Document:

Exhibit 4.1

                                    INDENTURE

                                     between

                      FORD CREDIT AUTO OWNER TRUST 2003-A,

                                    as Issuer

                                       and

                              THE BANK OF NEW YORK,

                              as Indenture Trustee

                           Dated as of January 1, 2003

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                             CROSS REFERENCE TABLE1

  TIA                                                                                       Indenture
Section                                                                                      Section

310 (a)(1)....................................................................................   6.11
    (a)(2)....................................................................................   6.11
    (a)(3)....................................................................................   6.10
    (a)(4)..................................................................................    N.A.2
    (a)(5)....................................................................................   6.11
    (b)  ..................................................................................  6.8;6.11
    (c)  .....................................................................................   N.A.
311 (a)  .....................................................................................   6.12
    (b)  .....................................................................................   6.12
    (c)  .....................................................................................   N.A.
312 (a)  .....................................................................................   7.1
    (b)  .....................................................................................   7.2
    (c)  .....................................................................................   7.2
313 (a)  .....................................................................................   7.4
    (b)(1)....................................................................................   7.4
    (b)(2)....................................................................................  11.5
    (c)  .....................................................................................   7.4
    (d)  .....................................................................................   7.3
314 (a)  .....................................................................................  11.15
    (b)  .....................................................................................  11.1
    (c)(1)....................................................................................  11.1
    (c)(2)....................................................................................  11.1
    (c)(3)....................................................................................  11.1
    (d)  .....................................................................................  11.1
    (e)  .....................................................................................  11.1
    (f)  .....................................................................................  11.1
315 (a)  .....................................................................................   6.1
    (b)  ...................................................................................6.5;11.5
    (c)  .....................................................................................   6.1
    (d)  .....................................................................................   6.1
    (e)  .....................................................................................   5.13
316 (a) (last sentence).......................................................................   2.8
    (a)(1)(A).................................................................................   5.11
    (a)(1)(B).................................................................................   5.12
    (a)(2)....................................................................................   N.A.
    (b)  .....................................................................................   5.7
    (c)  .....................................................................................   N.A
317 (a)(1)....................................................................................   5.3
    (a)(2)....................................................................................   5.3

(b)  .........................................................................................   3.3
318 (a)  .....................................................................................  11.7

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

1        Note:  This Cross Reference Table shall not, for any purpose, be deemed to be part of this Indenture.

2        N.A. means Not Applicable.

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                                TABLE OF CONTENTS

                                    ARTICLE I
                DEFINITIONS, USAGE AND INCORPORATION BY REFERENCE

SECTION 1.1  Definitions and Usage..................................................................3
SECTION 1.2  Incorporation by Reference of Trust Indenture Act......................................3

                                   ARTICLE II
                                    THE NOTES

SECTION 2.1  Form...................................................................................4
SECTION 2.2  Execution, Authentication and Delivery.................................................4
SECTION 2.3  Temporary Notes........................................................................5
SECTION 2.4  Tax Treatment..........................................................................6
SECTION 2.5  Registration; Registration of Transfer and Exchange....................................6
SECTION 2.6  Mutilated, Destroyed, Lost or Stolen Notes.............................................7
SECTION 2.7  Persons Deemed Owners..................................................................8
SECTION 2.8  Payment of Principal and Interest; Defaulted Interest..................................9
SECTION 2.9  Cancellation..........................................................................10
SECTION 2.10  Release of Collateral................................................................10
SECTION 2.11  Book-Entry Notes.....................................................................10
SECTION 2.12  Notices to Clearing Agency...........................................................11
SECTION 2.13  Definitive Notes.....................................................................12
SECTION 2.14  Authenticating Agents................................................................12

                                   ARTICLE III
                                    COVENANTS

SECTION 3.1  Payment of Principal and Interest.....................................................14
SECTION 3.2  Maintenance of Office or Agency.......................................................14
SECTION 3.3  Money for Payments To Be Held in Trust................................................14
SECTION 3.4  Existence.............................................................................16
SECTION 3.5  Protection of Indenture Trust Estate..................................................16
SECTION 3.6  Opinions as to Indenture Trust Estate.................................................17
SECTION 3.7  Performance of Obligations; Servicing of Receivables..................................17
SECTION 3.8  Negative Covenants....................................................................19
SECTION 3.9  Annual Statement as to Compliance.....................................................20
SECTION 3.10  Issuer May Consolidate, etc., Only on Certain Terms..................................21
SECTION 3.11  Successor or Transferee..............................................................22
SECTION 3.12  No Other Business....................................................................23
SECTION 3.13  No Borrowing.........................................................................23
SECTION 3.14  Servicer's Obligations...............................................................23
SECTION 3.15  Guarantees, Loans, Advances and Other Liabilities....................................23
SECTION 3.16  Capital Expenditures.................................................................23
SECTION 3.17  Further Instruments and Acts.........................................................23
SECTION 3.18  Restricted Payments..................................................................23
SECTION 3.19  Notice of Events of Default..........................................................24
SECTION 3.20  Removal of Administrator.............................................................24
SECTION 3.21  Calculation Agent....................................................................24
SECTION 3.22  Representations and Warranties by the Issuer as to Security Interest.................25

                                   ARTICLE IV
                           SATISFACTION AND DISCHARGE

SECTION 4.1  Satisfaction and Discharge of  Indenture..............................................26
SECTION 4.2   Satisfaction, Discharge and Defeasance of Notes......................................27
SECTION 4.3  Application of Trust Money............................................................28
SECTION 4.4  Repayment of Monies Held by Note Paying Agent.........................................29

                                    ARTICLE V
                                    REMEDIES

SECTION 5.1  Events of Default.....................................................................30
SECTION 5.2  Acceleration of Maturity; Rescission and Annulment....................................31
SECTION 5.3  Collection of Indebtedness and Suits for Enforcement by
         Indenture Trustee.........................................................................32
SECTION 5.4  Remedies; Priorities..................................................................35
SECTION 5.5  Optional Preservation of the Receivables..............................................38
SECTION 5.6  Limitation of Suits...................................................................39
SECTION 5.7  Unconditional Rights of Noteholders To Receive Principal and Interest.................40
SECTION 5.8  Restoration of Rights and Remedies....................................................40
SECTION 5.9  Rights and Remedies Cumulative........................................................40
SECTION 5.10  Delay or Omission Not a Waiver.......................................................40
SECTION 5.11  Control by Controlling Note Class of Noteholders.....................................40
SECTION 5.12  Waiver of Past Defaults..............................................................41
SECTION 5.13  Undertaking for Costs................................................................41
SECTION 5.14  Waiver of Stay or Extension Laws.....................................................42
SECTION 5.15  Action on Notes......................................................................42
SECTION 5.16  Performance and Enforcement of Certain Obligations...................................42

                                   ARTICLE VI
                              THE INDENTURE TRUSTEE

SECTION 6.1  Duties of Indenture Trustee...........................................................44
SECTION 6.2  Rights of Indenture Trustee...........................................................45
SECTION 6.3  Individual Rights of Indenture Trustee................................................46
SECTION 6.4  Indenture Trustee's Disclaimer........................................................46
SECTION 6.5  Notice of Defaults. ..................................................................46
SECTION 6.6  Reports by Indenture Trustee to Noteholders...........................................46
SECTION 6.7  Compensation and Indemnity............................................................47
SECTION 6.8  Replacement of Indenture Trustee......................................................47
SECTION 6.9  Successor Indenture Trustee by Merger.................................................48
SECTION 6.10  Appointment of Co-Indenture Trustee or Separate Indenture Trustee....................49
SECTION 6.11  Eligibility; Disqualification........................................................50
SECTION 6.12  Preferential Collection of Claims Against Issuer.....................................51
SECTION 6.13  Interest Rate Swap Provisions........................................................51

                                   ARTICLE VII
                         NOTEHOLDERS' LISTS AND REPORTS

SECTION 7.1  Issuer To Furnish Indenture Trustee Names and Addresses of Noteholders................54
SECTION 7.2  Preservation of Information; Communications to Noteholders............................54
SECTION 7.3  Reports by Issuer.....................................................................54
SECTION 7.4  Reports by Indenture Trustee..........................................................55

                                  ARTICLE VIII
                      ACCOUNTS, DISBURSEMENTS AND RELEASES

SECTION 8.1  Collection of Money...................................................................56
SECTION 8.2  Trust Accounts and Payahead Account...................................................56
SECTION 8.3  General Provisions Regarding Accounts.................................................60
SECTION 8.4  Release of Indenture Trust Estate.....................................................61
SECTION 8.5  Opinion of Counsel....................................................................62

                                   ARTICLE IX
                             SUPPLEMENTAL INDENTURES

SECTION 9.1  Supplemental Indentures Without Consent of Noteholders................................63
SECTION 9.2   Supplemental Indentures with Consent of Noteholders..................................64
SECTION 9.3  Execution of Supplemental Indentures..................................................67
SECTION 9.4  Effect of Supplemental Indenture......................................................67
SECTION 9.5  Conformity with Trust Indenture Act...................................................67
SECTION 9.6  Reference in Notes to Supplemental Indentures.........................................67

                                    ARTICLE X
                               REDEMPTION OF NOTES
SECTION 10.1  Redemption...........................................................................68
SECTION 10.2  Form of Redemption Notice............................................................68
SECTION 10.3  Notes Payable on Redemption Date.....................................................69

                                   ARTICLE XI
                                  MISCELLANEOUS

SECTION 11.1  Compliance Certificates and Opinions, etc............................................69
SECTION 11.2  Form of Documents Delivered to Indenture Trustee.....................................71
SECTION 11.3  Acts of Noteholders..................................................................72
SECTION 11.4  Notices, etc., to Indenture Trustee, Issuer and Rating Agencies......................72
SECTION 11.5  Notices to Noteholders; Waiver.......................................................73
SECTION 11.6  Alternate Payment and Notice Provisions..............................................74
SECTION 11.7  Conflict with Trust Indenture Act....................................................74
SECTION 11.8  Effect of Headings and Table of Contents.............................................74
SECTION 11.9  Successors and Assigns...............................................................74
SECTION 11.10  Separability........................................................................74
SECTION 11.11  Benefits of Indenture...............................................................75
SECTION 11.12  Legal Holidays......................................................................75
SECTION 11.13  Governing Law.......................................................................75
SECTION 11.14  Counterparts........................................................................75
SECTION 11.15  Recording of Indenture..............................................................75
SECTION 11.16  Trust Obligation....................................................................75
SECTION 11.17  Subordination of  Claims against Seller.............................................76
SECTION 11.18  No Petition.........................................................................76
SECTION 11.19  Inspection..........................................................................77

EXHIBIT A-1       FORM OF CLASS A-1 NOTE........................................................A-1-1
EXHIBIT A-2a      FORM OF CLASS A-2a NOTE......................................................A-2a-1
EXHIBIT A-2b      FORM OF CLASS A-2b NOTE......................................................A-2b-1
EXHIBIT A-3a      FORM OF CLASS A-3a NOTE......................................................A-3a-1
EXHIBIT A-3b      FORM OF CLASS A-3b NOTE......................................................A-3b-1
EXHIBIT A-4a      FORM OF CLASS A-4a NOTE......................................................A-4a-1
EXHIBIT A-4b      FORM OF CLASS A-4b NOTE......................................................A-4b-1

EXHIBIT B-1       FORM OF CLASS B-1 NOTE........................................................B-1-1
EXHIBIT B-2       FORM OF CLASS B-2 NOTE........................................................B-2-1

EXHIBIT C         FORM OF CLASS C NOTE............................................................C-1
EXHIBIT D         FORM OF NOTE DEPOSITORY AGREEMENT...............................................D-1

SCHEDULE A        Schedule of Receivables........................................................SA-1

APPENDIX A        Definitions and Usage..........................................................AA-1

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                  INDENTURE, dated as of January 1, 2003, (as from time to time
amended, supplemented or otherwise modified and in effect, this "Indenture")
between FORD CREDIT AUTO OWNER TRUST 2003-A, a Delaware statutory trust, as
Issuer, and THE BANK OF NEW YORK, a New York corporation, as trustee for the
benefit of the Noteholders and as agent for the Swap Counterparties (in such
capacity, the "Indenture Trustee") and not in its individual capacity.

                  Each party agrees as follows for the benefit of the other
party and for the equal and ratable benefit of the holders of the Issuer's Class
A-1 1.36% Asset Backed Notes (the "Class A-1 Notes"), Class A-2a 1.62% Asset
Backed Notes (the "Class A-2a Notes"), Class A-2b Floating Rate Asset Backed
Notes (the "Class A-2b Notes" and, together with the Class A-2a Notes, the
"Class A-2 Notes"), Class A-3a 2.20% Asset Backed Notes (the "Class A-3a
Notes"), Class A-3b Floating Rate Asset Backed Notes (the "Class A-3b Notes"
and, together with the Class A-3a Notes, the "Class A-3 Notes"), Class A-4a
2.70% Asset Backed Notes (the "Class A-4a Notes"), Class A-4b Floating Rate
Asset Backed Notes (the "Class A-4b Notes" and, together with the Class A-4a
Notes, the "Class A-4 Notes" and, such Class A-4 Notes, together with the Class
A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the "Class A Notes"),
Class B-1 3.16% Asset Backed Notes (the "Class B-1 Notes"), Class B-2 Floating
Rate Asset Backed Notes (the "Class B-2 Notes" and, together with the Class B-1
Notes, the "Class B Notes") and Class C 4.29% Asset Backed Notes (the "Class C
Notes" and, together with the Class A Notes and the Class B Notes, the "Notes")
and the Swap Counterparties.

                                 GRANTING CLAUSE

                  The Issuer hereby Grants to the Indenture Trustee at the
Closing Date, as Indenture Trustee for the benefit of the Noteholders and the
Swap Counterparties, all of the Issuer's right, title and interest in, to and
under, whether now owned or existing or hereafter acquired or arising, (a) the
Receivables; (b) with respect to Actuarial Receivables, monies due thereunder on
or after the Cutoff Date (including Payaheads) and, with respect to Simple
Interest Receivables, monies due or received thereunder on or after the Cutoff
Date (including in each case any monies received prior to the Cutoff Date that
are due on or after the Cutoff Date and were not used to reduce the principal
balance of the Receivable); (c) the security interests in the Financed Vehicles
granted by Obligors pursuant to the Receivables and any other interest of the
Issuer in the Financed Vehicles; (d) rights to receive proceeds with respect to
the Receivables from claims on any physical damage, credit life, credit
disability, or other insurance policies covering Financed Vehicles or Obligors;
(e) Dealer Recourse; (f) all of the rights to the Receivable Files; (g) the
Trust Accounts and all amounts, securities, investments and other property
deposited in or credited to any of the foregoing and all proceeds thereof; (h)
the Sale and Servicing Agreement; (i) all of the rights under the Purchase
Agreement, including the right of the Seller to cause Ford Credit to repurchase
Receivables from the Seller; (j) payments and proceeds with respect to the
Receivables held by the Servicer; (k) all property (including the right to
receive Liquidation Proceeds) securing a Receivable (other than a Receivable
purchased by the Servicer or repurchased by the Seller); (l) rebates of premiums
and other amounts relating to insurance policies and other items financed under
the Receivables in effect as of the Cutoff Date; (m) all of the Issuer's rights
in the Interest Rate Swap Agreements and (n) 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 (collectively, the "Collateral").

                  The foregoing Grant is made in trust to secure (a) the payment
of principal of and interest on, and any other amounts owing in respect of, the
Notes, equally and ratably without prejudice, priority or distinction, and to
secure compliance with the provisions of this Indenture, all as provided in this
Indenture and (b) payment of amounts payable to the Swap Counterparties under
the Interest Rate Swap Agreements.

                  The Indenture Trustee, as Indenture Trustee on behalf of the
Noteholders and the Swap Counterparties, acknowledges such Grant, accepts the
trusts under this Indenture in accordance with the provisions of this Indenture
and agrees to perform its duties required in this Indenture to the best of its
ability to the end that the interests of the Noteholders and the Swap
Counterparties may be adequately and effectively protected.

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                                    ARTICLE I

                DEFINITIONS, USAGE AND INCORPORATION BY REFERENCE

                  SECTION 1.1 Definitions and Usage. Except as otherwise
specified herein or as the context may otherwise require, capitalized terms used
but not otherwise defined herein are defined in Appendix A hereto, which also
contains rules as to usage that shall be applicable herein.

                  SECTION 1.2 Incorporation by Reference of Trust Indenture Act.
Whenever this Indenture refers to a provision of the TIA, the provision is
incorporated by reference in and made a part of this Indenture. The following
TIA terms used in this Indenture have the following meanings:

                  "indenture securities" shall mean the Notes.

                  "indenture security holder" shall mean a Noteholder.

                  "indenture to be qualified" shall mean this Indenture.

                  "indenture trustee" or "institutional trustee" shall mean the
Indenture Trustee.

                  "obligor" on the indenture securities shall mean the Issuer
and any other obligor on the indenture securities.

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

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                                   ARTICLE II

                                    THE NOTES

                  SECTION 2.1 Form. The Class A-1 Notes, the Class A-2a Notes,
the Class A-2b Notes, the Class A-3a Notes, the Class A-3b Notes, the Class A-4a
Notes, the Class A-4b Notes, the Class B-1 Notes, the Class B-2 Notes and the
Class C Notes, together with the Indenture Trustee's certificates of
authentication, shall be in substantially the form set forth in Exhibit A-1,
Exhibit A-2a, Exhibit A-2b, Exhibit A-3a, Exhibit A-3b, Exhibit A-4a, Exhibit
A-4b, Exhibit B-1, Exhibit B-2 and Exhibit C, respectively, with such
appropriate insertions, omissions, substitutions and other variations as are
required or permitted by this Indenture, and may have such letters, numbers or
other marks of identification and such legends or endorsements placed thereon as
may, consistently herewith, be determined by the officers executing such Notes,
as evidenced by their execution thereof. Any portion of the text of any Note may
be set forth on the reverse thereof, with an appropriate reference thereto on
the face of the Note.

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

                  (b) Each Note shall be dated the date of its authentication.
The terms of the Notes set forth in Exhibit A-1, Exhibit A-2a, Exhibit A-2b,
Exhibit A-3a, Exhibit A-3b, Exhibit A-4a, Exhibit A-4b, Exhibit B-1, Exhibit B-2
and Exhibit C are part of the terms of this Indenture and are incorporated
herein by reference.

                  SECTION 2.2 Execution, Authentication and Delivery. (a) The
Notes shall be executed on behalf of the Issuer by any of its Authorized
Officers. The signature of any such Authorized Officer on the Notes may be
manual or facsimile.

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

                  (c) The Indenture Trustee shall, upon Issuer Order,
authenticate and deliver the Notes for original issue in the Classes and initial
aggregate principal amounts as set in the table below.

             Class                                        Initial Aggregate
                                                           Principal Amount

         Class A-1 Notes                                      $577,000,000

         Class A-2a Notes                                     $640,000,000

         Class A-2b Note                                      $640,000,000

         Class A-3a Notes                                     $285,000,000

         Class A-3b Note                                      $285,000,000

         Class A-4a Notes                                     $211,452,000

         Class A-4b Note                                      $211,000,000

         Class B-1 Notes                                       $52,733,000

         Class B-2 Notes                                       $37,250,000

         Class C Notes                                         $59,989,000

The aggregate principal amount of Class A-1 Notes, the Fixed Rate Notes, the
Floating Rate Notes and Class C Notes Outstanding at any time may not exceed
those respective amounts except as provided in Section 2.6.

                  (d) The Class A-1 Notes shall be issuable as Book-Entry Notes
in minimum denominations of $100,000 and in integral multiples of $1,000 in
excess thereof. The Fixed Rate Notes and Floating Rate Notes shall be issuable
as Book-Entry Notes in minimum denominations of $1,000 and in integral multiples
of $1,000 in excess thereof.

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

                  SECTION 2.3 Temporary Notes. (a) Pending the preparation of
definitive Notes, the Issuer may execute, and upon receipt of an Issuer Order
the Indenture Trustee shall authenticate and deliver, temporary Notes that are
printed, lithographed, typewritten, mimeographed or otherwise produced,
substantially of the tenor of the definitive Notes in lieu of which they are
issued and with such variations not inconsistent with the terms of this
Indenture as the officers executing the temporary Notes may determine, as
evidenced by their execution of such temporary Notes.

                  If temporary Notes are issued, the Issuer shall cause
definitive Notes to be prepared without unreasonable delay. After the
preparation of definitive Notes, the temporary Notes shall be exchangeable for
definitive Notes upon surrender of the temporary Notes at the office or agency
of the Issuer to be maintained as provided in Section 3.2, without charge to the
Noteholder. Upon surrender for cancellation of any one or more temporary Notes,
the Issuer shall execute, and the Indenture Trustee shall authenticate and
deliver in exchange therefor, a like principal amount of definitive Notes of
authorized denominations. Until so exchanged, the temporary Notes shall in all
respects be entitled to the same benefits under this Indenture as definitive
Notes.

                  SECTION 2.4 Tax Treatment. The Issuer has entered into this
Indenture, and the Notes shall be issued, with the intention that, for federal,
State and local income and franchise tax purposes, the Notes shall qualify as
indebtedness of the Issuer secured by the Indenture Trust Estate. The Issuer, by
entering into this Indenture, and each Noteholder, by its acceptance of a Note
(and each Note Owner by its acceptance of an interest in the applicable
Book-Entry Note), agree to treat the Notes for federal, State and local income,
single business and franchise tax purposes as indebtedness of the Issuer;
provided, that the Issuer and each Noteholder agree that in the event the Class
B Notes or the Class C Notes were recharacterized as an equity interest in the
Issuer, the allocation provisions of the Trust Agreement would apply.

                  SECTION 2.5 Registration; Registration of Transfer and
Exchange. (a) The Issuer shall cause to be kept a register (the "Note Register")
in which, subject to such reasonable regulations as it may prescribe, the Issuer
shall provide for the registration of Notes and the registration of transfers of
Notes. The Indenture Trustee initially shall be the "Note Registrar" for the
purpose of registering Notes and transfers of Notes as herein provided. Upon any
resignation of any Note Registrar, the Issuer shall promptly appoint a successor
or, if it elects not to make such an appointment, assume the duties of Note
Registrar. If a Person other than the Indenture Trustee is appointed by the
Issuer as Note Registrar, (i) the Issuer shall give the Indenture Trustee prompt
written notice of the appointment of such Note Registrar and of the location,
and any change in the location, of the Note Register, (ii) the Indenture Trustee
shall have the right to inspect the Note Register at all reasonable times and to
obtain copies thereof, and (iii) the Indenture Trustee shall have the right to
rely upon a certificate executed on behalf of the Note Registrar by an Executive
Officer thereof as to the names and addresses of the Noteholders and the
principal amounts and number of such Notes.

                  (b) Reserved

                  (c) Upon surrender for registration of transfer of any Note at
the office or agency of the Issuer to be maintained as provided in Section 3.2,
if the requirements of Section 8-401(1) of the UCC are met the Issuer shall
execute, and the Indenture Trustee shall authenticate and the Noteholder shall
obtain from the Indenture Trustee, in the name of the designated transferee or
transferees, one or more new Notes of the same Class in any authorized
denomination, of a like aggregate principal amount.

                  (d) At the option of the Noteholder, Notes may be exchanged
for other Notes of the same Class in any authorized denominations, of a like
aggregate principal amount, upon surrender of the Notes to be exchanged at such
office or agency. Whenever any Notes are so surrendered for exchange, if the
requirements of Section 8-401(1) of the UCC are met, the Issuer shall execute,
the Indenture Trustee shall authenticate, and the Noteholder shall obtain from
the Indenture Trustee, the Notes which the Noteholder making such exchange is
entitled to receive.

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

                  (f) Every Note presented or surrendered for registration of
transfer or exchange shall be (i) duly endorsed by, or be accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee
duly executed by, the Noteholder thereof or such Noteholder's attorney duly
authorized in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar, which requirements
include membership or participation in STAMP or such other "signature guarantee
program" as may be determined by the Note Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of
1934, as amended, and (ii) accompanied by such other documents or evidence as
the Indenture Trustee may require.

                  (g) No service charge shall be made to a Noteholder for any
registration of transfer or exchange of Notes, but the Issuer may require
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any registration of transfer or exchange of
Notes, other than exchanges pursuant to Section 2.3 or 9.6 not involving any
transfer.

                  (h) The preceding provisions of this Section 2.5
notwithstanding, the Issuer shall not be required to make and the Note Registrar
need not register transfers or exchanges of Notes selected for redemption or of
any Note for a period of fifteen (15) days preceding the Payment Date for any
payment with respect to such Note.

                  SECTION 2.6 Mutilated, Destroyed, Lost or Stolen Notes. (a) If
(i) any mutilated Note is surrendered to the Indenture Trustee, or the Indenture
Trustee receives evidence to its satisfaction of the destruction, loss or theft
of any Note, and (ii) there is delivered to the Indenture Trustee such security
or indemnity as may be required by it to hold the Issuer and the Indenture
Trustee harmless, then, in the absence of notice to the Issuer, the Note
Registrar or the Indenture Trustee that such Note has been acquired by a
protected purchaser, as defined in Section 8-303 of the UCC, and provided that
the requirements of Section 8-405 of the UCC are met, the Issuer shall execute,
and upon Issuer Request the Indenture Trustee shall authenticate and deliver, in
exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a
replacement Note of the same Class; provided, however, that if any such
destroyed, lost or stolen Note, but not a mutilated Note, shall have become or
within seven (7) days shall be due and payable, or shall have been called for
redemption, instead of issuing a replacement Note, the Issuer may pay such
destroyed, lost or stolen Note when so due or payable or upon the Redemption
Date without surrender thereof. If, after the delivery of such replacement Note
or payment of a destroyed, lost or stolen Note pursuant to the proviso to the
preceding sentence, a protected purchaser of the original Note in lieu of which
such replacement Note was issued presents for payment such original Note, the
Issuer and the Indenture Trustee shall be entitled to recover such replacement
Note (or such payment) from the Person to whom it was delivered or any Person
taking such replacement Note from such Person to whom such replacement Note was
delivered or any assignee of such Person, except a protected purchaser, and
shall be entitled to recover upon the security or indemnity provided therefor to
the extent of any loss, damage, cost or expense incurred by the Issuer or the
Indenture Trustee in connection therewith.

                  (b) Upon the issuance of any replacement Note under this
Section 2.6, the Issuer may require the payment by the Noteholder of such Note
of a sum sufficient to cover any tax or other governmental charge that may be
imposed in relation thereto and any other reasonable expenses (including the
fees and expenses of the Indenture Trustee) connected therewith.

