Document:

Exhibit 10.2

                                                                  EXECUTION COPY

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

                        WACHOVIA AUTO OWNER TRUST 2004-B,
                                   as Issuer,

                       WACHOVIA BANK, NATIONAL ASSOCIATION
                                as Administrator,

                        POOLED AUTO SECURITIES SHELF LLC,
                                  as Depositor,

                                       and

                         U.S. BANK NATIONAL ASSOCIATION,
                              as Indenture Trustee

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

                            ADMINISTRATION AGREEMENT

                          Dated as of September 1, 2004

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

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

<PAGE>

<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

                                                                                                               Page

<S>           <C>                                                                                               <C>
Section 1.01. Capitalized Terms; Interpretive Provisions..........................................................2
Section 1.02. Duties of the Administrator.........................................................................2
Section 1.03. Records.............................................................................................8
Section 1.04. Compensation........................................................................................8
Section 1.05. Additional Information to be Furnished to the Issuer................................................8
Section 1.06. Independence of the Administrator...................................................................8
Section 1.07. No Joint Venture....................................................................................8
Section 1.08. Other Activities of Administrator...................................................................8
Section 1.09. Term of Agreement; Resignation and Removal of Administrator.........................................9
Section 1.10. Action Upon Termination, Resignation or Removal....................................................10
Section 1.11. Notices............................................................................................10
Section 1.12. Amendments.........................................................................................10
Section 1.13. Successors and Assigns.............................................................................11
Section 1.14. Governing Law......................................................................................11
Section 1.15. Headings...........................................................................................11
Section 1.16. Counterparts.......................................................................................11
Section 1.17. Severability.......................................................................................11
Section 1.18. Limitation of Liability of Owner Trustee and Indenture Trustee.....................................12
Section 1.19. Third-Party Beneficiary............................................................................12
Section 1.20. Successor Servicer and Administrator...............................................................12
Section 1.21. Nonpetition Covenants..............................................................................12

                                    EXHIBITS

Exhibit A - Form of Power of Attorney.......................................................................    A-1

</TABLE>

                                       i

<PAGE>

                            ADMINISTRATION AGREEMENT

         This Administration Agreement, dated as of September 1, 2004 (the
"Agreement"), is among Wachovia Auto Owner Trust 2004-B, as issuer (the
"Issuer"), Wachovia Bank, National Association ("Wachovia Bank"), as
administrator (the "Administrator"), Pooled Auto Securities Shelf LLC ("PASS"),
as depositor (the "Depositor"), and U.S. Bank National Association, not in its
individual capacity but solely as trustee (the "Indenture Trustee").

         WHEREAS, the Issuer was created pursuant to the trust agreement, dated
as of July 14, 2004, as amended and restated as of September 1, 2004 (the "Trust
Agreement"), each between the Depositor and Wilmington Trust Company, as trustee
(in such capacity and not in its individual capacity, the "Owner Trustee");

         WHEREAS, the Issuer is issuing 1.8125% Class A-1 Asset Backed Notes,
2.40% Class A-2 Asset Backed Notes, 2.91% Class A-3 Asset Backed Notes, 3.44%
Class A-4 Asset Backed Notes, 2.86% Class B Asset Backed Notes and 3.17% Class C
Asset Backed Notes (collectively, the "Notes") pursuant to an indenture, dated
as of the date hereof (the "Indenture"), between the Issuer and the Indenture
Trustee;

         WHEREAS, the Issuer has entered into certain agreements in connection
with the issuance of the Notes and of certain beneficial ownership interests in
the Issuer, including (i) the Indenture, (ii) a sale and servicing agreement,
dated as of the date hereof (the "Sale and Servicing Agreement"), among the
Issuer, the Depositor and Wachovia Bank, as seller (in such capacity, the
"Seller") and as servicer (in such capacity, the "Servicer"), (iii) a
receivables purchase agreement, dated as of the date hereof (the "Receivables
Purchase Agreement"), between the Seller and the Depositor, (iv) a Letter of
Representations, dated September 9, 2004 (the "Note Depository Agreement"),
among the Issuer, the Indenture Trustee, Wachovia Bank, as paying agent, and The
Depository Trust Company ("DTC"), relating to the Notes, and (v) a control
agreement, dated as of the date hereof (the "Control Agreement" and, together
with this Agreement, the Indenture, the Sale and Servicing Agreement, the Trust
Agreement, the Receivables Purchase Agreement and the Note Depository Agreement,
the "Basic Documents"), among the Issuer, the Servicer, Wachovia Bank, as the
account bank, and the Indenture Trustee;

         WHEREAS, pursuant to the Basic Documents, the Issuer and the Owner
Trustee are required to perform certain duties in connection with the (i) Notes
and the collateral therefor pledged pursuant to the Indenture (the "Collateral")
and (ii) beneficial ownership interests in the Issuer;

         WHEREAS, the Issuer and the Owner Trustee desire to have the
Administrator perform certain of the duties of the Issuer and the Owner Trustee
referred to in the preceding clause and to provide such additional services
consistent with the terms of this Agreement and the other Basic Documents 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.

<PAGE>

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

         Section 1.01. Capitalized Terms; Interpretive Provisions.

         (a) Capitalized terms used herein that are not otherwise defined shall
have the meanings ascribed thereto or incorporated by reference in the Trust
Agreement, the Sale and Servicing Agreement or the Indenture, as the case may
be. Whenever used herein, unless the context otherwise requires, the following
words and phrases shall have the following meanings:

         "Agreement" means this Administration Agreement.

         "Basic Documents" has the meaning set forth in the recitals.

         (b) With respect to all terms in this Agreement, unless the context
otherwise requires: (i) a term has the meaning assigned to it; (ii) an
accounting term not otherwise defined has the meaning assigned to it in
accordance with generally accepted accounting principles as in effect from time
to time in the United States; (iii) "or" is not exclusive; (iv) "including"
means including without limitation; (v) words in the singular include the plural
and words in the plural include the singular; (vi) any agreement, instrument or
statute defined or referred to herein or in any instrument or certificate
delivered in connection herewith means such agreement, instrument or statute as
from time to time amended, modified or supplemented and includes (in the case of
agreements or instruments) references to all attachments thereto and instruments
incorporated therein; (vii) references to a Person are also to its successors
and permitted assigns; (viii) the words "hereof", "herein" and "hereunder" and
words of similar import when used in this Agreement shall refer to this
Agreement as a whole and not to any particular provision of this Agreement; (ix)
Section, subsection and Exhibit references in this Agreement are references to
Sections, subsections and Exhibits in or to this Agreement unless otherwise
specified; (x) references to "writing" include printing, typing, lithography and
other means of reproducing words in a visible form; and (xi) the term "proceeds"
has the meaning set forth in the applicable UCC.

         Section 1.02. Duties of the Administrator.

         (a) The Administrator agrees to perform all its duties as Administrator
and, except as specifically excluded herein, agrees to perform all the duties of
the Issuer and the Owner Trustee under the Basic Documents. In addition, the
Administrator shall consult with the Owner Trustee regarding the duties of the
Issuer or the Owner Trustee under the Basic Documents. The Administrator shall
monitor the performance of the Issuer and shall advise the Owner Trustee when
action is necessary to comply with the respective duties of the Issuer and the
Owner Trustee under the Basic Documents. The Administrator shall prepare for
execution by the Issuer, or shall cause the preparation by other appropriate
persons of, all such documents, reports, notices, 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 Basic Documents. In
furtherance of the foregoing, the Administrator shall take (or, in the case of
the immediately preceding sentence, cause to be taken) all appropriate action
that the Issuer or the Owner Trustee is required to take

                                       2

<PAGE>

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):

                  (i) the preparation of or obtaining of the documents and
         instruments required for execution and authentication of the Notes and
         delivery of the same to the Indenture Trustee (Section 2.02);

                  (ii) 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
         (Section 2.05);

                  (iii) the notification of Noteholders of the final principal
         payment on the Notes (Section 2.08(e));

                  (iv) the preparation of Definitive Notes in accordance with
         the instructions of the Clearing Agency (Section 2.02, 2.03, 2.06 and
         2.12);

                  (v) the preparation, obtaining or filing of the instruments,
         opinions and certificates and other documents required for the release
         of collateral (Section 2.13);

                  (vi) the maintenance of an office or agency in the Borough of
         Manhattan, the City of New York, where Notes may be surrendered for
         registration of transfer or exchange (Section 3.02);

                  (vii) the duty to cause newly appointed Paying Agents, if any,
         to deliver to the Indenture Trustee the instrument specified in the
         Indenture regarding funds held in trust (Section 3.03);

                  (viii) the direction to the Indenture Trustee to deposit
         monies with Paying Agents, if any, other than the Indenture Trustee
         (Section 3.03);

                  (ix) the obtaining and preservation of the Issuer's
         qualifications to do business in each jurisdiction where 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 Trust Estate, including
         all licenses required under the (A) Maryland Vehicle Sales Finance Act
         and (B) Pennsylvania Motor Vehicle Sales Finance Act (Section 3.04);

                  (x) the preparation 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 are necessary or advisable to protect the Trust
         Estate (Section 3.05);

                  (xi) the delivery of the Opinion of Counsel on the Closing
         Date and the annual delivery of Opinions of Counsel as to the Trust
         Estate, and the annual delivery of the Officer's Certificate and
         certain other statements as to compliance with the Indenture (Sections
         3.06 and 3.09);

                                       3

<PAGE>

                  (xii) the identification to the Indenture Trustee in an
         Officer's Certificate of a Person with whom the Issuer has contracted
         to perform its duties under the Indenture (Section 3.07(b));

                  (xiii) the preparation and delivery of written notice to the
         Indenture Trustee and the Rating Agencies of each Servicer Termination
         Event and, if such Servicer Termination Event arises from the failure
         of the Servicer to perform any of its duties or obligations under the
         Sale and Servicing Agreement with respect to the Receivables, the
         taking of all reasonable steps available to remedy such failure
         (Section 3.07(d));

                  (xiv) the preparation and obtaining of documents and
         instruments required for the conveyance or transfer by the Issuer of
         its properties or assets (Section 3.10(b));

                  (xv) the duty to cause the Servicer to comply with the Sale
         and Servicing Agreement (Section 3.14);

                  (xvi) the delivery of written notice to the Indenture Trustee
         and each Rating Agency of each Event of Default under the Indenture and
         each default by the Servicer, the Seller or the Depositor under the
         Sale and Servicing Agreement or by the Seller or the Depositor under
         the Receivables Purchase Agreement (Section 3.19);

                  (xvii) 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 Opinion of Counsel and
         the Independent Certificate relating thereto (Section 4.01);

                  (xviii) the compliance with Section 5.04 of the Indenture with
         respect to the sale of the Trust Estate if an Event of Default shall
         have occurred and be continuing (Section 5.04);

                  (xix) the preparation and delivery of notice to Noteholders of
         the removal of the Indenture Trustee and the appointment of a successor
         Indenture Trustee (Section 6.08);

                  (xx) the preparation of any written instruments required to
         confirm more fully the authority of any co-trustee or separate trustee
         and any written instruments necessary in connection with the
         resignation or removal of the Indenture Trustee or any co-trustee or
         separate trustee (Sections 6.08 and 6.10);

                  (xxi) 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 7.01);

                  (xxii) the preparation and, after execution by 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 7.03);

                                       4

<PAGE>

                  (xxiii) the opening of one or more accounts in the Indenture
         Trustee's name and the taking of all other actions necessary with
         respect to investment and reinvestment of funds in the Accounts
         (Sections 8.02 and 8.03);

                  (xxiv) 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 Trust Estate
         (Sections 8.04 and 8.05);

                  (xxv) the preparation of Issuer Requests, the obtaining of
         Opinions of Counsel and the certification to the Indenture Trustee with
         respect to the execution of supplemental indentures and the mailing to
         the Noteholders and the Rating Agencies, as applicable, of notices with
         respect to such supplemental indentures (Sections 9.01 and 9.02);

                  (xxvi) the execution, authentication and delivery of new Notes
         conforming to any supplemental indenture (Section 9.06);

                  (xxvii) the duty to notify the Depositor, the Indenture
         Trustee, the Noteholders and the Rating Agencies of redemption of the
         Notes or to cause the Servicer to provide such notification (Sections
         10.01 and 10.02);

                  (xxviii) the preparation and delivery of all Officer's
         Certificates, 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 11.01(a));

                  (xxix) the preparation and delivery of Officer's Certificates
         and the obtaining of Opinions of Counsel and Independent Certificates,
         if necessary, for the release of property from the Lien of the
         Indenture (Section 11.01(b));

                  (xxx) the preparation and delivery of written notice to the
         Rating Agencies, upon the failure of the Issuer, the Depositor or the
         Indenture Trustee to give such notification, of the information
         required pursuant to Section 11.04 of the Indenture (Section 11.04);

                  (xxxi) the preparation and delivery to the Noteholders and the
         Indenture Trustee of any agreements with respect to alternate payment
         and notice provisions (Section 11.06); and (xxxii) the recording of the
         Indenture, if applicable (Section 11.15).

