof. 

     “Initial
      Pool Balance” shall mean $1,000,001,488.72.

      “Insolvency
      Event” shall mean, with respect
      to any Person, (i) the making of a general assignment for the benefit of
      creditors, (ii) the filing of a voluntary petition in bankruptcy, (iii)
      being adjudged a bankrupt or insolvent, or having had entered against such
      Person an order for relief in any bankruptcy or insolvency proceeding,
      (iv) the filing by such Person of a petition or answer seeking reorganization,
      arrangement, composition, readjustment, liquidation, dissolution or similar
      relief under any statute, law or regulation, (v) the filing by such Person
      of an answer or other pleading admitting or failing to contest the material
      allegations of a petition filed against such Person in any proceeding specified
      in (vii) below, (vi) seeking, consent to or acquiescing in the appointment
      of a trustee, receiver or liquidator of such Person or of all or any substantial
      part of the assets of such Person or (vii) the failure to obtain dismissal
      within 60 days of the commencement of any proceeding against such Person
      seeking reorganization, arrangement, composition, readjustment, liquidation,
      dissolution or similar relief under any statute, law or regulation, or
      the entry of any order appointing a trustee, liquidator or receiver of
      such Person or of such Person’s assets or any substantial portion
      thereof. 

      “Interest
      Period” shall mean, (i) with
      respect to the first Payment Date, the period from and including the Closing
      Date to but excluding the first Payment Date and (ii) with respect to each
      subsequent Payment Date, the period from and including the prior Payment
      Date to but excluding such subsequent Payment Date (in each case assuming
      that the Payment Date for the Class A-2 Notes, the Class A-3 Notes, the
      Class A-4 Notes and the Class B Notes is always the 15th day
      of the calendar month in which that Payment Date occurs). 

      “Investment
      Letter” shall have the meaning
      specified in Section 3.4(b) of
      the Trust Agreement. 

     “IRS” shall
    mean the Internal Revenue Service.

      “Issuer” shall
    mean the Trust unless a successor replaces it and, thereafter, shall mean
    the successor. 

      “Issuer
      Order” and “Issuer
      Request” shall mean 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. 

 11

      “Item
      1119 Party” shall mean the Depositor,
      the Seller, the Servicer, the Indenture Trustee, the Owner Trustee and
      any other material transaction party, as identified in Appendix
      B to the Sale and Servicing Agreement. 

      “Lien” shall
    mean a security interest, lien, charge, pledge, equity, or encumbrance of
    any kind other than, in respect of a Receivable, tax liens, mechanics’ liens,
    and any liens which attach to the respective Receivable by operation of law. 

      “Lien
      Certificate” shall mean the notice
      or other document referenced in clause
      (iii) of the description of the Receivable
      Files. 

      “Liquidation
      Proceeds” shall mean with respect
      to any Receivable (a) insurance proceeds received by the Servicer and (b)
      monies collected by the Servicer on a Defaulted Receivable from whatever
      source, including but not limited to proceeds of Financed Vehicles sold
      after repossession, net of any payments required by law to be remitted
      to the Obligor and net of all reasonable expenses incurred by the Servicer
      in converting to cash the Financed Vehicle securing such Defaulted Receivable. 

      “Monthly
      Remittance Condition” shall be
      deemed to be satisfied if (i) USAA Federal Savings Bank is the Servicer,
      (ii) no Event of Servicing Termination has occurred and is continuing and
      (iii) USAA Capital Corporation has a short-term debt rating of at least “P1” from
      Moody’s and “A1” from Standard & Poor’s. 

     “Moody’s” shall
    mean Moody’s Investors Service, Inc.

      “Note
      Depository Agreement” shall mean
      the Letter of Representations, dated as of April 29, 2008 by and between
      the Issuer and The Depository Trust Company regarding the Notes. 

      “Note
      Interest Rate” shall mean the
      Class A-1 Rate, the Class A-2 Rate, the Class A-3 Rate, the Class A-4 Rate
      or the Class B Rate, as applicable. 

      “Note
      Owner” shall mean, with respect
      to any 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
      Paying Agent” shall mean the
      Indenture Trustee or any other Person that meets the eligibility standards
      for the Indenture Trustee specified in Section
      6.11 of the Indenture and is authorized
      by the Issuer to make payments to and distributions from the Collection
      Account (including the Principal Distribution Account), including payment
      of principal of or interest on the Notes on behalf of the Issuer. 

      “Note
      Pool Factor” shall mean, with
      respect to each Class of Notes as of the close of business on the last
      day of a Collection Period, a seven-digit decimal figure calculated by
      the Servicer and equal to the outstanding principal balance of such Class
      of Notes (after giving effect to any reductions thereof to be made on the
      immediately following Payment Date) divided by the original outstanding
      principal balance of such Class of Notes. The Note Pool Factor will be

 12

 1.0000000 as of the Closing Date;
    thereafter, the Note Pool Factor will decline to reflect reductions in the
    outstanding principal amount of such Class of Notes. 

      “Note
      Register” and “Note
      Registrar” shall have the respective
      meanings specified in Section 2.5 of
      the Indenture. 

      “Noteholder” or “holder
      of a Note” shall mean the Person
      in whose name a Note is registered on the Note Register. 

      “Notes” shall
    mean the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class
    A-4 Notes and the Class B Notes, collectively. 

      “Obligor” on
    a Receivable shall mean the purchaser or co-purchasers of the Financed Vehicle
    or any other Person who owes payments under the Receivable. 

      “Officer’s
      Certificate” shall mean (i) with
      respect to the Trust, a certificate signed by any Authorized Officer of
      the Trust and (ii) with respect to the Depositor, the Seller or the Servicer,
      a certificate signed by the chairman of the board, the president, any executive
      or senior vice president, any vice president, the treasurer or the controller
      of the Depositor, the Seller or the Servicer, as applicable. 

      “Opinion
      of Counsel” shall mean a written
      opinion of counsel which counsel shall be acceptable to the Indenture Trustee,
      the Owner Trustee or the Rating Agencies, as applicable. 

     “Optional
      Purchase Percentage” shall mean
      10%.

      “Outstanding” shall
    mean with respect to the Securities, as of the date of determination, all
    Securities theretofore authenticated and delivered under the Indenture or
the Trust Agreement, as applicable, except: 

      (a)
    Securities theretofore (i) cancelled by the Note Registrar or (ii) delivered
    to the Note Registrar for cancellation; 

      (b)
    Securities or portions thereof the payment for which money in the necessary
    amount has been theretofore deposited with (i) in the case of the Notes,
    the Indenture Trustee or any Note Paying Agent in trust for the Noteholders
    of such Notes (provided, however,
    that if such Notes are to be prepaid, notice of such prepayment has been
    duly given pursuant to the Indenture or provision for such notice has been
    made, satisfactory to the Indenture Trustee) or (ii) in the case of the Certificates,
    the Owner Trustee in trust for the Certificateholders of such Certificates
    (provided, however,
    that if such Certificates are to be prepaid, notice of such prepayment has
    been duly given pursuant to the Trust Agreement or provision for such notice
    has been made, satisfactory to the Owner Trustee); and 

      (c)
    Securities in exchange for or in lieu of which other Securities have been
    authenticated and delivered pursuant to the Indenture or the Trust Agreement,
    as applicable, unless proof satisfactory to the Indenture Trustee or the

 13

 Owner Trustee, as applicable, is
    presented that any such Securities are held by a protected purchaser; 

 provided,
    that in determining whether the holders of Notes or Certificates evidencing
    the requisite principal amount of the Notes Outstanding or Certificates Outstanding
    have given any request, demand, authorization, direction, notice, consent,
    or waiver under any Basic Document, Securities owned by the Issuer, any other
    obligor upon the Securities, the Depositor, the Seller, the Servicer 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 or Owner Trustee, as applicable, shall be protected in relying on
    any such request, demand, authorization, direction, notice, consent, or waiver,
    only (i) Notes that a Responsible Officer of the Indenture Trustee knows
    to be so owned and (ii) Certificates that a Responsible Officer of the Owner
    Trustee knows to be so owned, shall be so disregarded; provided, however,
    if the Issuer, any other obligor upon the Securities, the Depositor, the
    Seller, the Servicer or any Affiliate of any of the foregoing Persons owns
    all of the Securities, such Securities shall be deemed to be Outstanding.
    Notes owned by the Issuer, any other obligor upon the Notes, the Depositor,
    the Seller, the Servicer or any Affiliate of any of the foregoing Persons
    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 Depositor, the Seller, the
    Servicer or any Affiliate of any of the foregoing Persons. Certificates owned
    by the Issuer, any other obligor upon the Certificates, the Depositor, the
    Seller, the Servicer or any Affiliate of any of the foregoing Persons that
    have been pledged in good faith may be regarded as Outstanding if the pledgee
    establishes to the satisfaction of the Owner Trustee the pledgee’s right
    so to act with respect to such Certificates and that the pledgee is not the
    Issuer, any other obligor upon the Certificates, the Depositor, the Seller,
    the Servicer or any Affiliate of any of the foregoing Persons. 

      “Outstanding
      Advances” on the Receivables
      shall mean the sum, as of the close of business on the last day of a Collection
      Period, of all Advances as reduced as provided in Section
      4.4(a) of the Sale and Servicing Agreement. 

      “Owner
      Trustee” shall mean Wells Fargo
      Delaware Trust Company, a Delaware limited purpose trust company, not in
      its individual capacity but solely as Owner Trustee under the Trust Agreement,
      or any successor Owner Trustee under the Trust Agreement. 