                  (c) Every replacement Note issued pursuant to this Section 2.6
in replacement of any mutilated, destroyed, lost or stolen Note shall constitute
an original additional contractual obligation of the Issuer, whether or not the
mutilated, destroyed, lost or stolen Note shall be at any time enforceable by
anyone, and shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Notes duly issued hereunder.

                  (d) The provisions of this Section 2.6 are exclusive and shall
preclude (to the extent lawful) all other rights and remedies with respect to
the replacement or payment of mutilated, destroyed, lost or stolen Notes.

                  SECTION 2.7 Persons Deemed Owners. Prior to due presentment
for registration of transfer of any Note, the Issuer, the Indenture Trustee and
any agent of the Issuer or the Indenture Trustee may treat the Person in whose
name any Note is registered (as of the day of determination) as the owner of
such Note for the purpose of receiving payments of principal of and interest, if
any, on such Note and for all other purposes whatsoever, whether or not such
Note be overdue, and none of the Issuer, the Indenture Trustee or any agent of
the Issuer or the Indenture Trustee shall be affected by notice to the contrary.

              SECTION 2.8 Payment of Principal and Interest; Defaulted Interest.
(a) The Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes, the Class
A-3a Notes, the Class A-3b Notes, the Class A-4a Notes, the Class A-4b Notes,
the Class B-1 Notes, the Class B-2 Notes and the Class C Notes shall accrue
interest at the Class A-1 Rate, the Class A-2a Rate, the Class A-2b Rate, the
Class A-3a Rate, the Class A-3b Rate, the Class A-4a Rate, the Class A-4b Rate,
the Class B-1 Rate, the Class B-2 Rate and the Class C Rate, respectively, as
set forth in Exhibit A-1, Exhibit A-2a, Exhibit A-2b, Exhibit A-3a, Exhibit
A-3b, Exhibit A-4a, Exhibit A-4b, Exhibit B-1, Exhibit B-2 and Exhibit C,
respectively, and such interest shall be due and payable on each Payment Date as
specified therein, subject to Section 3.1. Any installment of interest or
principal, if any, payable on any Note that is punctually paid or duly provided
for by the Issuer on the applicable Payment Date shall be paid to the Person in
whose name such Note (or one or more Predecessor Notes) is registered on the
Record Date either by wire transfer in immediately available funds, to the
account of such Noteholder at a bank or other entity having appropriate
facilities therefor, if such Noteholder shall have provided to the Note
Registrar appropriate written instructions at least five (5) Business Days prior
to such Payment Date and such Noteholder's Notes in the aggregate evidence a
denomination of not less than $1,000,000, or, if not, by check mailed
first-class postage prepaid to such Person's address as it appears on the Note
Register on such Record Date; provided that, unless Definitive Notes have been
issued to Note Owners pursuant to Section 2.13, with respect to Notes registered
on the Record Date in the name of the nominee of the Clearing Agency (initially,
such nominee to be Cede & Co.), payment shall be made by wire transfer in
immediately available funds to the account designated by such nominee, and
except for the final installment of principal payable with respect to such Note
on a Payment Date, the Redemption Date or the applicable Final Scheduled Payment
Date, which shall be payable as provided below. The funds represented by any
such checks returned undelivered shall be held in accordance with Section 3.3.

                  (b) The principal of each Note shall be payable in
installments on each Payment Date as provided in the forms of Notes set forth in
Exhibit A-1, Exhibit A-2a, Exhibit A-2b, Exhibit A-3a, Exhibit A-3b, Exhibit
A-4a, Exhibit A-4b, Exhibit B-1, Exhibit B-2 and Exhibit C hereto.
Notwithstanding the foregoing, the entire unpaid principal amount of each Class
of Notes shall be due and payable, if not previously paid, on the date on which
an Event of Default shall have occurred and be continuing, if the Indenture
Trustee or the Noteholders of Notes evidencing not less than a majority of the
Note Balance of the Controlling Note Class have declared the Notes to be
immediately due and payable in the manner provided in Section 5.2. All principal
payments on each Class of Notes shall be made pro rata to the Noteholders of
such Class entitled thereto. The Indenture Trustee shall notify the Person in
whose name a Note is registered at the close of business on the Record Date
preceding the Payment Date on which the Issuer expects that the final
installment of principal of and interest on such Note shall be paid. Such notice
shall be mailed or transmitted by facsimile prior to such final Payment Date and
shall specify that such final installment shall be payable only upon
presentation and surrender of such Note and shall specify the place where such
Note may be presented and surrendered for payment of such installment. Notices
in connection with the redemption of Notes shall be mailed to Noteholders as
provided in Section 10.2.

                  (c) If the Issuer defaults in a payment of interest on the
Notes, the Issuer shall pay defaulted interest (plus interest on such defaulted
interest to the extent lawful) at the applicable Note Interest Rate on the
Payment Date following such default. The Issuer shall pay such defaulted
interest to the Persons who are Noteholders on the Record Date for such
following Payment Date.

                  SECTION 2.9 Cancellation. All Notes surrendered for payment,
registration of transfer, exchange or redemption shall, if surrendered to any
Person other than the Indenture Trustee, be delivered to the Indenture Trustee
and shall be promptly cancelled by the Indenture Trustee. The Issuer may at any
time deliver to the Indenture Trustee for cancellation any Notes previously
authenticated and delivered hereunder which the Issuer may have acquired in any
manner whatsoever, and all Notes so delivered shall be promptly cancelled by the
Indenture Trustee. No Notes shall be authenticated in lieu of or in exchange for
any Notes cancelled as provided in this Section 2.9, except as expressly
permitted by this Indenture. All cancelled Notes may be held or disposed of by
the Indenture Trustee in accordance with its standard retention or disposal
policy as in effect at the time unless the Issuer shall direct by an Issuer
Order that they be destroyed or returned to it and so long as such Issuer Order
is timely and the Notes have not been previously disposed of by the Indenture
Trustee.

                  SECTION 2.10 Release of Collateral. Subject to Section 11.1
and the terms of the Basic Documents, the Indenture Trustee shall release
property from the lien of this Indenture only upon receipt of an Issuer Request
accompanied by an Officer's Certificate, an Opinion of Counsel and Independent
Certificates in accordance with TIA Sections 314(c) and 314(d)(1) or an Opinion
of Counsel in lieu of such Independent Certificates to the effect that the TIA
does not require any such Independent Certificates. If the Commission shall
issue an exemptive order under TIA Section 304(d) modifying the Owner Trustee's
obligations under TIA Sections 314(c) and 314(d)(1), subject to Section 11.1 and
the terms of the Basic Documents, the Indenture Trustee shall release property
from the lien of this Indenture in accordance with the conditions and procedures
set forth in such exemptive order.

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

                           (i) the provisions of this Section 2.11 shall be in
                  full force and effect;

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

                           (iii) to the extent that the provisions of this
                  Section 2.11 conflict with any other provisions of this
                  Indenture, the provisions of this Section 2.11 shall control;

                           (iv) the rights of Note Owners shall be exercised
                  only through the Clearing Agency and shall be limited to those
                  established by law and agreements between such Note Owners and
                  the Clearing Agency and/or the Clearing Agency Participants
                  pursuant to the Note Depository Agreement. Unless and until
                  Definitive Notes are issued to Note Owners pursuant to Section
                  2.13, the initial Clearing Agency shall make book-entry
                  transfers among the Clearing Agency Participants and receive
                  and transmit payments of principal of and interest on the
                  Book-Entry Notes to such Clearing Agency Participants; and

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

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

                  SECTION 2.13 Definitive Notes. With respect to any Class or
Classes of Book-Entry Notes, if (i) the Administrator advises the Indenture
Trustee in writing that the Clearing Agency is no longer willing or able to
properly discharge its responsibilities with respect to such Class of Book-Entry
Notes and the Administrator is unable to locate a qualified successor, (ii) the
Administrator, at its option, advises the Indenture Trustee in writing that it
elects to terminate the book-entry system through the Clearing Agency or (iii)
after the occurrence of an Event of Default or an Event of Servicing
Termination, Note Owners of such Class of Book-Entry Notes evidencing beneficial
interests aggregating not less than a majority of the Note Balance of such Class
advise the Indenture Trustee and the Clearing Agency in writing that the
continuation of a book-entry system through the Clearing Agency is no longer in
the best interests of such Class of Note Owners, then the Clearing Agency shall
notify all Note Owners of such Class and the Indenture Trustee of the occurrence
of such event and of the availability of Definitive Notes to the Note Owners of
the applicable Class requesting the same. Upon surrender to the Indenture
Trustee of the typewritten Notes representing the Book-Entry Notes by the
Clearing Agency, accompanied by registration instructions, the Issuer shall
execute and the Indenture Trustee shall authenticate the Definitive Notes in
accordance with the instructions of the Clearing Agency. None of the Issuer, the
Note Registrar or the Indenture Trustee shall be liable for any delay in
delivery of such instructions and may conclusively rely on, and shall be
protected in relying on, such instructions. Upon the issuance of Definitive
Notes to Note Owners, the Indenture Trustee shall recognize the holders of such
Definitive Notes as Noteholders.

                  SECTION 2.14 Authenticating Agents. (a) The Indenture Trustee
may appoint one or more Persons (each, an "Authenticating Agent") with power to
act on its behalf and subject to its direction in the authentication of Notes in
connection with issuance, transfers and exchanges under Sections 2.2, 2.3, 2.5,
2.6 and 9.6, as fully to all intents and purposes as though each such
Authenticating Agent had been expressly authorized by those Sections to
authenticate such Notes. For all purposes of this Indenture, the authentication
of Notes by an Authenticating Agent pursuant to this Section 2.14 shall be
deemed to be the authentication of Notes "by the Indenture Trustee."

                  (b) Any corporation into which any Authenticating Agent may be
merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, consolidation or conversion to which any
Authenticating Agent shall be a party, or any corporation succeeding to all or
substantially all of the corporate trust business of any Authenticating Agent,
shall be the successor of such Authenticating Agent hereunder, without the
execution or filing of any further act on the part of the parties hereto or such
Authenticating Agent or such successor corporation.

                  (c) Any Authenticating Agent may at any time resign by giving
written notice of resignation to the Indenture Trustee and the Owner Trustee.
The Indenture Trustee may at any time terminate the agency of any Authenticating
Agent by giving written notice of termination to such Authenticating Agent and
the Owner Trustee. Upon receiving such notice of resignation or upon such a
termination, the Indenture Trustee may appoint a successor Authenticating Agent
and shall give written notice of any such appointment to the Owner Trustee.

                  (d) The Administrator agrees to pay to each Authenticating
Agent from time to time reasonable compensation for its services. The provisions
of Sections 2.9 and 6.4 shall be applicable to any Authenticating Agent.

<PAGE>

                                   ARTICLE III

                                    COVENANTS

                  SECTION 3.1 Payment of Principal and Interest. The Issuer
shall duly and punctually pay the principal of and interest, if any, on the
Notes in accordance with the terms of the Notes and this Indenture. Without
limiting the foregoing and subject to Section 8.2, on each Payment Date the
Issuer shall cause to be paid all amounts on deposit in the Collection Account
and the Principal Distribution Account with respect to the Collection Period
preceding such Payment Date and deposited therein pursuant to the Sale and
Servicing Agreement. Amounts properly withheld under the Code by any Person from
a payment to any Noteholder of interest and/or principal shall be considered as
having been paid by the Issuer to such Noteholder for all purposes of this
Indenture.

                  SECTION 3.2 Maintenance of Office or Agency. The Issuer shall
maintain in the Borough of Manhattan, The City of New York, an office or agency
where Notes may be surrendered for registration of transfer or exchange, and
where notices and demands to or upon the Issuer in respect of the Notes and this
Indenture may be served. The Issuer hereby initially appoints the Indenture
Trustee to serve as its agent for the foregoing purposes. The Issuer shall give
prompt written notice to the Indenture Trustee of the location, and of any
change in the location, of any such office or agency. If, at any time, the
Issuer shall fail to maintain any such office or agency or shall fail to furnish
the Indenture Trustee with the address thereof, such surrenders, notices and
demands may be made or served at the Corporate Trust Office, and the Issuer
hereby appoints the Indenture Trustee as its agent to receive all such
surrenders, notices and demands.

                  SECTION 3.3 Money for Payments To Be Held in Trust. (a) As
provided in Sections 8.2 and 5.4(b), all payments of amounts due and payable
with respect to any Notes that are to be made from amounts withdrawn from the
Trust Accounts and the Payahead Account shall be made on behalf of the Issuer by
the Indenture Trustee or by another Note Paying Agent, and no amounts so
withdrawn from the Trust Accounts and the Payahead Account for payments of Notes
shall be paid over to the Issuer, except as provided in this Section 3.3.

                  (b) On or before each Payment Date and Redemption Date, the
Issuer shall deposit or cause to be deposited in the Collection Account an
aggregate sum sufficient to pay the amounts then becoming due under the Notes
and under the Interest Rate Swap Agreements, such sum to be held in trust for
the benefit of the Persons entitled thereto, and (unless the Note Paying Agent
is the Indenture Trustee) shall promptly notify the Indenture Trustee of its
action or failure so to act.

                  (c) The Issuer shall cause each Note Paying Agent other than
the Indenture Trustee to execute and deliver to the Indenture Trustee an
instrument in which such Note Paying Agent shall agree with the Indenture
Trustee (and if the Indenture Trustee acts as Note Paying Agent, it hereby so
agrees), subject to the provisions of this Section 3.3, that such Note Paying
Agent shall:

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

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

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

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

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

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

                  (e) Subject to applicable laws with respect to escheat of
funds, any money held by the Indenture Trustee or any Note Paying Agent in trust
for the payment of any amount due with respect to any Note and remaining
unclaimed for two (2) years after such amount has become due and payable shall
be discharged from such trust and be paid to the Issuer on Issuer Request; and
the Noteholder of such Note shall thereafter, as an unsecured general creditor,
look only to the Issuer for payment thereof (but only to the extent of the
amounts so paid to the Issuer), and all liability of the Indenture Trustee or
such Note Paying Agent with respect to such trust money shall thereupon cease;
provided, however, that the Indenture Trustee or such Note Paying Agent, before
being required to make any such repayment, shall at the expense and direction of
the Issuer cause to be published once, in a newspaper published in the English
language, customarily published on each Business Day and of general circulation
in The City of New York, notice that such money remains unclaimed and that,
after a date specified therein, which shall not be less than thirty (30) days
from the date of such publication, any unclaimed balance of such money then
remaining shall be repaid to the Issuer. The Indenture Trustee shall also adopt
and employ, at the expense and direction of the Issuer, any other reasonable
means of notification of such repayment (including, but not limited to, mailing
notice of such repayment to Noteholders whose Notes have been called but have
not been surrendered for redemption or whose right to or interest in monies due
and payable but not claimed is determinable from the records of the Indenture
Trustee or of any Note Paying Agent, at the last address of record for each such
Noteholder).

                  SECTION 3.4 Existence. The Issuer shall keep in full effect
its existence, rights and franchises as a statutory trust under the laws of the
State of Delaware (unless it becomes, or any successor Issuer hereunder is or
becomes, organized under the laws of any other State or of the United States of
America, in which case the Issuer shall keep in full effect its existence,
rights and franchises under the laws of such other jurisdiction) and shall
obtain and preserve its qualification to do business in each jurisdiction in
which such qualification is or shall be necessary to protect the validity and
enforceability of this Indenture, the Notes, the Collateral and each other
instrument or agreement included in the Indenture Trust Estate.

                  SECTION 3.5 Protection of Indenture Trust Estate. The Issuer
shall from time to time execute and deliver all such supplements and amendments
hereto and all such financing statements, continuation statements, instruments
of further assurance and other instruments, and shall take such other action
necessary or advisable to:

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

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

                           (iii) enforce any of the Collateral; or

                           (iv) preserve and defend title to the Indenture Trust
                  Estate and the rights of the Indenture Trustee, the Swap
                  Counterparties and the Noteholders in such Indenture Trust
                  Estate against the claims of all Persons.

The Issuer hereby designates the Indenture Trustee its agent and
attorney-in-fact to execute any financing statement, continuation statement or
other instrument required to be executed pursuant to this Section 3.5; provided,
however, that the Indenture Trustee shall be under no obligation to file any
such financing statement, continuation statement or other instrument required to
be executed pursuant to this Section 3.5.

                  SECTION 3.6 Opinions as to Indenture Trust Estate. (a) On the
Closing Date, the Issuer shall furnish to the Indenture Trustee an Opinion of
Counsel either stating that, in the opinion of such counsel, such action has
been taken with respect to the recording and filing of this Indenture, any
indentures supplemental hereto, and any other requisite documents, and with
respect to the execution and filing of any financing statements and continuation
statements, as are necessary to perfect and make effective the lien and security
interest of this Indenture and reciting the details of such action, or stating
that, in the opinion of such counsel, no such action is necessary to make such
lien and security interest effective.

                  (b) On or before April 30 in each calendar year, beginning in
2003, the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel
either stating that, in the opinion of such counsel, such action has been taken
with respect to the recording, filing, re-recording and refiling of this
Indenture, any indentures supplemental hereto and any other requisite documents
and with respect to the execution and filing of any financing statements and
continuation statements and any other action that may be required by law as is
necessary to maintain the lien and security interest created by this Indenture
and reciting the details of such action or stating that in the opinion of such
counsel no such action is necessary to maintain such lien and security interest.
Such Opinion of Counsel shall also describe the recording, filing, re-recording
and refiling of this Indenture, any indentures supplemental hereto and any other
requisite documents and the execution and filing of any financing statements and
continuation statements that shall, in the opinion of such counsel, be required
to maintain the lien and security interest of this Indenture until April 30 in
the following calendar year.

                  SECTION 3.7 Performance of Obligations; Servicing of
Receivables. (a) The Issuer shall not take any action and shall use its best
efforts not to permit any action to be taken by others that would release any
Person from any of such Person's material covenants or obligations under any
instrument or agreement included in the Indenture Trust Estate or that would
result in the amendment, hypothecation, subordination, termination or discharge
of, or impair the validity or effectiveness of, any such instrument or
agreement, except as expressly provided in this Indenture and the other Basic
Documents.

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

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

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

                  (e) As promptly as possible after the giving of notice of
termination to the Servicer of the Servicer's rights and powers pursuant to
Section 8.1 of the Sale and Servicing Agreement or the Servicer's resignation in
accordance with the terms of the Sale and Servicing Agreement, the Issuer shall
appoint a Successor Servicer meeting the requirements of the Sale and Servicing
Agreement, and such Successor Servicer shall accept its appointment by a written
assumption in a form acceptable to the Indenture Trustee. In the event that a
Successor Servicer has not been appointed at the time when the Servicer ceases
to act as Servicer, the Indenture Trustee without further action shall
automatically be appointed the Successor Servicer. If the Indenture Trustee
shall be legally unable to act as Successor Servicer, it may appoint, or
petition a court of competent jurisdiction to appoint, a Successor Servicer. The
Indenture Trustee may resign as the Servicer by giving written notice of such
resignation to the Issuer and in such event shall be released from such duties
and obligations, such release not to be effective until the date a new servicer
enters into a servicing agreement with the Issuer as provided below. Upon
delivery of any such notice to the Issuer, the Issuer shall obtain a new
servicer as the Successor Servicer under the Sale and Servicing Agreement. Any
Successor Servicer (other than the Indenture Trustee) shall (i) be an
established institution having a net worth of not less than $100,000,000 and
whose regular business shall include the servicing of automotive receivables and
(ii) enter into a servicing agreement with the Issuer having substantially the
same provisions as the provisions of the Sale and Servicing Agreement applicable
to the Servicer. If, within thirty (30) days after the delivery of the notice
referred to above, the Issuer shall not have obtained such a new servicer, the
Indenture Trustee may appoint, or may petition a court of competent jurisdiction
to appoint, a Successor Servicer. In connection with any such appointment, the
Indenture Trustee may make such arrangements for the compensation of such
successor as it and such successor shall agree, subject to the limitations set
forth below and in the Sale and Servicing Agreement, and, in accordance with
Section 8.2 of the Sale and Servicing Agreement, the Issuer shall enter into an
agreement with such successor for the servicing of the Receivables (such
agreement to be in form and substance satisfactory to the Indenture Trustee). If
the Indenture Trustee shall succeed to the Servicer's duties as servicer of the
Receivables as provided herein, it shall do so in its individual capacity and
not in its capacity as Indenture Trustee and, accordingly, the provisions of
Article VI hereof shall be inapplicable to the Indenture Trustee in its duties
as the successor to the Servicer and the servicing of the Receivables. In case
the Indenture Trustee shall become successor to the Servicer under the Sale and
Servicing Agreement, the Indenture Trustee shall be entitled to appoint as
Servicer any one of its Affiliates; provided that the Indenture Trustee, in its
capacity as the Servicer, shall be fully liable for the actions and omissions of
such Affiliate in such capacity as Successor Servicer.

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

                  (g) Without derogating from the absolute nature of the
assignment granted to the Indenture Trustee under this Indenture or the rights
of the Indenture Trustee hereunder, the Issuer hereby agrees that it shall not,
without the prior written consent of the Indenture Trustee or the Noteholders of
Notes evidencing not less than a majority in Note Balance of the Notes
Outstanding and upon prior written notice to the Rating Agencies, amend, modify,
waive, supplement, terminate or surrender, or agree to any amendment,
modification, supplement, termination, waiver or surrender of, the terms of any
Collateral (except to the extent otherwise provided in the Sale and Servicing
Agreement or the other Basic Documents).

                  SECTION 3.8 Negative Covenants. So long as any Notes are
Outstanding, the Issuer shall not:

                           (i) except as expressly permitted by this Indenture,
                  the Trust Agreement, the Purchase Agreement or the Sale and
                  Servicing Agreement, sell, transfer, exchange or otherwise
                  dispose of any of the properties or assets of the Issuer,
                  including those included in the Indenture Trust Estate, unless
                  directed to do so by the Indenture Trustee;

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

                           (iii) dissolve or liquidate in whole or in part; or

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

                  SECTION 3.9 Annual Statement as to Compliance. The Issuer
shall deliver to the Indenture Trustee, within 120 days after the end of each
calendar year, an Officer's Certificate stating, as to the Authorized Officer
signing such Officer's Certificate, that:

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

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

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

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

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

                           (iii) Rating Agency Confirmation shall have been
                  obtained with respect to such transaction;

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

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

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

                  (b) Other than as specifically contemplated by the Basic
Documents, the Issuer shall not convey or transfer any of its properties or
assets, including those included in the Indenture Trust Estate, to any Person,
unless:

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

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

                           (iii) Rating Agency Confirmation shall have been
                  obtained with respect to such transaction;

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

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

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

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

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

                  SECTION 3.12 No Other Business. The Issuer shall not engage in
any business other than financing, acquiring, owning and pledging the
Receivables in the manner contemplated by this Indenture and the Basic Documents
and activities incidental thereto.

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

                  SECTION 3.14 Servicer's Obligations. The Issuer shall cause
the Servicer to comply with the Sale and Servicing Agreement, including Sections
3.9, 3.10, 3.11, 3.12, 3.13 and 4.9 and Article VII thereof.

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

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

                  SECTION 3.17 Further Instruments and Acts. Upon request of the
Indenture Trustee, the Issuer shall execute and deliver such further instruments
and do such further acts as may be reasonably necessary or proper to carry out
more effectively the purpose of this Indenture.

                  SECTION 3.18 Restricted Payments. The Issuer shall not,
directly or indirectly, (i) make any distribution (by reduction of capital or
otherwise), whether in cash, property, securities or a combination thereof, to
the Owner Trustee or any owner of a beneficial interest in the Issuer or
otherwise with respect to any ownership or equity interest or security in or of
the Issuer or to the Servicer or the Administrator, (ii) redeem, purchase,
retire or otherwise acquire for value any such ownership or equity interest or
security or (iii) set aside or otherwise segregate any amounts for any such
purpose; provided, however, that the Issuer may make, or cause to be made, (x)
payments to the Servicer, the Seller, the Administrator, the Owner Trustee, the
Indenture Trustee, the Swap Counterparties, the Noteholders and the
Certificateholders as contemplated by, and to the extent funds are available for
such purpose under, this Indenture and the other Basic Documents and (y)
payments to the Indenture Trustee pursuant to Section 2(a)(ii) of the
Administration Agreement. The Issuer shall not, directly or indirectly, make
payments to or distributions from the Collection Account or the Principal
Distribution Account except in accordance with this Indenture and the other
Basic Documents.

                  SECTION 3.19 Notice of Events of Default. The Issuer shall
give the Indenture Trustee and the Rating Agencies prompt written notice of each
Event of Default hereunder and of each default on the part of any party to the
Sale and Servicing Agreement, the Purchase Agreement or the Interest Rate Swap
Agreements with respect to any of the provisions thereof.

                  SECTION 3.20 Removal of Administrator. For so long as any
Notes are Outstanding, the Issuer shall not remove the Administrator without
cause unless Rating Agency Confirmation shall have been obtained in connection
therewith.

                  SECTION 3.21 Calculation Agent. (a) The Issuer agrees that for
so long as any of the Floating Rate Notes are Outstanding there shall at all
times be an agent appointed to calculate LIBOR in respect of each Interest
Period (the "Calculation Agent"). The Issuer hereby appoints The Bank of New
York as Calculation Agent for purposes of determining LIBOR for each Interest
Period and The Bank of New York hereby accepts such appointment. The Calculation
Agent may be removed by the Issuer at any time. If the Calculation Agent is
unable or unwilling to act as such or is removed by the Issuer, the Issuer shall
promptly appoint as a replacement Calculation Agent a leading bank which is
engaged in transactions in Eurodollar deposits in the international Eurodollar
market and which does not control or is not controlled by or under common
control with the Issuer or its Affiliates. The Calculation Agent may not resign
its duties without a successor having been duly appointed.

         (b) The Calculation Agent shall be required to calculate on each LIBOR
Determination Date the interest rate for the Outstanding Floating Rate Notes of
each Class for the related Interest Period (in each case, at a rate per annum
rounded, if necessary, to the nearest 1/100,000 of 1% (.0000001), with five
one-millionths of a percentage point rounded upward) and the amount of interest
payable (rounded to the nearest cent, with half a cent being rounded upwards) on
the related Payment Date. The determination of such interest rates by the
Calculation Agent shall (in the absence of manifest error) be final and binding
upon all parties.

                  SECTION 3.22 Representations and Warranties by the Issuer as
to Security Interest.

          (a) This Indenture  creates a valid and continuing  security  interest
     (as  defined  in the  applicable  UCC) in the  Collateral  in  favor of the
     Indenture  Trustee which security interest is prior to all other liens, and
     is  enforceable  as such as against  creditors of and  purchasers  from the
     Issuer.