         (b) The Administrator shall:

                  (i) pay the Indenture Trustee from time to time such
         compensation and fees for all services rendered by the Indenture
         Trustee under the Indenture as have been agreed to in a separate fee
         schedule between the Administrator and the Indenture Trustee (which
         compensation shall not be limited by any provision of law in regard to
         the compensation of a trustee of an express trust);

                                       5

<PAGE>

                  (ii) 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 Basic Documents
         (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;

                  (iii) except as otherwise expressly provided in the third
         sentence of Section 7.01 of the Trust Agreement, reimburse the Owner
         Trustee upon its request for all reasonable expenses, disbursements and
         advances incurred or made by the Owner Trustee in accordance with any
         provision of the Trust Agreement (including 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 of the Owner Trustee;

                  (iv) indemnify the Owner Trustee and its agents, successors,
         assigns, directors, officers and employees for, and hold them harmless
         against, any loss, obligation, damage, tax, claim, suit, liability or
         expense incurred without negligence, willful misconduct or bad faith on
         their part, arising out of or in connection with the acceptance or
         administration of the transactions contemplated by the Trust Agreement,
         including the reasonable costs and expenses of defending themselves
         against any claim or liability in connection with the exercise or
         performance of any of their powers or duties under the Trust Agreement;
         and

                  (v) promptly appoint a successor Indenture Trustee pursuant to
         Section 6.08 of the Indenture, upon the Indenture Trustee's resignation
         or removal, or if the office of the Indenture Trustee becomes vacant
         for any other reason.

         (c) In addition to the duties set forth in Sections 1.02(a) and (b),
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, notices, reports,
filings, instruments, certificates and opinions that the Issuer or the Owner
Trustee are required to prepare, file or deliver pursuant to the Basic
Documents, and at the request of the Owner Trustee shall take all appropriate
action that the Issuer or the Owner Trustee are required to take pursuant to the
Basic Documents. In furtherance thereof, the Owner Trustee shall, on behalf of
itself and of the Issuer, execute and deliver to the Administrator and to each
successor Administrator appointed pursuant to the terms hereof, one or more
powers of attorney substantially in the form of Exhibit A, appointing the
Administrator the attorney-in-fact of the Owner Trustee and the Issuer for the
purpose of executing on behalf of the Owner Trustee and the Issuer all such
documents, reports, filings, instruments, certificates and opinions. Subject to
Section 1.06, and in accordance with the directions of the Owner Trustee, the
Administrator shall administer, perform or supervise the performance of such
other activities in connection with the Collateral (including the Basic
Documents) 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

<PAGE>

         (d) Notwithstanding anything in this Agreement or the Basic Documents
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 5.02(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.

         (e) Notwithstanding anything in this Agreement or the Basic Documents
to the contrary, the Administrator shall be responsible for performance of the
duties of the Owner Trustee set forth in Section 5.05 of the Trust Agreement
with respect to, among other things, accounting and reports to
Certificateholders.

         (f) To the extent that any tax withholding is required, the
Administrator shall deliver to the Owner Trustee and the Indenture Trustee, on
or before February 15, 2005, a certificate of an Authorized Officer in form and
substance satisfactory to the Owner Trustee as to such tax withholding and the
procedures to be followed with respect thereto to comply with the requirements
of the Code. The Administrator shall update such certificate if any additional
tax withholding is subsequently required or any previously required tax
withholding shall no longer be required.

         (g) The Administrator shall perform the duties of the Administrator
specified in Section 10.02 of the Trust Agreement required to be performed in
connection with the resignation or removal of the Owner Trustee, and any other
duties expressly required to be performed by the Administrator under the Trust
Agreement or any other Basic Document.

         (h) 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.

         (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, which consent shall not be
unreasonably withheld or delayed, or provided an alternative direction. For the
purpose of the preceding sentence, "non-ministerial matters" shall include:

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

                  (ii) 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);

                  (iii) the amendment, change or modification of the Basic
         Documents;

                  (iv) the appointment of successor Note Registrars, successor
         Paying Agents and successor Indenture Trustees pursuant to the
         Indenture or the appointment of

                                       7

<PAGE>

         successor Administrators or Successor Servicers, or the consent to the
         assignment by the Note Registrar, any Paying Agent or Indenture Trustee
         of its obligations under the Indenture; and

                  (v) the removal of the Indenture Trustee.

         (j) Notwithstanding anything to the contrary in this Agreement, the
Administrator shall not be obligated to, and shall not, (i) make any payments to
the Noteholders under the Basic Documents, (ii) take any other action that the
Issuer directs the Administrator not to take on its behalf or (iii) take any
other action which may be construed as having the effect of varying the
investment of the Securityholders.

         Section 1.03. 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, upon reasonable
prior notice.

         Section 1.04. 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 a monthly
payment of compensation which shall be solely an obligation of the Servicer.

         Section 1.05. 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 may reasonably request.

         Section 1.06. Independence of the Administrator. For all purposes of
this Agreement, the Administrator shall be an independent contractor and shall
not be subject to the supervision of the Issuer or the Owner Trustee with
respect to the manner in which it accomplishes the performance of its
obligations hereunder. Unless expressly authorized by the Issuer, the
Administrator shall have no authority to act for or represent the Issuer or the
Owner Trustee in any way and shall not otherwise be deemed an agent of the
Issuer or the Owner Trustee.

         Section 1.07. No Joint Venture. Nothing contained in this Agreement
shall (i) constitute the Administrator and either the Issuer or the Owner
Trustee as members of any partnership, joint venture, association, syndicate,
unincorporated business or other separate entity, (ii) be construed to impose
any liability as such on any of them or (iii) 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.

         Section 1.08. 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, even though such Person may engage in
business activities similar to those of the Issuer, the Owner Trustee or the
Indenture Trustee.

                                       8

<PAGE>

         Section 1.09. Term of Agreement; Resignation and Removal of
Administrator. This Agreement shall continue in force until the dissolution of
the Issuer, upon which event this Agreement shall automatically terminate.

         (a) Subject to Sections 1.09(d) and 1.09(e), the Administrator may
resign its duties hereunder by providing the Issuer with at least 60 days' prior
written notice.

         (b) Subject to Sections 1.09(d) and 1.09(e), the Issuer may remove the
Administrator without cause by providing the Administrator with at least 60
days' prior written notice.

         (c) Subject to Sections 1.09(d) and 1.09(e), at the sole option of the
Issuer, the Administrator may be removed immediately upon written notice of
termination from the Issuer to the Administrator if any of the following events
shall occur:

                  (i) the Administrator shall default in the performance of any
         of its duties under this Agreement and, after notice of such default,
         shall not cure such default within ten days (or, if such default cannot
         be cured in such time, shall not give within ten days such assurance of
         cure as shall be reasonably satisfactory to the Issuer);

                  (ii) the existence of any proceeding or action, or the entry
         of a decree or order for relief by a court or regulatory authority
         having jurisdiction over the Administrator in an involuntary case under
         the federal bankruptcy laws, as now or hereafter in effect, or
         appointing a receiver, liquidator, assignee, trustee, custodian,
         sequestrator or other similar official of the Administrator or of any
         substantial part of its property, or ordering the winding up or
         liquidation of the affairs of the Administrator and the continuance of
         any such action, proceeding, decree or order unstayed and, in the case
         of any such order or decree, in effect for a period of 60 consecutive
         days; or

                  (iii) the commencement by the Administrator of a voluntary
         case under the federal bankruptcy laws, as now or hereafter in effect,
         or the consent by the Administrator to the appointment of or taking of
         possession by a receiver, liquidator, assignee, trustee, custodian,
         sequestrator or other similar official of the Administrator or of any
         substantial part of its property or the making by the Administrator of
         an assignment for the benefit of creditors or the failure by the
         Administrator generally to pay its debts as such debts become due or
         the taking of corporate action by the Administrator in furtherance of
         any of the foregoing.

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

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

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

                                       9

<PAGE>

         (f) Subject to Sections 1.09(d) and 1.09(e), the Administrator
acknowledges that upon the appointment of a Successor Servicer pursuant to the
Sale and Servicing Agreement, the Administrator shall immediately resign and
such Successor Servicer shall automatically become the Administrator under this
Agreement.

         Section 1.10. Action Upon Termination, Resignation or Removal. Promptly
upon the effective date of termination of this Agreement pursuant to the first
sentence of Section 1.09 or the resignation or removal of the Administrator
pursuant to Section 1.09(a), (b) or (c), 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 the first sentence of Section 1.09
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 1.09(a), (b) or
(c), 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.

         Section 1.11. Notices. All demands, notices and communications
hereunder shall be in writing and shall be delivered or mailed by registered or
certified first-class United States mail, postage prepaid, hand delivery,
prepaid courier service, or by telecopier (followed by hard copy by overnight
delivery), and addressed in each case as follows: (i) if to the Issuer or the
Owner Trustee, to Wachovia Auto Owner Trust 2004-B, c/o Wilmington Trust
Company, Rodney Square North, 1100 North Market Street, Wilmington, Delaware
19890-1605, Attention: Corporate Trust Administration; (ii) if to the
Administrator, to Wachovia Bank, National Association, 401 South Tryon Street,
12th Floor, Mailcode NC 1179, Charlotte, North Carolina 28288, Attention: ABS
Trust Services Manager; (iii) if to the Depositor, to Pooled Auto Securities
Shelf LLC, One Wachovia Center, 301 South College Street, Suite E, Charlotte,
North Carolina 28288-5578, Attention: General Counsel; (iv) if to the Indenture
Trustee, to U.S. Bank National Association, 60 Livingston Avenue, St. Paul,
Minnesota 55107, Attention: Structured Finance - Wachovia 2004-B; or (v) 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.

         Section 1.12. Amendments. This Agreement may be amended from time to
time by a written amendment duly executed and delivered by the parties hereto,
with the written consent of the Owner Trustee but without the consent of the
Noteholders or 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 the
Certificateholders; provided, that such amendment will not, in the Opinion of
Counsel satisfactory to the Indenture Trustee, materially and adversely affect
the interest of any of the Noteholders or the Certificateholders. This Agreement
may also be amended by the parties hereto with the written consent of the
Noteholders evidencing at least 51% of the Note Balance of the Controlling Class
or, if the Notes have been paid in full, the Certificateholders evidencing at
least 51% of the aggregate Certificate Percentage Interest for the purpose of
adding any provisions to or changing in any manner or eliminating any of the
provisions of this Agreement or of modifying in any manner the rights of the
Noteholders or the Certificateholders; provided, however, that no such amendment
may (i) increase or reduce in any manner the amount of, or

                                       10

<PAGE>

accelerate or delay the timing of, collections of payments on the Receivables or
distributions that are required to be made for the benefit of the Noteholders or
the Certificateholders or (ii) reduce the percentage of the Note Balance or of
the Certificate Percentage Interest, the consent of the Noteholders or the
Certificateholders, respectively, of which is required for this amendment, in
each case without the consent of the Holders of all outstanding Notes and
Certificates adversely affected by the amendment.

         An amendment to this Agreement shall be deemed not to materially
adversely affect the interests of any Noteholder or Certificateholder if the
Person requesting such amendment obtains and delivers to the Owner Trustee and
the Indenture Trustee an Opinion of Counsel to that effect or the Rating Agency
Condition is satisfied. Notwithstanding the foregoing, the Administrator may not
amend this Agreement without the consent of the Depositor, which consent shall
not be unreasonably withheld.

         Section 1.13. 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 form and substance reasonably satisfactory to
the Owner Trustee and the Indenture Trustee, 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.

         Section 1.14. Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS (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 1.15. Headings. The Section headings and the Table of Contents
herein are for purposes of reference only and shall not otherwise affect the
meaning or interpretation of any provision hereof.

         Section 1.16. Counterparts. This Agreement may be executed by the
parties hereto in separate counterparts, each of which when so executed and
delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument.

         Section 1.17. Severability. 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,

                                       11

<PAGE>

agreements, provisions and terms of this Agreement and shall in no way affect
the validity or enforceability of the other covenants, agreements, provisions
and terms of this Agreement.

         Section 1.18. Limitation of Liability of Owner Trustee and Indenture
Trustee.

         (a) Notwithstanding anything contained herein to the contrary, this
Agreement has been executed by Wilmington Trust Company solely in its capacity
as Owner Trustee of, and on behalf of, the Issuer and in no event shall the
Owner Trustee 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 hereunder, the Owner
Trustee shall be subject to, and entitled to the benefits of, the terms and
provisions of Articles Six, Seven and Eight of the Trust Agreement.

         (b) Notwithstanding anything contained herein to the contrary, this
Agreement has been executed by U.S. Bank National Association in its capacity as
Indenture Trustee under the Indenture and in no event shall the Indenture
Trustee in its individual capacity 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.