      “Payment
      Date” shall mean the fifteenth
      (15th) day of each calendar month or, if such day is not a Business Day,
      the next succeeding Business Day, beginning May 15, 2008. 

      “Percentage
      Interest” shall mean, as to any
      Certificate, the percentage interest, specified on the face thereof, in
      the distributions on the Certificates pursuant to the Trust Agreement. 

      “Permitted
      Investments” shall mean, on any
      date of determination, book entry securities, negotiable instruments or
      securities represented by instruments in bearer or registered form that
mature so that funds will be available on the next Payment Date which evidence: 

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

 14

      (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 investment
    category granted thereby; 

      (c)
    commercial paper having, at the time of the investment or contractual commitment
    to invest therein, a rating from each of the Rating Agencies in the highest
    investment category granted thereby; 

      (d)
    investments in money market funds having a rating from each of the Rating
    Agencies in the highest investment 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 non-callable
    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);
    and 

      (g)
    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 a Permitted Investment will not result in a withdrawal
    or downgrading of the ratings on the Notes or the Certificates. 

      “Person” shall
    mean any individual, corporation, limited liability company, estate, partnership,
    joint venture, association, joint stock company, trust, unincorporated organization,
    or government or any agency or political subdivision thereof. 

      “Plan” means
    an employee benefit plan (as defined in Section 3(3) of ERISA) that is subject
    to Title I of ERISA, a plan (as defined in Section 4975(e)(1) of the Code)
    and any entity whose underlying assets include plan assets by reason of a
    plan’s investment in the entity or otherwise. 

      “Pool
      Balance” shall mean on any date
      of determination, the aggregate outstanding Principal Balance of the Receivables
      (exclusive of Purchased Receivables and Defaulted Receivables) as of such
      date of determination. 

 15

      “Pool
      Factor” as of the last day of
      a Collection Period shall mean a seven-digit decimal figure equal to the
      Pool Balance at that time divided by the Initial Pool Balance. 

      “Predecessor
      Note” shall mean, 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 purposes
      of this definition, any Note authenticated and delivered under Section
      2.6 of the Indenture 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. 

      “Preliminary
      Prospectus Supplement” shall
      have the meaning specified in the Underwriting Agreement. 

      “Prepayment
      Date” shall mean with respect
      to a prepayment of the Notes pursuant to Section
      10.1 of the Indenture, the Payment
      Date specified by the Servicer pursuant to Section
      10.1 of the Indenture. 

      “Prepayment
      Price” shall mean in the case
      of a Class of Notes to be prepaid, an amount equal to the sum of (a) the
      unpaid principal amount of such Class of Notes plus (b) accrued and unpaid
      interest thereon at the applicable Note Interest Rate (plus interest on
      any overdue interest at the applicable Note Interest Rate (to the extent
      lawful)) to but excluding the Prepayment Date. 

      “Principal
      Balance” of a Receivable, as
      of any date of determination, shall mean the Amount Financed minus that
      portion of all payments actually received on or prior to such date allocable
      to principal. 

      “Principal
      Distribution Account” shall mean
      the account established and maintained as such pursuant to Section
      4.1(b) of the Sale and Servicing Agreement. 

      “Proceeding” shall
    mean any suit in equity, action at law or other judicial or administrative
    proceeding. 

     “Prospectus” shall
    have the meaning specified in the Underwriting Agreement.

      “Prospectus
      Supplement” shall have the meaning
      specified in the Underwriting Agreement. 

      “Purchase
      Amount” with respect to a Purchased
      Receivable shall mean the sum, as of the last day of the related Collection
      Period, of the Principal Balance thereof plus the accrued interest thereon
      at the weighted average of the Note Interest Rates and the Class B Rate
      through the end of the related Collection Period. 

      “Purchased
      Property” shall mean, collectively,
      (i) the Receivables; (ii) monies received thereunder on or after the Cut-off
      Date; (iii) the security interests in the Financed Vehicles granted by
      Obligors pursuant to the Receivables and any other interest of the Issuer
      in the Financed Vehicles; (iv) rights to receive proceeds with respect
      to the Receivables from claims on any theft, physical damage, credit life,
      credit disability, or other insurance policies covering Financed Vehicles
      or Obligors; (v) all of the rights to the Receivable Files; (vi) payments
      and proceeds with respect to the Receivables held by the Servicer; (vii)
      all property (including the

 16

 right to receive Liquidation Proceeds)
    securing a Receivable (other than a Receivable purchased by the Servicer
    or repurchased by the Seller); (viii) rebates of premiums and other amounts
    relating to insurance policies and other items financed under the Receivables
    in effect as of the Cut-off Date; and (ix) all present and future claims,
    demands, causes of action and choses in action in respect of any or all of
    the foregoing and all payments on or under and all proceeds of every kind
    and nature whatsoever in respect of any or all of the foregoing, including
    all proceeds of the conversion thereof, voluntary or involuntary, into cash
    or other liquid property, all cash proceeds, accounts, accounts receivable,
    notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance
    proceeds, condemnation awards, rights to payment of any and every kind and
    other forms of obligations and receivables, instruments and other property
    which at any time constitute all or part of or are included in the proceeds
    of any of the foregoing. 

      “Purchased
      Receivable” shall mean a Receivable
      purchased as of the close of business on the last day of the respective
      Collection Period by the Servicer pursuant to Section
      3.7 of the Sale and Servicing Agreement,
      by the Seller pursuant to Section 3.03 of
      the Receivables Purchase Agreement, by the Depositor pursuant to Section
      2.3 of the Sale and Servicing Agreement
      or by the Servicer pursuant to Section
      8.1 of the Sale and Servicing Agreement. 

      “Rating
      Agency” shall mean each of the
      nationally recognized statistical rating organizations designated by the
      Depositor to provide a rating on the Notes or the Certificates which is
      then rating such Notes or Certificates. 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 Depositor, notice of which designation shall be given to the Indenture
      Trustee, the Owner Trustee and the Servicer. 

      “Rating
      Agency Condition” shall mean,
      with respect to any action, that each of the Rating Agencies shall have
      notified the Servicer, the Depositor, the Owner Trustee and the Indenture
      Trustee in writing that such action will not result in a reduction or withdrawal
      of the then current ratings of the Notes or the Certificates. 

      “Realized
      Losses” shall mean, for any Collection
      Period and for each Receivable that became a Defaulted Receivable during
      such Collection Period, the excess of the Principal Balance of each such
      Receivable over Liquidation Proceeds received with respect to such Receivable
      during such Collection Period, to the extent allocable to principal. 

      “Receivable” shall
    mean a motor vehicle installment loan contract listed on Schedule
    A to the Receivables Purchase Agreement
    and all proceeds thereof and payments thereunder, which Receivable shall
    not have been released by the Indenture Trustee and the Owner Trustee from
    the Trust. 

      “Receivable
      Files” shall have the meaning
      specified in Section 2.4 of
      the Sale and Servicing Agreement. 

      “Receivables
      Purchase Agreement” shall mean
      the Receivables Purchase Agreement, dated as of April 29, 2008, by and
      between the Bank, as seller, and the Depositor, as purchaser. 

      “Record
      Date” shall mean, with respect
      to any Payment Date or Prepayment Date and any Book-Entry Security, the
      close of business on the Business Day prior to such Payment Date

 17

 or Prepayment Date or, with respect
    to any Definitive Note or Definitive Certificate, the last day of the month
    preceding the month in which such Payment Date or Prepayment Date occurs. 

      “Recoveries” shall
    mean, with respect to any Collection Period, all amounts received by the
    Servicer with respect to any Defaulted Receivable during any Collection Period
    following the Collection Period in which such Receivable became a Defaulted
    Receivable, net of any fees, costs and expenses incurred by the Servicer
    in connection with the collection of such Receivable and any payments required
    by law to be remitted to the Obligor. 

      “Registered
      Noteholder” shall mean the Person
      in whose name a Note is registered on the Note Register on the applicable
      Record Date. 

      “Registration
      Statement” shall mean Registration
      Statement No. 333-131356 filed by the Depositor with the Commission as
      of the applicable effective date as to each part of the Registration Statement
      pursuant to Rule 430B(f)(2). 

      “Regular
      Principal Distribution Amount” shall
      mean, with respect to any Payment Date, an amount equal to the excess,
      if any, of (a) the sum of the aggregate principal amount of the Notes for
      such Payment Date (before giving effect to any payments on that Payment
      Date) over (b) the Pool Balance at the end of the related Collection Period. 

      “Regulation
      AB” shall mean subpart 229.1100 – Asset
      Backed Securities (Regulation AB), 17 C.F.R.
  §§229.1100 -229.1123, as such may be amended from time to time, and
  subject to such clarification and interpretation as have been provided by the
  Commission in the adopting release (Asset-Backed Securities, Securities Act
  Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff
  of the Commission, or as may be provided by the Commission or its staff from
  time to time. 

      “Related
      Agreements” shall have the meaning
      specified in the recitals to the Administration Agreement. 