          (b) All of the Permitted Investments have been and will be credited to
     one  of  the  Collection  Account,   the  Reserve  Account,  the  Principal
     Distribution Account and the Payahead Account. The securities  intermediary
     for each Securities  Account has agreed to treat all assets credited to the
     Securities  Accounts  as  "financial  assets"  within  the  meaning  of the
     applicable  UCC. The  Collateral  (other than those  Permitted  Investments
     which have been  credited  to one of the  Collection  Account,  the Reserve
     Account,  the  Principal  Distribution  Account  or the  Payahead  Account)
     constitutes either "chattel paper,"  "instruments" or "general intangibles"
     within the meaning of the applicable UCC.

          (c)  The  Issuer  owns  and  has  good  and  marketable  title  to the
     Receivables.  The  Receivables  are free and  clear of any  lien,  claim or
     encumbrance of any Person (other than the Indenture  Trustee and other than
     as  permitted  by  the  Purchase  Agreement  and  the  Sale  and  Servicing
     Agreement).  The Issuer has received all consents and approvals required by
     the terms of the  Receivables  and the  Interest  Rate Swap  Agreements  to
     transfer to the  Indenture  Trustee all of its  interest  and rights in the
     Receivables and the Interest Rate Swap Agreements except to the extent that
     any requirement for consent or approval is rendered  ineffective  under the
     applicable UCC.

          (d) The Issuer has caused or will have caused,  within ten days of the
     issuance of the Notes, the filing of all appropriate  financing  statements
     in  the  proper  filing  office  in  the  appropriate  jurisdictions  under
     applicable  law in order to perfect the  security  interest  granted in the
     Collateral to the Indenture Trustee.

          (e) The Issuer has delivered to the Indenture Trustee a fully executed
     agreement  pursuant  to which the  securities  intermediary  has  agreed to
     comply with all instructions  originated by the Indenture  Trustee relating
     to the Securities Accounts without further consent by the Issuer.

          (f) Other than the security  interest granted to the Indenture Trustee
     pursuant to this  Indenture,  the Issuer has not pledged,  assigned,  sold,
     granted a  security  interest  in, or  otherwise  conveyed  any part of the
     Collateral. The Issuer has not authorized the filing of and is not aware of
     any financing  statements  against the Issuer that include a description of
     collateral  covering any part of the  Collateral,  other than any financing
     statements  relating  to the  security  interest  granted to the  Indenture
     Trustee.  The  Issuer  is not  aware of any  judgment  or tax lien  filings
     against it.

          (g) The Securities  Accounts (other than the Payahead Account) are not
     in the name of any person other than the Issuer or the  Indenture  Trustee.
     The  Issuer  has  not  consented  to  the  securities  intermediary  of any
     Securities  Account  complying with entitlement  orders of any person other
     than the Indenture Trustee.

          (h) All financing statements filed or to be filed against the Trust in
     favor of the  Indenture  Trustee  in  connection  herewith  describing  the
     Collateral  contain a statement to the  following  effect:  "The grant of a
     security interest in any collateral  described in this financing  statement
     will violate the rights of the Indenture Trustee."

                                   ARTICLE IV

                           SATISFACTION AND DISCHARGE

                  SECTION 4.1 Satisfaction and Discharge of Indenture. This
Indenture shall cease to be of further effect with respect to the Notes except
as to (i) rights of registration of transfer and exchange, (ii) substitution of
mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders to
receive payments of principal thereof and interest thereon, (iv) Sections 3.3,
3.4, 3.5, 3.8, 3.10, 3.12 and 3.13, (v) the rights, obligations and immunities
of the Indenture Trustee hereunder (including the rights of the Indenture
Trustee under Section 6.7 and the obligations of the Indenture Trustee under
Section 4.3), and (vi) the rights of Noteholders and Swap Counterparties as
beneficiaries hereof with respect to the property so deposited with the
Indenture Trustee payable to all or any of them, and the Indenture Trustee, on
demand of and at the expense of the Issuer, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture with respect to the
Notes, when:

                  (A) either

                           (2) all Notes theretofore authenticated and delivered
                  (other than (i) Notes that have been destroyed, lost or stolen
                  and that have been replaced or paid as provided in Section 2.6
                  and (ii) Notes for whose payment money has theretofore been
                  deposited in trust or segregated and held in trust by the
                  Issuer and thereafter repaid to the Issuer or discharged from
                  such trust, as provided in Section 3.3) have been delivered to
                  the Indenture Trustee for cancellation; or

                           (3) all Notes not theretofore delivered to the
                  Indenture Trustee for cancellation have become due and payable
                  and the Issuer has irrevocably deposited or caused to be
                  irrevocably deposited with the Indenture Trustee cash or
                  direct obligations of or obligations guaranteed by the United
                  States of America (which will mature prior to the date such
                  amounts are payable), in trust for such purpose, in an amount
                  sufficient without reinvestment to pay and discharge the
                  entire indebtedness on such Notes not theretofore delivered to
                  the Indenture Trustee for cancellation when due to the
                  applicable Final Scheduled Payment Date or Redemption Date (if
                  Notes shall have been called for redemption pursuant to
                  Section 10.1), as the case may be, and all fees due and
                  payable to the Indenture Trustee; (B) the Issuer has paid or
                  caused to be paid all other sums payable hereunder and under
                  any of the other Basic Documents by the Issuer;

                  (C) the Issuer has delivered to the Indenture Trustee an
                  Officer's Certificate, an Opinion of Counsel and (if required
                  by the TIA or the Indenture Trustee) an Independent
                  Certificate from a firm of certified public accountants, each
                  meeting the applicable requirements of Section 11.1(a) and,
                  subject to Section 11.2, each stating that all conditions
                  precedent herein provided for relating to the satisfaction and
                  discharge of this Indenture have been complied with; and

                  (D) the Issuer has delivered to the Indenture Trustee an
                  Opinion of Counsel to the effect that the satisfaction and
                  discharge of the Notes pursuant to this Section 4.1 will not
                  cause any Noteholder to be treated as having sold or exchanged
                  any of its Notes for purposes of Section 1001 of the Code.

Upon the satisfaction and discharge of the Indenture pursuant to this Section
4.1, at the request of the Owner Trustee, the Indenture Trustee shall deliver to
the Owner Trustee a certificate of a Trustee Officer stating that all
Noteholders have been paid in full and stating whether, to the best knowledge of
such Trustee Officer, any claims remain against the Issuer in respect of the
Indenture and the Notes.

                  SECTION 4.2 Satisfaction, Discharge and Defeasance of Notes.

                  (a) Upon satisfaction of the conditions set forth in
subsection (b) below, the Issuer shall be deemed to have paid and discharged the
entire indebtedness on all the Outstanding Notes, and the provisions of this
Indenture, as it relates to such Notes, shall no longer be in effect (and the
Indenture Trustee, at the expense of the Issuer, shall execute proper
instruments acknowledging the same), except as to (i) rights of registration of
transfer and exchange, (ii) substitution of mutilated, destroyed, lost or stolen
Notes, (iii) rights of Noteholders to receive payments of principal thereof and
interest thereon, (iv) Sections 3.2, 3.3, 3.4, 3.5, 3.8, 3.10, 3.12 and 3.13,
(v) the rights, obligations and immunities of the Indenture Trustee hereunder
(including the rights of the Indenture Trustee under Section 6.7 and the
obligations of the Indenture Trustee under Section 4.3), and (vi) the rights of
Noteholders and Swap Counterparties as beneficiaries hereof with respect to the
property so deposited with the Indenture Trustee payable to all or any of them.

                  (b) The satisfaction, discharge and defeasance of the Notes
pursuant to subsection (a) of this Section 4.2 is subject to the satisfaction of
all of the following conditions:

                           (i) the Issuer has deposited or caused to be
                  deposited irrevocably (except as provided in Section 4.4) with
                  the Indenture Trustee as trust funds in trust, specifically
                  pledged as security for, and dedicated solely to, the benefit
                  of the Noteholders, which, through the payment of interest and
                  principal in respect thereof in accordance with their terms
                  will provide, not later than one day prior to the due date of
                  any payment referred to below, money in an amount sufficient,
                  in the opinion of a nationally recognized firm of independent
                  certified public accountants expressed in a written
                  certification thereof delivered to the Indenture Trustee, to
                  pay and discharge the entire indebtedness on the Outstanding
                  Notes, for principal thereof and interest thereon to the date
                  of such deposit (in the case of Notes that have become due and
                  payable) or to the maturity of such principal and interest, as
                  the case may be, and to pay any amounts then due and payable
                  to the Swap Counterparties;

                           (ii) such deposit will not result in a breach or
                  violation of, or constitute an event of default under, any
                  other agreement or instrument to which the Issuer is bound;

                           (iii) no Event of Default with respect to the Notes
                  shall have occurred and be continuing on the date of such
                  deposit or on the ninety-first (91st) day after such date;

                           (iv) the Issuer has delivered to the Indenture
                  Trustee an Opinion of Counsel to the effect that the
                  satisfaction, discharge and defeasance of the Notes pursuant
                  to this Section 4.2 will not cause any Noteholder to be
                  treated as having sold or exchanged any of its Notes for
                  purposes of Section 1001 of the Code; and

                           (v) the Issuer has delivered to the Indenture Trustee
                  an Officer's Certificate and an Opinion of Counsel, each
                  stating that all conditions precedent relating to the
                  defeasance contemplated by this Section 4.2 have been complied
                  with.

                  SECTION 4.3 Application of Trust Money. All monies deposited
with the Indenture Trustee pursuant to Sections 4.1 and 4.2 shall be held in
trust and applied by it, in accordance with the provisions of the Notes and this
Indenture, to the payment, either directly or through any Note Paying Agent, as
the Indenture Trustee may determine, to the Noteholders of the particular Notes
for the payment or redemption of which such monies have been deposited with the
Indenture Trustee, of all sums due and to become due thereon for principal and
interest, and for payment to the Swap Counterparties of all sums, if any, due or
to become due to the Swap Counterparties under and in accordance with this
Indenture and the Interest Rate Swap Agreements, but such monies need not be
segregated from other funds except to the extent required herein or in the Sale
and Servicing Agreement or required by law.

                  SECTION 4.4 Repayment of Monies Held by Note Paying Agent. In
connection with the satisfaction and discharge of this Indenture with respect to
the Notes, all monies then held by any Note Paying Agent other than the
Indenture Trustee under the provisions of this Indenture with respect to such
Notes shall, upon demand of the Issuer, be paid to the Indenture Trustee to be
held and applied according to Section 3.3 and thereupon such Note Paying Agent
shall be released from all further liability with respect to such monies.

<PAGE>

                                    ARTICLE V

                                    REMEDIES

                  SECTION 5.1 Events of Default. "Event of Default," wherever
used herein, means the occurrence of any one of the following events (whatever
the reason for such Event of Default and whether it shall be voluntary or
involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any
administrative or governmental body):

                           (i) default in the payment of interest due on any
                  Note of the Controlling Note Class when the same becomes due
                  and payable on each Payment Date, and such default shall
                  continue for a period of five (5) days or more; or

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

                           (iii) default in the observance or performance of any
                  material covenant or agreement of the Issuer made in this
                  Indenture (other than a covenant or agreement, a default in
                  the observance or performance of which is elsewhere in this
                  Section 5.1 specifically dealt with), or any representation or
                  warranty of the Issuer made in this Indenture or in any
                  certificate or other writing delivered pursuant hereto or in
                  connection herewith proving to have been incorrect in any
                  material respect as of the time when the same shall have been
                  made, and such default shall continue or not be cured, or the
                  circumstance or condition in respect of which such
                  misrepresentation or warranty was incorrect shall not have
                  been eliminated or otherwise cured, for a period of sixty (60)
                  days or in the case of a materially incorrect representation
                  and warranty thirty (30) days, after there shall have been
                  given, by registered or certified mail, to the Issuer by the
                  Indenture Trustee or to the Issuer and the Indenture Trustee
                  by the Noteholders of Notes evidencing not less than 25% of
                  the Note Balance of the Controlling Note Class, a written
                  notice specifying such default or incorrect representation or
                  warranty and requiring it to be remedied and stating that such
                  notice is a "Notice of Default" hereunder; or

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

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

The Issuer shall deliver to the Indenture Trustee (with a copy to any Qualified
Institution or Qualified Trust Institution (if not the Indenture Trustee)
maintaining any Trust Accounts), within five (5) days after the occurrence
thereof, written notice in the form of an Officer's Certificate of any event
which with the giving of notice and the lapse of time would become an Event of
Default under clause (iii) above, its status and what action the Issuer is
taking or proposes to take with respect thereto.

                  SECTION 5.2 Acceleration of Maturity; Rescission and
Annulment. (a) If an Event of Default should occur and be continuing, then and
in every such case the Indenture Trustee or the Noteholders of Notes evidencing
not less than a majority of the Note Balance of the Controlling Note Class may
declare all the Notes to be immediately due and payable, by a notice in writing
to the Issuer (and to the Indenture Trustee if given by Noteholders), and upon
any such declaration the unpaid principal amount of such Notes, together with
accrued and unpaid interest thereon through the date of acceleration, shall
become immediately due and payable. If an Event of Default specified in Section
5.1(iv) or (v) occurs, all unpaid principal, together with all accrued and
unpaid interest thereon, of all the Notes, and all other amounts payable
hereunder, shall automatically become due and payable without any declaration or
other act on the part of the Indenture Trustee or any Noteholder. In the event
of such declaration or automatic acceleration, the Indenture Trustee shall give
prompt written notice to the Swap Counterparties and the Qualified Institution
or Qualified Trust Institution maintaining the Reserve Account, the Collection
Account and the Payahead Account.

                  (b) At any time after a declaration of acceleration of
maturity has been made and before a judgment or decree for payment of the amount
due has been obtained by the Indenture Trustee as hereinafter provided in this
Article V, the Noteholders of Notes evidencing not less than a majority of the
Note Balance of the Controlling Note Class, by written notice to the Issuer and
the Indenture Trustee, may rescind and annul such declaration and its
consequences if:

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

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

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

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

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

                  SECTION 5.3 Collection of Indebtedness and Suits for
Enforcement by Indenture Trustee. (a) The Issuer covenants that if (i) there is
an Event of Default relating to the nonpayment of any interest on any Note when
the same becomes due and payable, and such Event of Default continues for a
period of five (5) days, or (ii) there is an Event of Default relating to the
nonpayment in the payment of the principal of or any installment of the
principal of any Note when the same becomes due and payable, the Issuer shall,
upon demand of the Indenture Trustee, pay to the Indenture Trustee, for the
benefit of the Noteholders, the whole amount then due and payable on such Notes
for principal and interest, with interest upon the overdue principal and, to the
extent payment at such rate of interest shall be legally enforceable, upon
overdue installments of interest at the applicable Note Interest Rate borne by
the Notes and in addition thereto such further amount as shall be sufficient to
cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Indenture Trustee and
its agents, attorneys and counsel.

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

                  (c) If an Event of Default occurs and is continuing, the
Indenture Trustee, as more particularly provided in Section 5.4, in its
discretion, may proceed to protect and enforce its rights and the rights of the
Noteholders and the Swap Counterparties, by such appropriate Proceedings as the
Indenture Trustee shall deem most effective to protect and enforce any such
rights, whether for the specific enforcement of any covenant or agreement in
this Indenture or in aid of the exercise of any power granted herein, or to
enforce any other proper remedy or legal or equitable right vested in the
Indenture Trustee by this Indenture or by law.

                  (d) In case there shall be pending, relative to the Issuer or
any other obligor upon the Notes or any Person having or claiming an ownership
interest in the Indenture Trust Estate, Proceedings under Title 11 of the United
States Code or any other applicable federal or State bankruptcy, insolvency or
other similar law, or in case a receiver, assignee or trustee in bankruptcy or
reorganization, liquidator, sequestrator or similar official shall have been
appointed for or taken possession of the Issuer or its property or such other
obligor or Person, or in case of any other comparable judicial Proceedings
relative to the Issuer or other obligor upon the Notes, or to the creditors or
property of the Issuer or such other obligor, the Indenture Trustee,
irrespective of whether the principal of any Notes shall then be due and payable
as therein expressed or by declaration or otherwise and irrespective of whether
the Indenture Trustee shall have made any demand pursuant to the provisions of
this Section 5.3, shall be entitled and empowered, by intervention in such
Proceedings or otherwise:

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

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

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

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

and any trustee, receiver, liquidator, custodian or other similar official in
any such Proceeding is hereby authorized by each of such Noteholders to make
payments to the Indenture Trustee and, in the event that the Indenture Trustee
shall consent to the making of payments directly to such Noteholders, to pay to
the Indenture Trustee such amounts as shall be sufficient to cover reasonable
compensation to the Indenture Trustee, each predecessor Indenture Trustee and
their respective agents, attorneys and counsel, and all other expenses and
liabilities incurred, and all advances and disbursements made, by the Indenture
Trustee and each predecessor Indenture Trustee, except as a result of negligence
or bad faith, and any other amounts due the Indenture Trustee pursuant to
Section 6.7.

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

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

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

                  SECTION 5.4 Remedies; Priorities. (a) If an Event of Default
shall have occurred and be continuing, the Indenture Trustee may do one or more
of the following (subject to the notice requirement in Section 5.2(a) and
subject to Section 5.5 ):

                           (i) institute Proceedings in its own name and as
                  trustee of an express trust for the collection of all amounts
                  then payable on the Notes or under this Indenture with respect
                  thereto, whether by declaration or otherwise, enforce any
                  judgment obtained, and collect from the Issuer and any other
                  obligor upon such Notes monies adjudged due;

                           (ii) institute Proceedings from time to time for the
                  complete or partial foreclosure of this Indenture with respect
                  to the Indenture Trust Estate;
                           (iii) exercise any remedies of a secured party under
                  the UCC and take any other appropriate action to protect and
                  enforce the rights and remedies of the Indenture Trustee and
                  the Noteholders and Swap Counterparties; and

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

provided, however, the Indenture Trustee may not sell or otherwise liquidate the
Indenture Trust Estate unless:

         (A) the Event of Default is of the type described in Section 5.1(i) or
(ii); or

         (B) with respect to any Event of Default described in Section 5.1(iv)
and (v):

                  (1)      the Noteholders of Notes evidencing 100% of the Note
                           Balance of the Controlling Note Class consent
                           thereto; or

                  (2)      the proceeds of such sale or liquidation are
                           sufficient to pay in full the principal of and the
                           accrued interest on the Outstanding Notes and all
                           payments due and payable (including any Swap
                           Termination Payments) pursuant to the Interest Rate
                           Swap Agreements; or

                  (3)      the Indenture Trustee

                           (x)    determines (but shall have no obligation to
                                  make such determination) that the Indenture
                                  Trust Estate will not continue to provide
                                  sufficient funds for the payment of principal
                                  of and interest on the Notes as they would
                                  have become due if the Notes had not been
                                  declared due and payable; and

                           (y)    the Indenture Trustee obtains the consent of
                                  Noteholders of Notes evidencing not less than
                                  662/3% of the Note Balance of the Controlling
                                  Note Class; or

         (C) with respect to an Event of Default described in Section 5.1(iii):

                  (1)      the Noteholders of all Outstanding Notes and the
                           Certificateholders of all outstanding Certificates
                           consent thereto; or

                  (2)      the proceeds of such sale or liquidation are
                           sufficient to pay in full the principal of and
                           accrued interest on the Outstanding Notes and
                           outstanding Certificates and all payments due and
                           payable (including Swap Termination Payments)
                           pursuant to the Interest Rate Swap Agreements.

In determining such sufficiency or insufficiency with respect to clauses (B)(2),
(C)(2) and (B)(3)(x) above, the Indenture Trustee may, but need not, obtain and
rely upon an opinion of an Independent investment banking or accounting firm of
national reputation as to the feasibility of such proposed action and as to the
sufficiency of the Indenture Trust Estate for such purpose.

                  (b) Notwithstanding the provisions of Section 8.2, if the
Indenture Trustee collects any money or property pursuant to this Article V, it
shall pay out the money or property in the following order:

                           (i) first, to the Indenture Trustee for amounts due
                  under Section 6.7;

                           (ii) second, to the Servicer for due and unpaid
                  Servicing Fees;

                           (iii) third, to the Swap Counterparties, the amount
                  of the Net Swap Payments then due under the Interest Rate Swap
                  Agreements (exclusive of any Swap Termination Payments);

                           (iv) fourth, with the same priority and ratably, in
                  accordance with the Principal Balance of the Class A Notes
                  Outstanding and the amount of any Swap Termination Payments
                  due and payable by the Issuer to the Class A Swap
                  Counterparties, (1) to Noteholders of the Class A Notes, for
                  amounts due and unpaid on the Class A Notes in respect of
                  interest, ratably, without preference or priority of any kind,
                  according to the amounts due and payable by the Issuer to the
                  Noteholders of the Class A Notes for interest, the Accrued
                  Class A Note Interest and (2) to the Class A Swap
                  Counterparties, any Swap Termination Payments, provided, that
                  if any amounts are remaining after such allocations are made,
                  such amounts will be allocated to the Class A Swap
                  Counterparties to the extent of any unpaid Swap Termination
                  Payments;

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

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

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

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

                           (ix) ninth, with the same priority and ratably, in
                  accordance with the Principal Balance of the Class B Notes
                  Outstanding and the amount of any Swap Termination Payments
                  due and payable by the Issuer to the Class B Swap Counterpary,
                  (1) to Noteholders of the Class B Notes, for amounts due and
                  unpaid on the Class B Notes in respect of interest, ratably,
                  without preference or priority of any kind, according to the
                  amounts due and payable by the Issuer to the Noteholders of
                  the Class B Notes for interest, the Accrued Class B Note
                  Interest and (2) to the Class B Swap Counterparty, any Swap
                  Termination Payments, provided, that if any amounts are
                  remaining after such allocations are made, such amounts will
                  be allocated to the Class B Swap Counterparty to the extent of
                  any unpaid Swap Termination Payments;

                           (x) tenth, to Noteholders of the Class B Notes for
                  amounts due and unpaid on the Class B Notes for principal,
                  ratably, without preference or priority of any kind, according
                  to the amounts due and payable on the Class B Notes for
                  principal, until the principal amount of the Outstanding Class
                  B Notes is reduced to zero;

                           (xi) eleventh, to Noteholders of the Class C Notes
                  for amounts due and unpaid on the Class C Notes in respect of
                  interest, ratably, without preference or priority of any kind,
                  according to the amounts due and payable on the Class C Notes
                  for interest;

                           (xii) twelfth, to Noteholders of the Class C Notes
                  for amounts due and unpaid on the Class C Notes for principal,
                  ratably, without preference or priority of any kind, according
                  to the amounts due and payable on the Class C Notes for
                  principal, until the principal amount of the Outstanding Class
                  C Notes is reduced to zero;

                           (xiii) thirteenth, to the Issuer for amounts required
                  to be distributed to the Certificateholders pursuant to the
                  Trust Agreement and the Sale and Servicing Agreement; and

                           (xiv) fourteenth, to the Seller, any money or
                  property remaining after payment in full of the amounts
                  described in clauses (i)-(xiii) of this Section 5.4(b).

The Indenture Trustee may fix a record date and payment date for any payment to
Noteholders pursuant to this Section 5.4. At least fifteen (15) days before such
record date, the Issuer shall mail to each Noteholder and the Indenture Trustee
a notice that states the record date, the payment date and the amount to be
paid.

                  (c) Upon a sale or other liquidation of the Receivables in the
manner set forth in Section 5.4(a), the Indenture Trustee shall provide
reasonable prior notice of such sale or liquidation to each Noteholder,
Certificateholder and to the Swap Counterparties. A Noteholder or
Certificateholder or Swap Counterparty may submit a bid with respect to such
sale.

                  SECTION 5.5 Optional Preservation of the Receivables. If the
Notes have been declared to be due and payable under Section 5.2 following an
Event of Default, and such declaration and its consequences have not been
rescinded and annulled, the Indenture Trustee may, but need not, elect to
maintain possession of the Indenture Trust Estate and apply proceeds as if there
had been no declaration of acceleration; provided, however, that funds on
deposit in the Collection Account at the time the Indenture Trustee makes such
election or deposited therein during the Collection Period in which such
election is made (including funds, if any, deposited therein from the Reserve
Account and the Payahead Account) shall be applied in accordance with such
declaration of acceleration in the manner specified in Section 4.6(c) of the
Sale and Servicing Agreement. It is the desire of the parties hereto and the
Noteholders that there be at all times sufficient funds for the payment of
principal of and interest on the Notes and any amounts owing to the Swap
Counterparties, and the Indenture Trustee shall take such desire into account
when determining whether or not to maintain possession of the Indenture Trust
Estate. In determining whether to maintain possession of the Indenture Trust
Estate, the Indenture Trustee may, but need not, obtain and rely upon an opinion
of an Independent investment banking or accounting firm of national reputation
as to the feasibility of such proposed action and as to the sufficiency of the
Indenture Trust Estate for such purpose.

                  SECTION 5.6 Limitation of Suits. No Noteholder shall have any
right to institute any Proceeding, judicial or otherwise, with respect to this
Indenture or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless:

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

                  (b) the Noteholders of Notes evidencing not less than 25% of
the Note Balance of the Controlling Note Class have made written request to the
Indenture Trustee to institute such Proceeding in respect of such Event of
Default in its own name as Indenture Trustee hereunder;

                  (c) such Noteholder or Noteholders have offered to the
Indenture Trustee reasonable indemnity satisfactory to it against the costs,
expenses and liabilities to be incurred in complying with such request;

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

                  (e) no direction inconsistent with such written request has
been given to the Indenture Trustee during such sixty-day period by the
Noteholders of Notes evidencing not less than a majority of the Note Balance of
the Controlling Note Class.

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

                  In the event the Indenture Trustee shall receive conflicting
or inconsistent requests and indemnity from two or more groups of Noteholders,
each evidencing less than a majority of the Note Balance of the Controlling Note
Class, the Indenture Trustee in its sole discretion may determine what action,
if any, shall be taken, notwithstanding any other provisions of this Indenture.

                  SECTION 5.7 Unconditional Rights of Noteholders To Receive
Principal and Interest. Notwithstanding any other provisions in this Indenture,
any Noteholder shall have the right, which is absolute and unconditional, to
receive payment of the principal of and interest, if any, on its Note on or
after the respective due dates thereof expressed in such Note or in this
Indenture (or, in the case of redemption, on or after the Redemption Date) and
to institute suit for the enforcement of any such payment, and such right shall
not be impaired without the consent of such Noteholder.

                  SECTION 5.8 Restoration of Rights and Remedies. If the
Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any
right or remedy under this Indenture and such Proceeding has been discontinued
or abandoned for any reason or has been determined adversely to the Indenture
Trustee or to such Noteholder, then and in every such case the Issuer, the
Indenture Trustee and the Noteholders shall, subject to any determination in
such Proceeding, be restored severally and respectively to their former
positions hereunder, and thereafter all rights and remedies of the Indenture
Trustee and the Noteholders shall continue as though no such Proceeding had been
instituted.