         Section 1.19. Third-Party Beneficiary. The Owner Trustee is a
third-party beneficiary to this Agreement and is entitled to the rights and
benefits hereunder and may enforce the provisions hereof as if it were a party
hereto.

         Section 1.20. Successor Servicer and Administrator. The Administrator
shall undertake, as promptly as possible after the giving of notice of
termination to the Servicer of the Servicer's rights and powers pursuant to
Section 7.02 of the Sale and Servicing Agreement, to enforce the provisions of
such Section 7.02 with respect to the appointment of a successor Servicer. Such
successor Servicer shall, upon compliance with the second to last sentence of
Section 7.02 of the Sale and Servicing Agreement, become the successor
Administrator hereunder; provided, however, that if the Indenture Trustee shall
become such successor Administrator, the Indenture Trustee shall not be required
to perform any obligations or duties or conduct any activities as successor
Administrator that would be prohibited by law and not within the banking and
trust powers of the Indenture Trustee. In such event, the Indenture Trustee may
appoint a sub-administrator to perform such obligations and duties. Any transfer
of servicing pursuant to Section 7.02 of the Sale and Servicing Agreement and
related succession as Administrator hereunder shall not constitute an assumption
by the related successor Administrator of any liability of the related outgoing
Administrator arising out of any breach by such outgoing Administrator of such
outgoing Administrator's duties hereunder prior to such transfer.

         Section 1.21. Nonpetition Covenants.

         (a) Notwithstanding any prior termination of this Agreement, the
Depositor, the Administrator, the Owner Trustee and the Indenture Trustee shall
not at any time acquiesce, petition or otherwise invoke or cause the Issuer to
invoke the process of any court or government

                                       12

<PAGE>

authority for the purpose of commencing or sustaining a case against the Issuer
under any federal or state bankruptcy, insolvency or similar law or appointing a
receiver, liquidator, assignee, trustee, custodian, sequestrator or other
similar official of the Issuer or any substantial part of its property, or
ordering the winding up or liquidation of the affairs of the Issuer.

         (b) Notwithstanding any prior termination of this Agreement, the
Issuer, the Administrator, the Owner Trustee and the Indenture Trustee shall not
at any time acquiesce, petition or otherwise invoke or cause the Depositor to
invoke the process of any court or government authority for the purpose of
commencing or sustaining a case against the Depositor 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
Depositor or any substantial part of its property, or ordering the winding up or
liquidation of the Depositor.

                                       13

<PAGE>

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

                               WACHOVIA AUTO OWNER TRUST 2004-B,
                                    as Issuer

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

                               By:    /s/ James P. Lawler
                                    -------------------------------------------
                                     James P. Lawler
                                     Vice President

                               POOLED AUTO SECURITIES SHELF LLC,
                                    as Depositor

                               By:    /s/ Scott D. Weaver
                                    -------------------------------------------
                                     Scott D. Weaver
                                     Vice President

                               U.S. BANK NATIONAL ASSOCIATION,
                                    not in its individual capacity but solely
                                    as Indenture Trustee

                               By:  /s/ Shannon M. Rantz
                                    -------------------------------------------
                                     Shannon M. Rantz
                                     Vice President

                               WACHOVIA BANK, NATIONAL ASSOCIATION,
                                    as Administrator

                               By:  /s/ Patricia O'Neill Manella
                                    -------------------------------------------
                                     Patricia O'Neill Manella
                                     Vice President

                                                        Administration Agreement

<PAGE>

                                                                      EXHIBIT A

                          POWER OF ATTORNEY PURSUANT TO
                   SECTION 1.02(c) OF ADMINISTRATION AGREEMENT

         KNOW ALL MEN BY THESE PRESENTS, that Wilmington Trust Company, a
Delaware banking corporation, not in its individual capacity but solely as Owner
Trustee of Wachovia Auto Owner Trust 2004-B (the "Grantor"), a Delaware
statutory trust (the "Issuer"), does hereby appoint Wachovia Bank, National
Association, a national banking association (the "Grantee") as its
attorney-in-fact with full power of substitution and hereby authorizes and
empowers the Grantee, in the name of and on behalf of the Grantor or the Issuer,
to take the following actions from time to time with respect to the duties of
the Administrator under the administration agreement, dated as of September 1,
2004 (the "Administration Agreement"), among the Issuer, the Administrator,
Pooled Auto Securities Shelf LLC ("PASS") and U.S. Bank National Association,
for the purpose of executing on behalf of the Grantor or the Issuer all such
documents, reports, filings, instruments, certificates and opinions required
pursuant to the Basic Documents.

         The Grantee is hereby empowered to do any and all lawful acts necessary
or desirable to effect the performance of its duties under the Administration
Agreement and the Grantor hereby ratifies and confirms any and all lawful acts
the Grantee shall undertake pursuant to and in conformity with this Power of
Attorney.

         This Power of Attorney is revocable in whole or in part as to the
powers herein granted upon notice by the Grantor. If not earlier revoked, this
Power of Attorney shall expire completely or, if so indicated, in part, upon the
earlier of the (i) termination of the amended and restated trust agreement,
dated as of September 1, 2004 (the "Trust Agreement"), between PASS, as
depositor, and Wilmington Trust Company, as Owner Trustee, or (ii) termination
of the Administration Agreement. Capitalized terms used herein that are not
otherwise defined shall have the meanings ascribed thereto in the Trust
Agreement or, if not defined therein, in the Administration Agreement, as the
case may be.

         This Power of Attorney shall be created under and governed and
construed under the internal laws of the State of New York.

         The Grantor executes this Power of Attorney with the intent to be
legally bound hereby, and with the intent that such execution shall have the
full dignity afforded by the accompanying witnessing and notarization and all
lesser dignity resulting from the absence of such witnessing and notarization or
any combination thereof.

                                      A-1

<PAGE>

         Dated this __th day of September, 2004.

[Seal]                                       WILMINGTON TRUST COMPANY,
                                             not in its individual capacity
                                             but solely as Owner Trustee of
                                             Wachovia Auto Owner Trust 2004-B

                                             By: _______________________________
                                                 Name:
                                                 Title:

Signed and delivered in the presence of:

_________________________________________

Address:_________________________________
        _________________________________

[Unofficial Witness]

                                      A-2Exhibit 10.3

                                                                  EXECUTION COPY

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

                      WACHOVIA BANK, NATIONAL ASSOCIATION,
                                   as Seller,

                                       and

                        POOLED AUTO SECURITIES SHELF LLC,
                                  as Purchaser

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

                         RECEIVABLES PURCHASE AGREEMENT

                          Dated as of September 1, 2004

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

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

<PAGE>

<TABLE>
<CAPTION>
                                TABLE OF CONTENTS

                                                                                                               Page

                                   ARTICLE ONE

                                   DEFINITIONS

<S>            <C>                                                                                             <C>
Section 1.01.  Definitions...................................................................................   1
Section 1.02.  Other Definitional Provisions.................................................................   5

                                   ARTICLE TWO

                            CONVEYANCE OF RECEIVABLES

Section 2.01.  Sale and Conveyance of Receivables............................................................   6
Section 2.02.  Receivables Purchase Price; Payments on the Receivables.......................................   7
Section 2.03.  Transfer of Receivables.......................................................................   7
Section 2.04.  Examination of Receivable Files...............................................................   8
Section 2.05.  Expenses......................................................................................   8

                                  ARTICLE THREE

                         REPRESENTATIONS AND WARRANTIES

Section 3.01.  Representations and Warranties of the Purchaser...............................................   9
Section 3.02.  Representations and Warranties of the Seller..................................................  10
Section 3.03.  Representations and Warranties as to the Receivables..........................................  12

                                  ARTICLE FOUR

                                   CONDITIONS

Section 4.01.  Conditions to Obligation of the Purchaser.....................................................  19
Section 4.02.  Conditions to Obligation of the Seller........................................................  21

                                  ARTICLE FIVE

                             COVENANTS OF THE SELLER

Section 5.01.  Protection of Right, Title and Interest in, to and Under the Receivables......................  22
Section 5.02.  Security Interests............................................................................  23
Section 5.03.  Delivery of Payments..........................................................................  23
Section 5.04.  No Impairment.................................................................................  23
Section 5.05.  Costs and Expenses............................................................................  24
Section 5.06.  Hold Harmless.................................................................................  24

                                       i

<PAGE>

                                                                                                               Page

                                   ARTICLE SIX

                                 INDEMNIFICATION

Section 6.01.  Indemnification...............................................................................  25

                                  ARTICLE SEVEN

                            MISCELLANEOUS PROVISIONS

Section 7.01.  Amendment.....................................................................................  28
Section 7.02.  Termination...................................................................................  28
Section 7.03.  GOVERNING LAW.................................................................................  28
Section 7.04.  Notices.......................................................................................  28
Section 7.05.  Severability of Provisions....................................................................  28
Section 7.06.  Further Assurances............................................................................  29
Section 7.07.  No Waiver; Cumulative Remedies................................................................  29
Section 7.08.  Counterparts..................................................................................  29
Section 7.09.  Third-Party Beneficiaries.....................................................................  29
Section 7.10.  Headings......................................................................................  29
Section 7.11.  Representations, Warranties and Agreements to Survive.........................................  29
Section 7.12.  No Proceedings................................................................................  29

                                    SCHEDULES

Schedule A - Receivables Schedule...........................................................................   SA-1
Schedule B - Location of Receivable Files...................................................................   SB-1

                                    EXHIBITS

Exhibit A - Bill of Sale and Assignment.....................................................................    A-1
Exhibit B - Secretary's Certificate of Wachovia Bank........................................................    B-1
Exhibit C - Opinion of Counsel for Wachovia Bank............................................................    C-1

</TABLE>

                                       ii

<PAGE>

                         RECEIVABLES PURCHASE AGREEMENT

         This Receivables Purchase Agreement, dated as of September 1, 2004, is
between Wachovia Bank, National Association, a national banking association
("Wachovia Bank"), as seller (the "Seller"), and Pooled Auto Securities Shelf
LLC, a Delaware limited liability company ("PASS"), as purchaser (the
"Purchaser").

         WHEREAS, in the regular course of its business, the Seller purchases
motor vehicle retail installment sale contracts secured by new and used motor
vehicles (the "Receivables");

         WHEREAS, the Seller intends to convey all of its right, title and
interest in and to certain Receivables having an aggregate outstanding principal
balance of $1,007,556,757.26 as of the close of business on August 31, 2004 to
the Purchaser and, concurrently with its purchase of the Receivables, the
Purchaser shall convey all of its right, title and interest in and to the
Receivables to Wachovia Auto Owner Trust 2004-B (the "Issuer") pursuant to the
sale and servicing agreement, dated as of September 1, 2004, among the Issuer,
PASS, as depositor, and Wachovia Bank, as Seller and as servicer; and

         WHEREAS, the Seller and the Purchaser wish to set forth the terms
pursuant to which the Receivables are to be sold by the Seller to the Purchaser.

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

                                  ARTICLE ONE

                                   DEFINITIONS

         Section 1.01. Definitions. Whenever used in this Agreement, the
following words and phrases shall have the following meanings:

         "Agreement" means this Receivables Purchase Agreement.

         "Amount Financed" has the meaning specified in the Sale and Servicing
Agreement.

         "Basic Documents" has the meaning specified in the Sale and Servicing
Agreement.

         "Bill of Sale" means the Bill of Sale and Assignment substantially in
the form attached hereto as Exhibit A.

         "Certificateholder" has the meaning specified in the Trust Agreement.

         "Class A Note" has the meaning specified in the Indenture.

         "Class C Final Scheduled Distribution Date" has the meaning specified
in the Indenture.

         "Closing Date" has the meaning specified in the Indenture.

<PAGE>

         "Collateral Term Sheet" has the meaning specified in the Underwriting
Agreement.

         "Commission" has the meaning specified in the Sale and Servicing
Agreement.

         "Computational Materials" has the meaning specified in the Underwriting
Agreement.

         "Contract Rate" has the meaning specified in the Sale and Servicing
Agreement.

         "Controlling Class" has the meaning specified in the Indenture.

         "Cutoff Date" has the meaning specified in the Sale and Servicing
Agreement.

         "Dealer Recourse" has the meaning specified in the Sale and Servicing
Agreement.

         "Deposit Date" has the meaning specified in Sale and Servicing
Agreement.

         "Depositor" has the meaning specified in the Trust Agreement.

         "DTC" means The Depository Trust Company.

         "Exchange Act" has the meaning specified in the Indenture.

         "FDIC Rule" means 12 C.F.R. Section 360.6.

         "Financed Vehicle" has the meaning specified in the Sale and Servicing
Agreement.

         "Holder" has the meaning specified in the Trust Agreement.

         "Indenture" means the indenture, dated as of September 1, 2004, between
the Issuer and the Indenture Trustee.

         "Indenture Trustee" has the meaning specified in the Indenture.