      “Reportable
      Event” shall mean any event required
to be reported on Form 8-K, and in any event, the following: 

 (a) entry into a material definitive
    agreement related to the Trust, the Notes or the Receivables, or an amendment
    to a Basic Document, even if the Depositor is not a party to such agreement
    (e.g., a servicing agreement with a servicer contemplated by Item 1108(a)(3)
    of Regulation AB); 

 (b) termination of a Basic Document
    (other than by expiration of the agreement on its stated termination date
    or as a result of all parties completing their obligations under such agreement),
    even if the Depositor is not a party to such agreement (e.g., a servicing
    agreement with a servicer contemplated by Item 1108(a)(3) of Regulation AB); 

 (c) with respect to the Servicer
    only, the occurrence of an Event of Servicing Termination or an Event of
    Default; 

 18

 (d) the resignation, removal, replacement,
    substitution of the Indenture Trustee, the Owner Trustee or any co-trustee; 

 (e) with respect to the Indenture
    Trustee only, a required distribution to holders of the Notes is not made
    as of the required Payment Date under the Indenture; and 

 (f) with respect to the Servicer
    only, if the Servicer becomes aware of any bankruptcy or receivership of
    the Seller, the Depositor, the Indenture Trustee, the Owner Trustee, any
    enhancement or support provider contemplated by Item 1114(b) or 1115 of Regulation
    AB, or other material party contemplated by Item 1101(d)(1) of Regulation
    AB. 

      “Reporting
      Subcontractor” shall mean with
      respect to the Indenture Trustee or the Servicer, as the context may require,
      any Subcontractor determined by such Person pursuant to Section
      10.7 of the Sale and Servicing Agreement
      to be “participating in the servicing function”
    within the meaning of Item 1122 of Regulation AB. References to a Reporting
    Subcontractor shall refer only to the Subcontractor of such Person and shall
    not refer to Subcontractors generally. 

      “Representatives” shall
    mean Banc of America Securities LLC and Citigroup Global Markets Inc. as
    representatives of the several Underwriters. 

      “Required
      Rating” shall mean a rating on
      (i) short-term unsecured debt obligations of “Prime-1” by Moody’s
      and (ii) short-term unsecured debt obligations of “A-1+” by Standard & Poor’s;
      and any requirement that short-term unsecured debt obligations have the “Required
      Rating” shall mean that such short-term unsecured debt obligations
      have the foregoing required ratings from each of such Rating Agencies. 

      “Reserve
      Account” shall mean the account
      established and maintained as such pursuant to Section
      4.7(a) of the Sale and Servicing Agreement. 

      “Reserve
      Account Excess Amount” shall
      mean, with respect to any Payment Date, an amount equal to the excess,
      if any, of (i) the amount of cash or other immediately available funds
      in the Reserve Account on such Payment Date (prior to giving effect to
      any withdrawals therefrom relating to such Payment Date) over (ii) the
      Specified Reserve Balance with respect to such Payment Date. 

      “Reserve
      Account Property” shall have
      the meaning specified in Section 4.7(a) of
      the Sale and Servicing Agreement. 

     “Reserve
      Initial Deposit” shall mean $5,000,007.44.

      “Responsible
      Officer” shall mean, (a) with
      respect to the Indenture Trustee, any officer within the corporate trust
      department of the Indenture Trustee, including any vice president, assistant
      vice president, assistant secretary, assistant treasurer, trust officer
      or any other officer of the Indenture Trustee who customarily performs
      functions similar to those performed by the persons who at the time shall
      be such officers, respectively, or to whom any corporate trust matter is
      referred because of such person’s knowledge of and familiarity with
      the particular

 19

 subject and who, in each case,
    shall have direct responsibility for the administration of the Indenture,
    (b) with respect to the Owner Trustee, any officer within the Corporate Trust
    Office of the Owner Trustee and having direct responsibility for the administration
    of the Issuer, including any Managing Director, Director, Vice President,
    Assistant Vice President, Assistant Treasurer, Assistant Secretary or Associate,
    or any other officer 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
    (c) with respect to the Servicer, the Seller or the Administrator, any officer
    of such Person having direct responsibility for the transactions contemplated
    by the Basic Documents, including the President, Treasurer or Secretary or
    any Vice President, Controller, Assistant Vice President, Assistant Treasurer,
    Assistant Secretary, or any other officer 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.

      “Rule
      144 A Letter” shall have the
      meaning specified in Section 3.4(b) of
      the Trust Agreement. 

      “Sale
      and Servicing Agreement” shall
      mean the Sale and Servicing Agreement, dated as of April 29, 2008, by and
      among the Trust, as issuer, the Depositor, and the Bank, as seller and
      servicer. 

      “Schedule
      of Receivables” shall mean the
      list of Receivables attached as Schedule
      A to the Receivables Purchase Agreement,
      the Sale and Servicing Agreement and the Indenture (which Schedules may
      be in the form of microfiche, disk or other means acceptable to the Indenture
      Trustee). 

      “Scheduled
      Payment” shall mean, for any
      Collection Period for any Receivable, the amount indicated in such Receivable
      as required to be paid by the Obligor in such Collection Period (without
      giving effect to deferments of payments pursuant to Section
      3.2 of the Sale and Servicing Agreement
      or any rescheduling in any insolvency or similar proceedings). 

     “Secretary
      of State” shall mean the Secretary
      of State of the State of Delaware. 

     “Securities” shall
    mean the Notes and the Certificates, collectively. 

     “Securities
      Act” shall mean the Securities
      Act of 1933, as amended. 

     “Securityholders” shall
    mean the Noteholders and the Certificateholders, collectively.

      “Seller” shall
    mean the Bank as the seller of the Receivables under the Receivables Purchase
    Agreement and each successor to the Bank. 

      “Servicer” shall
    mean the Bank as the servicer of the Receivables under the Sale and Servicing
    Agreement, and each successor to the Bank (in the same capacity) pursuant
    to Section 6.3 or 7.2 of
    the Sale and Servicing Agreement. 

 20

      “Servicer’s
      Certificate” shall mean a certificate
      completed and executed by the Servicer by the chairman of the board, the
      president, any executive vice president, any vice president, the treasurer,
      any assistant treasurer, the controller, or any assistant controller of
      the Servicer pursuant to Section 3.9 of
      the Sale and Servicing Agreement. 

      “Servicing
      Criteria” shall mean the “servicing
      criteria” set forth in Item 1122(d) of Regulation AB. 

      “Servicing
      Fee” shall mean, with respect
      to a Collection Period, the fee payable to the Servicer for services rendered
      during such Collection Period, which shall be equal to one-twelfth of the
      Servicing Fee Rate multiplied by the Pool Balance as of the first day of
      the Collection Period. 

     “Servicing
      Fee Rate” shall mean 0.50% per
      annum.

      “Similar
      Laws” shall mean federal, state
      or local laws that impose requirements similar to Section 406 of ERISA
      or Section 4975 of the Code. 

      “Simple
      Interest Method” shall mean 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 amount accrued from the date of the preceding payment to the date
      of the current payment. 

      “Specified
      Reserve Balance” shall mean for
      a Payment Date the greater of (a) 1.20% of the Pool Balance as of the last
      day of the related Collection Period and (b) 0.75% of the Pool Balance
      as of the Cut-off Date, but in any event shall not be greater than the
      sum of the aggregate principal balance of the Outstanding Notes as of the
      current Payment Date; provided, however,
      if (i) the Specified Reserve Reduction Trigger is met on the Payment Date
      in April 2010, the percentage in clause
      (b) will be reduced to 0.50% on such
      Payment Date and shall remain at such percentage for each Payment Date
      thereafter; or (ii) the Specified Reserve Reduction Trigger is met on the
      Payment Date in October 2010, the percentage in clause
      (b) will be reduced to 0.50% on such
      Payment Date (regardless of whether the Specified Reserve Reduction Trigger
      was met on the Payment Date in April 2010) and shall remain at such percentage
      for each Payment Date thereafter. The percentage in clause
      (b) will not be reduced in October
      2010 if it was reduced in April 2010. The Specified Reserve Balance may
      be reduced to a lesser amount as determined by the Depositor, if each of
      Moody’s and Standard & Poor’s shall have confirmed in writing
      to the Indenture Trustee that such action will not result in a withdrawal
      or reduction in any of its ratings of the Notes. 

      “Specified
      Reserve Reduction Trigger” shall
      mean a test that will be met if (a) the amount on deposit in the Reserve
      Account is equal to the Specified Reserve Balance and (b) the Average Delinquency
      Ratio Test and the Cumulative Net Loss Ratio Test for the Payment Date
      in April 2010 or in October 2010 are met. 

      “Standard & Poor’s” shall
    mean Standard & Poor’s Ratings Services, a division of The McGraw-Hill
    Companies, Inc. 

 21

      “State” shall
    mean any state or commonwealth of the United States of America, or the District
    of Columbia. 

      “Statutory
      Trust Statute” shall mean Chapter
      38 of Title 12 of the Delaware Code, 12 Delaware Code ss. 3801 et seq.,
      as amended. 

      “Subcontractor” shall
    mean any vendor, subcontractor or other Person that is not responsible for
    the overall servicing (as “servicing” is commonly understood by
    participants in the mortgage-backed securities market) of Receivables but
    performs one or more discrete functions identified in Item 1122(d) of Regulation
    AB with respect to the Receivables under the direction or authority of the
    Indenture Trustee. 

      “Successor
      Servicer” shall mean an institution
      appointed as successor Servicer pursuant to Section
      7.2 of the Sale and Servicing Agreement. 

      “Supplemental
      Servicing Fee” shall mean the
      fee payable to the Servicer for certain services rendered during the respective
      Collection Period, determined pursuant to and defined in Section
      3.8 of the Sale and Servicing Agreement. 