                  SECTION 5.9 Rights and Remedies Cumulative. No right or remedy
herein conferred upon or reserved to the Indenture Trustee or to the Noteholders
is intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law
or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

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

                  SECTION 5.11 Control by Controlling Note Class of Noteholders.
The Noteholders of Notes evidencing not less than a majority of the Note Balance
of the Controlling Note Class shall have the right to direct the time, method
and place of conducting any Proceeding for any remedy available to the Indenture
Trustee with respect to the Notes or exercising any trust or power conferred on
the Indenture Trustee; provided that:

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

                  (b) subject to the express terms of Section 5.4, any direction
to the Indenture Trustee to sell or liquidate the Indenture Trust Estate shall
be by Noteholders of Notes evidencing not less than 100% of the Note Balance of
the Controlling Note Class;

                  (c) if the conditions set forth in Section 5.5 have been
satisfied and the Indenture Trustee elects to retain the Indenture Trust Estate
pursuant to such Section 5.5, then any direction to the Indenture Trustee by
Noteholders of Notes evidencing less than 100% of the Note Balance of the
Controlling Note Class to sell or liquidate the Indenture Trust Estate shall be
of no force and effect; and

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

Notwithstanding the rights of Noteholders set forth in this Section 5.11,
subject to Section 6.1, the Indenture Trustee need not take any action that it
determines might involve it in costs or expenses for which it would not be
adequately indemnified or expose it to personal liability or might materially
adversely affect or unduly prejudice the rights of any Noteholders not
consenting to such action.

                  SECTION 5.12 Waiver of Past Defaults. Prior to the declaration
of the acceleration of the maturity of the Notes as provided in Section 5.2, the
Noteholders of Notes evidencing not less than a majority of the Note Balance of
the Controlling Note Class may waive any past Default or Event of Default and
its consequences except a Default (a) in the payment of principal of or interest
on any of the Notes or (b) in respect of a covenant or provision hereof that
cannot be amended, supplemented or modified without the consent of each
Noteholder. In the case of any such waiver, the Issuer, the Indenture Trustee
and the Noteholders shall be restored to their former positions and rights
hereunder, respectively; but no such waiver shall extend to any subsequent or
other Default or impair any right consequent thereto.

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

                  SECTION 5.13 Undertaking for Costs. All parties to this
Indenture agree, and each Noteholder by such Noteholder's acceptance thereof
shall be deemed to have agreed, that any court may in its discretion require, in
any suit for the enforcement of any right or remedy under this Indenture, or in
any suit against the Indenture Trustee for any action taken, suffered or omitted
by it as Indenture Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys' fees,
against any party litigant in such suit, having due regard to the merits and
good faith of the claims or defenses made by such party litigant; but the
provisions of this Section 5.13 shall not apply to (a) any suit instituted by
the Indenture Trustee, (b) any suit instituted by any Noteholder or group of
Noteholders, in each case holding in the aggregate more than 10% of the
principal amount of the Notes Outstanding (or in the case of a right or remedy
under this Indenture which is instituted by the Controlling Note Class, more
than 10% of the Controlling Note Class) or (c) any suit instituted by any
Noteholder for the enforcement of the payment of principal of or interest on any
Note on or after the respective due dates expressed in such Note and in this
Indenture (or, in the case of redemption, on or after the Redemption Date).

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

                  SECTION 5.15 Action on Notes. The Indenture Trustee's right to
seek and recover judgment on the Notes or under this Indenture shall not be
affected by the seeking, obtaining or application of any other relief under or
with respect to this Indenture. Neither the lien of this Indenture nor any
rights or remedies of the Indenture Trustee or the Noteholders shall be impaired
by the recovery of any judgment by the Indenture Trustee against the Issuer or
by the levy of any execution under such judgment upon any portion of the
Indenture Trust Estate or upon any of the assets of the Issuer. Any money or
property collected by the Indenture Trustee shall be applied in accordance with
Section 5.4(b).

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

                  (b) Promptly following a request from the Indenture Trustee to
do so, and at the Administrator's expense, the Issuer shall take all such lawful
action as the Indenture Trustee may request to compel or secure the performance
and observance by the Swap Counterparties in accordance with the Interest Rate
Swap Agreements and to exercise any and all rights, remedies, powers and
privileges lawfully available to the Issuer under or in connection with the
Interest Rate Swap Agreements to the extent and in the manner directed by the
Indenture Trustee, including the transmission of notices of default thereunder
and the institution of legal or administrative actions or proceedings to compel
or secure performance by the Swap Counterparties of their obligations under the
Interest Rate Swap Agreements.

                  (c) If an Event of Default has occurred and is continuing, the
Indenture Trustee may, and at the direction (which direction shall be in writing
or by telephone, confirmed in writing promptly thereafter) of the Noteholders of
Notes evidencing not less than 662/3% of the Note Balance of the Controlling
Note Class shall, exercise all rights, remedies, powers, privileges and claims
of the Issuer against the Seller or the Servicer under or in connection with the
Sale and Servicing Agreement, or against the Seller or Ford Credit under or in
connection with the Purchase Agreement, including the right or power to take any
action to compel or secure performance or observance by the Seller, the Servicer
or Ford Credit, as the case may be, of each of their obligations to the Issuer
thereunder and to give any consent, request, notice, direction, approval,
extension, or waiver under the Sale and Servicing Agreement or the Purchase
Agreement, as the case may be, and any right of the Issuer to take such action
shall be suspended.

                  (d) If an Event of Default has occurred and is continuing, the
Indenture Trustee may, and at the direction (which direction shall be in writing
or by telephone, confirmed in writing promptly thereafter) of the Noteholders of
Notes evidencing not less than 662/3% of the principal amount of the Controlling
Note Class shall, exercise all rights, remedies, powers, privileges and claims
of the Issuer against the Swap Counterparties including the right or power to
take any action to compel or secure performance or observance by the Swap
Counterparties of their obligations to the Issuer under Interest Rate Swap
Agreements and to give any consent, request, notice, direction, approval,
extension, or waiver under the Interest Rate Swap Agreements and any right of
the Issuer to take such action shall be suspended.

<PAGE>

                                   ARTICLE VI

                              THE INDENTURE TRUSTEE

                  SECTION 6.1 Duties of Indenture Trustee. (a) If an Event of
Default has occurred and is continuing, the Indenture Trustee shall exercise the
rights and powers vested in it by this Indenture and use the same degree of care
and skill in their exercise as a prudent Person would exercise or use under the
circumstances in the conduct of such Person's own affairs.

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

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

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

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

                           (i) this paragraph does not limit the effect of
                  paragraph (b) of this Section 6.1;

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

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

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

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

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

                  (g) Every provision of this Indenture relating to the conduct
or affecting the liability of or affording protection to the Indenture Trustee
shall be subject to the provisions of this Section 6.1 and to the provisions of
the TIA.

                  (h) The Indenture Trustee shall not be charged with knowledge
of any Event of Default unless either (1) a Trustee Officer shall have actual
knowledge of such Event of Default or (2) written notice of such Event of
Default shall have been given to the Indenture Trustee in accordance with the
provisions of this Indenture.

                  SECTION 6.2 Rights of Indenture Trustee. (a) The Indenture
Trustee may rely and shall be protected in acting or refraining from acting upon
any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture or other paper or document
believed by it to be genuine and to have been signed or presented by the proper
Person. The Indenture Trustee need not investigate any fact or matters stated in
any such document.

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

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

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

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

                  (f) The Indenture Trustee shall be under no obligation to
exercise any of the rights or powers vested in it by this Indenture or to honor
the request or direction of any of the Noteholders pursuant to this Indenture
unless such Noteholders shall have offered to the Indenture Trustee reasonable
security or indemnity satisfactory to it against the reasonable costs, expenses,
disbursements, advances and liabilities which might be incurred by it, its
agents and its counsel in compliance with such request or direction.

                  (g) Any request or direction of the Issuer mentioned herein
shall be sufficiently evidenced by an Issuer Request.

                  SECTION 6.3 Individual Rights of Indenture Trustee. The
Indenture Trustee, in its individual or any other capacity, may become the owner
or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates
with the same rights it would have if it were not Indenture Trustee. Any Note
Paying Agent, Note Registrar, co-registrar or co-paying agent hereunder may do
the same with like rights.

                  SECTION 6.4 Indenture Trustee's Disclaimer. The Indenture
Trustee (i) shall not be responsible for, and makes no representation as to, the
validity or adequacy of this Indenture or the Notes and (ii) shall not be
accountable for the Issuer's use of the proceeds from the Notes, or responsible
for any statement of the Issuer in this Indenture or in any document issued in
connection with the sale of the Notes or in the Notes (all of which shall be
taken as statements of the Issuer) other than the Indenture Trustee's
certificate of authentication.

                  SECTION 6.5 Notice of Defaults. If a Default occurs and is
continuing and if it is known to a Trustee Officer of the Indenture Trustee, the
Indenture Trustee shall mail to each Noteholder notice of such Default within
ninety (90) days after it occurs. Except in the case of a Default in payment of
principal of or interest on any Note (including payments pursuant to the
mandatory redemption provisions of such Note), the Indenture Trustee may
withhold the notice if and so long as a committee of its Trustee Officers in
good faith determines that withholding the notice is in the interests of the
Noteholders.

                  SECTION 6.6 Reports by Indenture Trustee to Noteholders. Upon
delivery to the Indenture Trustee by the Servicer of such information prepared
by the Servicer pursuant to Section 3.9 of the Sale and Servicing Agreement as
may be required to enable each Noteholder to prepare its federal and State
income tax returns, the Indenture Trustee shall deliver such information to the
Noteholders.

                  SECTION 6.7 Compensation and Indemnity. (a) The Issuer shall,
or shall cause the Administrator to, pay to the Indenture Trustee from time to
time reasonable compensation for its services. The Indenture Trustee's
compensation shall not be limited by any law on compensation of a trustee of an
express trust. The Issuer shall, or shall cause the Administrator to, reimburse
the Indenture Trustee for all reasonable out-of-pocket expenses incurred or made
by it, including costs of collection, in addition to the compensation for its
services. Such expenses shall include the reasonable compensation and expenses,
disbursements and advances of the Indenture Trustee's agents, counsel,
accountants and experts. The Issuer shall, or shall cause the Administrator to,
indemnify the Indenture Trustee for, and to hold it harmless against, any and
all loss, liability or expense (including attorneys' fees) incurred by it in
connection with the administration of and the performance of its duties
hereunder, including the costs and expenses of defending itself against any
claim or liability in connection with the exercise or performance of any of its
powers or duties hereunder. The Indenture Trustee shall notify the Issuer and
the Administrator promptly of any claim for which it may seek indemnity. Failure
by the Indenture Trustee to so notify the Issuer and the Administrator shall not
relieve the Issuer or the Administrator of its obligations hereunder. The Issuer
shall, or shall cause the Administrator to, defend any such claim. The Indenture
Trustee may have separate counsel and the Issuer shall, or shall cause the
Administrator to, pay the fees and expenses of such counsel. Neither the Issuer
nor the Administrator need reimburse any expense or indemnity against any loss,
liability or expense incurred by the Indenture Trustee through the Indenture
Trustee's own willful misconduct, negligence or bad faith.

                  (b) The Issuer's payment obligations to the Indenture Trustee
pursuant to this Section 6.7 shall survive the resignation or removal of the
Indenture Trustee and the discharge of this Indenture. When the Indenture
Trustee incurs expenses after the occurrence of a Default specified in Section
5.1(iv) or (v) with respect to the Issuer, the expenses are intended to
constitute expenses of administration under Title 11 of the United States Code
or any other applicable federal or State bankruptcy, insolvency or similar law.

                  SECTION 6.8 Replacement of Indenture Trustee. (a) No
resignation or removal of the Indenture Trustee, and no appointment of a
successor Indenture Trustee, shall become effective until the acceptance of
appointment by the successor Indenture Trustee pursuant to this Section 6.8 and
payment in full of all sums due to the Indenture Trustee pursuant to Section
6.7. The Indenture Trustee may resign at any time by so notifying the Issuer.
The Noteholders of Notes evidencing not less than a majority in Note Balance of
the Controlling Note Class may remove the Indenture Trustee without cause by so
notifying the Indenture Trustee and the Issuer and may appoint a successor
Indenture Trustee. The Issuer shall remove the Indenture Trustee if:

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

                           (ii) an Insolvency Event occurs with respect to the
                  Indenture Trustee;

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

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

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

                  (b) Any successor Indenture Trustee shall deliver a written
acceptance of its appointment to the retiring Indenture Trustee and to the
Issuer and shall concurrently deliver a copy of such acceptance to each Swap
Counterparty. Thereupon, if all sums due the retiring Indenture Trustee pursuant
to Section 6.7 have been paid in full, the resignation or removal of the
retiring Indenture Trustee shall become effective, and the successor Indenture
Trustee shall have all the rights, powers and duties of the Indenture Trustee
under this Indenture. The successor Indenture Trustee shall mail a notice of its
succession to Noteholders. If all sums due the retiring Indenture Trustee
pursuant to Section 6.7 have been paid in full, the retiring Indenture Trustee
shall promptly transfer all property held by it as Indenture Trustee to the
successor Indenture Trustee.

                  (c) If a successor Indenture Trustee does not take office
within sixty (60) days after the retiring Indenture Trustee resigns or is
removed, the retiring Indenture Trustee, the Issuer or the Noteholders of Notes
evidencing not less than a majority in Note Balance of the Controlling Note
Class may petition any court of competent jurisdiction for the appointment of a
successor Indenture Trustee. If the Indenture Trustee fails to comply with
Section 6.11, any Noteholder who has been a bona fide Noteholder for at least
six (6) months may petition any court of competent jurisdiction for the removal
of the Indenture Trustee and the appointment of a successor Indenture Trustee.

                  (d) Notwithstanding the replacement of the Indenture Trustee
pursuant to this Section 6.8, the obligations of the Issuer and the
Administrator under Section 6.7 shall continue for the benefit of the retiring
Indenture Trustee.

                  SECTION 6.9 Successor Indenture Trustee by Merger. (a) If the
Indenture Trustee consolidates with, merges or converts into, or transfers all
or substantially all its corporate trust business or assets to, another
corporation or banking association, the resulting, surviving or transferee
corporation or banking association without any further act shall be the
successor Indenture Trustee; provided that such corporation or banking
association shall be otherwise qualified and eligible under Section 6.11. The
Indenture Trustee shall provide the Rating Agencies with prior written notice of
any such transaction.

                  (b) In case at the time such successor or successors by
merger, conversion or consolidation to the Indenture Trustee shall succeed to
the trusts created by this Indenture any of the Notes shall have been
authenticated but not delivered, any such successor to the Indenture Trustee may
adopt the certificate of authentication of any predecessor trustee, and deliver
such Notes so authenticated; and in case at that time any of the Notes shall not
have been authenticated, any successor to the Indenture Trustee may authenticate
such Notes either in the name of any predecessor hereunder or in the name of the
successor to the Indenture Trustee. In all such cases such certificates shall
have the full force which it is provided anywhere in the Notes or in this
Indenture that the certificate of the Indenture Trustee shall have.

                  SECTION 6.10 Appointment of Co-Indenture Trustee or Separate
Indenture Trustee. (a) Notwithstanding any other provisions of this Indenture,
at any time, for the purpose of meeting any legal requirement of any
jurisdiction in which any part of the Indenture Trust Estate may at the time be
located, the Indenture Trustee shall have the power and may execute and deliver
an instrument to appoint one or more Persons to act as a co-trustee or
co-trustees, or separate trustee or separate trustees, of all or any part of the
Trust, and to vest in such Person or Persons, in such capacity and for the
benefit of the Noteholders and the Swap Counterparties, such title to the
Indenture Trust Estate, or any part hereof, and, subject to the other provisions
of this Section 6.10, such powers, duties, obligations, rights and trusts as the
Indenture Trustee may consider necessary or desirable. No co-trustee or separate
trustee hereunder shall be required to meet the terms of eligibility as a
successor trustee under Section 6.11 and no notice to Noteholders of the
appointment of any co-trustee or separate trustee shall be required under
Section 6.8.

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

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

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

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

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

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

                  SECTION 6.11 Eligibility; Disqualification. (a) The Indenture
Trustee shall at all times satisfy the requirements of TIA Section 310(a). The
Indenture Trustee or its parent shall have a combined capital and surplus of at
least $50,000,000 as set forth in its most recent published annual report of
condition and shall have a long-term debt rating of investment grade by each of
the Rating Agencies or shall otherwise be acceptable to each of the Rating
Agencies. The Indenture Trustee shall comply with TIA Section 310(b).

                  (b) Within ninety (90) days after ascertaining the occurrence
of an Event of Default which shall not have been cured or waived, unless
authorized by the Commission, the Indenture Trustee shall resign with respect to
the Class A Notes, the Class B Notes and/or the Class C Notes in accordance with
Section 6.8 of this Indenture, and the Issuer shall appoint a successor
Indenture Trustee for any or all of such Classes, as applicable, so that there
will be separate Indenture Trustees for the Class A Notes, Class B Notes and the
Class C Notes. In the event the Indenture Trustee fails to comply with the terms
of the preceding sentence, the Indenture Trustee shall comply with clauses (ii)
and (iii) of TIA Section 310(b).

                  (c) In the case of the appointment hereunder of a successor
Indenture Trustee with respect to any Class of Notes pursuant to this Section
6.11, the Issuer, the retiring Indenture Trustee and the successor Indenture
Trustee with respect to such Class of Notes shall execute and deliver an
indenture supplemental hereto wherein each successor Indenture Trustee shall
accept such appointment and which (i) shall contain such provisions as shall be
necessary or desirable to transfer and confirm to, and to vest in, the successor
Indenture Trustee all the rights, powers, trusts and duties of the retiring
Indenture Trustee with respect to the Notes of the Class to which the
appointment of such successor Indenture Trustee relates, (ii) if the retiring
Indenture Trustee is not retiring with respect to all Classes of Notes, shall
contain such provisions as shall be deemed necessary or desirable to confirm
that all the rights, powers, trusts and duties of the retiring Indenture Trustee
with respect to the Notes of each Class as to which the retiring Indenture
Trustee is not retiring shall continue to be vested in the Indenture Trustee and
(iii) shall add to or change any of the provisions of this Indenture as shall be
necessary to provide for or facilitate the administration of the trusts
hereunder by more than one Indenture Trustee, it being understood that nothing
herein or in such supplemental indenture shall constitute such Indenture
Trustees co-trustees of the same trust and that each such Indenture Trustee
shall be a trustee of a trust or trusts hereunder separate and apart from any
trust or trusts hereunder administered by any other such Indenture Trustee; and
upon the removal of the retiring Indenture Trustee shall become effective to the
extent provided herein.

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

                  SECTION 6.13 Interest Rate Swap Provisions. (a) The Issuer has
entered into the Interest Rate Swap Agreements, in a form satisfactory to the
Rating Agencies, to hedge the floating rate interest expense on the Floating
Rate Notes. The Issuer may, from time to time, enter into one or more
replacement Interest Rate Swap Agreements with one or more replacement Swap
Counterparties in the event that an Interest Rate Swap Agreement is terminated
prior to its scheduled expiration pursuant to an Event of Default or Termination
Event (each such term as defined in the applicable Interest Rate Swap
Agreement). The Interest Rate Swaps will have a notional amount equal to the
aggregate principal amount of the Class A-2b Notes, Class A-3b Notes, Class A-4b
Notes or Class B-2 Notes, as applicable, on the Closing Date. The notional
amount of each Interest Rate Swap will decrease by the amount of any principal
payments on the applicable Floating Rate Notes.

          (b)  On  each  Payment  Date,  Net  Swap  Payments  (other  than  Swap
     Termination  Payments) relating to the Interest Rate Swaps will rank senior
     to interest  payments on the Notes,  and Swap  Termination  Payments to the
     Class A Swap  Counterparties  and the Class B Swap  Counterparty  will rank
     pari  passu  with  interest  payments  on the Class A Notes and the Class B
     Notes, respectively, all as set forth in Section 8.2 hereof and Section 4.7
     of the Sale and Servicing Agreement.

          (c) The Indenture  Trustee will be responsible  for remitting Net Swap
     Payments   and  any  Swap   Termination   Payments   payable  to  the  Swap
     Counterparties  and for  collecting  the Net  Swap  Receipts  and any  Swap
     Termination Payments payable to the Issuer, as applicable,  on each Payment
     Date.

          (d) In the event that a Swap Counterparty is required to collateralize
     an Interest Rate Swap  transaction  pursuant to the terms of the applicable
     Interest Rate Swap Agreement,  the Indenture Trustee,  upon written request
     of the Administrator,  shall establish  individual  collateral accounts and
     will hold any  securities  deposited  therein in trust and will  invest any
     cash amounts in  accordance  with the  provisions of the Interest Rate Swap
     Agreement.

          (e) The Administrator shall calculate and provide written notification
     to the Swap  Counterparties  and to the  Indenture  Trustee of the notional
     amount of the Interest  Rate Swaps as of each Payment Date on or before the
     twelfth day of the month of the related  Payment  Date.  The  Administrator
     shall also obtain the calculation of LIBOR from the Calculation Agent under
     this  Agreement and shall  calculate the amount,  for each Payment Date, of
     all Net Swap Payments,  Net Swap Receipts,  and Swap  Termination  Payments
     payable on each Payment Date and shall provide written notification of such
     amounts to the Swap  Counterparties  and to the Indenture  Trustee prior to
     such  Payment  Date.  At least ten days  before the  effective  date of any
     proposed  amendment or supplement to an Interest Rate Swap  Agreement,  the
     Administrator  shall  provide  the  Rating  Agencies  with a copy  of  such
     amendment or  supplement.  Any  amendment or supplement to an Interest Rate
     Swap  Agreement  will be effective  only after Rating  Agency  Confirmation
     shall have been provided with respect thereto.

          (f) Promptly  following the early termination of an Interest Rate Swap
     Agreement  due to an Event of  Default or  Termination  Event (as each such
     term is defined in such Interest Rate Swap Agreement),  the Issuer will use
     reasonable efforts to enter into a replacement Interest Rate Swap Agreement
     on terms  similar to those of such  Interest  Rate Swap  Agreement  with an
     eligible swap counterparty unless the Indenture Trustee sells the Indenture
     Trust Estate pursuant to Section  5.4(a)(iv).  The Issuer shall take action
     as the  Indenture  Trustee may request to compel or secure the  performance
     and observance by the Swap  Counterparties  of their  obligations under the
     Interest Rate Swap Agreements, as provided in Section 5.16(b) and 5.16(d).

          (g) Each Interest Rate Swap Agreement shall provide that a termination
     event  will  occur  thereunder  if (a) the  long-term  rating  of the  Swap
     Counterparty  is downgraded  below a rating of "A" by Fitch or is suspended
     or withdrawn by such Rating  Agency,  (b) the long-term  rating of the Swap
     Counterparty  is  downgraded  below a rating of (i) "Aa3" by Moody's if the
     Swap  Counterparty  does not have a short-term  rating of "P-1" or above or
     (ii) "A1" by Moody's if the Swap  Counterparty  has a short-term  rating of
     "P-1" or above,  or, in each case, is suspended or withdrawn by such Rating
     Agency or (c) the long-term  rating of the Swap  Counterparty is downgraded
     below  a  rating  of  "A-"  by S&P or the  short-term  rating  of the  Swap
     Counterparty is downgraded below a rating of "A-1" by S&P or, in each case,
     is suspended or withdrawn by such Rating Agency,  or (d) notice is given to
     the Indenture Trustee or Administrator by any Rating Agency that the credit
     support,  if any, with respect to a Swap  Counterparty  is no longer deemed
     adequate to maintain  the  then-current  ratings on the Class A Notes,  and
     within  30  days  of  any  such   downgrade,   suspension,   withdrawal  or
     notification,  such Swap  Counterparty  fails to either (i) deliver or post
     collateral  acceptable  to the Issuer in amounts  sufficient  to secure its
     obligations under the Interest Rate Swap Agreement,  (ii) assign its rights
     and  obligations  under the Interest  Rate Swap  Agreement to a replacement
     counterparty acceptable to the Issuer or (iii) establish other arrangements
     necessary,  if any,  in each case so that the Rating  Agencies  confirm the
     ratings  of the  Notes  that  were  in  effect  immediately  prior  to such
     downgrade, suspension, withdrawal or notification.

<PAGE>

                                   ARTICLE VII

                         NOTEHOLDERS' LISTS AND REPORTS

                  SECTION 7.1 Issuer To Furnish Indenture Trustee Names and
Addresses of Noteholders. The Issuer shall furnish or cause to be furnished to
the Indenture Trustee (a) not more than five (5) days after each Record Date, a
list, in such form as the Indenture Trustee may reasonably require, of the names
and addresses of the Noteholders as of such Record Date and (b) at such other
times as the Indenture Trustee may request in writing, within thirty (30) days
after receipt by the Issuer of any such request, a list of similar form and
content as of a date not more than ten (10) days prior to the time such list is
furnished; provided, however, that (i) so long as the Indenture Trustee is the
Note Registrar, no such list shall be required to be furnished and (ii) no such
list shall be required to be furnished with respect to Noteholders of Book-Entry
Notes.

                  SECTION 7.2 Preservation of Information; Communications to
Noteholders. (a) The Indenture Trustee shall preserve, in as current a form as
is reasonably practicable, the names and addresses of the Noteholders contained
in the most recent list furnished to the Indenture Trustee as provided in
Section 7.1 and the names and addresses of Noteholders received by the Indenture
Trustee in its capacity as Note Registrar. The Indenture Trustee may destroy any
list furnished to it as provided in such Section 7.1 upon receipt of a new list
so furnished.

                  (b) Noteholders may communicate pursuant to TIA Section 312(b)
with other Noteholders with respect to their rights under this Indenture or
under the Notes. Upon receipt by the Indenture Trustee of any request by three
or more Noteholders or by one or more Noteholders of Notes evidencing not less
than 25% of the Note Balance of the Notes Outstanding to receive a copy of the
current list of Noteholders (whether or not made pursuant to TIA Section
312(b)), the Indenture Trustee shall promptly notify the Administrator thereof
by providing to the Administrator a copy of such request and a copy of the list
of Noteholders produced in response thereto.

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

                  SECTION 7.3  Reports by Issuer.  (a)  The Issuer shall:

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

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

                           (iii) supply to the Indenture Trustee (and the
                  Indenture Trustee shall transmit by mail to all Noteholders
                  described in TIA Section 313(c)) such summaries of any
                  information, documents and reports required to be filed by the
                  Issuer pursuant to clauses (i) and (ii) of this Section 7.3(a)
                  and by rules and regulations prescribed from time to time by
                  the Commission.