         "Issuer" has the meaning specified in the recitals.

         "Lien" has the meaning specified in the Sale and Servicing Agreement.

         "Liquidation Proceeds" has the meaning specified in the Sale and
Servicing Agreement.

         "Monthly Payment" has the meaning specified in the Sale and Servicing
Agreement.

         "Moody's" has the meaning specified in the Indenture.

         "Note Balance" has the meaning specified in the Indenture.

         "Noteholders" has the meaning specified in the Indenture.

         "Notes" has the meaning specified in the Indenture.

         "Obligor" has the meaning specified in the Sale and Servicing
Agreement.

                                       2

<PAGE>

         "Opinion of Counsel" has the meaning specified in Sale and Servicing
Agreement.

         "Owner Trustee" has the meaning specified in the Trust Agreement.

         "PASS" has the meaning specified in the preamble.

         "PASS Holding" means PASS Holding LLC.

         "Principal Balance" has the meaning specified in the Sale and Servicing
Agreement.

         "Prospectus" means the prospectus supplement, dated August 24, 2004,
and the prospectus, dated August 24, 2004, of the Purchaser relating to the
public offering by the Purchaser of the Underwritten Notes.

         "Purchase Amount" has the meaning specified in Sale and Servicing
Agreement.

         "Purchaser" means PASS, in its capacity as purchaser of the Receivables
under this Agreement, and its successors in such capacity.

         "Rating Agency Condition" has the meaning specified in the Indenture.

         "Receivable" means each motor vehicle retail installment sale contract
sold by the Seller to the Purchaser pursuant to this Agreement and identified on
the Receivables Schedule.

         "Receivable Files" has the meaning specified in the Sale and Servicing
Agreement.

         "Receivables Purchase Price" means $1,007,556,757.26.

         "Receivables Schedule" means the schedule of Receivables attached as
Schedule A.

         "Recoveries" has the meaning specified in the Sale and Servicing
Agreement.

         "Representative" means Wachovia Capital Markets, LLC, as representative
of the Underwriters.

         "Reserve Fund" has the meaning specified in Sale and Servicing
Agreement.

         "Reserve Fund Initial Deposit" has the meaning specified in Sale and
Servicing Agreement.

         "Sale and Servicing Agreement" means the sale and servicing agreement,
dated as of September 1, 2004, among the Issuer, the Depositor, the Seller and
the Servicer.

         "Securities" means the Notes and the Certificates.

         "Securities Act" has the meaning specified in the Indenture.

         "Securityholders" has the meaning specified in the Sale and Servicing
Agreement.

                                       3

<PAGE>

         "Seller" means Wachovia Bank, in its capacity as seller of the
Receivables under this Agreement, and its successors in such capacity.

         "Seller Information" means the information set forth in the Prospectus
under the headings "Summary - Seller and Servicer", "Risk Factors - Geographic
concentration may result in more risk to you", "The Receivables Pool", "The
Seller" and "Material Legal Issues Relating to the Receivables".

         "Servicer" has the meaning specified in the Sale and Servicing
Agreement.

         "Simple Interest Receivable" has the meaning specified in the Sale and
Servicing Agreement.

         "Standard & Poor's" has the meaning specified in the Indenture.

         "State" has the meaning specified in the Indenture.

         "Statistical Calculation Date" means July 31, 2004.

         "Statistical Calculation Date Principal Balance" means the sum of the
Principal Balances of selected Receivables as of the Statistical Calculation
Date, which amount is equal to $1,161,369,042.34.

         "Structural Term Sheet" has the meaning specified in the Underwriting
Agreement.

         "Term Sheet" means the term sheet, dated August 20, 2004, of the
Purchaser relating to the public offering by the Purchaser of the Underwritten
Notes.

         "Trust Agreement" means the amended and restated trust agreement, dated
as of September 1, 2004, between the Depositor and the Owner Trustee.

         "Trustee" means either the Owner Trustee or the Indenture Trustee, as
the context requires.

         "UCC" has the meaning specified in the Indenture.

         "Underwriters" means the underwriters named in Schedule A to the
Underwriting Agreement.

         "Underwriting Agreement" means the underwriting agreement, dated August
24, 2004, between PASS and the Representative.

         "Underwritten Notes" means the Class A Notes.

         "United States" has the meaning specified in the Indenture.

         "Wachovia Bank" has the meaning specified in the Sale and Servicing
Agreement.

                                       4

<PAGE>

         Section 1.02. Other Definitional Provisions.

         (a) Capitalized terms used herein that are not otherwise defined shall
have the meanings ascribed thereto in the Indenture or the Sale and Servicing
Agreement, as the case may be.

         (b) With respect to all terms in this Agreement, unless the context
otherwise requires: (i) a term has the meaning assigned to it; (ii) an
accounting term not otherwise defined has the meaning assigned to it in
accordance with generally accepted accounting principles as in effect from time
to time in the United States; (iii) "or" is not exclusive; (iv) "including"
means including without limitation; (v) words in the singular include the plural
and words in the plural include the singular; (vi) any agreement, document,
instrument or statute defined or referred to herein or in any instrument or
certificate delivered in connection herewith means such agreement, instrument or
statute as from time to time amended, modified or supplemented and includes (in
the case of agreements or instruments) references to all attachments thereto and
instruments incorporated therein; (vii) references to a Person are also to its
successors and permitted assigns; (viii) the words "hereof," "herein" and
"hereunder" and words of similar import when used in this Agreement shall refer
to this Agreement as a whole and not to any particular provision of this
Agreement; (ix) Section, subsection, Schedule and Exhibit references contained
in this Agreement are references to Sections, subsections, Schedules and
Exhibits in or to this Agreement unless otherwise specified; (x) references to
"writing" include printing, typing, lithography and other means of reproducing
words in a visible form; and (xi) the term "proceeds" has the meaning set forth
in the applicable UCC.

                                       5

<PAGE>

                                  ARTICLE TWO

                            CONVEYANCE OF RECEIVABLES

         Section 2.01. Sale and Conveyance of Receivables.

         (a) The Seller hereby sells, transfers, assigns, sets over and
otherwise conveys to the Purchaser, and the Purchaser hereby purchases from the
Seller, without recourse (subject to the Seller's obligations hereunder), all of
the right, title and interest of the Seller in, to and under, whether now owned
or existing or hereafter acquired or arising, the following:

                  (i) the Receivables listed in the Receivables Schedule;

                  (ii) all amounts due and collected on or in respect of the
         Receivables (including proceeds of the repurchase of Receivables by the
         Seller pursuant to Section 3.03(c)) after the Cutoff Date;

                  (iii) the security interests in the Financed Vehicles granted
         by the Obligors pursuant to the Receivables;

                  (iv) all proceeds from claims on or refunds of premiums of any
         physical damage or theft insurance policies and extended warranties
         covering the Financed Vehicles and any proceeds or refunds of premiums
         of any credit life or credit disability insurance policies relating to
         the Receivables, the Financed Vehicles or the Obligors;

                  (v) the Receivable Files;

                  (vi) any proceeds of Dealer Recourse;

                  (vii) the right to realize upon any property (including the
         right to receive future Liquidation Proceeds and Recoveries) that shall
         have secured a Receivable and have been repossessed by or on behalf of
         the Issuer; and

                  (viii) 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.

         (b) In connection with the foregoing conveyance, the Seller further
agrees, at its own expense, on or prior to the Closing Date to (i) annotate and
indicate in its books, records and computer files that the Receivables have been
sold and transferred to the Purchaser pursuant to this Agreement, (ii) deliver
to the Purchaser a computer file or printed or microfiche list of the
Receivables Schedule containing a true and complete list of the Receivables,
identified by

                                       6

<PAGE>

account number and by the Principal Balance as of the Cutoff Date,
which file or list shall be marked as Schedule A and is hereby incorporated into
and made a part of this Agreement and (iii) deliver or cause to be delivered the
Receivable Files to or upon the order of the Purchaser.

         (c) The parties hereto intend that the conveyance of the Receivables
and related property hereunder be a sale and not a loan. In the event that the
conveyance hereunder is for any reason not considered a sale, including in the
event of an insolvency proceeding with respect to the Seller or any of the
Seller's properties, the Seller hereby grants to the Purchaser a first priority
perfected security interest in all of the Seller's right, title and interest in,
to and under the Receivables, and all other property conveyed hereunder and all
proceeds of the foregoing. The parties intend that this Agreement constitute a
security agreement under applicable law. Such grant is made to secure the
payment of all amounts payable hereunder, including the Receivables Purchase
Price. If such conveyance is for any reason considered to be a loan and not a
sale, the Seller consents to the Purchaser transferring such security interest
in favor of the Indenture Trustee and transferring the obligation secured
thereby to the Indenture Trustee.

         (d) The Seller and the Purchaser intend that the (i) FDIC Rule shall
apply to the transactions contemplated by this Agreement and the other Basic
Documents and (ii) transactions contemplated by this Agreement and the other
Basic Documents, taken as a whole, constitute a "securitization" within the
meaning of the FDIC Rule.

         Section 2.02. Receivables Purchase Price; Payments on the Receivables.

         (a) On the Closing Date, in exchange for the Receivables and other
assets described in Section 2.01(a), the Purchaser shall pay the Seller the
Receivables Purchase Price. The Purchaser shall pay the Seller $998,067,386.00
of the Receivables Purchase Price in cash or immediately available funds. The
remainder of the Receivables Purchase Price shall be paid by crediting the
Seller with a contribution to the capital of the Purchaser. The Seller, as set
forth in the Sale and Servicing Agreement, shall deposit, in part from funds it
receives from the sale of the Receivables, the Reserve Fund Initial Deposit into
the Reserve Fund, which amount shall be an asset of the Issuer. PASS Holding
shall receive and shall be the Holder of, the Certificates.

         (b) The Purchaser shall be entitled to, and shall convey such right to
the Issuer pursuant to the Sale and Servicing Agreement, all amounts due and
collected on or in respect of the Receivables received after the Cutoff Date.

         Section 2.03. Transfer of Receivables. Pursuant to the Sale and
Servicing Agreement, the Purchaser will assign all of its right, title and
interest in, to and under the Receivables and other assets described in Section
2.01(a) to the Issuer. The parties hereto acknowledge that the Issuer will
pledge its rights in, to and under the Receivables and other assets described in
Section 2.01(a) to the Indenture Trustee pursuant to the Indenture. The
Purchaser shall have the right to assign its interest under this Agreement as
may be required to effect the purposes of the Sale and Servicing Agreement,
without the consent of the Seller, and the Issuer as assignee shall succeed to
the rights hereunder of the Purchaser.

                                       7

<PAGE>

         Section 2.04. Examination of Receivable Files. The Seller will make the
Receivable Files available to the Purchaser or its agent for examination at the
Seller's offices or such other location as otherwise shall be agreed upon by the
Purchaser and the Seller.

         Section 2.05. Expenses. The Seller will reimburse the Purchaser for
certain of the expenses of the Purchaser in connection with the issuance and
delivery of the Securities and sale of the Notes, including: (i) expenses
incident to the printing, reproducing and distributing of the Term Sheet and the
Prospectus, (ii) any fees charged by Moody's and Standard & Poor's in connection
with the rating of the Notes, (iii) the fees of DTC in connection with the
book-entry registration of the Notes, (iv) the reasonable expenses incurred by
the Purchaser in connection with the initial qualification of the Underwritten
Notes for sale under the laws of such jurisdictions in the United States as the
Purchaser or the Representative may designate, (v) the fees and disbursements of
the Trustees and their respective counsel, (vi) the fees and disbursements of
Sidley Austin Brown & Wood LLP, counsel to the Purchaser, in connection with the
purchase of the Receivables hereunder and the issuance and delivery of the
Securities and sale of the Underwritten Notes and (vii) the SEC registration fee
in the amount equal to the sum of the product of (a) 0.00012670 and (b)
$1,000,000,000.

                                       8

<PAGE>

                                 ARTICLE THREE

                         REPRESENTATIONS AND WARRANTIES

         Section 3.01. Representations and Warranties of the Purchaser. The
Purchaser hereby represents and warrants to the Seller as of the date of this
Agreement and as of the Closing Date that:

                  (a) Organization and Good Standing. The Purchaser has been
         duly organized and is validly existing as a limited liability company
         in good standing under the laws of the State of Delaware, 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 and purchase the Receivables.

                  (b) Due Qualification. The Purchaser is duly qualified to do
         business as a foreign limited liability company in good standing and
         has obtained all necessary licenses and approvals in each jurisdiction
         in which the failure to so qualify or to obtain such licenses and
         approvals would, in the reasonable judgment of the Purchaser,
         materially and adversely affect the performance by the Purchaser of its
         obligations under, or the validity or enforceability of, this
         Agreement.