      “Total
      Required Payment” shall mean,
      with respect to any Payment Date, the sum of the Servicing Fee and all
      unpaid Servicing Fees from prior Collection Periods, the Accrued Class
      A Note Interest, the Accrued Class B Note Interest and the Regular Principal
      Distribution Amount; provided, however,
      that on any Final Scheduled Payment Date the amount required to be paid
      pursuant to Section 4.6(c)(vi) of
      the Sale and Servicing Agreement shall be included in the Total Required
      Payment; provided, further,
      that following the occurrence and during the continuation of an Event of
      Default specified in Section 5.1(i), (ii), (iv) or (v) of
      the Indenture, on any Payment Date until the Payment Date on which the
      outstanding principal amount of all the Securities has been paid in full,
      the Total Required Payment shall mean the sum of the fees, expenses and
      indemnification of the Indenture Trustee and the Owner Trustee, the Servicing
      Fee and all unpaid Servicing Fees from prior Collection Periods, the Accrued
      Class A Note Interest, the Accrued Class B Note Interest and the amount
      necessary to reduce the outstanding principal amount of all the Notes to
      zero. 

     “Transfer
      Date” shall mean the Closing
      Date.

      “Transferor
      Certificate” shall have the meaning
      specified in Section 3.4(b) of
      the Trust Agreement. 

      “Treasury
      Regulations” shall mean regulations,
      including proposed or temporary regulations, promulgated under the Code.
      References to specific provisions of proposed or temporary regulations
      shall include analogous provisions of final Treasury Regulations or other
      successor Treasury Regulations. 

      “Trust” shall
    mean USAA Auto Owner Trust 2008-2, a Delaware statutory trust governed by
    the Trust Agreement. 

      “Trust
      Accounts” shall have the meaning
      specified in Section 4.7(a) of
      the Sale and Servicing Agreement. 

 22

      “Trust
      Agreement” shall mean the Amended
      and Restated Trust Agreement of the Trust dated as of April 29, 2008, by
      and between the Depositor and the Owner Trustee, as amended and/or restated
      from time to time. 

      “Trust
      Indenture Act” or “TIA” shall
      mean the Trust Indenture Act of 1939, as amended, unless otherwise specifically
      provided. 

      “Trust
      Property” shall mean, collectively,
      (i) the Purchased Property; (ii) the Trust Accounts and all amounts, securities,
      investments, investment property and other property deposited in or credited
      to any of the foregoing, all security entitlements relating to the foregoing
      and all proceeds thereof; (iii) the Depositor’s rights under the Receivables
      Purchase Agreement and the Issuer’s rights under the Sale and Servicing
      Agreement; and (iv) all present and future claims, demands, causes of action
      and choses in action in respect of any or all of the foregoing and all
      payments on or under and all proceeds of every kind and nature whatsoever
      in respect of any or all of the foregoing, including all proceeds of the
      conversion thereof, voluntary or involuntary, into cash or other liquid
      property, all cash proceeds, accounts, accounts receivable, notes, drafts,
      acceptances, chattel paper, checks, deposit accounts, insurance proceeds,
      condemnation awards, rights to payment of any and every kind and other
      forms of obligations and receivables, instruments and other property which
      at any time constitute all or part of or are included in the proceeds of
      any of the foregoing. 

      “Trustee
      Officer” shall mean, with respect
      to the Indenture Trustee, any officer within the Corporate Trust Office
      of the Indenture Trustee 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, in each case
      having direct responsibility for the administration of the Indenture and
      the other Basic Documents on behalf of the Indenture Trustee and, with
      respect to the Owner Trustee, any officer within the Corporate Trust Office
      of the Owner Trustee with direct responsibility for the administration
      of the Trust Agreement and the other Basic Documents on behalf of the Owner
      Trustee. 

      “UCC” shall
    mean the Uniform Commercial Code as in effect in any relevant jurisdiction. 

      “Underwriters” shall
    mean the underwriters named in Schedule
    I to the Underwriting Agreement. 

      “Underwriting
      Agreement” shall mean the Underwriting
      Agreement, dated April 22, 2008 among the Seller, the Depositor and the
      Representatives. 

 23

APPENDIX B 

  

  Item 1119 Parties

USAA Auto Owner Trust 2008-2

USAA Acceptance, LLC

USAA Federal Savings Bank

Wells Fargo Delaware Trust Company

The Bank of New York

 

APPENDIX C

Minimum Servicing Criteria to be Addressed in

Assessment of Compliance Statement 

      The assessment of compliance to be delivered by the [Indenture Trustee] [Servicer] shall address, at a minimum, the criteria identified as below as “Applicable Servicing Criteria”:

					
	
  Reg AB Reference		                                         	
Servicing Criteria		 	
Applicable Servicing Criteria	
	  	 	
General Servicing Considerations		 	  
	  	 	
Policies and procedures are instituted to monitor		 	  
	  	 	
any performance or other triggers and events of		 	  
	  	 	
default in accordance with the transaction		 	  
	
  1122(d)(1)(i)		 	
agreements.		 	  
	  	 	
If any material servicing activities are		 	  
	  	 	
outsourced to third parties, policies and		 	  
	  	 	
procedures are instituted to monitor the third		 	  
	  	 	
party’s performance and compliance with such		 	  
	
  1122(d)(1)(ii)		 	
servicing activities.		 	  
	  	 	
Any requirements in the transaction agreements		 	  
	  	 	
to maintain a back-up servicer for the Pool		 	  
	
  1122(d)(1)(iii)		 	
Assets are maintained.		 	  
	  	 	
A fidelity bond and errors and omissions policy		 	  
	  	 	
is in effect on the party participating in the		 	  
	  	 	
servicing function throughout the reporting		 	  
	  	 	
period in the amount of coverage required by		 	  
	  	 	
and otherwise in accordance with the terms of		 	  
	
  1122(d)(1)(iv)	 	
the transaction agreements.		 	  
	  	 	
Cash Collection and Administration		 	  
	  	 	
Payments on pool assets are deposited into the		 	  
	  	 	
appropriate custodial bank accounts and related		 	  
	  	 	
bank clearing accounts no more than two		 	  
	  	 	
business days following receipt, or such other		 	  
	  	 	
number of days specified in the transaction		 	  
	
  1122(d)(2)(i)		 	
agreements.		 	  
	  	 	
Disbursements made via wire transfer on behalf		 	  
	  	 	
of an obligor or to an investor are made only by		 	  
	
  1122(d)(2)(ii)		 	
authorized personnel.		 	  
	  	 	
Advances of funds or guarantees regarding		 	  
	  	 	
collections, cash flows or distributions, and any		 	  
	  	 	
interest or other fees charged for such advances,		 	  
	  	 	
are made, reviewed and approved as specified in		 	  
	
  1122(d)(2)(iii)		 	
the transaction agreements.		 	  
	  	 	
The related accounts for the transaction, such as		 	  
	  	 	
cash reserve accounts or accounts established as		 	  
	  	 	
a form of over collateralization, are separately		 	  
	  	 	
maintained (e.g., with respect to commingling of		 	  
	
  1122(d)(2)(iv)		 	
cash) as set forth in the transaction agreements.		 	  

C-1

					
	
  Reg AB Reference		                                         													
Servicing Criteria		 	
Applicable Servicing Criteria	
	  	 	
Each custodial account is maintained at a		 	  
	  	 	
federally insured depository institution as set		 	  
	  	 	
forth in the transaction agreements. For		 	  
	  	 	
purposes of this criterion, “federally insured		 	  
	  	 	
depository institution” with respect to a foreign		 	  
	  	 	
financial institution means a foreign financial		 	  
	  	 	
institution that meets the requirements of Rule		 	  
	
  1122(d)(2)(v)		 	
13k-1(b)(1) of the Securities Exchange Act.		 	  
	  	 	
Unissued checks are safeguarded so as to		 	 	
	
  1122(d)(2)(vi)		 	
prevent unauthorized access.		 	 	
	  	 	
Reconciliations are prepared on a monthly basis		 	 	
	  	 	
for all asset-backed securities related bank		 	 	
	  	 	
accounts, including custodial accounts and		 	 	
	  	 	
related bank clearing accounts. These		 	 	
	  	 	
reconciliations are (A) mathematically accurate;		 	 	
	  	 	
(B) prepared within 30 calendar days after the		 	 	
	  	 	
bank statement cutoff date, or such other number		 	 	
	  	 	
of days specified in the transaction agreements;		 	 	
	  	 	
(C) reviewed and approved by someone other		 	 	
	  	 	
than the person who prepared the reconciliation;		 	 	
	  	 	
and (D) contain explanations for reconciling		 	 	
	  	 	
items. These reconciling items are resolved		 	 	
	  	 	
within 90 calendar days of their original		 	 	
	  	 	
identification, or such other number of days		 	 	
	
  1122(d)(2)(vii)		 	
specified in the transaction agreements.		 	 	
	  	 	
Investor Remittances and Reporting		 	 	
	  	 	
Reports to investors, including those to be filed		 	 	
	  	 	
with the Commission, are maintained in		 	 	
	  	 	
accordance with the transaction agreements and		 	 	
	  	 	
applicable Commission requirements.		 	 	
	  	 	
Specifically, such reports (A) are prepared in		 	 	
	  	 	
accordance with timeframes and other terms set		 	 	
	  	 	
forth in the transaction agreements; (B) provide		 	 	
	  	 	
information calculated in accordance with the		 	 	
	  	 	
terms specified in the transaction agreements;		 	 	
	  	 	
(C) are filed with the Commission as required by		 	 	
	  	 	
its rules and regulations; and (D) agree with		 	 	
	  	 	
investors’ or the trustee’s records as to the total		 	 	
	  	 	
unpaid principal balance and number of Pool		 	 	
	
  1122(d)(3)(i)	 	
Assets serviced by the Servicer.		 	 	
	 		 	
Amounts due to investors are allocated and		 	 	
	 		 	
remitted in accordance with timeframes,		 	 	
	 		 	
distribution priority and other terms set forth in		 	 	
	
  1122(d)(3)(ii)	 	
the transaction agreements.		 	 	
	 		 	