                  (b) Unless the Issuer otherwise determines, the fiscal year of
the Issuer shall correspond to the calendar year.

                  SECTION 7.4 Reports by Indenture Trustee. (a) If required by
TIA Section 313(a), within sixty (60) days after each April 15, beginning with
April 15, 2004 the Indenture Trustee shall mail to each Noteholder as required
by TIA Section 313(c) a brief report dated as of such date that complies with
TIA Section 313(a). The Indenture Trustee also shall comply with TIA Section
313(b).

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

<PAGE>

                                  ARTICLE VIII

                      ACCOUNTS, DISBURSEMENTS AND RELEASES

                  SECTION 8.1 Collection of Money. Except as otherwise expressly
provided herein, the Indenture Trustee may demand payment or delivery of, and
shall receive and collect, directly and without intervention or assistance of
any fiscal agent or other intermediary, all money and other property payable to
or receivable by the Indenture Trustee pursuant to this Indenture and the Sale
and Servicing Agreement. The Indenture Trustee shall apply all such money
received by it as provided in this Indenture and the Sale and Servicing
Agreement. Except as otherwise expressly provided in this Indenture, if any
default occurs in the making of any payment or performance under any agreement
or instrument that is part of the Indenture Trust Estate, the Indenture Trustee
may take such action as may be appropriate to enforce such payment or
performance, including the institution and prosecution of appropriate
Proceedings. Any such action shall be without prejudice to any right to claim a
Default or Event of Default under this Indenture and any right to proceed
thereafter as provided in Article V.

                  SECTION 8.2 Trust Accounts and Payahead Account. (a) On or
prior to the Closing Date, the Issuer shall cause the Servicer to establish and
maintain the Trust Accounts and the Payahead Account as provided in Sections 4.1
and 4.7 of the Sale and Servicing Agreement.

                  (b) On or before each Payment Date, the Servicer shall deposit
all Available Collections with respect to the Collection Period preceding such
Payment Date in the Collection Account as provided in Sections 4.2, 4.3, 4.4 and
4.5 of the Sale and Servicing Agreement. On or before each Payment Date, all
amounts required to be withdrawn from the Reserve Account and deposited in the
Collection Account pursuant to Section 4.5 of the Sale and Servicing Agreement
shall be withdrawn by the Indenture Trustee from the Reserve Account and
deposited to the Collection Account. The Issuer shall direct the Swap
Counterparties to deposit, and shall otherwise cause to be deposited on each
Payment Date, any Net Swap Receipts then due and payable in the Collection
Account. In addition, the Issuer shall direct the Swap Counterparties to
deposit, and shall otherwise cause to be deposited, all Swap Termination
Payments paid by Swap Counterparties to the Trust into the Collection Account;
provided, that, upon direction of the Administrator, the Indenture Trustee may
retain a part or all of such Swap Termination Payments to be applied as an
initial payment to a replacement Swap Counterparty or Swap Counterparties, and
provided further that the Indenture Trustee shall promptly deposit any retained
amounts that are not so applied to the Collection Account.

                  (c) On each Payment Date, the Indenture Trustee (based on the
information contained in the Servicer's Certificate delivered on or before the
related Determination Date pursuant to Section 3.9 of the Sale and Servicing
Agreement) shall make the following withdrawals from the Collection Account and
make deposits, distributions and payments, to the extent of funds on deposit in
the Collection Account with respect to the Collection Period preceding such
Payment Date (including funds, if any, deposited therein from the Reserve
Account and the Payahead Account), in the following order of priority:

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

                           (ii) second, to the Swap Counterparties, the Net Swap
                  Payments (if any) due to the Swap Counterparties;

                           (iii) third, with the same priority and ratably, in
                  accordance with the outstanding principal balance of the Class
                  A Notes and the amount of any Swap Termination Payments due
                  and payable by the Issuer to the Class A Swap Counterparties,

                                  (1) to the Noteholders of Class A Notes, the
                                      Accrued Class A Note Interest,

                                  (2) to the Class A Swap Counterparties, any
                                      Swap Termination Payments;

                  provided, that, if any amounts allocable to the Class A Notes
                  are not needed to pay interest due on such Notes, such amounts
                  shall be applied to pay the portion, if any, of any Swap
                  Termination Payments due to the Class A Swap Counterparties
                  remaining unpaid, and provided, further, that if there are not
                  sufficient funds available to pay the entire amount of the
                  Accrued Class A Note Interest, the amounts available shall be
                  applied to the payment of such interest on the Class A Notes
                  on a pro rata basis;

                           (iv) fourth, to the Principal Distribution Account,
                  the First Priority Principal Distribution Amount, if any;

                           (v) fifth, with the same priority and ratably, in
                  accordance with the outstanding principal balance of the Class
                  B Notes and the amount of any Swap Termination Payments due
                  and payable by the Issuer to the Class B Swap Counterparty,

                                  (1) to the Noteholders of Class B Notes, the
                                      Accrued Class B Note Interest,

                                  (2) to the Class B Swap Counterparty, any Swap
                                      Termination Payments;

                  provided, that, if any amounts allocable to the Class B Notes
                  are not needed to pay interest due on such Notes, such amounts
                  shall be applied to pay the portion, if any, of any Swap
                  Termination Payments due to the Class B Swap Counterparty
                  remaining unpaid, and provided, further, that if there are not
                  sufficient funds available to pay the entire amount of the
                  Accrued Class B Note Interest, the amounts available shall be
                  applied to the payment of such interest on the Class B Notes
                  on a pro rata basis;

                           (vi) sixth, to the Principal Distribution Account,
                  the Second Priority Principal Distribution Amount, if any;

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

                           (viii) eighth, to the Principal Distribution Account,
                  the Third Priority Principal Distribution Amount, if any;

                           (ix) ninth, to the Certificate Interest Distribution
                  Account, the Accrued Class D Certificate Interest;

                           (x) tenth, to the Reserve Account, the amount, if
                  any, required to reinstate the amount in the Reserve Account
                  up to the Specified Reserve Balance;

                           (xi) eleventh, to the Principal Distribution Account,
                  the Regular Principal Distribution Amount, if any; and

                           (xii) twelfth, to the Seller, any funds remaining on
                  deposit in the Collection Account with respect to the
                  Collection Period preceding such Payment Date.

Notwithstanding any other provision of this Article VIII, and subject to Section
5.4(b), (A) following the occurrence and during the continuation of an Event of
Default specified in Section 5.1(i), 5.1(ii), 5.1(iv) or 5.1(v) that has
resulted in an acceleration of the Notes (including the occurrence of such an
Event of Default following the occurrence of an Event of Default specified in
Section 5.1(iii) hereof that resulted in acceleration of the Notes), the
Servicer shall instruct the Indenture Trustee to transfer the funds on deposit
in the Collection Account remaining after the application of clauses (i), (ii)
and (iii) above to the Principal Distribution Account to the extent necessary to
reduce the principal amount of all the Class A Notes to zero, (B) following the
occurrence and during the continuation of an Event of Default specified in
Section 5.1(iii), which has resulted in an acceleration of the Notes, the
Servicer shall instruct the Indenture Trustee to transfer the funds on deposit
in the Collection Account remaining after the application of clauses (i), (ii),
(iii), (iv), (v), (vi), (vii) and (viii) above to the Principal Distribution
Account to the extent necessary to reduce the principal amount of all the Notes
to zero, and (C) in the case of an event described in clause (A) or (B), the
Certificateholders will not receive any distributions of principal or interest
until the principal amount and accrued interest on all the Notes has been paid
in full.

                  (d) On each Payment Date, the Indenture Trustee (based on the
information contained in the Servicer's Certificate delivered on or before the
related Determination Date pursuant to Section 3.9 of the Sale and Servicing
Agreement) shall withdraw the funds on deposit in the Principal Distribution
Account with respect to the Collection Period preceding such Payment Date and
make distributions and payments in the following order of priority:

                           (i) first, to the Noteholders of the Class A-1 Notes
                  in reduction of principal until the principal amount of the
                  Outstanding Class A-1 Notes has been paid in full; provided
                  that if there are not sufficient funds available to pay the
                  principal amount of the Outstanding Class A-1 Notes in full,
                  the amounts available shall be applied to the payment of
                  principal on the Class A-1 Notes on a pro rata basis;

                           (ii) second, to the Noteholders of the Class A-2
                  Notes in reduction of principal until the principal amount of
                  the Outstanding Class A-2 Notes has been paid in full;
                  provided that if there are not sufficient funds available to
                  pay the principal amount of the Outstanding Class A-2 Notes in
                  full, the amounts available shall be applied to the payment of
                  principal on the Class A-2 Notes on a pro rata basis based on
                  the principal balances of the Class A-2a Notes and the Class
                  A-2b Notes;

                           (iii) third, to the Noteholders of the Class A-3
                  Notes in reduction of principal until the principal amount of
                  the Outstanding Class A-3 Notes has been paid in full;
                  provided that if there are not sufficient funds available to
                  pay the principal amount of the Outstanding Class A-3 Notes in
                  full, the amounts available shall be applied to the payment of
                  principal on the Class A-3 Notes on a pro rata basis based on
                  the principal balances of the Class A-3a Notes and the Class
                  A-3b Notes;

                           (iv) fourth, to the Noteholders of the Class A-4
                  Notes in reduction of principal until the principal amount of
                  the Outstanding Class A-4 Notes has been paid in full;
                  provided that if there are not sufficient funds available to
                  pay the principal amount of the Outstanding Class A-4 Notes in
                  full, the amounts available shall be applied to the payment of
                  principal on the Class A-4 Notes on a pro rata basis based on
                  the principal balances of the Class A-4a Notes and the Class
                  A-4b Notes;

                           (v) fifth, to the Noteholders of the Class B Notes in
                  reduction of principal until the principal amount of the
                  Outstanding Class B Notes has been paid in full; provided that
                  if there are not sufficient funds available to pay the
                  principal amount of the Outstanding Class B Notes in full, the
                  amounts available shall be applied to the payment of principal
                  on the Class B Notes on a pro rata basis;

                           (vi) sixth, to the Noteholders of the Class C Notes
                  in reduction of principal until the principal amount of the
                  Outstanding Class C Notes has been paid in full; provided that
                  if there are not sufficient funds available to pay the
                  principal amount of the Outstanding Class C Notes in full, the
                  amounts available shall be applied to the payment of principal
                  on the Class C Notes on a pro rata basis;

                           (vii) seventh, to the Certificate Principal
                  Distribution Account, in reduction of the Certificate Balance
                  of the Class D Certificates, until the Certificate Balance of
                  the Class D Certificates has been reduced to zero; and

                           (viii) eighth, to the Seller, any funds remaining on
                  deposit in the Principal Distribution Account.

                  SECTION 8.3 General Provisions Regarding Accounts. (a) So long
as no Default or Event of Default shall have occurred and be continuing, all or
a portion of the funds in the Collection Account and the Payahead Account shall
be invested by the Qualified Institution or Qualified Trust Institution
maintaining such account (which initially is the Indenture Trustee) at the
direction of the Servicer in Permitted Investments as provided in Section 4.2 of
the Sale and Servicing Agreement. All income or other gain (net of losses and
investment expenses) from investments of monies deposited in the Collection
Account, the Payahead Account and the Reserve Account shall be withdrawn by the
Indenture Trustee from such accounts (but only under the circumstances set forth
in Sections 4.6(b) and 4.1(e)(ii) in the Sale and Servicing Agreement in the
case of the Reserve Account) and distributed as provided in Section 4.1 of the
Sale and Servicing Agreement. The Servicer shall not direct the Qualified
Institution or Qualified Trust Institution maintaining the Collection Account or
Payahead Account to make any investment of any funds or to sell any investment
held in any of the Trust Accounts unless the security interest Granted and
perfected in such account will continue to be perfected in such investment or
the proceeds of such sale, in either case without any further action by any
Person, and, in connection with any direction by the Servicer to make any such
investment or sale, if requested by the Indenture Trustee, (acting at the
direction of not less than 50% of the Controlling Note Class), the Seller or the
Servicer, as applicable, will deliver an Opinion of Counsel to the Indenture
Trustee, to such effect.

                  (b) Subject to Section 6.1(c), the Indenture Trustee shall not
in any way be held liable by reason of any insufficiency in any of the Trust
Accounts or in the Payahead Account resulting from any loss on any Permitted
Investment included therein, except for losses attributable to the Indenture
Trustee's failure to make payments on such Permitted Investments issued by the
Indenture Trustee, in its commercial capacity as principal obligor and not as
trustee, in accordance with their terms. In addition, the Indenture Trustee
shall have no duty to monitor the activities of any Qualified Institution or
Qualified Trust Institution (unless such Qualified Institution or Qualified
Trust Institution is also the Indenture Trustee) and shall not in any way be
held liable for the actions or inactions of any Qualified Institution or
Qualified Trust Institution (unless such Qualified Institution or Qualified
Trust Institution is also the Indenture Trustee).

                  (c) If the Indenture Trustee is the Qualified Institution or
Qualified Trust Institution maintaining the Collection Account or the Payahead
Account and (i) the Servicer shall have failed to give investment directions for
any funds on deposit in the Collection Account or the Payahead Account to the
Indenture Trustee by 11:00 a.m. New York Time (or such other time as may be
agreed by the Issuer and the Indenture Trustee) on the Business Day preceding
each Payment Date, (ii) to the knowledge of a Trustee Officer of the Indenture
Trustee, a Default or Event of Default shall have occurred and be continuing
with respect to the Notes but the Notes shall not have been declared due and
payable pursuant to Section 5.2 or (iii) the Notes shall have been declared due
and payable following an Event of Default amounts collected or receivable from
the Indenture Trust Estate are being applied in accordance with Section 5.4 as
if there had not been such a declaration, then in each case the Indenture
Trustee shall, to the fullest extent practicable, invest and reinvest funds in
the Collection Account and the Payahead Account, as the case may be, in one or
more Permitted Investments described in clause (b) of the definition thereof.

                  SECTION 8.4 Release of Indenture Trust Estate. (a) Subject to
the payment of its fees and expenses pursuant to Section 6.7, the Indenture
Trustee may, and when required by the provisions of this Indenture shall,
execute instruments to release property from the lien of this Indenture, or
convey the Indenture Trustee's interest in the same, in a manner and under
circumstances that are not inconsistent with the provisions of this Indenture.
No party relying upon an instrument executed by the Indenture Trustee as
provided in this Article VIII shall be bound to ascertain the Indenture
Trustee's authority, inquire into the satisfaction of any conditions precedent
or see to the application of any monies.

                  (b) The Indenture Trustee shall, at such time as there are no
Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7
have been paid in full and all amounts (including Swap Termination Payments)
owing under the Interest Rate Swap Agreements have been paid in full, release
any remaining portion of the Indenture Trust Estate that secured the Issuer's
obligations under the Notes and the Interest Rate Swap Agreements from the lien
of this Indenture and release to the Issuer or any other Person entitled thereto
any funds then on deposit in the Trust Accounts. The Indenture Trustee shall
release property from the lien of this Indenture pursuant to this Section 8.4(b)
only upon receipt of an Issuer Request accompanied by confirmation that all
amounts owing by the Issuer under the Interest Rate Swap Agreements have been
paid, and an Officer's Certificate and an Opinion of Counsel and (if required by
the TIA) Independent Certificates in accordance with TIA Sections 314(c) and
314(d)(1) meeting the applicable requirements of Section 11.1.

                  (c) Each Noteholder or Note Owner, by its acceptance of a Note
or, in the case of a Note Owner, a beneficial interest in a Note, and each Swap
Counterparty, by its acceptance of the terms of this Indenture and the
applicable Interest Rate Swap Agreement, acknowledges that from time to time the
Indenture Trustee shall release the lien of this Indenture on any Receivable to
be sold to (i) the Seller in accordance with Section 2.3 of the Sale and
Servicing Agreement and (ii) to the Servicer in accordance with Section 3.7 of
the Sale and Servicing Agreement.

                  SECTION 8.5 Opinion of Counsel. The Indenture Trustee shall
receive at least seven (7) days notice when requested by the Issuer to take any
action pursuant to Section 8.4(a), accompanied by copies of any instruments
involved, and the Indenture Trustee shall also require, except in connection
with any action contemplated by Section 8.4(c), as a condition to such action,
an Opinion of Counsel, in form and substance satisfactory to the Indenture
Trustee, stating the legal effect of any such action, outlining the steps
required to complete the same, and concluding that all conditions precedent to
the taking of such action have been complied with and such action will not
materially and adversely impair the security for the Notes or the rights of the
Noteholders in contravention of the provisions of this Indenture; provided,
however, that such Opinion of Counsel shall not be required to express an
opinion as to the fair value of the Indenture Trust Estate. Counsel rendering
any such opinion may rely, without independent investigation, on the accuracy
and validity of any certificate or other instrument delivered to the Indenture
Trustee in connection with any such action.

<PAGE>

                                   ARTICLE IX

                             SUPPLEMENTAL INDENTURES

                  SECTION 9.1 Supplemental Indentures Without Consent of
Noteholders. (a) Without the consent of the Noteholders but with prior notice to
the Rating Agencies, the Issuer and the Indenture Trustee, when authorized by an
Issuer Order, at any time and from time to time, may enter into one or more
indentures supplemental hereto (which shall conform to the provisions of the
Trust Indenture Act as in force at the date of the execution thereof), in form
satisfactory to the Indenture Trustee, for any of the following purposes:

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

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

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

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

                           (v) to cure any ambiguity, to correct or supplement
                  any provision herein or in any supplemental indenture that may
                  be inconsistent with any other provision herein or in any
                  supplemental indenture or to make any other provisions with
                  respect to matters or questions arising under this Indenture
                  or under any supplemental indenture which shall not be
                  inconsistent with the provisions of the Indenture; provided
                  that such action shall not materially adversely affect the
                  interests of the Noteholders or adversely affect the rights or
                  obligations of the Swap Counterparties under the Interest Rate
                  Swap Agreements or modify or impair the ability of the Issuer
                  to fully perform any of its obligations under the Interest
                  Rate Swap Agreements;

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

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

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

                  (b) The Issuer and the Indenture Trustee, when authorized by
an Issuer Order, may, also without the consent of any of the Noteholders but
with prior notice to the Rating Agencies, enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to, or changing in
any manner or eliminating any of the provisions of, this Indenture or of
modifying in any manner (other than the modifications set forth in Section 9.2)
the rights of the Noteholders under this Indenture; provided, however, that (i)
such action shall not adversely affect in any material respect the interests of
any Noteholder, (ii) (x) such action shall not adversely affect the rights or
obligations of the Swap Counterparties under the Interest Rate Swap Agreements
or modify the obligations of or impair the ability of the Issuer to fully
perform any of its obligations under the Interest Rate Swap Agreements or (y)
the Swap Counterparties shall have consented thereto (and a Swap Counterparty's
consent will be deemed to have been given if such Swap Counterparty does not
object in writing within ten Business Days of receipt of a written request for
such consent); (iii) such action shall not cause the Issuer to be characterized
for federal or any then Applicable Tax State income tax purposes as an
association taxable as a corporation or otherwise have any material adverse
impact on the federal or any then Applicable Tax State income taxation of any
Notes Outstanding or outstanding Certificates or any Noteholder or
Certificateholder; provided, that with respect to clauses (i), (ii)(x) and (iii)
an Opinion of Counsel is provided in each instance, and (iv) Rating Agency
Confirmation shall have been provided with respect to such action.

                  SECTION 9.2 Supplemental Indentures with Consent of
Noteholders. The Issuer and the Indenture Trustee, when authorized by an Issuer
Order, also may, with prior notice to the Rating Agencies and the consent of a
majority of the Note Balance of the Controlling Note Class, enter into an
indenture or indentures supplemental hereto for the purpose of adding any
provisions to, or changing in any manner or eliminating any of the provisions
of, this Indenture or modifying in any manner the rights of the Noteholders
under this Indenture; provided, however, that (i) Rating Agency Confirmation
shall have been obtained with respect to such action and (ii) such action shall
not, as evidenced by an Opinion of Counsel, cause the Issuer to be characterized
for federal or any then Applicable Tax State income tax purposes as an
association taxable as a corporation or otherwise have any material adverse
impact on the federal or any then Applicable Tax State income taxation of any
Notes Outstanding or outstanding Certificates or any Noteholder or
Certificateholder, (iii) (x) such action shall not, as evidenced by an Opinion
of Counsel, adversely affect the rights or obligations of the Swap
Counterparties under the Interest Rate Swap Agreements or modify the obligations
of, or impair the ability of the Issuer to fully perform any of its obligations
under the Interest Rate Swap Agreements or (y) each Swap Counterparty shall have
consented thereto (and a Swap Counterparty's consent will be deemed to have been
given if such Swap Counterparty does not object in writing within ten Business
Days of receipt of a written request for such consent); and provided, further,
that no such supplemental indenture shall, without the consent of each
Outstanding Note affected thereby:

                           (i) modify or alter provisions of this Section 9.2;

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

                           (iii) reduce the percentage of the principal amount
                  of the Notes Outstanding or the Controlling Note Class, the
                  consent of the Noteholders of which is required for any such
                  supplemental indenture, or the consent of the Noteholders of
                  which is required for any waiver of compliance with certain
                  provisions of this Indenture or certain Defaults or Events of
                  Default hereunder and their consequences provided for in this
                  Indenture;

                           (iv) modify or alter (x) the provisions of the
                  proviso to the definition of the term "Outstanding" or (y) the
                  definition of "Controlling Note Class";

                           (v) reduce the percentage of the principal amount of
                  the Notes Outstanding or of the Controlling Note Class
                  required to direct or consent to a sale or liquidation by the
                  Indenture Trustee of the Indenture Trust Estate pursuant to
                  Section 5.4 if the proceeds of such sale or liquidation would
                  be insufficient to pay the principal amount and accrued but
                  unpaid interest on the Notes and/or the Certificates, as
                  applicable;

                           (vi) modify any provision of this Indenture
                  specifying a percentage of the aggregate Note Balance of the
                  Notes necessary to amend this Indenture or the other Basic
                  Documents except to increase any percentage specified herein
                  or to provide that certain additional provisions of this
                  Indenture or the other Basic Documents cannot be modified or
                  waived without the consent of the Noteholder of each
                  Outstanding Note affected thereby;

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

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

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

                  It shall not be necessary for any Act of Noteholders under
this Section 9.2 to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such Act shall approve the substance
thereof.

                  Promptly after the execution by the Issuer and the Indenture
Trustee of any supplemental indenture pursuant to this Section 9.2, the
Indenture Trustee shall mail to the Swap Counterparties a copy of such
supplemental indenture and to the Noteholders of the Notes to which such
amendment or supplemental indenture relates a notice setting forth in general
terms the substance of such supplemental indenture. Any failure of the Indenture
Trustee to mail such notice, or any defect therein, shall not, however, in any
way impair or affect the validity of any such supplemental indenture.

                  SECTION 9.3 Execution of Supplemental Indentures. In
executing, or permitting the additional trusts created by, any supplemental
indenture permitted by this Article IX or the modification thereby of the trusts
created by this Indenture, the Indenture Trustee shall be entitled to receive,
and subject to Sections 6.1 and 6.2, shall be fully protected in relying upon,
an Opinion of Counsel stating that the execution of such supplemental indenture
is authorized or permitted by this Indenture and that all conditions precedent
to the execution and delivery of such supplemental indenture have been
satisfied. The Indenture Trustee may, but shall not be obligated to, enter into
any such supplemental indenture that affects the Indenture Trustee's own rights,
duties, liabilities or immunities under this Indenture or otherwise.

                  SECTION 9.4 Effect of Supplemental Indenture. Upon the
execution of any supplemental indenture pursuant to the provisions hereof, this
Indenture shall be and shall be deemed to be modified and amended in accordance
therewith with respect to the Notes affected thereby, and the respective rights,
limitations of rights, obligations, duties, liabilities and immunities under
this Indenture of the Indenture Trustee, the Issuer, the Noteholders and the
Swap Counterparties shall thereafter be determined, exercised and enforced
hereunder subject in all respects to such modifications and amendments, and all
the terms and conditions of any such supplemental indenture shall be and be
deemed to be part of the terms and conditions of this Indenture for any and all
purposes.

                  SECTION 9.5 Conformity with Trust Indenture Act. Every
amendment of this Indenture and every supplemental indenture executed pursuant
to this Article IX shall conform to the requirements of the Trust Indenture Act
as then in effect so long as this Indenture shall then be qualified under the
Trust Indenture Act.

                  SECTION 9.6 Reference in Notes to Supplemental Indentures.
Notes authenticated and delivered after the execution of any supplemental
indenture pursuant to this Article IX may, and if required by the Indenture
Trustee shall, bear a notation in form approved by the Indenture Trustee as to
any matter provided for in such supplemental indenture. If the Issuer or the
Indenture Trustee shall so determine, new Notes so modified as to conform, in
the opinion of the Indenture Trustee and the Issuer, to any such supplemental
indenture may be prepared and executed by the Issuer and authenticated and
delivered by the Indenture Trustee in exchange for Outstanding Notes.

<PAGE>

                                    ARTICLE X
                               REDEMPTION OF NOTES

                  SECTION 10.1 Redemption. The Class A Notes, the Class B Notes
and the Class C Notes are subject to redemption in whole, but not in part, at
the direction of the Servicer pursuant to Section 9.1 of the Sale and Servicing
Agreement, on any Payment Date on which the Servicer exercises its option to
purchase the assets of the Issuer pursuant to such Section 9.1, and the amount
paid by the Servicer shall be treated as collections of Receivables and applied
to pay the Note Prepayment Amount and the Certificate Prepayment Amount. If the
Class A Notes, the Class B Notes and the Class C Notes are to be redeemed
pursuant to this Section 10.1, the Servicer or the Issuer shall furnish notice
of such election to the Indenture Trustee and the Rating Agencies not later than
forty (40) days prior to the Redemption Date (and the Indenture Trustee shall
promptly furnish notice to the Noteholders) and the Issuer shall deposit by
10:00 a.m. (New York City time) on the Redemption Date with the Indenture
Trustee in the Collection Account the Note Prepayment Amount of the Class A
Notes, the Class B Notes and the Class C Notes to be redeemed, whereupon all
such Class A Notes, Class B Notes and Class C Notes shall be due and payable on
the Redemption Date.

                  SECTION 10.2 Form of Redemption Notice. (a) Notice of
redemption under Section 10.1 shall be given by the Indenture Trustee by
first-class mail, postage prepaid, or by facsimile mailed or transmitted
promptly following receipt of notice from the Issuer or Servicer pursuant to
Section 10.1(a), but not later than thirty (30) days prior to the applicable
Redemption Date, to each Noteholder as of the close of business on the Record
Date preceding the applicable Redemption Date, at such Noteholder's address or
facsimile number appearing in the Note Register.