                  (c) Power and Authority. The Purchaser has the power and
         authority to execute and deliver, and perform its obligations under,
         this Agreement and each other Basic Document to which it is a party.
         The Purchaser has full power and authority to sell and assign the
         property listed in Section 2.01(a) that it is acquiring from the Seller
         and shall sell and assign to and deposit with the Issuer such property
         and shall duly authorize such sale and assignment by all necessary
         limited liability company action; and the execution, delivery and
         performance of this Agreement and each other Basic Document to which
         the Purchaser is a party has been duly authorized by the Purchaser by
         all necessary limited liability company action.

                  (d) No Violation. The execution, delivery and performance by
         the Purchaser of this Agreement and of the purchase of the Receivables
         and the consummation of the transactions contemplated hereby and by
         each other Basic Document to which it is a party and the fulfillment of
         the terms hereof and thereof will not conflict with, result in any
         breach of any of the terms and provisions of, nor constitute (with or
         without notice or lapse of time or both) a default under, the
         certificate of formation or limited liability company agreement of the
         Purchaser, nor conflict with or violate any of the material terms or
         provisions of, or constitute (with or without notice or lapse of time
         or both) a default under, any indenture, agreement or other instrument
         to which the Purchaser is a party or by which it shall be bound; nor
         result in the creation or imposition of any Lien upon any of its
         properties pursuant to the terms of any such indenture, agreement or
         other instrument (other than Liens created by this Agreement and the
         other Basic Documents); nor violate any law or, to the Purchaser's
         knowledge, any order, rule or regulation applicable to the Purchaser of
         any court or of any federal or State regulatory body, administrative
         agency or other governmental instrumentality having jurisdiction over
         the

                                       9

<PAGE>

         Purchaser or its properties, which breach, default, conflict, Lien or
         violation would have a material adverse effect on the earnings,
         business affairs or business prospects of the Purchaser or on the
         ability of the Purchaser to perform its obligations under this
         Agreement.

                  (e) No Proceedings. There are no proceedings or investigations
         pending, or to the Purchaser's knowledge, threatened against the
         Purchaser, before any court, regulatory body, administrative agency or
         other governmental instrumentality having jurisdiction over the
         Purchaser or its properties: (i) asserting the invalidity of this
         Agreement or any other Basic Document to which it is a party, (ii)
         seeking to prevent the issuance and delivery of the Securities, the
         sale of the Notes or the consummation of any of the transactions
         contemplated by this Agreement or any other Basic Document to which the
         Purchaser is a party or (iii) seeking any determination or ruling that
         might materially and adversely affect the performance by the Purchaser
         of its obligations under, or the validity or enforceability of, this
         Agreement or any other Basic Document to which it is a party.

         Section 3.02. Representations and Warranties of the Seller. The Seller
hereby represents and warrants to the Purchaser as of the date of this Agreement
and as of the Closing Date that:

                  (a) Organization and Good Standing. The Seller has been duly
         organized and is validly existing as a national banking association
         under the laws of the United States and continues to hold a valid
         certificate to do business as such, and has the power to own its assets
         and to transact the business in which it is currently engaged. The
         Seller is duly authorized to transact business and has obtained all
         necessary licenses and approvals, and is in good standing in each
         jurisdiction in which the character of the business transacted by it or
         any properties owned or leased by it requires such authorization.

                  (b) Power and Authority. The Seller has the power and
         authority to execute and deliver and perform its obligations under this
         Agreement and each other Basic Document to which the Seller is a party,
         and the execution, delivery and performance of this Agreement and each
         other Basic Document to which the Seller is a party has been duly
         authorized by the Seller. When executed and delivered, this Agreement
         and the other Basic Documents to which the Seller is a party will
         constitute legal, valid and binding obligations of the Seller
         enforceable in accordance with their respective terms, except that such
         enforceability may be subject to bankruptcy, insolvency,
         reorganization, moratorium, fraudulent conveyance, fraudulent transfer
         and other similar laws relating to or affecting creditors generally,
         and creditors of national banking associations and financial
         institutions the accounts of which are insured by the Federal Deposit
         Insurance Corporation in particular, and to general equitable
         principles (regardless of whether considered in a proceeding in equity
         or at law), including concepts of commercial reasonableness, good faith
         and fair dealing and the possible unavailability of specific
         performance or injunctive relief.

                  (c) No Violation. The execution, delivery and performance by
         the Seller of this Agreement and the sale of the Receivables, the
         consummation of the transactions contemplated hereby and by each other
         Basic Document to which it is a party and the fulfillment of the terms
         hereof and thereof will not conflict with, result in a breach of any

                                       10

<PAGE>

         of the terms and provisions of, or constitute (with or without notice
         or lapse of time or both) a default under, its articles of
         incorporation or bylaws, nor conflict with or violate any of the
         material terms or provisions of, or constitute (with or without notice
         or lapse of time or both) a default under, any indenture, agreement or
         other instrument to which it is a party or by which it shall be bound;
         nor result in the creation or imposition of any Lien upon any of its
         properties pursuant to the terms of any such indenture, agreement or
         other instrument (other than this Agreement); nor violate any law or,
         to its knowledge, any order, rule or regulation applicable to it of any
         court or of any federal or State regulatory body, administrative agency
         or other governmental instrumentality having jurisdiction over it or
         its properties, which breach, default, conflict, Lien or violation
         would have a material adverse effect on the Seller's earnings, business
         affairs or business prospects or on the ability of the Seller to
         perform its obligations under this Agreement.

                  (d) No Proceedings. There are no proceedings or investigations
         pending or, to the Seller's knowledge, threatened against the Seller
         before any court, regulatory body, administrative agency or other
         governmental instrumentality having jurisdiction over the Seller or its
         properties (i) asserting the invalidity of this Agreement or any other
         Basic Document to which the Seller is a party, (ii) seeking to prevent
         the issuance and delivery of the Securities, the sale of the Notes or
         the consummation of any of the transactions contemplated by this
         Agreement or any other Basic Document to which the Seller is a party or
         (iii) seeking any determination or ruling that might materially and
         adversely affect the performance by the Seller of its obligations
         under, or the validity or enforceability of, this Agreement or any
         other Basic Document to which the Seller is a party.

                  (e) Principal Executive Office. The chief executive office of
         the Seller is One Wachovia Center, 301 South College Street, Charlotte,
         North Carolina 28288.

                  (f) No Consents. The Seller is not required to obtain the
         consent of any other party or any consent, license, approval,
         registration, authorization, or declaration of or with any governmental
         authority, bureau or agency in connection with the execution, delivery,
         performance, validity, or enforceability of this Agreement or any other
         Basic Document to which it is a party that has not already been
         obtained.

                  (g) Other Information. No certificate of an officer, statement
         or document furnished in writing or report delivered pursuant to the
         terms hereof by the Seller contains any untrue statement of a material
         fact or omits to state any material fact necessary to make the
         certificate, statement, document or report not misleading.

                  (h) Solvency. The sale of the Receivables to the Purchaser is
         not being made with any intent to hinder, delay or defraud any of its
         creditors. The Seller is not insolvent, nor will the Seller be made
         insolvent by the transfer of the Receivables, nor does the Seller
         anticipate any pending insolvency.

                  (i) Official Record. This Agreement is and shall remain at all
         times prior to the termination hereof an official record of the Seller
         as referred to in Section 13(e) of the Federal Deposit Insurance Act,
         as amended by 12 U.S.C. Section 1823(e).

                                      11

<PAGE>

                  (j) Prospectus. As of the date of the Prospectus and as of the
         Closing Date, the Seller Information does not include an untrue
         statement of a material fact or omit to state a material fact necessary
         in order to make the statements therein, in the light of the
         circumstances under which they were made, not misleading.

         Section 3.03. Representations and Warranties as to the Receivables.

         (a) Eligibility of Receivables. The Seller makes the following
representations and warranties with respect to the Receivables, on which the
Purchaser relies in accepting the Receivables and in transferring the
Receivables to the Issuer under the Sale and Servicing Agreement and on which
the Issuer relies in pledging the same to the Indenture Trustee pursuant to the
Indenture. Except as otherwise provided, such representations and warranties
speak as of the execution and delivery of this Agreement and as of the Closing
Date but shall survive the sale, transfer and assignment of the Receivables to
the Purchaser, the subsequent sale, transfer and assignment of the Receivables
by the Purchaser to the Issuer pursuant to the Sale and Servicing Agreement and
the pledge of the Receivables by the Issuer to the Indenture Trustee pursuant to
the Indenture.

                  (i) Characteristics of Receivables. Each Receivable (A) was
         originated in the United States by a Dealer located in the United
         States for the retail sale of a Financed Vehicle in the ordinary course
         of the applicable Dealer's business in accordance with the Seller's
         credit policies as of the date of origination or acquisition of the
         related Receivable, is payable in United States dollars, has been fully
         and properly executed by the parties thereto, has been purchased by the
         Seller from such Dealer under an existing Dealer Agreement (or approved
         form of assignment) and has been validly assigned by such Dealer to the
         Seller, (B) has created a valid, subsisting and enforceable first
         priority security interest in favor of the Seller in the Financed
         Vehicle, which security interest shall be perfected and prior to any
         other interest in such Financed Vehicle, and which security interest is
         assignable by the Seller and reassignable by the assignee, (C) 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, (D) shall, except as
         otherwise provided in the Sale and Servicing Agreement, provide for
         level Monthly Payments (provided that the payment in the first or last
         month in the life of the Receivable may be minimally different from the
         level payment) that fully amortize the Amount Financed over its
         original term and shall provide for a finance charge or shall yield
         interest at its Contract Rate, (E) is a Simple Interest Receivable, (F)
         is due from an Obligor with a mailing address within the United States
         or its territories, (G) to the best of the Seller's knowledge, is due
         from an Obligor who is a natural person and (H) to the best of the
         Seller's knowledge, is not assumable by another person in a manner
         which would release the Obligor thereof from such Obligor's obligations
         to the Seller with respect to such Receivable.

                  (ii) Receivables Schedule. The information set forth in the
         Receivables Schedule shall be true and correct in all material respects
         as of the close of business on the Cutoff Date, and the Receivables
         were selected (A) from those motor vehicle receivables of the Seller
         which met the selection criteria set forth in this Agreement and

                                       12

<PAGE>

         (B) using selection procedures, believed by the Seller, not to be
         adverse to the Noteholders.

                  (iii) Compliance with Law. Each Receivable complied at the
         time it was originated or made, and at the Closing Date complies, in
         all material respects with all requirements of applicable federal,
         State and, to the best knowledge of the Seller, local laws, rulings and
         regulations thereunder (including usury laws).

                  (iv) Binding Obligation. Each Receivable represents the
         genuine, legal, valid and binding payment obligation in writing of the
         related Obligor, enforceable by the holder thereof in accordance with
         its terms, except as (A) enforceability thereof may be limited by
         bankruptcy, insolvency, reorganization or similar laws affecting the
         enforcement of creditors' rights generally and by equitable limitations
         on the availability of specific remedies, regardless of whether such
         enforceability is considered in a proceeding in equity or at law and
         (B) such Receivable may be modified by the application after the Cutoff
         Date of the Servicemembers Civil Relief Act or by any similar
         applicable State law.

                  (v) No Government Obligor. No Receivable is due from the
         United States or any State or any agency, department, subdivision or
         instrumentality thereof.

                  (vi) Obligor Bankruptcy. To the best of the Seller's
         knowledge, at the Cutoff Date, no Obligor is the subject of a
         bankruptcy proceeding.

                  (vii) Security Interest in Financed Vehicles. Immediately
         prior to the transfer of the Receivables by the Seller to the
         Depositor, each Receivable was secured by a valid, binding and
         enforceable first priority perfected security interest in favor of the
         Seller in the related Financed Vehicle, which security interest has
         been validly assigned by the Seller to the Depositor. The Servicer has
         received, or will receive within 180 days after the Closing Date, the
         original certificate of title for each Financed Vehicle (other than any
         Financed Vehicle that is subject to a certificate of title statute or
         motor vehicle registration law that does not require that the original
         certificate of title for such Financed Vehicle be delivered to the
         Seller).

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

                  (ix) No Waivers. No provision of a Receivable shall have been
         waived in such a manner that such Receivable fails to meet all of the
         other representations and warranties made by the Seller herein with
         respect thereto.

                  (x) No Amendments. No Receivable shall have been amended or
         modified in such a manner that the total number of Monthly Payments has
         been increased or decreased or that the related Amount Financed has
         been increased or decreased or that such Receivable fails to meet all
         of the other representations and warranties made by the Seller herein
         with respect thereto.

                                       13

<PAGE>

                  (xi) No Defenses. No Receivable is subject to any right of
         rescission, setoff, counterclaim or defense, including the defense of
         usury, and the operation of any of the terms of any Receivable, or the
         exercise of any right thereunder, will not render such Receivable
         unenforceable in whole or in part or subject to any right of
         rescission, setoff, counterclaim or defense, including the defense of
         usury, and the Seller has not received written notice of the assertion
         with respect to any Receivable of any such right of rescission, setoff,
         counterclaim or defense.