Disbursements made to an investor are posted		 	 	
	 		 	
within two business days to the Servicer’s		 	 	
	 		 	
investor records, or such other number of days		 	 	
	
        1122(d)(3)(iii)	 	
specified in the transaction agreements.		 	 	
	 		 	
Amounts remitted to investors per the investor		 	 	
	 		 	
reports agree with cancelled checks, or other		 	 	
	
  1122(d)(3)(iv)		 	
form of payment, or custodial bank statements.		 	 	

C-2

					
	
  Reg AB Reference		 	
Servicing Criteria		 	
Applicable Servicing Criteria	
	  	 	
Pool Asset Administration		 	 	
	  	 	
Collateral or security on pool assets is		 	 	
	  	
maintained as required by the transaction		 	
	
  1122(d)(4)(i)		
agreements or related pool asset documents.		 	
	  	 	
Pool assets and related documents are		 	 	
	  	
safeguarded as required by the transaction		 	
	
  1122(d)(4)(ii)		
agreements		 	
	  	 	
Any additions, removals or substitutions to the		 	 	
	  	
asset pool are made, reviewed and approved in		 	
	  	
accordance with any conditions or requirements		 	
	
  1122(d)(4)(iii)		
in the transaction agreements.		 	
	  	 	
Payments on pool assets, including any payoffs,		 	 	
	  	
made in accordance with the related pool asset		 	
	  	
documents are posted to the Servicer’s obligor		 	
	  	
records maintained no more than two business		 	
	  	
days after receipt, or such other number of days		 	
	  	
specified in the transaction agreements, and		 	
	  	
allocated to principal, interest or other items		 	
	  	
(e.g., escrow) in accordance with the related		 	
	
  1122(d)(4)(iv)		
pool asset documents.		 	
	  	 	
The Servicer’s records regarding the pool assets		 	 	
	  	
agree with the Servicer’s records with respect to		 	
	
  1122(d)(4)(v)		
an obligor’s unpaid principal balance.		 	
	  	 	
Changes with respect to the terms or status of an		 	 	
	  	
obligor’s pool assets (e.g., loan modifications or		 	
	  	
re-agings) are made, reviewed and approved by		 	
	  	
authorized personnel in accordance with the		 	
	  	
transaction agreements and related pool asset		 	
	
  1122(d)(4)(vi)		
documents.		 	
	  	 	
Loss mitigation or recovery actions (e.g.,		 	 	
	  	
forbearance plans, modifications and deeds in		 	
	  	
lieu of foreclosure, foreclosures and		 	
	  	
repossessions, as applicable) are initiated,		 	
	  	
conducted and concluded in accordance with the		 	
	  	
timeframes or other requirements established by		 	
	
  1122(d)(4)(vii)		
the transaction agreements.		 	
	  	 	
Records documenting collection efforts are		 	 	
	  	
maintained during the period a pool asset is		 	
	  	
delinquent in accordance with the transaction		 	
	  	
agreements. Such records are maintained on at		 	
	  	
least a monthly basis, or such other period		 	
	  	
specified in the transaction agreements, and		 	
	  	
describe the entity’s activities in monitoring		 	
	  	
delinquent pool assets including, for example,		 	
	  	
phone calls, letters and payment rescheduling		 	
	  	
plans in cases where delinquency is deemed		 	
	
        1122(d)(4)(viii)	
temporary (e.g., illness or unemployment).		 	
	  	 	
Adjustments to interest rates or rates of return		 	 	
	  	
for pool assets with variable rates are computed		 	
	
        1122(d)(4)(ix)	
based on the related pool asset documents.		 	

C-3

					
	
  Reg AB Reference		 																			             	
Servicing Criteria		 	
Applicable Servicing Criteria	
	 		 	
Regarding any funds held in trust for an obligor		 	 	
	 		 	
(such as escrow accounts): (A) such funds are		 	 	
	 		 	
analyzed, in accordance with the obligor’s pool		 	 	
	 		 	
asset documents, on at least an annual basis, or		 	 	
	 		 	
such other period specified in the transaction		 	 	
	 		 	
agreements; (B) interest on such funds is paid,		 	 	
	 		 	
or credited, to obligors in accordance with		 	 	
	 		 	
applicable pool asset documents and state laws;		 	 	
	 		 	
and (C) such funds are returned to the obligor		 	 	
	 		 	
within 30 calendar days of full repayment of the		 	 	
	 		 	
related pool assets, or such other number of days		 	 	
	
  1122(d)(4)(x)		 	
specified in the transaction agreements.		 	 	
	 		 	
Payments made on behalf of an obligor (such as		 	 	
	 		 	
tax or insurance payments) are made on or		 	 	
	 		 	
before the related penalty or expiration dates, as		 	 	
	 		 	
indicated on the appropriate bills or notices for		 	 	
	 		 	
such payments, provided that such support has		 	 	
	 		 	
been received by the servicer at least 30 calendar		 	 	
	 		 	
days prior to these dates, or such other number		 	 	
	
  1122(d)(4)(xi)		 	
of days specified in the transaction agreements.		 	 	
	  	 	
Any late payment penalties in connection with		 	 	
	  	 	
any payment to be made on behalf of an obligor		 	 	
	  	 	
are paid from the Servicer’s funds and not		 	 	
	  	 	
charged to the obligor, unless the late payment		 	 	
	
  1122(d)(4)(xii)		 	
was due to the obligor’s error or omission.		 	 	
	  	 	
Disbursements made on behalf of an obligor are		 	 	
	  	 	
posted within two business days to the obligor’s		 	 	
	  	 	
records maintained by the servicer, or such other		 	 	
	  	 	
number of days specified in the transaction		 	 	
	
  1122(d)(4)(xiii)		 	
agreements.		 	 	
	  	 	
Delinquencies, charge-offs and uncollectible		 	 	
	  	 	
accounts are recognized and recorded in		 	 	
	
  1122(d)(4)(xiv)		 	
accordance with the transaction agreements.		 	 	
	  	 	
Any external enhancement or other support,		 	 	
	  	 	
identified in Item 1114(a)(1) through (3) or Item		 	 	
	  	 	
1115 of Regulation AB, is maintained as set		 	 	
	
  1122(d)(4)(xv)		 	
forth in the transaction agreements.		 	 	

[THE BANK OF NEW YORK] [USAA FEDERAL

SAVINGS BANK]

By:  ______________________________________

Name:

Title:

Date:  _____________________________________

C-4

APPENDIX D

 Form of Performance Certification

 CERTIFICATION

   Re: USAA Auto Owner Trust 2008-2

      The
    undersigned [Indenture Trustee] [Reporting Subcontractor] hereby certifies
    to the [ ] and its officers, directors and Affiliates (collectively, the “Certification
    Parties”) as follows, with the
    knowledge and intent that the Certification Parties will rely on this Certification
    in connection with the certification concerning the Trust to be signed by
    an officer of the Servicer and submitted to the Securities and Exchange Commission
    pursuant to Rule 13a-14(d)/15d-14(d): 

      1.
    The [Indenture Trustee] [Reporting Subcontractor] has reviewed the information
    and reports provided by it to the Depositor and the Servicer pursuant to
    the Sale and Servicing Agreement (defined below) with respect to the servicing
    criteria assessment under Section 10.5 of
    the Sale and Servicing Agreement (defined below) (the “Information”); 

      2.
    Based on the [Indenture Trustee] [Reporting Subcontractor]’s knowledge,
    the Information, taken as a whole, does not contain any untrue statement
    of a material fact or omit to state a material fact required in the Information
    and necessary to make the statements made, in the light of the circumstances
    under which such statements were made, not misleading with respect to the
    period covered by the 10-K report; and 

      3.
    The servicing criteria assessment required to be provided by the [Indenture
    Trustee] [Reporting Subcontractor] pursuant to the Sale and Servicing Agreement
    (defined below), has been provided to the Depositor and the Servicer. Any
    material instance of noncompliance with the applicable Servicing Criteria
    has been disclosed in such report. 

      [4.
    Any assessment of compliance with servicing criteria required to be provided
    by any Reporting Subcontractor of the Indenture Trustee have been provided
    by such Reporting Subcontractor.] 

 D-1

      Capitalized
    terms not otherwise defined herein have the meanings ascribed thereto in
    the Sale and Servicing Agreement (the “Sale
    and Servicing Agreement”) dated
    as of April 29, 2008 among USAA Federal Savings Bank, as Seller and Servicer,
    USAA Auto Owner Trust 2008-2 and USAA Acceptance, LLC. 