                  All notices of redemption shall state:

                           (i) the  Redemption Date;

                           (ii)the Note Prepayment Amount;

                           (iii) the place where such Notes are to be
                  surrendered for payment of the Note Prepayment Amount (which
                  shall be the office or agency of the Issuer to be maintained
                  as provided in Section 3.2); and

                           (iv) that on the Redemption Date, the Note Prepayment
                  Amount will become due and payable upon each such Note and
                  that interest thereon shall cease to accrue for and after said
                  date.

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

                  SECTION 10.3 Notes Payable on Redemption Date. The Notes to be
redeemed shall, following notice of redemption as required by Section 10.2 (in
the case of redemption pursuant to Section 10.1), on the Redemption Date become
due and payable at the Note Prepayment Amount and (unless the Issuer shall
default in the payment of the Note Prepayment Amount) no interest shall accrue
on the Note Prepayment Amount for any period after the date to which accrued
interest is calculated for purposes of calculating the Note Prepayment Amount.

                                   ARTICLE XI

                                  MISCELLANEOUS

                  SECTION 11.1 Compliance Certificates and Opinions, etc. (a)
Upon any application or request by the Issuer to the Indenture Trustee to take
any action under any provision of this Indenture, the Issuer shall furnish to
the Indenture Trustee (i) an Officer's Certificate stating that all conditions
precedent, if any, provided for in this Indenture relating to the proposed
action have been complied with, (ii) an Opinion of Counsel stating that in the
opinion of such counsel all such conditions precedent, if any, have been
complied with and (iii) (if required by the TIA) an Independent Certificate from
a firm of certified public accountants meeting the applicable requirements of
this Section 11.1, except that, in the case of any such application or request
as to which the furnishing of such documents is specifically required by any
provision of this Indenture, no additional certificate or opinion need be
furnished.

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

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

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

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

                  (D) a statement as to whether, in the opinion of each such
                  signatory, such condition or covenant has been complied with.

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

                           (ii) Whenever the Issuer is required to furnish to
                  the Indenture Trustee an Officer's Certificate certifying or
                  stating the opinion of any signer thereof as to the matters
                  described in clause (i) above, the Issuer shall also deliver
                  to the Indenture Trustee an Independent Certificate as to the
                  same matters, if the fair value to the Issuer of the
                  securities to be so deposited and of all other such securities
                  made the basis of any such withdrawal or release since the
                  commencement of the then-current fiscal year of the Issuer, as
                  set forth in the certificates delivered pursuant to clause (i)
                  above and this clause (ii), is ten percent (10%) or more of
                  the principal amount of the Notes Outstanding, but such a
                  certificate need not be furnished with respect to any
                  securities so deposited, if the fair value thereof to the
                  Issuer as set forth in the related Officer's Certificate is
                  less than $25,000 or less than one percent (1%) of the
                  principal amount of the Notes Outstanding.

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

                           (iv) Whenever the Issuer is required to furnish to
                  the Indenture Trustee an Officer's Certificate certifying or
                  stating the opinion of any signer thereof as to the matters
                  described in clause (iii) above, the Issuer shall also furnish
                  to the Indenture Trustee an Independent Certificate as to the
                  same matters if the fair value of the property or securities
                  and of all other property, other than property as contemplated
                  by clause (v) below or securities released from the lien of
                  this Indenture since the commencement of the then-current
                  calendar year, as set forth in the certificates required by
                  clause (iii) above and this clause (iv), equals ten percent
                  (10%) or more of the principal amount of the Notes
                  Outstanding, but such certificate need not be furnished in the
                  case of any release of property or securities if the fair
                  value thereof as set forth in the related Officer's
                  Certificate is less than $25,000 or less than one percent (1%)
                  of the principal amount of the Notes Outstanding.

                           (v) Notwithstanding Section 2.10 or any other
                  provisions of this Section 11.1, the Issuer may, without
                  compliance with the requirements of the other provisions of
                  this Section 11.1, (A) collect, liquidate, sell or otherwise
                  dispose of Receivables and Financed Vehicles as and to the
                  extent permitted or required by the Basic Documents and (B)
                  make cash payments out of the Trust Accounts and the Payahead
                  Account as and to the extent permitted or required by the
                  Basic Documents.

                  SECTION 11.2 Form of Documents Delivered to Indenture Trustee.
(a) In any case where several matters are required to be certified by, or
covered by an opinion of, any specified Person, it is not necessary that all
such matters be certified by, or covered by the opinion of, only one such
Person, or that they be so certified or covered by only one document, but one
such Person may certify or give an opinion with respect to some matters and one
or more other such Persons as to other matters, and any such Person may certify
or give an opinion as to such matters in one or several documents.

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

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

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

                  SECTION 11.3 Acts of Noteholders. (a) Any request, demand,
authorization, direction, notice, consent, waiver or other action provided by
this Indenture to be given or taken by Noteholders may be embodied in and
evidenced by one or more instruments of substantially similar tenor signed by
such Noteholders in person or by agents duly appointed in writing; and except as
herein otherwise expressly provided such action shall become effective when such
instrument or instruments are delivered to the Indenture Trustee, and, where it
is hereby expressly required, to the Issuer. Such instrument or instruments (and
the action embodied herein and evidenced thereby) are herein sometimes referred
to as the "Act" of the Noteholders signing such instrument or instruments. Proof
of execution of any such instrument or of a writing appointing any such agent
shall be sufficient for any purpose of this Indenture and (subject to Section
6.1) conclusive in favor of the Indenture Trustee and the Issuer, if made in the
manner provided in this Section 11.3.

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

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

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

                  SECTION 11.4 Notices, etc., to Indenture Trustee, Issuer and
Rating Agencies. Any request, demand, authorization, direction, notice, consent,
waiver or Act of Noteholders or other documents provided or permitted by this
Indenture shall be in writing and if such request, demand, authorization,
direction, notice, consent, waiver or Act of Noteholders is to be made upon,
given or furnished to or filed with:

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

                           (ii) the Issuer by the Indenture Trustee or by any
                  Noteholder shall be sufficient for every purpose hereunder if
                  in writing and mailed first-class, postage prepaid to the
                  Issuer addressed to: Ford Credit Auto Owner Trust 2003-A, in
                  care of Wachovia Bank of Delaware, National Association, One
                  Rodney Square, 920 King Street, Suite 102, Wilmington,
                  Delaware 19801, Attention: Corporate Trust Administration, Amy
                  Martin, with a copy to the Administrator at Ford Motor
                  Company, World Headquarters, Office of the General Counsel,
                  One American Road, Suite 1034-A1, Dearborn, Michigan 48126,
                  attention of the Secretary, or at any other address previously
                  furnished in writing to the Indenture Trustee by the Issuer or
                  the Administrator. The Issuer shall promptly transmit any
                  notice received by it from the Noteholders to the Indenture
                  Trustee.

                  Notices required to be given to the Rating Agencies by the
Issuer, the Indenture Trustee or the Owner Trustee shall be in writing,
personally delivered, telecopied or mailed by certified mail, return receipt
requested, to (i) in the case of Moody's, at the following address: Moody's
Investors Service, Inc., ABS Monitoring Department, 99 Church Street, New York,
New York 10007, (ii) in case of Standard & Poor's, at the following address:
Standard & Poor's Ratings Services, 55 Water Street, 40th Floor, New York, New
York 10041, Attention: Asset Backed Surveillance Department, (iii) in the case
of Fitch, at the following address: Fitch, Inc., 1 State Street Plaza, New York,
New York 10004, Attention: Asset Backed Surveillance, (iv) in the case of the
initial Swap Counterparties, to Bank of America N.A. as of the Closing Date, at
the following address: 100 North Tryon Street, Charlotte, NC 28255, Attn:
Capital Markets Documentation and to Bank One, NA as of the Closing Date, at the
following address: 1 Bank One Plaza - Suite 1LI-0047, Chicago, IL 60670, Attn:
Capital Markets Credit or Credit Trading Products.

                  SECTION 11.5 Notices to Noteholders; Waiver. (a) Where this
Indenture provides for notice to Noteholders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first-class, postage prepaid to each Noteholder affected by such
event, at his address as it appears on the Note Register, not later than the
latest date, and not earlier than the earliest date, prescribed for the giving
of such notice. In any case where notice to Noteholders is given by mail,
neither the failure to mail such notice nor any defect in any notice so mailed
to any particular Noteholder shall affect the sufficiency of such notice with
respect to other Noteholders, and any notice that is mailed in the manner herein
provided shall conclusively be presumed to have been duly given.

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

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

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

                  SECTION 11.6 Alternate Payment and Notice Provisions.
Notwithstanding any provision of this Indenture or any of the Notes to the
contrary, the Issuer may enter into any agreement with any Noteholder providing
for a method of payment, or notice by the Indenture Trustee or any Note Paying
Agent to such Noteholder, that is different from the methods provided for in
this Indenture for such payments or notices. The Issuer shall furnish to the
Indenture Trustee a copy of each such agreement and the Indenture Trustee shall
cause payments to be made and notices to be given in accordance with such
agreements.

                  SECTION 11.7 Conflict with Trust Indenture Act. If any
provision hereof limits, qualifies or conflicts with another provision hereof
that is required or deemed to be included in this Indenture by any of the
provisions of the Trust Indenture Act, such required or deemed provision shall
control.

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

                  SECTION 11.8 Effect of Headings and Table of Contents. The
Article and Section headings herein and the Table of Contents are for
convenience only and shall not affect the construction hereof.

                  SECTION 11.9 Successors and Assigns. All covenants and
agreements in this Indenture and the Notes by the Issuer shall bind its
successors and assigns, whether so expressed or not. All agreements of the
Indenture Trustee in this Indenture shall bind its successors, co-trustees and
agents.

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

                  SECTION 11.11 Benefits of Indenture. Nothing in this Indenture
or in the Notes, express or implied, shall give to any Person, other than the
parties hereto and their successors hereunder, and the Noteholders, the Swap
Counterparties and any other party secured hereunder, and any other Person with
an ownership interest in any part of the Indenture Trust Estate, any benefit or
any legal or equitable right, remedy or claim under this Indenture; provided,
that no Swap Counterparty shall have any right to institute any Proceeding,
judicial or otherwise, with respect to enforcement of remedies under Article V
of this Indenture upon the occurrence of an Event of Default.

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

                  SECTION 11.13 Governing Law. This Indenture shall be construed
in accordance with the laws of the State of New York, without reference to its
conflict of law provisions.

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

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

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

                  SECTION 11.17 Subordination of Claims against Seller. (a) The
obligations of the Issuer under this Indenture are solely the obligations of the
Issuer and shall not represent any obligation or interest in any assets of the
Seller other than the Trust Property conveyed to the Issuer pursuant to Article
II of the Sale and Servicing Agreement. In furtherance of and not in derogation
of the foregoing, the Indenture Trustee, by entering into this agreement, and
each Noteholder and Note Owner, by accepting a Note or, in the case of a Note
Owner, a beneficial interest in a Note, acknowledge and agree that they shall
have no right, title or interest in or to any Other Assets of the Seller. To the
extent that, notwithstanding the agreements and provisions contained in the
preceding sentence, such Indenture Trustee, Noteholder or Note Owner either (i)
asserts an interest or claim to, or benefit from, Other Assets, or (ii) is
deemed to have any such interest, claim to, or benefit in or from Other Assets,
whether by operation of law, legal process, pursuant to applicable provisions of
insolvency laws or otherwise (including by virtue of Section 1111(b) of the
Bankruptcy Code or any successor provision having similar effect under the
Bankruptcy Code), then such Indenture Trustee, Noteholder or Note Owner further
acknowledges and agrees that any such interest, claim or benefit in or from
Other Assets is and shall be expressly subordinated to the indefeasible payment
in full, which, under the terms of the relevant documents relating to the
securitization or conveyance of such Other Assets, are entitled to be paid from,
entitled to the benefits of, or otherwise secured by such Other Assets (whether
or not any such entitlement or security interest is legally perfected or
otherwise entitled to a priority of distributions or application under
applicable law, including insolvency laws, and whether or not asserted against
the Seller), including the payment of post-petition interest on such other
obligations and liabilities. This subordination agreement shall be deemed a
subordination agreement within the meaning of Section 510(a) of the Bankruptcy
Code. The Indenture Trustee and each Noteholder and each Note Owner further
acknowledges and agrees that no adequate remedy at law exists for a breach of
this Section 11.17 and the terms of this Section 11.17 may be enforced by an
action for specific performance.

                  (b) The provision of this Section 11.17 shall be for the third
party benefit of those entitled to rely thereon and shall survive the
termination of this Indenture.

                  SECTION 11.18 No Petition. The Indenture Trustee, by entering
into this Indenture, and each Noteholder or Note Owner, by accepting a Note or,
in the case of a Note Owner, a beneficial interest in a Note, hereby covenant
and agree that they will not at any time institute against the Seller or the
Issuer, or join in any institution against the Seller or the Issuer of, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
or other proceedings under any United States federal or State bankruptcy or
similar law in connection with any obligations relating to the Notes, this
Indenture or any of the other Basic Documents.

                  SECTION 11.19 Inspection. The Issuer agrees that, with
reasonable prior notice, it will permit any representative of the Indenture
Trustee, during the Issuer's normal business hours, to examine all the books of
account, records, reports and other papers of the Issuer, to make copies and
extracts therefrom, to cause such books to be audited by Independent certified
public accountants, and to discuss the Issuer's affairs, finances and accounts
with the Issuer's officers, employees, and Independent certified public
accountants, all at such reasonable times and as often as may be reasonably
requested. The Indenture Trustee shall and shall cause its representatives to
hold in confidence all such information except to the extent disclosure may be
required by law (and all reasonable applications for confidential treatment are
unavailing) and except to the extent that the Indenture Trustee may reasonably
determine that such disclosure is consistent with its obligations hereunder.

<PAGE>

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

                                    FORD CREDIT AUTO OWNER TRUST 2003-A

                                  By:    WACHOVIA BANK OF DELAWARE,
                                         NATIONAL ASSOCIATION,
                                         not in its individual capacity but
                                         solely as Owner Trustee of Ford
                                         Credit Auto Owner Trust 2003-A

                                  By:_________________________________
                                     Name:
                                     Title:

                                  THE BANK OF NEW YORK,
                                  not in its individual capacity but solely as
                                  Indenture Trustee

                                  By:________________________________
                                     Name: John Bobko
                                     Title: Assistant Treasurer

<PAGE>

                                                                     EXHIBIT A-1

                             FORM OF CLASS A-1 NOTE

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

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

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 PURSUANT TO
THE EXEMPTION FROM REGISTRATION SET FORTH IN SECTION 3(a)(3) THEREOF.

REGISTERED                                                         $577,000,000

No. R-1                                                    CUSIP NO. 34527R JR5

                       FORD CREDIT AUTO OWNER TRUST 2003-A

                       CLASS A-1 1.36% ASSET BACKED NOTES

                  Ford Credit Auto Owner Trust 2003-A, a stautory trust
organized and existing under the laws of the State of Delaware (herein referred
to as the "Issuer"), for value received, hereby promises to pay to CEDE & CO.,
or registered assigns, the principal sum of FIVE HUNDRED SEVENTY SEVEN MILLION
DOLLARS payable on each Payment Date in an amount equal to the aggregate amount,
if any, payable to Noteholders of Class A-1 Notes on such Payment Date from the
Principal Distribution Account in respect of principal on the Class A-1 Notes
pursuant to Section 3.1 of the Indenture dated as of January 1, 2003 (as from
time to time amended, supplemented or otherwise modified and in effect, the
"Indenture"), between the Issuer and The Bank of New York, a New York
corporation, as Indenture Trustee (in such capacity the "Indenture Trustee");
provided, however, that the entire unpaid principal amount of this Note shall be
due and payable on the October 2003 Payment Date (the "Class A-1 Final Scheduled
Payment Date"). Capitalized terms used but not defined herein are defined in
Article I of the Indenture, which also contains rules as to construction that
shall be applicable herein.

                  The Issuer shall pay interest on this Note at the rate per
annum shown above on each Payment Date until the principal of this Note is paid
or made available for payment, on the principal amount of this Note outstanding
on the preceding Payment Date (after giving effect to all payments of principal
made on the preceding Payment Date), subject to certain limitations contained in
Section 3.1 of the Indenture. Interest on this Note will accrue for each Payment
Date from and including the previous Payment Date on which interest has been
paid (or, in the case of the initial Payment Date, from the Closing Date) to but
excluding such Payment Date. Interest will be computed on the basis of actual
days elapsed and a 360-day year. Such principal of and interest on this Note
shall be paid in the manner specified on the reverse hereof.

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

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

<PAGE>

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

                REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.

<PAGE>

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

Date: January 22, 2003

                                  FORD CREDIT AUTO OWNER TRUST 2003-A

                                  By:    WACHOVIA BANK OF DELAWARE,
                                         NATIONAL ASSOCIATION,
                                         not in its individual capacity but
                                         solely as Owner Trustee of Ford
                                         Credit Auto Owner Trust 2003-A

                                  By:___________________________________
                                     Authorized Officer

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Class A-1 Notes designated above and referred to in the
within-mentioned Indenture.

Date: January 22, 2003

                                  THE BANK OF NEW YORK,
                                  not in its individual capacity but
                                  solely as Indenture Trustee

                                  By:__________________________________
                                     Authorized Officer

<PAGE>

                                 REVERSE OF NOTE

                  This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its Class A-1 1.36% Asset Backed Notes (the "Class A-1
Notes"), which, together with the Issuer's Class A-2a 1.62% Asset Backed Notes
(the "Class A-2a Notes"), Class A-2b Floating Rate Asset Backed Notes (the
"Class A-2b Notes" and, together with the Class A-2a Notes, the "Class A-2
Notes"), Class A-3a 2.20% Asset Backed Notes (the "Class A-3a Notes"), Class
A-3b Floating Rate Asset Backed Notes (the "Class A-3b Notes" and, together with
the Class A-3a Notes, the "Class A-3 Notes"), Class A-4a 2.70% Asset Backed
Notes (the "Class A-4a Notes"), Class A-4b Floating Rate Asset Backed Notes (the
"Class A-4b Notes" and, together with the Class A-4a Notes, the "Class A-4
Notes" and, such Class A-4 Notes, together with the Class A-1 Notes, the Class
A-2 Notes and the Class A-3 Notes, the "Class A Notes"), Class B-1 3.16% Asset
Backed Notes (the "Class B-1 Notes"), the Class B-2 Floating Rate Asset Backed
Notes (the "Class B-2 Notes" and, together with the Class B-1 Notes, the "Class
B Notes") and Class C 4.29% Asset Backed Notes (the "Class C Notes" and,
together with the Class A Notes and the Class B Notes, the "Notes"), are issued
under the Indenture, to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders.
The Notes are subject to all terms of the Indenture.

                  The Class A-1 Notes are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture. The Class A-1 Notes are subordinated to the rights of the Swap
Counterparties to receive payments (other than Swap Termination Payments)
pursuant to the Interest Rate Swap Agreements. Interest on and principal of the
Notes will be payable in accordance with the priority of payments set forth in
Section 8.2 of the Indenture.

                  Principal of the Class A-1 Notes will be payable on each
Payment Date in an amount described on the face hereof. "Payment Date" means the
fifteenth day of each month, or, if any such day is not a Business Day, the next
succeeding Business Day, commencing in February 2003.

                  As described on the face hereof, the entire unpaid principal
amount of this Note shall be due and payable on the Class A-1 Final Scheduled
Payment Date. Notwithstanding the foregoing, the entire unpaid principal amount
of the Notes shall be due and payable on the date on which an Event of Default
shall have occurred and be continuing and the Indenture Trustee or the
Noteholders of Notes evidencing not less than a majority of the principal amount
of the Class A Notes have declared the Notes to be immediately due and payable
in the manner provided in Section 5.2 of the Indenture. All principal payments
on the Class A-1 Notes shall be made pro rata to the Noteholders entitled
thereto.

                  Payments of interest on this Note on each Payment Date,
together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made to the Person whose name appears as the
Registered Noteholder of the Note (or one or more Predecessor Notes) on the Note
Register as of the close of business on each Record Date either by wire transfer
in immediately available funds, to the account of such Noteholder at a bank or
other entity having appropriate facilities therefor, if such Noteholder shall
have provided to the Note Registrar appropriate written instructions at least
five (5) Business Days prior to such Payment Date and such Noteholder's Notes in
the aggregate evidence a denomination of not less than $1,000,000, or, if not,
by check mailed first-class postage prepaid to such Person's address as it
appears on the Note Register on such Record Date; provided that, unless
Definitive Notes have been issued to Note Owners, with respect to Notes
registered on the Record Date in the name of the nominee of the Clearing Agency
(initially, such nominee to be Cede & Co.), payments will be made by wire
transfer in immediately available funds to the account designated by such
nominee. Such payments will be made without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Payment Date shall be binding upon all future Noteholders of this Note and of
any Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Note on a Payment Date, then the
Indenture Trustee, in the name of and on behalf of the Issuer, will notify the
Person who was the Registered Noteholder hereof as of the Record Date preceding
such Payment Date by notice mailed or transmitted by facsimile prior to such
Payment Date, and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Indenture Trustee's principal
Corporate Trust Office or at the office of the Indenture Trustee's agent
appointed for such purposes located in The City of New York.

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

                  As provided in the Indenture, the Class A Notes, the Class B
Notes and the Class C Notes may be redeemed, in whole but not in part, in the
manner and to the extent described in the Indenture and the Sale and Servicing
Agreement.

                  The transfer of this Note is subject to the restrictions on
transfer specified on the face hereof and to the other limitations set forth in
the Indenture. Subject to the satisfaction of such restrictions and limitations,
the transfer of this Note may be registered on the Note Register upon surrender
of this Note for registration of transfer at the office or agency designated by
the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee
duly executed by, the Noteholder hereof or such Noteholder's attorney duly
authorized in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar, and thereupon one
or more new Notes of the same Class in authorized denominations and in the same
aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer
or exchange of this Note, but the transferor may be required to pay a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange.

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

                  The obligations of the Issuer under the Indenture are solely
the obligations of the Issuer and shall not represent any obligation or interest
in any assets of the Seller other than the Trust Property conveyed to the Issuer
pursuant to Article II of the Sale and Servicing Agreement. Each Noteholder and
Note Owner acknowledge and agree that they shall have no right, title or
interest in or to any Other Assets of the Seller. To the extent that,
notwithstanding the agreements and provisions contained in the preceding
sentence, such Noteholder or Note Owner either (i) asserts an interest or claim
to, or benefit from, Other Assets, or (ii) is deemed to have any such interest,
claim to, or benefit in or from Other Assets, whether by operation of law, legal
process, pursuant to applicable provisions of insolvency laws or otherwise
(including by virtue of Section 1111(b) of the Bankruptcy Code or any successor
provision having similar effect under the Bankruptcy Code), then such Noteholder
or Note Owner further acknowledges and agrees that any such interest, claim or
benefit in or from Other Assets is and shall be expressly subordinated to the
indefeasible payment in full, which, under the terms of the relevant documents
relating to the securitization or conveyance of such Other Assets, are entitled
to be paid from, entitled to the benefits of, or otherwise secured by such Other
Assets (whether or not any such entitlement or security interest is legally
perfected or otherwise entitled to a priority of distributions or application
under applicable law, including insolvency laws, and whether or not asserted
against the Seller), including the payment of post-petition interest on such
other obligations and liabilities.

                  THIS SUBORDINATION AGREEMENT SHALL BE DEEMED A SUBORDINATION
AGREEMENT WITHIN THE MEANING OF SECTION 510(A) OF THE BANKRUPTCY CODE.

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

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

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

                  The Indenture permits, with certain exceptions requiring the
consent of all Noteholders affected thereby as therein provided, the amendment
thereof and the modification of the rights and obligations of the Issuer and the
rights of the Noteholders under the Indenture at any time by the Issuer with the
consent of the Noteholders of Notes evidencing not less than a majority of the
principal amount of the Controlling Note Class and with the consent of the Swap
Counterparties if such amendment adversely affects the rights or obligations of
the Swap Counterparties under the Interest Rate Swap Agreements or modifies the
obligations of, or impairs the ability of the Issuer to fully perform any of its
obligations under the Interest Rate Swap Agreements. The Indenture also permits
the Indenture Trustee to amend or waive certain terms and conditions set forth
in the Indenture without the consent of the Noteholders or the Swap
Counterparties provided certain conditions are satisfied. In addition, the
Indenture contains provisions permitting the Noteholders of Notes evidencing
specified percentages of the principal amount of the Notes Outstanding or of the
Controlling Note Class, on behalf of all Noteholders, to waive compliance by the
Issuer with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the
Noteholder of this Note (or any one or more Predecessor Notes) shall be
conclusive and binding upon such Noteholder and upon all future Noteholders of
this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof whether or not notation of such consent or
waiver is made upon this Note.

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

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

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

                  This Note and the Indenture shall be governed by, and
construed in accordance with the laws of the State of New York, without
reference to its conflicts of law provisions.

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

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

<PAGE>

                                   ASSIGNMENT

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

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

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

________________________________________________________________________________
                         (name and address of assignee)

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

Dated:                                                                      */
                                             Signature Guaranteed

                                                                            */

----------

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

<PAGE>

                                                                   EXHIBIT A-2a

                             FORM OF CLASS A-2a NOTE

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

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

REGISTERED                                                         $640,000,000

No. R-1                                                    CUSIP NO. 34527R JG9

                       FORD CREDIT AUTO OWNER TRUST 2003-A

                       CLASS A-2a 1.62% ASSET BACKED NOTES

                  Ford Credit Auto Owner Trust 2003-A, a statutory trust
organized and existing under the laws of the State of Delaware (herein referred
to as the "Issuer"), for value received, hereby promises to pay to CEDE & CO.,
or registered assigns, the principal sum of SIX HUNDRED FORTY MILLION DOLLARS
payable on each Payment Date in an amount equal to the aggregate amount, if any,
payable to Noteholders of Class A-2a Notes on such Payment Date from the
Principal Distribution Account in respect of principal on the Class A-2a Notes
pursuant to Section 3.1 of the Indenture dated as of January 1, 2003 (as from
time to time amended, supplemented or otherwise modified and in effect, the
"Indenture"), between the Issuer and The Bank of New York, a New York
corporation, as Indenture Trustee (in such capacity the "Indenture Trustee");
provided, however, that the entire unpaid principal amount of this Note shall be
due and payable on the August 2005 Payment Date (the "Class A-2a Final Scheduled
Payment Date") or the Redemption Date, if any, pursuant to 10.1 of the
Indenture. Capitalized terms used but not defined herein are defined in Article
I of the Indenture, which also contains rules as to construction that shall be
applicable herein.