                  (xii) No Liens. No Liens or claims shall have been filed,
         including Liens for work, labor or materials or for unpaid local, State
         or federal taxes relating to any Financed Vehicle that shall be prior
         to, or equal or coordinate with, the security interest in such Financed
         Vehicle granted by the related Receivable.

                  (xiii) No Defaults; Repossessions. Except for payment defaults
         that, as of the Cutoff Date, have been continuing for a period of not
         more than 30 days, no default, breach or violation under the terms of
         any Receivable, permitting acceleration, shall have occurred as of the
         Cutoff Date and no continuing condition that with notice or the lapse
         of time or both would constitute a default, breach or violation under
         the terms of any Receivable, permitting acceleration, shall have
         arisen; and the Seller shall not have waived any of the foregoing
         except as otherwise permitted hereunder. On or prior to the Cutoff
         Date, no Financed Vehicle has been repossessed.

                  (xiv) Insurance. Each Receivable requires the related Obligor
         to obtain physical damage insurance covering the related Financed
         Vehicle and to maintain such insurance.

                  (xv) Title. It is the intention of the Seller that the
         transfers and assignments herein contemplated constitute a sale of the
         Receivables from the Seller to the Purchaser and that the beneficial
         interest in and title to the Receivables not be part of the debtor's
         estate in the event of the appointment of a receiver or conservator for
         the Seller under any receivership, bankruptcy law, insolvency or
         banking law; no Receivable has been sold, transferred, assigned or
         pledged by the Seller to any Person other than the Purchaser, and no
         provision of a Receivable shall have been waived, except as provided in
         clause (ix) above; immediately prior to the transfer and assignment
         herein contemplated, the Seller had good and marketable title to each
         Receivable free and clear of all Liens and rights of others, except for
         Liens that shall be released on or before the Closing Date; immediately
         upon the transfer and assignment thereof, the Purchaser shall have good
         and marketable title to each Receivable, free and clear of all Liens
         and rights of others; and the transfer and assignment herein
         contemplated has been perfected under the UCC.

                  (xvi) Security Interest Matters. This Agreement creates a
         valid and continuing "security interest" (as defined in the UCC) in the
         Receivables in favor of the Depositor, which security interest is prior
         to all other Liens and is enforceable as such as against creditors of
         and purchasers from the Seller. With respect to each Receivable, the
         Seller has taken all steps necessary to perfect its security interest
         against the related Obligor in the related Financed Vehicle. The
         Receivables constitute "tangible chattel paper" (as defined in the
         UCC). The Seller has caused or will cause prior to the Closing Date the
         filing of all appropriate financing statements in the proper filing
         offices in the appropriate

                                       14

<PAGE>

         jurisdictions under applicable law necessary to perfect the security
         interest in the Receivables granted to the Depositor under this
         Agreement. Other than the security interest granted to the Depositor
         under this Agreement, the Seller has not pledged, assigned, sold,
         granted a security interest in or otherwise conveyed any of the
         Receivables. The Seller has not authorized the filing of and is not
         aware of any financing statements against the Seller that include a
         description of collateral covering the Receivables other than any
         financing statement relating to the security interest granted to the
         Depositor under the Sale and Servicing Agreement or that has been
         terminated. The motor vehicle retail installment sale contracts that
         constitute or evidence the Receivables do not have any marks or
         notations indicating that they have been pledged, assigned or otherwise
         conveyed to any Person other than the Depositor, the Issuer or the
         Indenture Trustee. The Seller is not aware of any judgment or tax lien
         filings against the Seller.

                  (xvii) Financing Statements. All financing statements filed or
         to be filed against the Seller in favor of the Issuer (as assignee of
         the Depositor) contain a statement substantially to the following
         effect: "A purchase of or security interest in any collateral described
         in this financing statement will violate the rights of the Issuer." All
         financing statements filed or to be filed against the Seller in favor
         of the Indenture Trustee (as assignee of the Issuer) contain a
         statement substantially to the following effect: "A purchase of or
         security interest in any collateral described in this financing
         statement will violate the rights of the Indenture Trustee."

                  (xviii) Lawful Assignment. No Receivable has been originated
         in, or is subject to the laws of, any jurisdiction under which the
         sale, transfer, assignment and conveyance of such Receivable under this
         Agreement or the Sale and Servicing Agreement or the pledge of such
         Receivables hereunder or under the Indenture is unlawful, void or
         voidable or under which such Receivable would be rendered void or
         voidable as a result of any such sale, transfer, assignment, conveyance
         or pledge. The Seller has not entered into any agreement with any
         account debtor that prohibits, restricts or conditions the assignment
         of the Receivables.

                  (xix) All Filings Made. All filings (including UCC filings)
         necessary in any jurisdiction to give the Purchaser, the Issuer and the
         Indenture Trustee a first priority security interest in the Receivables
         shall have been made or will be made on the Closing Date.

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

                  (xxi) Location of Receivable Files. Each Receivable File shall
         be kept at one of the locations listed in Schedule B.

                  (xxii) Custodial Agreements. Immediately prior to the transfer
         of the Receivables by the Seller to the Purchaser, the Seller, an
         Affiliate of the Seller or an agent on behalf of the Seller had
         possession of the Receivable Files and there were no, and there will
         not be, any custodial agreements in effect affecting the right or
         ability of the Seller to make, or cause to be made, any delivery
         required under this Agreement.

                                       15

<PAGE>

                  (xxiii) Bulk Transfer Laws. The transfer of the Receivables
         and the Receivable Files by the Seller to the Purchaser pursuant to
         this Agreement is not subject to the bulk transfer laws or any similar
         statutory provisions in effect in any applicable jurisdiction.

                  (xxiv) Principal Balance. Each Receivable had an original
         Principal Balance of not more than $100,000.00 and a remaining
         Principal Balance, as of the Cutoff Date, of not less than $500.00.

                  (xxv) New and Used Vehicles. As of the Cutoff Date,
         approximately 67.41% of the Pool Balance was secured by new Financed
         Vehicles and approximately 32.59% of the Pool Balance was secured by
         used Financed Vehicles.

                  (xxvi) Origination. Each Receivable was originated after
         December 27, 1998.

                  (xxvii) Original Term to Maturity. Each Receivable had an
         original term to maturity of not more than 72 months and not less than
         12 months and a remaining term to maturity as of the Cutoff Date, of
         not more than 72 months and not less than three months.

                  (xxviii) Weighted Average Remaining Term to Maturity. As of
         the Cutoff Date, the weighted average remaining term to maturity of the
         Receivables was approximately 50.71 months.

                  (xxix) Annual Percentage Rate. Each Receivable has an Contract
         Rate of at least 2.39% and not more than 9.494%.

                  (xxx) Simple Interest Method. All payments with respect to the
         Receivables have been allocated consistently in accordance with the
         Simple Interest Method.

                  (xxxi) Marking Records. As of the Closing Date, the Seller
         will have caused its computer and accounting records relating to each
         Receivable to be marked to show that the Receivables have been sold to
         the Purchaser by the Seller and transferred and assigned by the
         Purchaser to the Issuer in accordance with the terms of the Sale and
         Servicing Agreement and pledged by the Issuer to the Indenture Trustee
         in accordance with the terms of the Indenture.

                  (xxxii) Chattel Paper. Each Receivable constitutes "tangible
         chattel paper" within the meaning of the UCC as in effect in the State
         of its origination; provided, however, that upon satisfaction of the
         Rating Agency Condition, a Receivable may constitute "electronic
         chattel paper" within the meaning of the UCC as in effect in the State
         of origination.

                  (xxxiii) Final Scheduled Distribution Date. No Receivable has
         a final scheduled payment date later than six months prior to the Class
         C Final Scheduled Distribution Date.

                  (xxxiv) No Fleet Sales. None of the Receivables have been
         included in a "fleet" sale (i.e., a sale to any single Obligor of more
         than eight Financed Vehicles).

                                       16

<PAGE>

                  (xxxv) No Fraud or Misrepresentation. Each Receivable that was
         originated by a Dealer and was sold by the Dealer to the Seller, to the
         best of the Seller's knowledge, was so originated and sold without
         fraud or misrepresentation on the part of such Dealer in either case.

                  (xxxvi) No Impairment. The Seller has not done anything to
         convey any right to any Person that would result in such Person having
         a right to payments due under a Receivable or otherwise to impair the
         rights of the Depositor in any Receivable or the proceeds thereof.

                  (xxxvii) Servicing. Each Receivable has been serviced in
         conformity with all applicable laws, rules and regulation and in
         conformity with the Seller's policies and procedures which are
         consistent with customary, prudent industry standards.

                  (xxxviii) No Consent. To the best of the Seller's knowledge,
         no notice to or consent from any Obligor is necessary to effect the
         acquisition of the Receivables by the Purchaser or the Issuer or the
         pledge of the Receivables by the Issuer to the Indenture Trustee.

                  (xxxix) Other Receivables. To the best of the Seller's
         knowledge, neither the Obligor on any Receivable nor any of its
         Affiliates is the obligor on Receivables with an aggregate principal
         amount representing more than 0.10% of the aggregate Principal Balance
         of the Receivables as of the Cutoff Date.

         (b) Notice of Breach. The representations and warranties set forth in
Sections 3.02 and 3.03(a) shall speak as of the execution and delivery of this
Agreement and as of the Closing Date, except to the extent otherwise provided
therein, but shall survive the sale, transfer and assignment of the Receivables
by the Seller to the Purchaser and any subsequent assignment or transfer
pursuant to the Sale and Servicing Agreement and the Indenture. The Purchaser,
the Seller, the Issuer, the Owner Trustee or the Indenture Trustee, as the case
may be, shall inform the other parties promptly, in writing, upon discovery of
any breach of the Seller's representations and warranties pursuant to Sections
3.02 and 3.03(a) which materially and adversely affects the interests of the
Noteholders in any Receivable.

         (c) Repurchase of Receivables. In the event of a breach of any
representation or warranty set forth in Section 3.03(a) which materially and
adversely affects the interests of the Purchaser, the Issuer or the Noteholders
in any Receivable that shall not have been cured by the close of business on the
last day of the Collection Period which includes the thirtieth day after the
date on which the Seller becomes aware of, or receives written notice from the
Servicer, the Purchaser, the Issuer or any Noteholder of such breach, the Seller
shall repurchase such Receivable from the Issuer on the related Deposit Date.
This repurchase obligation shall apply to all representations and warranties
contained in Section 3.03(a) except as otherwise noted whether or not the Seller
or the Purchaser has knowledge of the breach at the time of the breach or at the
time the representations and warranties were made. In consideration of the
repurchase of any such Receivable the Seller shall remit an amount equal to the
Purchase Amount in respect of such Receivable to the Issuer in the manner set
forth in the Sale and Servicing Agreement. In the event that, as of the date of
execution and delivery of this Agreement, any Liens or claims shall

                                       17

<PAGE>

have been filed, including Liens for work, labor or materials relating to a
Financed Vehicle, that shall be prior to, or equal or coordinate with, the Lien
granted by the related Receivable (whether or not the Seller has knowledge
thereof), which Liens or claims shall not have been satisfied or otherwise
released in full as of the Closing Date, the Seller shall repurchase such
Receivable on the terms and in the manner specified above. Upon any such
repurchase, the Purchaser shall, without further action, be deemed to transfer,
assign, set-over and otherwise convey to the Seller, without recourse,
representation or warranty, all the right, title and interest of the Purchaser
in, to and under such repurchased Receivable, all other related assets described
in Section 2.01(a) and all monies due or to become due with respect thereto and
all proceeds thereof. The Purchaser, the Issuer, the Owner Trustee or the
Indenture Trustee, as applicable, shall execute such documents and instruments
of transfer or assignment and take such other actions as shall reasonably be
requested by the Seller to effect the conveyance of such Receivable pursuant to
this Section. The sole remedy of the Purchaser, the Issuer, the Trustees or the
Noteholders with respect to a breach of the Seller's representations and
warranties pursuant to Section 3.03(a) or with respect to the existence of any
such Liens or claims shall be to require the Seller to repurchase the related
Receivables pursuant to this Section.

                                       18

<PAGE>

                                  ARTICLE FOUR

                                   CONDITIONS

         Section 4.01. Conditions to Obligation of the Purchaser. The obligation
of the Purchaser to purchase the Receivables from the Seller on the Closing Date
is subject to the satisfaction of the following conditions:

                  (a) Representations and Warranties True. The representations
         and warranties of the Seller contained herein and in the other Basic
         Documents shall be true and correct on the Closing Date with the same
         effect as if made on the Closing Date, and each of the Seller and the
         Servicer shall have performed all obligations to be performed by it
         hereunder and under the other Basic Documents on or before the Closing
         Date.