	 	[THE BANK OF NEW YORK, not in its
        individual 

      capacity but solely as Indenture Trustee] 

      [REPORTING SUBCONTRACTOR]
	 	 	 
	 	By:	 	 
	 	Name:
	 	Title:
	 	 	 
	 	Date:

    	 	 

 D-2

 APPENDIX E

 Form of Performance Certification

 CERTIFICATION

   Re: USAA Auto Owner Trust 2008-2

      The
    undersigned Servicer hereby certifies to the [ ] and its officers, directors
    and Affiliates (collectively, the “Certification
    Parties”) as follows, with the
    knowledge and intent that the Certification Parties will rely on this Certification
    in connection with the certification concerning the Trust to be signed by
    an officer of the Servicer and submitted to the Securities and Exchange Commission
    pursuant to the Rule 13a-14(d)/15d-14(d): 

      1.
    I have reviewed the servicer compliance statement of the Servicer provided
    in accordance with Item 1123 of Regulation AB (the “Compliance
    Statement”), the report on assessment
    of the Servicer’s compliance with the servicing criteria set forth in
    Item 1122(d) of Regulation AB (the “Servicing
    Criteria”), provided in accordance
    with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as amended
    (the “Exchange Act”)
    and Item 1122 of Regulation AB (the “Servicing
    Assessment”), the registered public
    accounting firm’s attestation report provided in accordance with Rules
    13a-18 and 15d-18 under the Exchange Act and Section 1122(b) of Regulation
    AB (the “Attestation Report”),
    and all servicing reports, officer’s certificates and other information
    relating to the servicing of the Receivables by the Servicer during 200[
    ] that were delivered by the Servicer to the Indenture Trustee pursuant to
    the Agreement (defined below) (collectively, the
  “Servicer Servicing Information”); 

      2.
    Based on my knowledge, the Servicer Servicing Information, taken as a whole,
    does not contain any untrue statement of a material fact or omit to state
    a material fact necessary to make the statements made, in the light of the
    circumstances under which such statements were made, not misleading with
    respect to the period of time covered by the Servicer Servicing Information; 

      3.
    Based on my knowledge, all of the Servicer Servicing Information required
    to be provided by the Servicer under the Sale and Servicing Agreement dated
    April 29, 2008 among USAA Auto Owner Trust 2008-2, USAA Acceptance, LLC and
    USAA Federal Savings Bank (the “Agreement”)
    has been provided to the Indenture Trustee; 

      4.
    I am responsible for reviewing the activities performed by the Servicer as
    servicer under the Agreement, and based on my knowledge and the compliance
    review conducted in preparing the Compliance Statement and except as disclosed
    in the Compliance Statement, the Servicing Assessment or the Attestation
    Report, the Servicer has fulfilled its obligations under the Agreement in
    all material respects; and 

      5.
    The Compliance Statement required to be delivered by the Servicer pursuant
    to the Agreement, and the Servicing Assessment and Attestation Report required
    to be provided by the Servicer and by any Reporting Subcontractor pursuant
    to the Agreement, have been provided to the Indenture Trustee. Any material
    instances of noncompliance described in such reports

 E-1

 have been disclosed to the Depositor.
    Any material instance of noncompliance with the Servicing Criteria has been
    disclosed in such reports. 

      Capitalized
    terms not otherwise defined herein have the meanings ascribed thereto in
    the Agreement. 

	 	USAA FEDERAL SAVINGS BANK 
	 	 	 
	 	By:	 	 
	 	Name:
	 	Title:
	 	 	 
	 	Date:

    	 	 

 E-2Exhibit 10.3 

ADMINISTRATION AGREEMENT 

     This ADMINISTRATION AGREEMENT, dated as of April 29, 2008 (as from time to time amended, supplemented or otherwise modified and in effect, this “Agreement”), is by and among USAA AUTO OWNER TRUST 2008-2, a Delaware statutory trust (the “Issuer”), USAA FEDERAL SAVINGS BANK, a federally chartered savings association (the “Bank”), as administrator (in such capacity, the “Administrator”), and THE BANK OF NEW YORK, a banking corporation organized under the laws of the State of New York, not in its individual capacity but solely as Indenture Trustee (in such capacity, the “Indenture Trustee”). 

     WHEREAS, the Issuer is issuing the Notes pursuant to the Indenture and the Certificates pursuant to the Trust Agreement and has entered into certain agreements in connection therewith, including (i) the Sale and Servicing Agreement, (ii) the Note Depository Agreement and (iii) the Indenture (the Trust Agreement, the Sale and Servicing Agreement, the Note Depository Agreement and the Indenture being referred to hereinafter collectively as the “Related Agreements”); 

     WHEREAS, the Issuer and the Owner Trustee desire to have the Administrator perform certain duties of the Issuer and the Owner Trustee under the Related Agreements and to provide such additional services consistent with the terms of this Agreement and the Related Agreements as the Issuer and the Owner Trustee may from time to time request; and 

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

     NOW, THEREFORE, in consideration of the mutual covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows: 

     1. Definitions and Usage. Except as otherwise specified herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein are defined in Appendix A to the Sale and Servicing Agreement dated as of April 29, 2008, by and among the Issuer, USAA Acceptance, LLC and the Bank, which also contains rules as to usage that shall be applicable herein. 

     2. Duties of the Administrator. (a) Duties with Respect to the Indenture and the Note Depository Agreement. (i) The Administrator agrees to perform all its duties as Administrator and the duties of the Issuer under the Note Depository Agreement. In addition, the Administrator shall consult with the Owner Trustee regarding the duties of the Issuer under the Indenture and the Note Depository Agreement. The Administrator shall monitor the performance of the Issuer and shall advise the Owner Trustee when action is necessary to comply with the Issuer’s duties under the Indenture and the Note Depository Agreement. The Administrator shall prepare for execution by the Issuer, or shall cause the preparat

ion by other appropriate Persons of, all such documents, reports, filings, instruments, notices, certificates and opinions that it shall be the duty of the Issuer to prepare, file or deliver pursuant to the Indenture 

and the Note Depository Agreement.  In furtherance of the foregoing, the Administrator shall take, in the name and on behalf of the Issuer, all appropriate action that is the duty of the Issuer to take, pursuant to the
Indenture including, without limitation, such of the foregoing as are required with respect to the following matters under the Indenture (references are to sections of the Indenture): 

     (A) the preparation of or obtaining of the documents and instruments required for execution of the Notes and delivery of
the same to the Indenture Trustee for authentication (Section 2.2); 

     (B) the duty to cause the Note Register to be kept and to give the Indenture Trustee notice of any appointment of a new
Note Registrar and the location, or change in location, of the Note Register and the determination as to whether the requirements of UCC Section 8-401(a) are met and the preparation of an Issuer Request requesting the Indenture Trustee to
authenticate and deliver Notes in connection with any transfer or exchange (Section 2.5); 

     (C) the determination as to whether the requirements of UCC Section 8-405 are met and the preparation of an Issuer Request
requesting the Indenture Trustee to authenticate and deliver replacement Notes in lieu of mutilated, destroyed, lost or stolen Notes (Section 2.6); 

     (D) the determination of the expenses associated with the issuance of replacement Notes (Section 2.6(b)); 

     (E) the preparation, obtaining or filing of Issuer Requests, instruments, opinions and certificates and other documents
required for the release of property from the lien of the Indenture (Section 2.10); 

     (F) the preparation of Definitive Notes in accordance with the instructions of the Clearing Agency and delivery of such to
the Indenture Trustee (Section 2.13); 

     (G) the maintenance and notice of location of the office in the Borough of Manhattan, The City of New York, for
registration of transfer or exchange of Notes if the Indenture Trustee ceases to maintain such an office (Section 3.2); 

     (H) the duty to cause newly appointed Note Paying Agents, if any, to deliver to the Indenture Trustee the instrument
specified in the Indenture regarding funds held in trust (Section 3.3(c)); 

     (I) the delivery of the Issuer Order to the Indenture Trustee to deposit monies with Note Paying Agents, if any, other
than the Indenture Trustee (Section 3.3(d)); 

     (J) the delivery of an Issuer Request for publication and notification of unclaimed amounts (Section 3.3(e)); 

     (K) the maintenance of the Issuer’s status as a statutory trust and the obtaining and preservation of the
Issuer’s qualification to do business in each jurisdiction in which 

2 

such qualification is or shall be necessary to protect the validity and enforceability of the Indenture, the Notes, the Collateral and each other instrument or agreement included in the Indenture Trust Estate
(Section 3.4); 

     (L) the preparation and filing, as applicable, of all supplements and amendments to the Indenture and all financing
statements, continuation statements, instruments of further assurance and other instruments and the taking of such other action as is necessary or advisable to protect the Indenture Trust Estate (Sections
3.5 and 3.7(c)); 

     (M) the delivery of the Opinion of Counsel on the Closing Date and the annual delivery of Opinions of Counsel as to the
Indenture Trust Estate, and the annual delivery of the Officer’s Certificate and certain other statements as to compliance with the Indenture (Sections 3.6 and
3.9); 

     (N) the identification to the Indenture Trustee in an Officer’s Certificate of any Person with whom the Issuer has
contracted to perform its duties under the Indenture (Section 3.7(b)); 

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

     (P) the appointment of the Successor Servicer and preparation of the related servicing agreement (Section 3.7(e)); 

     (Q) the notification of the termination of the Servicer and appointment of the Successor Servicer (Section 3.7(f)); 

     (R) the preparation and obtaining of any documents, instruments and opinions required for the consolidation or merger of
the Issuer with another entity or the transfer by the Issuer of its properties or assets (Section 3.10); 

     (S) the delivery of a letter for release (Section 3.11(b)); 

     (T) the duty to cause the Servicer to comply with Sections 3.9, 3.10, 3.11, 3.12, 3.13 and 4.9 and Article VI of the Sale and Servicing Agreement (Section 3.14); 

     (U) upon the request of the Indenture Trustee, the execution and delivery of any instruments and the undertaking of any
actions reasonably necessary to carry out more effectively the purpose of the Indenture (Section 3.17); 

     (V) the delivery of written notice to the Indenture Trustee and the Rating Agencies of each Event of Default under the
Indenture and each default by any party to the Sale and Servicing Agreement (Section 3.19); 

3 

     (W) the monitoring of the Issuer’s obligations as to the satisfaction and discharge of the Indenture and the
preparation of an Officer’s Certificate and the obtaining of the Opinions of Counsel and the Independent Certificate relating thereto and the demand to the Indenture Trustee for execution of certain instruments (Section 4.1); 