                  The Issuer shall pay interest on this Note at the rate per
annum shown above on each Payment Date until the principal of this Note is paid
or made available for payment, on the principal amount of this Note outstanding
on the preceding Payment Date (after giving effect to all payments of principal
made on the preceding Payment Date), subject to certain limitations contained in
Section 3.1 of the Indenture. Interest on this Note will accrue for each Payment
Date from and including the fifteenth day of the calendar month immediately
preceding such Payment Date (or, in the case of the initial Payment Date, from
the Closing Date) to but excluding the fifteenth day of the following calendar
month. Interest will be computed on the basis of a 360-day year of twelve 30-day
months. Such principal of and interest on this Note shall be paid in the manner
specified on the reverse hereof.

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

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

<PAGE>

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

                REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.

<PAGE>

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

Date: January 22, 2003

                                  FORD CREDIT AUTO OWNER TRUST 2003-A

                                  By:    WACHOVIA BANK OF DELAWARE,
                                         NATIONAL ASSOCIATION,
                                         not in its individual capacity but
                                         solely as Owner Trustee of Ford
                                         Credit Auto Owner Trust 2003-A

                                  By:______________________________
                                         Authorized Officer

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Class A-2a Notes designated above and referred to in the
within-mentioned Indenture.

Date:    January 22, 2003

                                  THE BANK OF NEW YORK,
                                  not in its individual capacity but
                                  solely as Indenture Trustee

                                 By:_____________________________
                                         Authorized Officer

<PAGE>

                                 REVERSE OF NOTE

                  This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its Class A-2a 1.62% Asset Backed Notes (the "Class A-2a
Notes"), which, together with the Issuer's Class A-1 1.36% Asset Backed Notes
(the "Class A-1 Notes"), Class A-2b Floating Rate Asset Backed Notes (the "Class
A-2b Notes" and, together with the Class A-2a Notes, the "Class A-2 Notes"),
Class A-3a 2.20% Asset Backed Notes (the "Class A-3a Notes"), Class A-3b
Floating Rate Asset Backed Notes (the "Class A-3b Notes" and, together with the
Class A-3a Notes, the "Class A-3 Notes"), Class A-4a 2.70% Asset Backed Notes
(the "Class A-4a Notes"), Class A-4b Floating Rate Asset Backed Notes (the
"Class A-4b Notes" and, together with the Class A-4a Notes, the "Class A-4
Notes" and, such Class A-4 Notes, together with the Class A-1 Notes, the Class
A-2 Notes and the Class A-3 Notes, the "Class A Notes"), Class B-1 3.16% Asset
Backed Notes (the "Class B-1 Notes"), the Class B-2 Floating Rate Asset Backed
Notes (the "Class B-2 Notes" and, together with the Class B-1 Notes, the "Class
B Notes") and Class C 4.29% Asset Backed Notes (the "Class C Notes" and,
together with the Class A Notes and the Class B Notes, the "Notes"), are issued
under the Indenture, to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders.
The Notes are subject to all terms of the Indenture.

                  The Class A-2a Notes are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture. The Class A-2a Notes are subordinated to the rights of the Swap
Counterparties to receive payments (other than Swap Termination Payments)
pursuant to the Interest Rate Swap Agreements. Interest on and principal of the
Notes will be payable in accordance with the priority of payments set forth in
Section 8.2 of the Indenture.

                  Principal of the Class A-2a Notes will be payable on each
Payment Date in an amount described on the face hereof. "Payment Date" means the
fifteenth day of each month, or, if any such day is not a Business Day, the next
succeeding Business Day, commencing in February 2003.

                  As described on the face hereof, the entire unpaid principal
amount of this Note shall be due and payable on the Class A-2a Final Scheduled
Payment Date or the Redemption Date, if any pursuant to Section 10.1 of the
Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of
the Notes shall be due and payable on the date on which an Event of Default
shall have occurred and be continuing and the Indenture Trustee or the
Noteholders of Notes evidencing not less than a majority of the principal amount
of the Class A Notes have declared the Notes to be immediately due and payable
in the manner provided in Section 5.2 of the Indenture. All principal payments
on the Class A-2a Notes shall be made pro rata to the Noteholders entitled
thereto.

                  Payments of interest on this Note on each Payment Date,
together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made to the Person whose name appears as the
Registered Noteholder of the Note (or one or more Predecessor Notes) on the Note
Register as of the close of business on each Record Date either by wire transfer
in immediately available funds, to the account of such Noteholder at a bank or
other entity having appropriate facilities therefor, if such Noteholder shall
have provided to the Note Registrar appropriate written instructions at least
five (5) Business Days prior to such Payment Date and such Noteholder's Notes in
the aggregate evidence a denomination of not less than $1,000,000, or, if not,
by check mailed first-class postage prepaid to such Person's address as it
appears on the Note Register on such Record Date; provided that, unless
Definitive Notes have been issued to Note Owners, with respect to Notes
registered on the Record Date in the name of the nominee of the Clearing Agency
(initially, such nominee to be Cede & Co.), payments will be made by wire
transfer in immediately available funds to the account designated by such
nominee. Such payments will be made without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Payment Date shall be binding upon all future Noteholders of this Note and of
any Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Note on a Payment Date, then the
Indenture Trustee, in the name of and on behalf of the Issuer, will notify the
Person who was the Registered Noteholder hereof as of the Record Date preceding
such Payment Date by notice mailed or transmitted by facsimile prior to such
Payment Date, and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Indenture Trustee's principal
Corporate Trust Office or at the office of the Indenture Trustee's agent
appointed for such purposes located in The City of New York.

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

                  As provided in the Indenture, the Class A Notes, the Class B
Notes and the Class C Notes may be redeemed, in whole but not in part, in the
manner and to the extent described in the Indenture and the Sale and Servicing
Agreement.

                  The transfer of this Note is subject to the restrictions on
transfer specified on the face hereof and to the other limitations set forth in
the Indenture. Subject to the satisfaction of such restrictions and limitations,
the transfer of this Note may be registered on the Note Register upon surrender
of this Note for registration of transfer at the office or agency designated by
the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee
duly executed by, the Noteholder hereof or such Noteholder's attorney duly
authorized in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar, and thereupon one
or more new Notes of the same Class in authorized denominations and in the same
aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer
or exchange of this Note, but the transferor may be required to pay a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange.

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

                  The obligations of the Issuer under the Indenture are solely
the obligations of the Issuer and shall not represent any obligation or interest
in any assets of the Seller other than the Trust Property conveyed to the Issuer
pursuant to Article II of the Sale and Servicing Agreement. Each Noteholder and
Note Owner acknowledge and agree that they shall have no right, title or
interest in or to any Other Assets of the Seller. To the extent that,
notwithstanding the agreements and provisions contained in the preceding
sentence, such Noteholder or Note Owner either (i) asserts an interest or claim
to, or benefit from, Other Assets, or (ii) is deemed to have any such interest,
claim to, or benefit in or from Other Assets, whether by operation of law, legal
process, pursuant to applicable provisions of insolvency laws or otherwise
(including by virtue of Section 1111(b) of the Bankruptcy Code or any successor
provision having similar effect under the Bankruptcy Code), then such Noteholder
or Note Owner further acknowledges and agrees that any such interest, claim or
benefit in or from Other Assets is and shall be expressly subordinated to the
indefeasible payment in full, which, under the terms of the relevant documents
relating to the securitization or conveyance of such Other Assets, are entitled
to be paid from, entitled to the benefits of, or otherwise secured by such Other
Assets (whether or not any such entitlement or security interest is legally
perfected or otherwise entitled to a priority of distributions or application
under applicable law, including insolvency laws, and whether or not asserted
against the Seller), including the payment of post-petition interest on such
other obligations and liabilities.

                  THIS SUBORDINATION AGREEMENT SHALL BE DEEMED A SUBORDINATION
AGREEMENT WITHIN THE MEANING OF SECTION 510(A) OF THE BANKRUPTCY CODE.

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

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

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

                  The Indenture permits, with certain exceptions requiring the
consent of all Noteholders affected thereby as therein provided, the amendment
thereof and the modification of the rights and obligations of the Issuer and the
rights of the Noteholders under the Indenture at any time by the Issuer with the
consent of the Noteholders of Notes evidencing not less than a majority of the
principal amount of the Controlling Note Class and with the consent of the Swap
Counterparties if such amendment adversely affects the rights or obligations of
the Swap Counterparties under the Interest Rate Swap Agreements or modifies the
obligations of, or impairs the ability of the Issuer to fully perform any of its
obligations under the Interest Rate Swap Agreements. The Indenture also permits
the Indenture Trustee to amend or waive certain terms and conditions set forth
in the Indenture without the consent of the Noteholders or the Swap
Counterparties provided certain conditions are satisfied. In addition, the
Indenture contains provisions permitting the Noteholders of Notes evidencing
specified percentages of the principal amount of the Notes Outstanding or of the
Controlling Note Class, on behalf of all Noteholders, to waive compliance by the
Issuer with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the
Noteholder of this Note (or any one or more Predecessor Notes) shall be
conclusive and binding upon such Noteholder and upon all future Noteholders of
this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof whether or not notation of such consent or
waiver is made upon this Note.

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

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

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

                  This Note and the Indenture shall be governed by, and
construed in accordance with the laws of the State of New York, without
reference to its conflicts of law provisions.

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

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

<PAGE>

                                   ASSIGNMENT

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

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

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

________________________________________________________________________________
                         (name and address of assignee)

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

Dated:                                                                       */
                                                   Signature Guaranteed

                                                                             */

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

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

<PAGE>

                                                                    EXHIBIT A-2b

                             FORM OF CLASS A-2b NOTE

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

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

REGISTERED                                                         $640,000,000

No. R-1                                                    CUSIP NO. 34527R JH7

                       FORD CREDIT AUTO OWNER TRUST 2003-A

                   CLASS A-2b FLOATING RATE ASSET BACKED NOTES

                  Ford Credit Auto Owner Trust 2003-A, a statutory trust
organized and existing under the laws of the State of Delaware (herein referred
to as the "Issuer"), for value received, hereby promises to pay to CEDE & CO.,
or registered assigns, the principal sum of SIX HUNDRED FORTY MILLION DOLLARS
payable on each Payment Date in an amount equal to the aggregate amount, if any,
payable to Noteholders of Class A-2b Notes on such Payment Date from the
Principal Distribution Account in respect of principal on the Class A-2b Notes
pursuant to Section 3.1 of the Indenture dated as of January 1, 2003 (as from
time to time amended, supplemented or otherwise modified and in effect, the
"Indenture"), between the Issuer and The Bank of New York, as Indenture Trustee
(in such capacity the "Indenture Trustee"); provided, however, that the entire
unpaid principal amount of this Note shall be due and payable on the earlier of
the August 2005 Payment Date (the "Class A-2b Final Scheduled Payment Date") or
the Redemption Date, if any, pursuant to Section 10.1 of the Indenture.
Capitalized terms used but not defined herein are defined in Article I of the
Indenture, which also contains rules as to construction that shall be applicable
herein.

                  The Issuer shall pay interest on this Note on each Payment
Date at a per annum rate equal to the London interbank offered rate ("LIBOR")
for one-month U.S. Dollar deposits in Europe (determined as set forth in the
Indenture) on the applicable LIBOR Determination Date, in each case plus 0.05%
on the principal amount of this Note outstanding on the preceding Payment Date,
after giving effect to all payments of principal made on the preceding Payment
Date (provided, however, that interest shall accrue from the Closing Date to the
initial Payment Date, and shall be payable on the initial Payment Date, at a per
annum rate equal to [ ]% on the original principal amount outstanding on the
Closing Date), subject to certain limitations contained in Section 3.1 of the
Indenture, until the principal of this Note is paid or made available for
payment. Interest on this Note will accrue for each Payment Date from and
including the preceding Payment Date (or, in the case of the initial Payment
Date, from and including the Closing Date) to but excluding such Payment Date.
Interest will be computed on the basis of actual days elapsed and a 360-day
year. Such principal of and interest on this Note shall be paid in the manner
specified on the reverse side hereof.

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

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

<PAGE>

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

                REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.

<PAGE>

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

Date: January 22, 2003

                                  FORD CREDIT AUTO OWNER TRUST 2003-A

                                  By:    WACHOVIA BANK OF DELAWARE,
                                         NATIONAL ASSOCIATION,
                                         not in its individual capacity but
                                         solely as Owner Trustee of Ford
                                         Credit Auto Owner Trust 2003-A

                                  By:___________________________________
                                         Authorized Officer

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Class A-2b Notes designated above and referred to in the
within-mentioned Indenture.

Date: January 22, 2003

                                  THE BANK OF NEW YORK,
                                  not in its individual capacity but
                                  solely as Indenture Trustee

                                  By:_______________________________
                                         Authorized Officer

<PAGE>

                                 REVERSE OF NOTE

                  This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its Class A-2b Floating Rate Asset Backed Notes (the
"Class A-2b Notes") which, together with the Issuer's Class A-1 1.36% Asset
Backed Notes (the "Class A-1 Notes"), Class A-2a 1.62% Asset Backed Notes (the
"Class A-2a Notes" and, together with the Class A-2b Notes, the "Class A-2
Notes"), Class A-3a 2.20% Asset Backed Notes (the "Class A-3a Notes"), Class
A-3b Floating Rate Asset Backed Notes (the "Class A-3b Notes" and, together with
the Class A-3a Notes, the "Class A-3 Notes"), Class A-4a 2.70% Asset Backed
Notes (the "Class A-4a Notes"), Class A-4b Floating Rate Asset Backed Notes (the
"Class A-4b Notes" and, together with the Class A-4a Notes, the "Class A-4
Notes" and, such Class A-4 Notes, together with the Class A-1 Notes, the Class
A-2 Notes and the Class A-3 Notes, the "Class A Notes"), Class B-1 3.16% Asset
Backed Notes (the "Class B-1 Notes"), the Class B-2 Floating Rate Asset Backed
Notes (the "Class B-2 Notes" and, together with the Class B-1 Notes, the "Class
B Notes") and Class C 4.29% Asset Backed Notes (the "Class C Notes" and,
together with the Class A Notes and the Class B Notes, the "Notes"), are issued
under the Indenture, to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders.
The Notes are subject to all terms of the Indenture.

                  The Class A-2b Notes are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture. The Class A-2b Notes are subordinated to the rights of the Swap
Counterparties to receive payments (other than Swap Termination Payments)
pursuant to the Interest Rate Swap Agreements. Interest on and principal of the
Notes will be payable in accordance with the priority of payments set forth in
Section 8.2 of the Indenture.

                  Principal of the Class A-2b Notes will be payable on each
Payment Date in an amount described on the face hereof. "Payment Date" means the
fifteenth day of each month, or, if any such day is not a Business Day, the next
succeeding Business Day, commencing in February 2003.

                  As described on the face hereof, the entire unpaid principal
amount of this Note shall be due and payable on the earlier of the Class A-2b
Final Scheduled Payment Date or the Redemption Date, if any, pursuant to Section
10.1 of the Indenture. Notwithstanding the foregoing, the entire unpaid
principal amount of the Notes shall be due and payable on the date on which an
Event of Default shall have occurred and be continuing and the Indenture Trustee
or the Noteholders of Notes evidencing not less than a majority of the principal
amount of the Class A Notes have declared the Notes to be immediately due and
payable in the manner provided in Section 5.2 of the Indenture. All principal
payments on the Class A-2b Notes shall be made pro rata to the Noteholders
entitled thereto.

                  Payments of interest on this Note on each Payment Date,
together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made to the Person whose name appears as the
Registered Noteholder of the Note (or one or more Predecessor Notes) on the Note
Register as of the close of business on each Record Date either by wire transfer
in immediately available funds, to the account of such Noteholder at a bank or
other entity having appropriate facilities therefor, if such Noteholder shall
have provided to the Note Registrar appropriate written instructions at least
five (5) Business Days prior to such Payment Date and such Noteholder's Notes in
the aggregate evidence a denomination of not less than $1,000,000, or, if not,
by check mailed first-class postage prepaid to such Person's address as it
appears on the Note Register on such Record Date; provided that, unless
Definitive Notes have been issued to Note Owners, with respect to Notes
registered on the Record Date in the name of the nominee of the Clearing Agency
(initially, such nominee to be Cede & Co.), payments will be made by wire
transfer in immediately available funds to the account designated by such
nominee. Such payments will be made without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Payment Date shall be binding upon all future Noteholders of this Note and of
any Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Note on a Payment Date, then the
Indenture Trustee, in the name of and on behalf of the Issuer, will notify the
Person who was the Registered Noteholder hereof as of the Record Date preceding
such Payment Date by notice mailed or transmitted by facsimile prior to such
Payment Date, and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Indenture Trustee's principal
Corporate Trust Office or at the office of the Indenture Trustee's agent
appointed for such purposes located in The City of New York.

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

                  As provided in the Indenture, the Class A Notes, the Class B
Notes and the Class C Notes may be redeemed, in whole but not in part, in the
manner and to the extent described in the Indenture and the Sale and Servicing
Agreement.

                  The transfer of this Note is subject to the restrictions on
transfer specified on the face hereof and to the other limitations set forth in
the Indenture. Subject to the satisfaction of such restrictions and limitations,
the transfer of this Note may be registered on the Note Register upon surrender
of this Note for registration of transfer at the office or agency designated by
the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee
duly executed by, the Noteholder hereof or such Noteholder's attorney duly
authorized in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar, and thereupon one
or more new Notes of the same Class in authorized denominations and in the same
aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer
or exchange of this Note, but the transferor may be required to pay a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange.

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

                  The obligations of the Issuer under the Indenture are solely
the obligations of the Issuer and shall not represent any obligation or interest
in any assets of the Seller other than the Trust Property conveyed to the Issuer
pursuant to Article II of the Sale and Servicing Agreement. Each Noteholder and
Note Owner acknowledge and agree that they shall have no right, title or
interest in or to any Other Assets of the Seller. To the extent that,
notwithstanding the agreements and provisions contained in the preceding
sentence, such Noteholder or Note Owner either (i) asserts an interest or claim
to, or benefit from, Other Assets, or (ii) is deemed to have any such interest,
claim to, or benefit in or from Other Assets, whether by operation of law, legal
process, pursuant to applicable provisions of insolvency laws or otherwise
(including by virtue of Section 1111(b) of the Bankruptcy Code or any successor
provision having similar effect under the Bankruptcy Code), then such Noteholder
or Note Owner further acknowledges and agrees that any such interest, claim or
benefit in or from Other Assets is and shall be expressly subordinated to the
indefeasible payment in full, which, under the terms of the relevant documents
relating to the securitization or conveyance of such Other Assets, are entitled
to be paid from, entitled to the benefits of, or otherwise secured by such Other
Assets (whether or not any such entitlement or security interest is legally
perfected or otherwise entitled to a priority of distributions or application
under applicable law, including insolvency laws, and whether or not asserted
against the Seller), including the payment of post-petition interest on such
other obligations and liabilities.

                  THIS SUBORDINATION AGREEMENT SHALL BE DEEMED A SUBORDINATION
AGREEMENT WITHIN THE MEANING OF SECTION 510(A) OF THE BANKRUPTCY CODE.

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

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

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

                  The Indenture permits, with certain exceptions requiring the
consent of all Noteholders affected thereby as therein provided, the amendment
thereof and the modification of the rights and obligations of the Issuer and the
rights of the Noteholders under the Indenture at any time by the Issuer with the
consent of the Noteholders of Notes evidencing not less than a majority of the
principal amount of the Controlling Note Class and with the consent of the Swap
Counterparties if such amendment adversely affects the rights or obligations of
the Swap Counterparties under the Interest Rate Swap Agreements or modifies the
obligations of, or impairs the ability of the Issuer to fully perform any of its
obligations under the Interest Rate Swap Agreements. The Indenture also permits
the Indenture Trustee to amend or waive certain terms and conditions set forth
in the Indenture without the consent of the Noteholders or the Swap
Counterparties provided certain conditions are satisfied. In addition, the
Indenture contains provisions permitting the Noteholders of Notes evidencing
specified percentages of the principal amount of the Notes Outstanding or of the
Controlling Note Class, on behalf of all Noteholders, to waive compliance by the
Issuer with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the
Noteholder of this Note (or any one or more Predecessor Notes) shall be
conclusive and binding upon such Noteholder and upon all future Noteholders of
this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof whether or not notation of such consent or
waiver is made upon this Note.

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

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

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

                  This Note and the Indenture shall be governed by, and
construed in accordance with the laws of the State of New York, without
reference to its conflicts of law provisions.

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

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

<PAGE>

                                   ASSIGNMENT

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

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

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

________________________________________________________________________________
                         (name and address of assignee)

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

Dated:                                                                       */
                                                  Signature Guaranteed

                                                                             */

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

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

<PAGE>

                                                                    EXHIBIT A-3a

                             FORM OF CLASS A-3a NOTE

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

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

REGISTERED                                                         $285,000,000

No. R-1                                                    CUSIP NO. 34527R JJ3

                       FORD CREDIT AUTO OWNER TRUST 2003-A

                       CLASS A-3a 2.20% ASSET BACKED NOTES

                  Ford Credit Auto Owner Trust 2003-A, a statutory trust
organized and existing under the laws of the State of Delaware (herein referred
to as the "Issuer"), for value received, hereby promises to pay to CEDE & CO.,
or registered assigns, the principal sum of TWO HUNDRED EIGHTY FIVE MILLION
DOLLARS payable on each Payment Date in an amount equal to the aggregate amount,
if any, payable to Noteholders of Class A-3a Notes on such Payment Date from the
Principal Distribution Account in respect of principal on the Class A-3a Notes
pursuant to Section 3.1 of the Indenture dated as of January 1, 2003 (as from
time to time amended, supplemented or otherwise modified and in effect, the
"Indenture"), between the Issuer and The Bank of New York, a New York
corporation, as Indenture Trustee (in such capacity the "Indenture Trustee");
provided, however, that the entire unpaid principal amount of this Note shall be
due and payable on the earlier of the July 2006 Payment Date (the "Class A-3a
Final Scheduled Payment Date") or the Redemption Date, if any, pursuant to
Section 10.1 of the Indenture. Capitalized terms used but not defined herein are
defined in Article I of the Indenture, which also contains rules as to
construction that shall be applicable herein.

                  The Issuer shall pay interest on this Note at the rate per
annum shown above on each Payment Date until the principal of this Note is paid
or made available for payment, on the principal amount of this Note outstanding
on the preceding Payment Date (after giving effect to all payments of principal
made on the preceding Payment Date), subject to certain limitations contained in
Section 3.1 of the Indenture. Interest on this Note will accrue for each Payment
Date from and including the fifteenth day of the calendar month immediately
preceding such Payment Date (or, in the case of the initial Payment Date, from
the Closing Date) to but excluding the fifteenth day of the following calendar
month. Interest will be computed on the basis of a 360-day year of twelve 30-day
months. Such principal of and interest on this Note shall be paid in the manner
specified on the reverse hereof.

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

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

<PAGE>

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

                REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.

<PAGE>

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

Date: January 22, 2003

                                  FORD CREDIT AUTO OWNER TRUST 2003-A

                                  By:    WACHOVIA BANK OF DELAWARE,
                                         NATIONAL ASSOCIATION,
                                         not in its individual capacity but
                                         solely as Owner Trustee of Ford
                                         Credit Auto Owner Trust 2003-A

                                  By:_________________________________
                                         Authorized Officer

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Class A-3a Notes designated above and referred to in the
within-mentioned Indenture.

Date: January 22, 2003

                                  THE BANK OF NEW YORK,
                                  not in its individual capacity but
                                  solely as Indenture Trustee

                                  By:_______________________________
                                         Authorized Officer

<PAGE>

                                 REVERSE OF NOTE

                  This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its Class A-3a 2.20% Asset Backed Notes (the "Class A-3a
Notes"), which, together with the Issuer's Class A-1 1.36% Asset Backed Notes
(the "Class A-1 Notes"), Class A-2a 1.62% Asset Backed Notes (the "Class A-2a
Notes"), Class A-2b Floating Rate Asset Backed Notes (the "Class A-2b Notes"
and, together with the Class A-2a Notes, the "Class A-2 Notes"), Class A-3b
Floating Rate Asset Backed Notes (the "Class A-3b Notes" and, together with the
Class A-3a Notes, the "Class A-3 Notes"), Class A-4a 2.70% Asset Backed Notes
(the "Class A-4a Notes"), Class A-4b Floating Rate Asset Backed Notes (the
"Class A-4b Notes" and, together with the Class A-4a Notes, the "Class A-4
Notes" and, such Class A-4 Notes, together with the Class A-1 Notes, the Class
A-2 Notes and the Class A-3 Notes, the "Class A Notes"), Class B-1 3.16% Asset
Backed Notes (the "Class B-1 Notes"), the Class B-2 Floating Rate Asset Backed
Notes (the "Class B-2 Notes" and, together with the Class B-1 Notes, the "Class
B Notes") and Class C 4.29% Asset Backed Notes (the "Class C Notes" and,
together with the Class A Notes and the Class B Notes, the "Notes"), are issued
under the Indenture, to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders.
The Notes are subject to all terms of the Indenture.

                  The Class A-3a Notes are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture. The Class A-3a Notes are subordinated to the rights of the Swap
Counterparties to receive payments (other than Swap Termination Payments)
pursuant to the Interest Rate Swap Agreements. Interest on and principal of the
Notes will be payable in accordance with the priority of payments set forth in
Section 8.2 of the Indenture.

                  Principal of the Class A-3a Notes will be payable on each
Payment Date in an amount described on the face hereof. "Payment Date" means the
fifteenth day of each month, or, if any such day is not a Business Day, the next
succeeding Business Day, commencing in February 2003.

                  As described on the face hereof, the entire unpaid principal
amount of this Note shall be due and payable on the earlier of the Class A-3a
Final Scheduled Payment Date or the Redemption Date, if any, pursuant to Section
10.1 of the Indenture. Notwithstanding the foregoing, the entire unpaid
principal amount of the Notes shall be due and payable on the date on which an
Event of Default shall have occurred and be continuing and the Indenture Trustee
or the Noteholders of Notes evidencing not less than a majority of the principal
amount of the Class A Notes have declared the Notes to be immediately due and
payable in the manner provided in Section 5.2 of the Indenture. All principal
payments on the Class A-3a Notes shall be made pro rata to the Noteholders
entitled thereto.