                  (b) Computer Files Marked. The Seller shall, at its own
         expense, on or before the Closing Date, indicate in its computer files
         that the Receivables have been sold to the Purchaser pursuant to this
         Agreement and deliver to the Purchaser an Officer's Certificate
         confirming that its computer files have been marked pursuant to this
         subsection, and shall deliver to the Purchaser the Receivables
         Schedule, certified by an authorized officer of the Seller to be true,
         correct and complete.

                  (c) Documents to be Delivered. The Purchaser shall have
         received the following, all of which shall be dated as of the Closing
         Date or such other date as specified:

                           (i) the Receivables Schedule;

                           (ii) an Officer's Certificate of the Seller and the
                  Servicer, substantially in the form of Exhibit B;

                           (iii) opinions of counsel for the Seller and the
                  Servicer, in the aggregate substantially in the form of
                  Exhibit C, addressed to the Purchaser and the Underwriters;

                           (iv) copies of resolutions of the board of directors
                  of the Seller approving the execution, delivery and
                  performance of the other Basic Documents to which the Seller
                  is a party, and the performance of the transactions
                  contemplated hereunder and thereunder, certified by the
                  Secretary or an Assistant Secretary of the Seller;

                           (v) copies of the articles of association of the
                  Seller, together with all amendments, revisions and
                  supplements thereto, certified by the Comptroller of the
                  Currency as of a recent date, to the effect that the Seller
                  has been duly organized, is duly authorized to transact
                  business and is validly existing as a banking institution in
                  good standing;

                           (vi) UCC search reports from the appropriate offices
                  in the State of North Carolina as to the Seller;

                                       19

<PAGE>

                           (vii) a letter from KPMG LLP as to certain financial
                  and statistical information in the Prospectus, which letter
                  shall be acceptable in form and substance to the Purchaser;

                           (viii) reliance letters to each opinion of counsel to
                  the Seller or the Servicer delivered to Standard & Poor's or
                  Moody's in connection with the purchase of the Receivables
                  hereunder or the issuance of the Securities or the sale of the
                  Notes;

                           (ix) the Seller shall record and file, at its own
                  expense, on or prior to the Closing Date, a financing
                  statement in each jurisdiction in which such filing is
                  required by applicable law, executed by the Seller, as seller
                  or debtor, and naming the Purchaser, as purchaser or secured
                  party, and the Issuer, as assignee, naming the Receivables and
                  the related property described in Section 2.01(a) as
                  collateral, meeting the requirements of the laws of each such
                  jurisdiction and in such manner as is necessary to perfect the
                  sale, transfer, assignment and conveyance of the Receivables
                  to the Purchaser; and the Seller shall deliver a file-stamped
                  copy, or other evidence satisfactory to the Purchaser of such
                  filing, to the Purchaser on the Closing Date;

                           (x) the Bill of Sale; and

                           (xi) such other documents, certificates and opinions
                  as may be requested by the Purchaser or its counsel.

                  (d) Execution of Basic Documents. The Basic Documents shall
         have been executed and delivered by the parties thereto.

                  (e) Rating of the Notes. (i) Moody's and Standard & Poor's,
         respectively, shall have assigned ratings of (A) "Prime-1" and "A-1+"
         to the Class A-1 Notes, (B) "Aaa" and "AAA" to the Class A-2 Notes, the
         Class A-3 Notes and the Class A-4 Notes, (C) "A1" and "A" to the Class
         B Notes and (D) "Baa3"and "BBB" to the Class C Notes.

                  (f) Other Transactions. The transactions contemplated by the
         Basic Documents shall be consummated on the Closing Date.

                  (g) No Termination of the Underwriting Agreement. The
         Purchaser may terminate this Agreement at any time at or prior to the
         Closing Date if (i) the Underwriting Agreement has been terminated in
         accordance with its terms, (ii) there has been, since the time of
         execution of the Underwriting Agreement or since the respective dates
         as of which information is given in the Prospectus, any material
         adverse change in the condition, financial or otherwise, or in the
         earnings, business affairs or business prospects of the Purchaser or
         the Seller, whether or not arising in the ordinary course of business,
         (iii) there has occurred any material adverse change in the financial
         markets in the United States, any outbreak of hostilities or escalation
         thereof or other calamity or crisis or any change or development
         involving a prospective change in national or international political,
         financial or economic conditions, in each case the effect of which

                                       20

<PAGE>

         is such as to make it, in the judgment of the Representative,
         impracticable or inadvisable to market the Underwritten Notes or to
         enforce contracts for the sale of the Underwritten Notes, (iv) trading
         in any securities of the Purchaser, the Seller or any of their
         respective Affiliates has been suspended or materially limited by the
         Commission or if trading generally on the American Stock Exchange, the
         New York Stock Exchange or in the Nasdaq National Market has been
         suspended or materially limited, or minimum or maximum prices for
         trading have been fixed, or maximum ranges for prices have been
         required, by any of said exchanges or by such system or by order of the
         Commission, the National Association of Securities Dealers, Inc. or any
         other governmental authority, (v) a material disruption has occurred in
         commercial banking or securities settlement or clearing services in the
         United States or (vi) if a banking moratorium has been declared by
         Federal, North Carolina or New York authorities.

         Section 4.02. Conditions to Obligation of the Seller. The obligation of
the Seller to sell the Receivables to the Purchaser on the Closing Date is
subject to the satisfaction of the following conditions:

                  (a) Representations and Warranties True. The representations
         and warranties of the Purchaser contained herein and in the other Basic
         Documents shall be true and correct on the Closing Date with the same
         effect as if then made, and the Purchaser shall have performed all
         obligations to be performed by it hereunder and under the other Basic
         Documents on or before the Closing Date.

                  (b) Payment of Receivables Purchase Price. In consideration of
         the sale of the Receivables from the Seller to the Purchaser as
         provided in Section 2.01, on the Closing Date the Purchaser shall have
         paid, and made a capital contribution, to the Seller an aggregate
         amount equal to the Receivables Purchase Price.

                                       21

<PAGE>

                                  ARTICLE FIVE

                             COVENANTS OF THE SELLER

         Section 5.01. Protection of Right, Title and Interest in, to and Under
the Receivables.

         (a) The Seller, at its expense, shall cause this Agreement and all
financing statements and continuation statements and any other necessary
documents covering the Purchaser's right, title and interest in, to and under
the Receivables and other property conveyed by the Seller to the Purchaser
hereunder to be promptly authorized, recorded, registered and filed, and at all
times to be kept recorded, registered and filed, all in such manner and in such
places as may be required by law fully to preserve and protect the right, title
and interest of the Purchaser hereunder to the Receivables and such other
property. The Seller shall deliver to the Purchaser file-stamped copies of, or
filing receipts for, any document recorded, registered or filed as provided
above, as soon as available following such recording, registration or filing.
The Purchaser shall cooperate fully with the Seller in connection with the
obligations set forth above and will execute any and all documents reasonably
required to fulfill the intent of this subsection.

         (b) Within 30 days after the Seller makes any change in its name,
identity or organizational structure which would make any financing statement or
continuation statement filed in accordance with Section 4.01(c) seriously
misleading within the meaning of the UCC as in effect in the applicable State,
the Seller shall give the Purchaser notice of any such change and within 30 days
after such change shall authorize, execute and file such financing statements or
amendments as may be necessary to continue the perfection of the Purchaser's
security interest in the Receivables and the proceeds thereof.

         (c) The Seller shall give the Purchaser written notice within 60 days
of any relocation of any office from which the Seller keeps records concerning
the Receivables or of its principal executive office or its jurisdiction of
organization and whether, as a result of such relocation, the applicable
provisions of the UCC would require the filing of any amendment of any
previously filed financing or continuation statement or of any new financing
statement and within 60 days after such relocation shall authorize, execute and
file such financing statements or amendments as may be necessary to continue the
perfection of the interest of the Purchaser in the Receivables and the proceeds
thereof. The Seller shall at all times maintain its jurisdiction of
organization, its principal place of business, its chief executive office and
the location of the office where the Receivables Files and any accounts and
records relating to the Receivables are kept within the United States.

         (d) The Seller 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.

         (e) The Seller shall maintain its computer systems so that, from and
after the time of the transfer of the Receivables to the Purchaser pursuant to
this Agreement, the Seller's master computer records (including any back-up
archives) that refer to a Receivable shall indicate

                                       22

<PAGE>

clearly and unambiguously that such Receivable is owned by the Purchaser (or,
upon transfer of the Receivables to the Issuer, by the Issuer). Indication of
the Purchaser's ownership of a Receivable shall be deleted from or modified on
the Seller's computer systems when, and only when, such Receivable shall have
been paid in full or repurchased by the Seller.

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

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

         (h) If the Seller has repurchased one or more Receivables from the
Purchaser or the Issuer pursuant to Section 3.03(c), the Seller shall, upon
request, furnish to the Purchaser, within ten Business Days, a list of all
Receivables (by receivable number and name of Obligor) then owned by the
Purchaser or the Issuer, together with a reconciliation of such list to the
Receivables Schedule.

         Section 5.02. Security Interests. Except for the conveyances hereunder,
the Seller covenants that it will not sell, pledge, assign or transfer to any
other Person, or grant, create, incur, assume or suffer to exist any Lien on any
Receivable, whether now existing or hereafter created, or any interest therein;
the Seller will immediately notify the Purchaser of the existence of any Lien on
any Receivable and, in the event that the interests of the Noteholders in such
Receivable are materially and adversely affected, such Receivable shall be
repurchased from the Purchaser by the Seller in the manner and with the effect
specified in Section 3.03(c), and the Seller shall defend the right, title and
interest of the Purchaser and its assigns in, to and under the Receivables,
whether now existing or hereafter created, against all claims of third parties
claiming through or under the Seller; provided, however, that nothing in this
subsection shall prevent or be deemed to prohibit the Seller from suffering to
exist upon a Receivable any Lien for municipal or other local taxes if such
taxes shall not at the time be due and payable or if the Seller shall currently
be contesting the validity of such taxes in good faith by appropriate
proceedings and shall have set aside on its books adequate reserves with respect
thereto.

         Section 5.03. Delivery of Payments. The Seller covenants and agrees to
deliver in kind upon receipt to the Servicer under the Sale and Servicing
Agreement all payments received by or on behalf of the Seller in respect of the
Receivables as soon as practicable after receipt thereof by the Seller.

         Section 5.04. No Impairment. The Seller covenants that it shall take no
action, nor omit to take any action, which would impair the rights of the
Purchaser, the Issuer or the Noteholders

                                       23

<PAGE>

in any Receivable, nor shall it, except as otherwise provided in this Agreement
or the Sale and Servicing Agreement, reschedule, revise or defer payments due on
any Receivable.

         Section 5.05. Costs and Expenses. The Seller shall pay all reasonable
costs and expenses incurred in connection with the perfection of the Purchaser's
right, title and interest in, to and under the Receivables.

         Section 5.06. Hold Harmless. The Seller shall protect, defend,
indemnify and hold the Purchaser and the Issuer and their respective assigns and
their attorneys, accountants, employees, officers and directors harmless from
and against all losses, costs, liabilities, claims, damages and expenses of
every kind and character, as incurred, resulting from or relating to or arising
out of (i) the inaccuracy, nonfulfillment or breach of any representation,
warranty, covenant or agreement made by the Seller in this Agreement, (ii) any
legal action, including any counterclaim, that has either been settled by the
litigants (which settlement, if the Seller is not a party thereto shall be with
the consent of the Seller) or has proceeded to judgment by a court of competent
jurisdiction, in either case to the extent it is based upon alleged facts that,
if true, would constitute a breach of any representation, warranty, covenant or
agreement made by the Seller in this Agreement, (iii) any actions or omissions
of the Seller or any employee or agent of the Seller occurring prior to the
Closing Date with respect to any Receivable or Financed Vehicle or (iv) any
failure of a Receivable to be originated in compliance with all requirements of
law. These indemnity obligations shall be in addition to any obligation that the
Seller may otherwise have.

                                       24

<PAGE>

                                  ARTICLE SIX

                                 INDEMNIFICATION

         Section 6.01. Indemnification.

         (a) The Seller agrees to indemnify and hold harmless the Purchaser,
each Underwriter and each person, if any, who controls the Purchaser or any
Underwriter within the meaning of Section 15 of the Securities Act or Section 20
of the Exchange Act as follows:

                  (i) against any and all loss, liability, claim, damage and
         expense whatsoever, as incurred, arising out of any untrue statement or
         alleged untrue statement of a material fact contained in the Seller
         Information or any similar information contained in each Collateral
         Term Sheet (if any), each Structural Term Sheet (if any), all
         Computational Materials (if any), any preliminary prospectus or the
         Prospectus (or any amendment or supplement thereto), or the omission or
         alleged omission therefrom of a material fact necessary in order to
         make the statements therein, in the light of the circumstances under
         which they were made, not misleading;

                  (ii) against any and all loss, liability, claim, damage and
         expense whatsoever, as incurred, to the extent of the aggregate amount
         paid in settlement of any litigation, or any investigation or
         proceeding by any governmental agency or body, commenced or threatened,
         or of any claim whatsoever, based upon any such untrue statement or
         omission, or any such alleged untrue statement or omission; provided
         that (subject to Section 6.01(c)) any such settlement is effected with
         the written consent of the Seller; and

                  (iii) against any and all expense whatsoever, as incurred
         (including the fees and disbursements of counsel chosen by the
         Purchaser or the Underwriters), reasonably incurred in investigating,
         preparing or defending against any litigation, or any investigation or
         proceeding by any governmental agency or body, commenced or threatened,
         or any claim whatsoever, based upon any such untrue statement or
         omission, or any such alleged untrue statement or omission, to the
         extent that any such expense is not paid under clause (i) or (ii)
         above.