     (X) the monitoring of the Issuer’s obligations as to the satisfaction, discharge and defeasance of the Notes and the
preparation of an Officer’s Certificate and the obtaining of an opinion of a nationally recognized firm of independent certified public accountants, a written certification thereof and the Opinions of Counsel relating thereto (Section 4.1); 

     (Y) the demand to remit monies (Section 4.3); 

     (Z) the preparation of an Officer’s Certificate to the Indenture Trustee after the occurrence of any event which with
the giving of notice and the lapse of time would become an Event of Default under Section 5.1(iii) of the Indenture, its status and what action the Issuer is taking or proposes
to take with respect thereto (Section 5.1); 

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

     (BB) the undertaking of actions set forth in Section 5.16 as requested by the Indenture Trustee (Section 5.16); 

     (CC) the payment of expenses, costs and indemnities to the Indenture Trustee (Section
6.7); 

     (DD) the removal of the Indenture Trustee upon the occurrence of certain events, the preparation and delivery of notice to
Noteholders of the removal of the Indenture Trustee, the appointment of a successor Indenture Trustee, the payment of any expenses incurred in changing an indenture trustee, and, if necessary, the petition of a court of competent jurisdiction for
the appointment of a successor Indenture Trustee (Section 6.8); 

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

     (FF) the preparation and, after execution by or on behalf of the Issuer, the filing with the Commission, any applicable
state agencies and the Indenture Trustee of documents required to be filed on a periodic basis with, and summaries thereof as may be required by rules and regulations prescribed by, the Commission and any applicable state agencies and the
transmission of such summaries, as necessary, to the Noteholders (Section 7.3(a)); it being understood by the parties hereto that the Indenture Trustee shall have no duty or
obligation to sign or file any report required to be filed with the 

4 

Commission or any other state agency or provide any certification to any such Person or to the Administrator or any other Person that is obligated to sign and file any such report; 

     (GG) the notification to the Indenture Trustee of the listing of the Notes on any stock exchange (Section 7.4(b)); 

     (HH) the preparation of an Issuer Request and Officer’s Certificate and the obtaining of an Opinion of Counsel and
Independent Certificates, if necessary, for the release of the Indenture Trust Estate (Sections 8.4 and 8.5); 

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

     (JJ) the determination to execute and deliver new Notes conforming to any supplemental indenture (Section 9.6); 

     (KK) the notice and deposit of money for prepayment of the Notes (Section 10.1); 

     (LL) the notice to the Indenture Trustee and the duty to cause the Indenture Trustee to provide notification to
Noteholders of prepayment of the Notes (Section 10.2); 

     (MM) the preparation of all Officer’s Certificates, Issuer Requests and Issuer Orders and the obtaining of Opinions
of Counsel and Independent Certificates with respect to any requests by the Issuer to the Indenture Trustee to take any action under the Indenture (Section 11.1(a));

     (NN) the preparation of Officer’s Certificates and the obtaining of Independent Certificates, if necessary, for the
release of property from the lien of the Indenture (Section 11.1(b)); 

     (OO) the notification of the Rating Agencies pursuant to Section 11.4 of the Indenture (Section 11.4); 

     (PP) the preparation and delivery to Noteholders and the Indenture Trustee of any agreements with respect to alternate
payment and notice provisions (Section 11.6); and 

     (QQ) the recording of the Indenture and payment of related expenses, if applicable (Section 11.15). 

(ii) The Administrator will: 

     (A) pay the Indenture Trustee from time to time reasonable compensation for all services rendered by the Indenture Trustee
under the Indenture (which compensation 

5 

shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 

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

     (C) indemnify the Indenture Trustee and its officers, directors, employees and agents for, and hold them harmless against,
any losses, liability or expense incurred without willful misconduct, negligence or bad faith on their part, arising out of or in connection with the acceptance or administration of the transactions contemplated by the Indenture, including the
reasonable costs and expenses (including reasonable attorneys’ fees) of defending themselves against any claim or liability in connection with the exercise or performance of any of their powers or duties under the Indenture; and 

     (D) indemnify, defend and hold harmless the Issuer, the Owner Trustee, the Indenture Trustee and any of their respective
officers, directors, employees and agents from and against any loss, liability or expense incurred by reason of (i) the Depositor’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 or (ii) any breach of the Depositor of any term, provision or covenant contained in the Sale and Servicing Agreement. 

     Indemnification under this Section shall survive the resignation or removal of the Indenture Trustee and the termination of this Agreement and shall include reasonable fees and expenses of
counsel and expenses of litigation.  If the Administrator 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 such amount from others, such Person
shall promptly repay such amounts to the Administrator, without interest. 

     (b) Additional Duties.  (i)  In addition to the duties of the Administrator set
forth above, the Administrator shall perform such calculations and shall prepare or shall cause the preparation by other appropriate persons of, and shall execute on behalf of the Issuer or the Owner Trustee, all such documents, reports, filings,
instruments, certificates and opinions that it shall be the duty of the Issuer or the Owner Trustee to prepare, file or deliver pursuant to the Related Agreements, and at the request of the Owner Trustee shall take all appropriate action that it is
the duty of the Issuer or the Owner Trustee to take pursuant to the Related Agreements provided, however, that the Administrator shall have no obligation, and the Owner Trustee shall be required to fully perform its duties, with respect to the obligations of the Owner Trustee under Sections
10.1, 10.2, 10.3 and 10.4 of the Sale and Servicing Agreement and to otherwise comply with the requirements of the Owner Trustee pursuant to or related to Regulation AB. Subject to Section 6 of this Agreement, the Administrator shall administer, perform or supervise the performance of such other activities in connection with the Collateral (including the Related Agreements) as
are not covered by any of the foregoing provisions and as are expressly requested by the Owner Trustee and are reasonably within the capability of the Administrator. 

6 

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

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

     (iv) The Administrator shall provide prior to April 15, 2008 a certificate of an Authorized Officer in form and substance
satisfactory to the Owner Trustee as to whether any tax withholding is then required and, if required, the procedures to be followed with respect thereto to comply with the requirements of the Code.  The Administrator shall be required to update the
letter in each instance that any additional tax withholding is subsequently required or any previously required tax withholding shall no longer be required. 

     (v) The Administrator shall perform the duties of the Administrator specified in Section 9.2 of the Trust Agreement required to be performed in connection with the resignation or removal of the Owner Trustee, including the payment of all expenses incurred in connection with the
resignation or removal of the Owner Trustee and appointment of a successor, and any other duties expressly required to be performed by the Administrator pursuant to the Trust Agreement. 

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

     (c) Non-Ministerial Matters.  (i)  With respect to matters that in the reasonable
judgment of the Administrator are non-ministerial, the Administrator shall not take any action unless within a reasonable time before the taking of such action, the Administrator shall have notified the Owner Trustee of the proposed action and the
Owner Trustee shall not have withheld consent or provided an alternative direction. For the purpose of the preceding sentence, “non-ministerial matters” shall include, without limitation: 

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

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

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

7 

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

     (E) the removal of the Indenture Trustee. 

     (ii) Notwithstanding anything to the contrary in this Agreement, the Administrator shall not be obligated to, and shall
not, (x) make any payments to the Noteholders under the Related Agreements, (y) sell the Indenture Trust Estate pursuant to Section 5.4 of the Indenture or (z) take any other
action that the Issuer directs the Administrator not to take on its behalf. 

     (d) Exchange Act. If requested by the Depositor for purposes of compliance with
its reporting obligations under the Exchange Act, the Administrator will provide to the Depositor and the Servicer within 90 days after the end of each fiscal year of the Issuer (or, if such day is not a Business Day, the next Business Day)
beginning with the fiscal year ending December 31, 2008, the servicing criteria assessment required to be filed in respect of the Trust under the Exchange Act under Item 1122 of Regulation AB if periodic reports under Section 15(d) of the Exchange
Act, or any successor provision thereto, were required to be filed in respect of the Trust and shall cause a firm of independent certified public accountants, who may also render other services to the Administrator, the Servicer, the Seller or the
Depositor, to deliver to the Depositor and the Servicer the attestation report that would be required to be filed in respect of the Trust under the Exchange Act if periodic reports under Section 15(d) of the Exchange Act, or any successor provision
thereto, were required to be filed in respect of the Trust.  Such attestation shall be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act, including, without limitation that in the event
that an overall opinion cannot be expressed, such registered public accounting firm shall state in such report why it was unable to express such an opinion. 

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

     4. Compensation.  As compensation for the performance of the Administrator’s
obligations under this Agreement and, as reimbursement for its expenses related thereto, the Administrator shall be entitled to $2,000 annually which shall be solely an obligation of the Depositor. 

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

     6. Independence of the Administrator.  For all purposes of this Agreement, the
Administrator shall be an independent contractor and shall not be subject to the supervision of the Issuer or the Owner Trustee with respect to the manner in which it accomplishes the 

8 

performance of its obligations hereunder.  Unless expressly authorized by the Issuer, the Administrator shall have no authority to act for or represent the Issuer or the Owner Trustee in any way and shall not otherwise be
deemed an agent of the Issuer or the Owner Trustee. 

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

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

     9. Term of Agreement; Resignation and Removal of Administrator.  (a)  This
Agreement shall continue in force until the termination of the Issuer in accordance with Section 8.1 of
the Trust Agreement, upon which event this Agreement shall automatically terminate. 

     (b) Subject to Sections 9(e) and 9(f), the Administrator may resign its duties hereunder by providing the Issuer with at least sixty (60) days’ prior written notice. 

     (c) Subject to Sections 9(e) and 9(f), the Issuer may remove the Administrator without cause by providing the Administrator with at least sixty (60) days’ prior written notice and, for so long as any Notes are
Outstanding, the Rating Agency Condition shall have been satisfied in connection therewith. 

     (d) Subject to Sections 9(e) and 9(f), at the sole option of the Issuer, the Administrator may be removed immediately upon written notice of termination from the Issuer to the Administrator if any of the following events
shall occur: 

     (i) the Administrator shall default in any material respect in the performance of any of its duties under this Agreement
and, after notice of such default, shall not cure such default within ten (10) days (or, if such default cannot be cured in such time, such longer period acceptable to the Issuer); 

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

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

9 

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

     The Administrator agrees that if any of the events specified in clauses (ii) or (iii) of this Section 9(d) shall occur, it shall give written notice thereof to the Issuer and the Indenture Trustee within
seven days after the happening of such event. 

     (e) No resignation or removal of the Administrator pursuant to this Section
9 shall be effective until (i) a successor Administrator shall have been appointed by the Issuer with the consent of the Indenture Trustee and (ii) such successor Administrator shall have agreed in writing to be
bound by the terms of this Agreement in the same manner as the Administrator is bound hereunder. The Issuer shall provide written notice of any such resignation or removal to the Indenture Trustee, with a copy to the Rating Agencies. 

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

     (g) Subject to Sections 9(e) and 9(f), the Administrator acknowledges that upon the appointment of a successor Servicer pursuant to the Sale and Servicing Agreement, the Administrator shall immediately resign. The Indenture
Trustee shall assist the Issuer to find a successor Administrator. 

     10. Action upon Termination, Resignation or Removal. Promptly upon the effective
date of termination of this Agreement pursuant to Section 9(a) or the resignation or removal of the Administrator pursuant to Section
9(b), (c), (d) or (g), respectively, the Administrator shall be entitled to be paid all fees and reimbursable expenses accruing to it to the date of such termination, resignation or removal. The Administrator shall
forthwith upon such termination pursuant to Section 9(a) deliver to the Issuer all property and documents of or relating to the Collateral then in the custody of the
Administrator. In the event of the resignation or removal of the Administrator pursuant to Section 9(b), (c), (d) or (g), respectively, the Administrator shall cooperate with the Issuer and take all
reasonable steps requested to assist the Issuer in making an orderly transfer of the duties of the Administrator. 

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

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

	 	
USAA Auto Owner Trust 2008-2  	 
	 	
Wells Fargo Delaware Trust Company  	 
	 	
919 North Market Street,  	 
	 	
Suite 1600  	   
	 	
Wilmington, Delaware 19801  	 
	 	
Attention:  	Corporate Trust Administration 	 
	 	
Telephone:  	(302) 575-2004	 
	 	
Facsimile:  	(302) 575-2006	 

10 

if to the Administrator, to: 

	 	USAA Federal
    Savings Bank 	 
	 	10750 McDermott
    Freeway 	 
	 	San Antonio,
    Texas 78288 	 
	 	
Attention:  	Edwin McQuiston	 
	 	
Telephone:  	(210) 498-2296	 
	 	
Facsimile:  	(210) 498-6566	 

     (b) if to the Indenture Trustee, to: 

	 	
The Bank of New York  	 
	 	
101 Barclay Street, 4 West  	 
	 	
New York, New York 10286  	 
	 	
Attention:  	Corporate Trust Administration—USAA
    Auto Owner 	 
	 	   	Trust 2008-2 	 
	 	
Telephone:  	(212) 815-8321 	 
	 	
Facsimile:  	(212) 815-2493 	 

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

     12. Amendments. This Agreement may be amended from time to time by a written
amendment duly executed and delivered by the Issuer, the Administrator and the Indenture Trustee, with the written consent of the Owner Trustee, without the consent of the Noteholders and the Certificateholders, for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or Certificateholders; provided, that such amendment shall not, as set forth in an Opinion of Counsel satisfactory to the Indenture Trustee and the Owner Trustee, materially and adversely affect the interest of any Noteholder or Certificateholder.  This Agreement may
also be amended by the Issuer, the Administrator and the Indenture Trustee with the written consent of the Owner Trustee and the Noteholders of Notes evidencing not less than a majority of the Notes Outstanding and the Certificateholders of
Certificates evidencing not less than a majority of the Percentage Interests for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of
Noteholders or the Certificateholders; provided, however, that no such amendment may (i) increase or reduce in any manner the amount of, or accelerate or delay the timing of,
collections of payments on Receivables or distributions that are required to be made for the benefit of the Noteholders or Certificateholders or (ii) reduce the aforesaid percentage of the Noteholders and Certificateholders which are required to
consent to any such amendment, without the consent of the Noteholders of all the Notes Outstanding and Certificateholders of Certificates evidencing the Percentage Interests.  Promptly after the execution of any such amendment, the Administrator
shall furnish written notification of such amendment to each Rating Agency. 

11 

     13. Successors and Assigns.  This Agreement may not be assigned by the
Administrator unless such assignment is previously consented to in writing by the Issuer and the Owner Trustee and subject to the satisfaction of the Rating Agency Condition in respect thereof. An assignment with such consent and satisfaction, if
accepted by the assignee, shall bind the assignee hereunder in the same manner as the Administrator is bound hereunder. Notwithstanding the foregoing, this Agreement may be assigned by the Administrator without the consent of the Issuer or the Owner
Trustee to a corporation or other organization that is a successor (by merger, consolidation or purchase of assets) to the Administrator; provided that such successor
organization executes and delivers to the Issuer, the Owner Trustee and the Indenture Trustee an agreement in which such corporation or other organization agrees to be bound hereunder by the terms of said assignment in the same manner as the
Administrator is bound hereunder. Subject to the foregoing, this Agreement shall bind any successors or assigns of the parties hereto. 

     14. GOVERNING LAW.  THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK WITHOUT REFERENCE TO ITS CONFLICTS OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS. 

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

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

     17. Severability. Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof and any such prohibition or unenforceability in any jurisdiction shall not invalidate
or render unenforceable such provision in any other jurisdiction. 

     18. Not Applicable to the Bank in Other Capacities. Nothing in this Agreement
shall affect any right or obligation the Bank may have in any capacity other than as Administrator. 

     19. Limitation of Liability of Owner Trustee and Indenture Trustee.  (a)
Notwithstanding anything contained herein to the contrary, this instrument has been signed on behalf of the Issuer by Wells Fargo Delaware Trust Company, not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer and in
no event shall Wells Fargo Delaware Trust Company in its individual capacity or any beneficial owner of the Issuer have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder, as to all
of which recourse shall be had solely to the assets of the Issuer. For all purposes of this Agreement, in the performance of any duties or obligations of the Issuer 

12 

hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of the Trust Agreement. 

     (b) Notwithstanding anything contained herein to the contrary, this Agreement has been countersigned by The Bank of New
York not in its individual capacity but solely as Indenture Trustee and in no event shall The Bank of New York 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 Indenture Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Article VI of the Indenture. 

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

     21. Nonpetition Covenants.  Notwithstanding any prior termination of this
Agreement, the Administrator and the Indenture Trustee shall not, prior to the date which is one year and one day after the termination of this Agreement with respect to the Issuer, acquiesce, petition or otherwise invoke or cause the Issuer to
invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Issuer under any federal or State bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee,
custodian, sequestrator or other similar official of the Issuer or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Issuer. 

[Signatures Follow] 

13 

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

	 	 	USAA AUTO OWNER TRUST 2008-2 
	 	 	 
	 	
By:  	
WELLS FARGO DELAWARE TRUST  
	 	   	
COMPANY, not in its individual capacity  
	 	   	
but solely as Owner Trustee  
	   
	   
	 	   	
By: /s/ Sandra Battaglia  
	 	   	
Name: Sandra Battaglia  
	 	   	
Title: Vice President  

S-1 

THE BANK OF NEW YORK, not in its individual 

capacity but solely as Indenture Trustee 

By: /s/ Michael Burack 

Name: Michael Burack 

Title: Assistant Treasurer 

S-2 

USAA FEDERAL SAVINGS BANK, 

as Administrator 

	 	
By: /s/ David K. Kimball  	 
	 	
Name:  	David K. Kimball	 
	 	
Title:  	Vice President and Senior Financial	 
	 	   	Officer	 

S-3 

TABLE OF CONTENTS 

	  		  	Page 
	  
	1. 		Definitions and Usage 	1 
	 		 	 
	2. 		Duties of the Administrator 	1 
	 		 	 
	3. 		Records 	8 
	 		 	 
	4. 		Compensation 	8 
	 		 	 
	5. 		Additional Information to Be Furnished to the Issuer 	8 
	 		 	 
	6. 		Independence of the Administrator 	8 
	 		 	 
	7. 		No Joint Venture 	9 
	 		 	 
	8. 		Other Activities of Administrator 	9 
	 		 	 
	9. 		Term of Agreement; Resignation and Removal of Administrator 	9 
	 		 	 
	10. 		Action upon Termination, Resignation or Removal 	10 
	 		 	 
	11. 		Notices 	10 
	 		 	 
	12. 		Amendments 	11 
	 		 	 
	13. 		Successors and Assigns 	12 
	 		 	 
	14. 		GOVERNING LAW 	12 
	 		 	 
	15. 		Headings 	12 
	 		 	 
	16. 		Counterparts 	12 
	 		 	 
	17. 		Severability 	12 
	 		 	 
	18. 		Not Applicable to the Bank in Other Capacities 	12 
	 		 	 
	19. 		Limitation of Liability of Owner Trustee and Indenture Trustee 	12 
	 		 	 
	20. 		Third-Party Beneficiary 	13 
	 		 	 
	21. 		Nonpetition Covenants 	13 

i

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