         (b) Each indemnified party shall give notice as promptly as reasonably
practicable to each indemnifying party of any action commenced against it in
respect of which indemnity may be sought hereunder, but failure to so notify an
indemnifying party shall not relieve such indemnifying party from any liability
hereunder to the extent it is not materially prejudiced as a result thereof and
in any event shall not relieve it from any liability which it may have otherwise
than on account of this indemnity agreement. Counsel to the indemnified parties
shall be selected by the Purchaser or the Representative, subject to the consent
of the indemnifying party (which consent shall not be unreasonably withheld). An
indemnifying party may participate at its own expense in the defense of any such
action; provided, however, that counsel to the indemnifying party shall not
(except with the consent of the indemnified party) also be counsel to the
indemnified party. In no event shall the indemnifying parties be liable for fees
and expenses of more than one counsel (in addition to any local counsel)
separate from their own counsel for all indemnified parties in connection with
any one action or separate but similar or

                                       25

<PAGE>

related actions in the same jurisdiction arising out of the same general
allegations or circumstances. No indemnifying party shall, without the prior
written consent of the indemnified parties, settle or compromise or consent to
the entry of any judgment with respect to any litigation, or any investigation
or proceeding by any governmental agency or body, commenced or threatened, or
any claim whatsoever in respect of which indemnification or contribution could
be sought under this Section (whether or not the indemnified parties are actual
or potential parties thereto), unless such settlement, compromise or consent (i)
includes an unconditional release of each indemnified party from all liability
arising out of such litigation, investigation, proceeding or claim and (ii) does
not include a statement as to or an admission of fault, culpability or a failure
to act by or on behalf of any indemnified party.

         (c) If at any time an indemnified party shall have requested an
indemnifying party to reimburse the indemnified party for fees and expenses of
counsel, such indemnifying party agrees that it shall be liable for any
settlement of the nature contemplated by Section 6.01(a)(ii) effected without
its written consent if such (i) settlement is entered into more than 45 days
after receipt by such indemnifying party of the aforesaid request, (ii)
indemnifying party shall have received notice of the terms of such settlement at
least 30 days prior to such settlement being entered into and (iii) indemnifying
party shall not have reimbursed such indemnified party in accordance with such
request prior to the date of such settlement.

         (d) If recovery is not available under the provisions of this Section
for any reason other than as specified herein, or is insufficient to hold
harmless any indemnified party in respect of any losses, liabilities, claims,
damages and expenses herein, the indemnified parties shall be entitled to
contribution in respect of any losses, liabilities, claims, damages and expenses
herein, except to the extent that contribution is not permitted under Section
11(f) of the Securities Act. In determining the amount of contribution to which
the indemnified parties are entitled, there shall be considered the relative
benefits received by each party, the parties' relative fault, which
incorporates, among other things, their respective knowledge, access to
information concerning the matter with respect to which the claim was asserted
and opportunity to correct and prevent any statement or omission, and any other
equitable considerations appropriate under the circumstances. The parties hereto
agree that it would not be equitable if the amount of such contribution were
determined by pro rata or per capita allocation or by any other method of
allocation which does not take account of the equitable considerations referred
to above in this Section. The aggregate amount of losses, liabilities, claims,
damages and expenses incurred by an indemnified party and referred to above in
this Section shall be deemed to include any legal or other expenses reasonably
incurred by such indemnified party in investigating, preparing or defending
against any litigation, or any investigation or proceeding by any governmental
agency or body, commenced or threatened, or any claim whatsoever, based upon any
such untrue or alleged untrue statement or omission or alleged omission.

         Notwithstanding the other provisions of this Section, the relative
benefits received by the Underwriters shall be deemed to be in the same
proportion as the total underwriting discounts and commissions received by the
Underwriters, bear to the aggregate initial public offering price of the
Underwritten Notes.

                                       26

<PAGE>

         No person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution from any
person who was not guilty of such fraudulent misrepresentation.

                                       27

<PAGE>

                                  ARTICLE SEVEN

                            MISCELLANEOUS PROVISIONS

         Section 7.01. Amendment.

         (a) This Agreement may be amended from time to time by a written
amendment duly executed and delivered by the Purchaser and the Seller, without
the consent of any Noteholder, to cure any ambiguity, to correct or supplement
any provision herein which may be inconsistent with any other provision herein
or to add any other provision with respect to matters or questions arising under
this Agreement which shall not be inconsistent with the provisions of this
Agreement or the Sale and Servicing Agreement; provided, however, that any such
amendment shall not, as evidenced by an Opinion of Counsel to the Seller
delivered to the Indenture Trustee, adversely affect in any material respect the
interests of any Noteholder.

         (b) This Agreement may also be amended from time to time for any other
purpose by a written amendment duly executed and delivered by the Seller and by
the Purchaser; provided, however, that any such amendment that materially
adversely affects the interests of the Noteholders under the Indenture, the Sale
and Servicing Agreement or the Trust Agreement must be consented to by the
Holders of Notes evidencing not less than 51% of the Note Balance of the
Controlling Class of Notes. Promptly after the execution of any such amendment,
the Seller shall furnish written notification of the substance of such amendment
to the Owner Trustee, the Indenture Trustee and the Rating Agencies.

         Section 7.02. Termination. The respective obligations and
responsibilities of the Seller and the Purchaser created hereby shall terminate,
except for the indemnity obligations of the Seller as provided herein, upon the
termination of the Issuer as provided in the Trust Agreement.

         Section 7.03. GOVERNING LAW. This Agreement shall be construed in
accordance with the laws of the State of New York, without reference to its
conflict of law provisions (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 7.04. Notices. All demands, notices and communications
hereunder shall be in writing and shall be deemed to have been duly given if
personally delivered at or sent by telecopier, overnight courier or mailed by
registered mail, return receipt requested, in the case of the (i) Purchaser, to
Pooled Auto Securities Shelf LLC, One Wachovia Center, 301 South College Street,
Suite E, Charlotte, North Carolina 28288-5578, Attention: General Counsel and
(ii) Seller, to Wachovia Bank, National Association, 201 South College Street,
17th Floor, Charlotte, North Carolina 28244-0572, Attention: Treasury
Department; or, as to either of such Persons, at such other address as shall be
designated by such Person in a written notice to the other Persons.

         Section 7.05. Severability of Provisions. If any one or more of the
covenants, agreements, provisions or terms of this Agreement shall for any
reason whatsoever be held invalid,

                                       28

<PAGE>

then such covenants, agreements, provisions or terms shall be deemed severable
from the remaining covenants, agreements, provisions and terms of this Agreement
and shall in no way affect the validity or enforceability of the other
covenants, agreements, provisions and terms of this Agreement.

         Section 7.06. Further Assurances. The Seller and the Purchaser 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 other party hereto
or by the Issuer or the Indenture Trustee more fully to effect the purposes of
this Agreement, including the execution of any financing statements, amendments,
continuation statements or releases relating to the Receivables for filing under
the provisions of the UCC or other law of any applicable jurisdiction.

         Section 7.07. No Waiver; Cumulative Remedies. No failure to exercise
and no delay in exercising, on the part of the Purchaser, the Issuer, the
Indenture Trustee, the Noteholders or the Seller, any right, remedy, power or
privilege hereunder shall operate as a waiver thereof; nor shall any single or
partial exercise of any right, remedy, power or privilege hereunder preclude any
other or further exercise thereof or the exercise of any other right, remedy,
power or privilege. The rights, remedies, powers and privileges herein provided
are cumulative and not exhaustive of any rights, remedies, powers and privileges
provided by law.

         Section 7.08. Counterparts. This Agreement may be executed in two or
more counterparts (and by different parties on separate counterparts), each of
which shall be an original, but all of which together shall constitute one and
the same instrument.

         Section 7.09. Third-Party Beneficiaries. This Agreement will inure to
the benefit of and be binding upon the parties hereto, the Issuer, the Indenture
Trustee, the Owner Trustee, the Noteholders and the Underwriters. Except as
otherwise provided in this Agreement, no other Person will have any right or
obligation hereunder.

         Section 7.10. Headings. The Article and Section headings and the Table
of Contents herein are for purposes of reference only and shall not otherwise
affect the meaning or interpretation of any provision hereof.

         Section 7.11. Representations, Warranties and Agreements to Survive.
The respective agreements, representations, warranties and other statements by
the Seller and by the Purchaser set forth in or made pursuant to this Agreement
shall remain in full force and effect and will survive the closing hereunder of
the transfers and assignments by the Seller to the Purchaser and by the
Purchaser to the Issuer and shall inure to the benefit of the Purchaser, the
Trustees and the Noteholders.

         Section 7.12. No Proceedings. So long as this Agreement is in effect,
and for one year plus one day following its termination, the Seller agrees that
it will not file any involuntary petition or otherwise institute any bankruptcy,
reorganization arrangement, insolvency or liquidation proceeding or other
proceedings under any federal or State bankruptcy law or similar law against the
Purchaser or the Issuer.

                                       29
<PAGE>

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

                                      WACHOVIA BANK, NATIONAL ASSOCIATION,
                                      as Seller

                                      By:   /s/ David T. Mason
                                          ----------------------------------
                                            David T. Mason
                                            Vice President

                                      POOLED AUTO SECURITIES SHELF LLC,
                                      as Purchaser

                                      By:   /s/ Scott D. Weaver
                                          ----------------------------------
                                            Scott D. Weaver
                                            Vice President

                                                 Receivables Purchase Agreement

<PAGE>

                                                                     SCHEDULE A

                              RECEIVABLES SCHEDULE

                    [Original on file at Servicer's office.]

                                      SA-1

<PAGE>

                                                                   SCHEDULE B

                          LOCATION OF RECEIVABLE FILES

Wachovia Bank, National Association
1628 Browning Road, SC8846
Columbia, South Carolina  29226-0002

Wachovia Bank, National Association
Dealer Service Center
1451 Thomas Langston Road
Winterville, North Carolina  28590

                                      SB-1

<PAGE>

                                                                      EXHIBIT A

                           BILL OF SALE AND ASSIGNMENT

         For value received, in accordance with the receivables purchase
agreement, dated as of September 1, 2004 (the "Receivables Purchase Agreement"),
between the undersigned and Pooled Auto Securities Shelf LLC (the "Purchaser"),
the undersigned does hereby sell, transfer, assign, set over and otherwise
convey unto the Purchaser, without recourse, all right, title and interest of
the undersigned in, to and under, whether now owned or existing or hereafter
acquired or arising (i) the Receivables listed on Schedule A hereto (the
"Receivables"); (ii) all amounts due and received on or in respect of the
Receivables (including proceeds of the repurchase of Receivables by the Seller
pursuant to the Receivables Purchase Agreement) after the Cutoff Date; (iii) the
security interests in the Financed Vehicles granted by the Obligors pursuant to
the Receivables; (iv) all proceeds from claims on or refunds of premiums of any
physical damage or theft insurance policies and extended warranties covering the
Financed Vehicles and any proceeds or refunds of premiums of any credit life or
credit disability insurance policies relating to the Receivables, the Financed
Vehicles or the Obligors; (v) the Receivable Files; (vi) any proceeds of Dealer
Recourse; (vii) the right to realize upon any property (including the right to
receive future Liquidation Proceeds and Recoveries) that shall have secured a
Receivable and have been repossessed by or on behalf of the Issuer; and (viii)
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.

         This Bill of Sale and Assignment is made pursuant to and upon the
representations, warranties and agreements on the part of the undersigned
contained in the Receivables Purchase Agreement and is to be governed by the
Receivables Purchase Agreement.

         Capitalized terms used and not otherwise defined herein shall have the
meaning assigned to them in the Receivables Purchase Agreement.

         IN WITNESS WHEREOF, the undersigned has caused this Bill of Sale and
Assignment to be duly executed as of September 9, 2004.

                                           WACHOVIA BANK, NATIONAL ASSOCIATION

                                           By:__________________________________
                                              Name:
                                              Title:

                                      A-1

<PAGE>

                                                                   EXHIBIT B

                     OFFICER'S CERTIFICATE OF WACHOVIA BANK

                                      B-1

<PAGE>

                                                                   EXHIBIT C

                      OPINION OF COUNSEL FOR WACHOVIA BANK

                                      C-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}]]