                  Payments of interest on this Note on each Payment Date,
together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made to the Person whose name appears as the
Registered Noteholder of the Note (or one or more Predecessor Notes) on the Note
Register as of the close of business on each Record Date either by wire transfer
in immediately available funds, to the account of such Noteholder at a bank or
other entity having appropriate facilities therefor, if such Noteholder shall
have provided to the Note Registrar appropriate written instructions at least
five (5) Business Days prior to such Payment Date and such Noteholder's Notes in
the aggregate evidence a denomination of not less than $1,000,000, or, if not,
by check mailed first-class postage prepaid to such Person's address as it
appears on the Note Register on such Record Date; provided that, unless
Definitive Notes have been issued to Note Owners, with respect to Notes
registered on the Record Date in the name of the nominee of the Clearing Agency
(initially, such nominee to be Cede & Co.), payments will be made by wire
transfer in immediately available funds to the account designated by such
nominee. Such payments will be made without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Payment Date shall be binding upon all future Noteholders of this Note and of
any Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Note on a Payment Date, then the
Indenture Trustee, in the name of and on behalf of the Issuer, will notify the
Person who was the Registered Noteholder hereof as of the Record Date preceding
such Payment Date by notice mailed or transmitted by facsimile prior to such
Payment Date, and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Indenture Trustee's principal
Corporate Trust Office or at the office of the Indenture Trustee's agent
appointed for such purposes located in The City of New York.

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

                  As provided in the Indenture, the Class A Notes, the Class B
Notes and the Class C Notes may be redeemed, in whole but not in part, in the
manner and to the extent described in the Indenture and the Sale and Servicing
Agreement.

                  The transfer of this Note is subject to the restrictions on
transfer specified on the face hereof and to the other limitations set forth in
the Indenture. Subject to the satisfaction of such restrictions and limitations,
the transfer of this Note may be registered on the Note Register upon surrender
of this Note for registration of transfer at the office or agency designated by
the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee
duly executed by, the Noteholder hereof or such Noteholder's attorney duly
authorized in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar, and thereupon one
or more new Notes of the same Class in authorized denominations and in the same
aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer
or exchange of this Note, but the transferor may be required to pay a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange.

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

                  The obligations of the Issuer under the Indenture are solely
the obligations of the Issuer and shall not represent any obligation or interest
in any assets of the Seller other than the Trust Property conveyed to the Issuer
pursuant to Article II of the Sale and Servicing Agreement. Each Noteholder and
Note Owner acknowledge and agree that they shall have no right, title or
interest in or to any Other Assets of the Seller. To the extent that,
notwithstanding the agreements and provisions contained in the preceding
sentence, such Noteholder or Note Owner either (i) asserts an interest or claim
to, or benefit from, Other Assets, or (ii) is deemed to have any such interest,
claim to, or benefit in or from Other Assets, whether by operation of law, legal
process, pursuant to applicable provisions of insolvency laws or otherwise
(including by virtue of Section 1111(b) of the Bankruptcy Code or any successor
provision having similar effect under the Bankruptcy Code), then such Noteholder
or Note Owner further acknowledges and agrees that any such interest, claim or
benefit in or from Other Assets is and shall be expressly subordinated to the
indefeasible payment in full, which, under the terms of the relevant documents
relating to the securitization or conveyance of such Other Assets, are entitled
to be paid from, entitled to the benefits of, or otherwise secured by such Other
Assets (whether or not any such entitlement or security interest is legally
perfected or otherwise entitled to a priority of distributions or application
under applicable law, including insolvency laws, and whether or not asserted
against the Seller), including the payment of post-petition interest on such
other obligations and liabilities.

                  THIS SUBORDINATION AGREEMENT SHALL BE DEEMED A SUBORDINATION
AGREEMENT WITHIN THE MEANING OF SECTION 510(A) OF THE BANKRUPTCY CODE.

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

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

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

                  The Indenture permits, with certain exceptions requiring the
consent of all Noteholders affected thereby as therein provided, the amendment
thereof and the modification of the rights and obligations of the Issuer and the
rights of the Noteholders under the Indenture at any time by the Issuer with the
consent of the Noteholders of Notes evidencing not less than a majority of the
principal amount of the Controlling Note Class and with the consent of the Swap
Counterparties if such amendment adversely affects the rights or obligations of
the Swap Counterparties under the Interest Rate Swap Agreements or modifies the
obligations of, or impairs the ability of the Issuer to fully perform any of its
obligations under the Interest Rate Swap Agreements. The Indenture also permits
the Indenture Trustee to amend or waive certain terms and conditions set forth
in the Indenture without the consent of the Noteholders or the Swap
Counterparties provided certain conditions are satisfied. In addition, the
Indenture contains provisions permitting the Noteholders of Notes evidencing
specified percentages of the principal amount of the Notes Outstanding or of the
Controlling Note Class, on behalf of all Noteholders, to waive compliance by the
Issuer with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the
Noteholder of this Note (or any one or more Predecessor Notes) shall be
conclusive and binding upon such Noteholder and upon all future Noteholders of
this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof whether or not notation of such consent or
waiver is made upon this Note.

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

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

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

                  This Note and the Indenture shall be governed by, and
construed in accordance with the laws of the State of New York, without
reference to its conflicts of law provisions.

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

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

<PAGE>

                                   ASSIGNMENT

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

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

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

________________________________________________________________________________
                         (name and address of assignee)

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

Dated:                                                                       */
                                                     Signature Guaranteed

                                                                             */

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

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

<PAGE>

                                                                    EXHIBIT A-3b

                             FORM OF CLASS A-3b NOTE

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

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

REGISTERED                                                         $285,000,000

No. R-1                                                    CUSIP NO. 34527R JK0

                       FORD CREDIT AUTO OWNER TRUST 2003-A

                   CLASS A-3b FLOATING RATE ASSET BACKED NOTES

                  Ford Credit Auto Owner Trust 2003-A, a statutory trust
organized and existing under the laws of the State of Delaware (herein referred
to as the "Issuer"), for value received, hereby promises to pay to CEDE & CO.,
or registered assigns, the principal sum of TWO HUNDRED EIGHTY FIVE MILLION
DOLLARS payable on each Payment Date in an amount equal to the aggregate amount,
if any, payable to Noteholders of Class A-3b Notes on such Payment Date from the
Principal Distribution Account in respect of principal on the Class A-3b Notes
pursuant to Section 3.1 of the Indenture dated as of January 1, 2003 (as from
time to time amended, supplemented or otherwise modified and in effect, the
"Indenture"), between the Issuer and The Bank of New York, as Indenture Trustee
(in such capacity the "Indenture Trustee"); provided, however, that the entire
unpaid principal amount of this Note shall be due and payable on the earlier of
the July 2006 Payment Date (the "Class A-3b Final Scheduled Payment Date") or
the Redemption Date, if any, pursuant to Section 10.1 of the Indenture.
Capitalized terms used but not defined herein are defined in Article I of the
Indenture, which also contains rules as to construction that shall be applicable
herein.

                  The Issuer shall pay interest on this Note on each Payment
Date at a per annum rate equal to the London interbank offered rate ("LIBOR")
for one-month U.S. Dollar deposits in Europe (determined as set forth in the
Indenture) on the applicable LIBOR Determination Date, in each case plus 0.06%
on the principal amount of this Note outstanding on the preceding Payment Date,
after giving effect to all payments of principal made on the preceding Payment
Date (provided, however, that interest shall accrue from the Closing Date to the
initial Payment Date, and shall be payable on the initial Payment Date, at a per
annum rate equal to [ ]% on the original principal amount outstanding on the
Closing Date), subject to certain limitations contained in Section 3.1 of the
Indenture, until the principal of this Note is paid or made available for
payment. Interest on this Note will accrue for each Payment Date from and
including the preceding Payment Date (or, in the case of the initial Payment
Date, from and including the Closing Date) to but excluding such Payment Date.
Interest will be computed on the basis of actual days elapsed and a 360-day
year. Such principal of and interest on this Note shall be paid in the manner
specified on the reverse side hereof.

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

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

<PAGE>

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

                REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.

<PAGE>

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

Date: January 22, 2003

                                  FORD CREDIT AUTO OWNER TRUST 2003-A

                                  By:    WACHOVIA BANK OF DELAWARE,
                                         NATIONAL ASSOCIATION,
                                         not in its individual capacity but
                                         solely as Owner Trustee of Ford
                                         Credit Auto Owner Trust 2003-A

                                  By:________________________________
                                         Authorized Officer

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Class A-3b Notes designated above and referred to in the
within-mentioned Indenture.

Date: January 22, 2003

                                  THE BANK OF NEW YORK,
                                  not in its individual capacity but
                                  solely as Indenture Trustee

                                  By:________________________________
                                         Authorized Officer

<PAGE>

                                 REVERSE OF NOTE

                  This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its Class A-3b Floating Rate Asset Backed Notes (the
"Class A-3b Notes") which, together with the Issuer's Class A-1 1.36% Asset
Backed Notes (the "Class A-1 Notes"), Class A-2a 1.62% Asset Backed Notes (the
"Class A-2a Notes"), Class A-2b Floating Rate Asset Backed Notes (the "Class
A-2b Notes" and, together with the Class A-2a Notes, the "Class A-2 Notes"),
Class A-3a 2.20% Asset Backed Notes (the "Class A-3a Notes and, together with
the Class A-3b Notes, the "Class A-3 Notes"), Class A-4a 2.70% Asset Backed
Notes (the "Class A-4a Notes"), Class A-4b Floating Rate Asset Backed Notes (the
"Class A-4b Notes" and, together with the Class A-4a Notes, the "Class A-4
Notes" and, such Class A-4 Notes, together with the Class A-1 Notes, the Class
A-2 Notes and the Class A-3 Notes, the "Class A Notes"), Class B-1 3.16% Asset
Backed Notes (the "Class B-1 Notes"), the Class B-2 Floating Rate Asset Backed
Notes (the "Class B-2 Notes" and, together with the Class B-1 Notes, the "Class
B Notes") and Class C 4.29% Asset Backed Notes (the "Class C Notes" and,
together with the Class A Notes and the Class B Notes, the "Notes"), are issued
under the Indenture, to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders.
The Notes are subject to all terms of the Indenture.

                  The Class A-3b Notes are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture. The Class A-3b Notes are subordinated to the rights of the Swap
Counterparties to receive payments (other than Swap Termination Payments)
pursuant to the Interest Rate Swap Agreements. Interest on and principal of the
Notes will be payable in accordance with the priority of payments set forth in
Section 8.2 of the Indenture.

                  Principal of the Class A-3b Notes will be payable on each
Payment Date in an amount described on the face hereof. "Payment Date" means the
fifteenth day of each month, or, if any such day is not a Business Day, the next
succeeding Business Day, commencing in February 2003.

                  As described on the face hereof, the entire unpaid principal
amount of this Note shall be due and payable on the earlier of the Class A-3b
Final Scheduled Payment Date or the Redemption Date, if any, pursuant to Section
10.1 of the Indenture. Notwithstanding the foregoing, the entire unpaid
principal amount of the Notes shall be due and payable on the date on which an
Event of Default shall have occurred and be continuing and the Indenture Trustee
or the Noteholders of Notes evidencing not less than a majority of the principal
amount of the Class A Notes have declared the Notes to be immediately due and
payable in the manner provided in Section 5.2 of the Indenture. All principal
payments on the Class A-3b Notes shall be made pro rata to the Noteholders
entitled thereto.

                  Payments of interest on this Note on each Payment Date,
together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made to the Person whose name appears as the
Registered Noteholder of the Note (or one or more Predecessor Notes) on the Note
Register as of the close of business on each Record Date either by wire transfer
in immediately available funds, to the account of such Noteholder at a bank or
other entity having appropriate facilities therefor, if such Noteholder shall
have provided to the Note Registrar appropriate written instructions at least
five (5) Business Days prior to such Payment Date and such Noteholder's Notes in
the aggregate evidence a denomination of not less than $1,000,000, or, if not,
by check mailed first-class postage prepaid to such Person's address as it
appears on the Note Register on such Record Date; provided that, unless
Definitive Notes have been issued to Note Owners, with respect to Notes
registered on the Record Date in the name of the nominee of the Clearing Agency
(initially, such nominee to be Cede & Co.), payments will be made by wire
transfer in immediately available funds to the account designated by such
nominee. Such payments will be made without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Payment Date shall be binding upon all future Noteholders of this Note and of
any Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Note on a Payment Date, then the
Indenture Trustee, in the name of and on behalf of the Issuer, will notify the
Person who was the Registered Noteholder hereof as of the Record Date preceding
such Payment Date by notice mailed or transmitted by facsimile prior to such
Payment Date, and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Indenture Trustee's principal
Corporate Trust Office or at the office of the Indenture Trustee's agent
appointed for such purposes located in The City of New York.

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

                  As provided in the Indenture, the Class A Notes, the Class B
Notes and the Class C Notes may be redeemed, in whole but not in part, in the
manner and to the extent described in the Indenture and the Sale and Servicing
Agreement.

                  The transfer of this Note is subject to the restrictions on
transfer specified on the face hereof and to the other limitations set forth in
the Indenture. Subject to the satisfaction of such restrictions and limitations,
the transfer of this Note may be registered on the Note Register upon surrender
of this Note for registration of transfer at the office or agency designated by
the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee
duly executed by, the Noteholder hereof or such Noteholder's attorney duly
authorized in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar, and thereupon one
or more new Notes of the same Class in authorized denominations and in the same
aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer
or exchange of this Note, but the transferor may be required to pay a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange.

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

                  The obligations of the Issuer under the Indenture are solely
the obligations of the Issuer and shall not represent any obligation or interest
in any assets of the Seller other than the Trust Property conveyed to the Issuer
pursuant to Article II of the Sale and Servicing Agreement. Each Noteholder and
Note Owner acknowledge and agree that they shall have no right, title or
interest in or to any Other Assets of the Seller. To the extent that,
notwithstanding the agreements and provisions contained in the preceding
sentence, such Noteholder or Note Owner either (i) asserts an interest or claim
to, or benefit from, Other Assets, or (ii) is deemed to have any such interest,
claim to, or benefit in or from Other Assets, whether by operation of law, legal
process, pursuant to applicable provisions of insolvency laws or otherwise
(including by virtue of Section 1111(b) of the Bankruptcy Code or any successor
provision having similar effect under the Bankruptcy Code), then such Noteholder
or Note Owner further acknowledges and agrees that any such interest, claim or
benefit in or from Other Assets is and shall be expressly subordinated to the
indefeasible payment in full, which, under the terms of the relevant documents
relating to the securitization or conveyance of such Other Assets, are entitled
to be paid from, entitled to the benefits of, or otherwise secured by such Other
Assets (whether or not any such entitlement or security interest is legally
perfected or otherwise entitled to a priority of distributions or application
under applicable law, including insolvency laws, and whether or not asserted
against the Seller), including the payment of post-petition interest on such
other obligations and liabilities.

                  THIS SUBORDINATION AGREEMENT SHALL BE DEEMED A SUBORDINATION
AGREEMENT WITHIN THE MEANING OF SECTION 510(A) OF THE BANKRUPTCY CODE.

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

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

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

                  The Indenture permits, with certain exceptions requiring the
consent of all Noteholders affected thereby as therein provided, the amendment
thereof and the modification of the rights and obligations of the Issuer and the
rights of the Noteholders under the Indenture at any time by the Issuer with the
consent of the Noteholders of Notes evidencing not less than a majority of the
principal amount of the Controlling Note Class and with the consent of the Swap
Counterparties if such amendment adversely affects the rights or obligations of
the Swap Counterparties under the Interest Rate Swap Agreements or modifies the
obligations of, or impairs the ability of the Issuer to fully perform any of its
obligations under the Interest Rate Swap Agreements. The Indenture also permits
the Indenture Trustee to amend or waive certain terms and conditions set forth
in the Indenture without the consent of the Noteholders or the Swap
Counterparties provided certain conditions are satisfied. In addition, the
Indenture contains provisions permitting the Noteholders of Notes evidencing
specified percentages of the principal amount of the Notes Outstanding or of the
Controlling Note Class, on behalf of all Noteholders, to waive compliance by the
Issuer with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the
Noteholder of this Note (or any one or more Predecessor Notes) shall be
conclusive and binding upon such Noteholder and upon all future Noteholders of
this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof whether or not notation of such consent or
waiver is made upon this Note.

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

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

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

                  This Note and the Indenture shall be governed by, and
construed in accordance with the laws of the State of New York, without
reference to its conflicts of law provisions.

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

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

<PAGE>

                                   ASSIGNMENT

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

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

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

________________________________________________________________________________
                         (name and address of assignee)

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

Dated:                                                                       */
                                                     Signature Guaranteed

                                                                             */

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

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

<PAGE>

                                                                    EXHIBIT A-4a

                             FORM OF CLASS A-4a NOTE

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

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

REGISTERED                                                         $211,452,000
No. R-1                                                    CUSIP NO. 34527R JL8

                       FORD CREDIT AUTO OWNER TRUST 2003-A

                       CLASS A-4a 2.70% ASSET BACKED NOTES

                  Ford Credit Auto Owner Trust 2003-A, a statutory trust
organized and existing under the laws of the State of Delaware (herein referred
to as the "Issuer"), for value received, hereby promises to pay to CEDE & CO.,
or registered assigns, the principal sum of TWO HUNDRED ELEVEN MILLION FOUR
HUNDRED FIFTY TWO THOUSAND DOLLARS payable on each Payment Date in an amount
equal to the aggregate amount, if any, payable to Noteholders of Class A-4a
Notes on such Payment Date from the Principal Distribution Account in respect of
principal on the Class A-4a Notes pursuant to Section 3.1 of the Indenture dated
as of January 1, 2003 (as from time to time amended, supplemented or otherwise
modified and in effect, the "Indenture"), between the Issuer and The Bank of New
York, a New York corporation, as Indenture Trustee (in such capacity the
"Indenture Trustee"); provided, however, that the entire unpaid principal amount
of this Note shall be due and payable on the earlier of the June 2007 Payment
Date (the "Class A-4a Final Scheduled Payment Date") or the Redemption Date, if
any, pursuant to Section 10.1 of the Indenture. Capitalized terms used but not
defined herein are defined in Article I of the Indenture, which also contains
rules as to construction that shall be applicable herein.

                  The Issuer shall pay interest on this Note at the rate per
annum shown above on each Payment Date until the principal of this Note is paid
or made available for payment, on the principal amount of this Note outstanding
on the preceding Payment Date (after giving effect to all payments of principal
made on the preceding Payment Date), subject to certain limitations contained in
Section 3.1 of the Indenture. Interest on this Note will accrue for each Payment
Date from and including the fifteenth day of the calendar month immediately
preceding such Payment Date (or, in the case of the initial Payment Date, from
the Closing Date) to but excluding the fifteenth day of the following calendar
month. Interest will be computed on the basis of a 360-day year of twelve 30-day
months. Such principal of and interest on this Note shall be paid in the manner
specified on the reverse hereof.

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

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

<PAGE>

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

                REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.

<PAGE>

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

Date: January 22, 2003

                                  FORD CREDIT AUTO OWNER TRUST 2003-A

                                  By:    WACHOVIA BANK OF DELAWARE,
                                         NATIONAL ASSOCIATION,
                                         not in its individual capacity but
                                         solely as Owner Trustee of Ford
                                         Credit Auto Owner Trust 2003-A

                                  By:__________________________________
                                         Authorized Officer

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Class A-4a Notes designated above and referred to in the
within-mentioned Indenture.

Date: January 22, 2003

                                  THE BANK OF NEW YORK,
                                  not in its individual capacity but
                                  solely as Indenture Trustee

                                  By:_________________________________
                                         Authorized Officer

<PAGE>

                                 REVERSE OF NOTE

                  This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its Class A-4a 2.70% Asset Backed Notes (the "Class A-4a
Notes"), which, together with the Issuer's Class A-1 1.36% Asset Backed Notes
(the "Class A-1 Notes"), Class A-2a 1.62% Asset Backed Notes (the "Class A-2a
Notes"), Class A-2b Floating Rate Asset Backed Notes (the "Class A-2b Notes"
and, together with the Class A-2a Notes, the "Class A-2 Notes"), Class A-3a
2.20% Asset Backed Notes (the "Class A-3a Notes"), Class A-3b Floating Rate
Asset Backed Notes (the "Class A-3b Notes" and, together with the Class A-3a
Notes, the "Class A-3 Notes"), Class A-4b Floating Rate Asset Backed Notes (the
"Class A-4b Notes" and, together with the Class A-4a Notes, the "Class A-4
Notes" and, such Class A-4 Notes, together with the Class A-1 Notes, the Class
A-2 Notes and the Class A-3 Notes, the "Class A Notes"), Class B-1 3.16% Asset
Backed Notes (the "Class B-1 Notes"), the Class B-2 Floating Rate Asset Backed
Notes (the "Class B-2 Notes" and, together with the Class B-1 Notes, the "Class
B Notes") and Class C 4.29% Asset Backed Notes (the "Class C Notes" and,
together with the Class A Notes and the Class B Notes, the "Notes"), are issued
under the Indenture, to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders.
The Notes are subject to all terms of the Indenture.

                  The Class A-4a Notes are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture. The Class A-4a Notes are subordinated to the rights of the Swap
Counterparties to receive payments (other than Swap Termination Payments)
pursuant to the Interest Rate Swap Agreements. Interest on and principal of the
Notes will be payable in accordance with the priority of payments set forth in
Section 8.2 of the Indenture.

                  Principal of the Class A-4a Notes will be payable on each
Payment Date in an amount described on the face hereof. "Payment Date" means the
fifteenth day of each month, or, if any such day is not a Business Day, the next
succeeding Business Day, commencing in February 2003.

                  As described on the face hereof, the entire unpaid principal
amount of this Note shall be due and payable on the earlier of the Class A-4a
Final Scheduled Payment Date or the Redemption Date, if any, pursuant to Section
10.1 of the Indenture. Notwithstanding the foregoing, the entire unpaid
principal amount of the Notes shall be due and payable on the date on which an
Event of Default shall have occurred and be continuing and the Indenture Trustee
or the Noteholders of Notes evidencing not less than a majority of the principal
amount of the Class A Notes have declared the Notes to be immediately due and
payable in the manner provided in Section 5.2 of the Indenture. All principal
payments on the Class A-4a Notes shall be made pro rata to the Noteholders
entitled thereto.

                  Payments of interest on this Note on each Payment Date,
together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made to the Person whose name appears as the
Registered Noteholder of the Note (or one or more Predecessor Notes) on the Note
Register as of the close of business on each Record Date either by wire transfer
in immediately available funds, to the account of such Noteholder at a bank or
other entity having appropriate facilities therefor, if such Noteholder shall
have provided to the Note Registrar appropriate written instructions at least
five (5) Business Days prior to such Payment Date and such Noteholder's Notes in
the aggregate evidence a denomination of not less than $1,000,000, or, if not,
by check mailed first-class postage prepaid to such Person's address as it
appears on the Note Register on such Record Date; provided that, unless
Definitive Notes have been issued to Note Owners, with respect to Notes
registered on the Record Date in the name of the nominee of the Clearing Agency
(initially, such nominee to be Cede & Co.), payments will be made by wire
transfer in immediately available funds to the account designated by such
nominee. Such payments will be made without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Payment Date shall be binding upon all future Noteholders of this Note and of
any Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Note on a Payment Date, then the
Indenture Trustee, in the name of and on behalf of the Issuer, will notify the
Person who was the Registered Noteholder hereof as of the Record Date preceding
such Payment Date by notice mailed or transmitted by facsimile prior to such
Payment Date, and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Indenture Trustee's principal
Corporate Trust Office or at the office of the Indenture Trustee's agent
appointed for such purposes located in The City of New York.

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

                  As provided in the Indenture, the Class A Notes, the Class B
Notes and the Class C Notes may be redeemed, in whole but not in part, in the
manner and to the extent described in the Indenture and the Sale and Servicing
Agreement.

                  The transfer of this Note is subject to the restrictions on
transfer specified on the face hereof and to the other limitations set forth in
the Indenture. Subject to the satisfaction of such restrictions and limitations,
the transfer of this Note may be registered on the Note Register upon surrender
of this Note for registration of transfer at the office or agency designated by
the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee
duly executed by, the Noteholder hereof or such Noteholder's attorney duly
authorized in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar, and thereupon one
or more new Notes of the same Class in authorized denominations and in the same
aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer
or exchange of this Note, but the transferor may be required to pay a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange.

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

                  The obligations of the Issuer under the Indenture are solely
the obligations of the Issuer and shall not represent any obligation or interest
in any assets of the Seller other than the Trust Property conveyed to the Issuer
pursuant to Article II of the Sale and Servicing Agreement. Each Noteholder and
Note Owner acknowledge and agree that they shall have no right, title or
interest in or to any Other Assets of the Seller. To the extent that,
notwithstanding the agreements and provisions contained in the preceding
sentence, such Noteholder or Note Owner either (i) asserts an interest or claim
to, or benefit from, Other Assets, or (ii) is deemed to have any such interest,
claim to, or benefit in or from Other Assets, whether by operation of law, legal
process, pursuant to applicable provisions of insolvency laws or otherwise
(including by virtue of Section 1111(b) of the Bankruptcy Code or any successor
provision having similar effect under the Bankruptcy Code), then such Noteholder
or Note Owner further acknowledges and agrees that any such interest, claim or
benefit in or from Other Assets is and shall be expressly subordinated to the
indefeasible payment in full, which, under the terms of the relevant documents
relating to the securitization or conveyance of such Other Assets, are entitled
to be paid from, entitled to the benefits of, or otherwise secured by such Other
Assets (whether or not any such entitlement or security interest is legally
perfected or otherwise entitled to a priority of distributions or application
under applicable law, including insolvency laws, and whether or not asserted
against the Seller), including the payment of post-petition interest on such
other obligations and liabilities.

                  THIS SUBORDINATION AGREEMENT SHALL BE DEEMED A SUBORDINATION
AGREEMENT WITHIN THE MEANING OF SECTION 510(A) OF THE BANKRUPTCY CODE.

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

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

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

                  The Indenture permits, with certain exceptions requiring the
consent of all Noteholders affected thereby as therein provided, the amendment
thereof and the modification of the rights and obligations of the Issuer and the
rights of the Noteholders under the Indenture at any time by the Issuer with the
consent of the Noteholders of Notes evidencing not less than a majority of the
principal amount of the Controlling Note Class and with the consent of the Swap
Counterparties if such amendment adversely affects the rights or obligations of
the Swap Counterparties under the Interest Rate Swap Agreements or modifies the
obligations of, or impairs the ability of the Issuer to fully perform any of its
obligations under the Interest Rate Swap Agreements. The Indenture also permits
the Indenture Trustee to amend or waive certain terms and conditions set forth
in the Indenture without the consent of the Noteholders or the Swap
Counterparties provided certain conditions are satisfied. In addition, the
Indenture contains provisions permitting the Noteholders of Notes evidencing
specified percentages of the principal amount of the Notes Outstanding or of the
Controlling Note Class, on behalf of all Noteholders, to waive compliance by the
Issuer with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the
Noteholder of this Note (or any one or more Predecessor Notes) shall be
conclusive and binding upon such Noteholder and upon all future Noteholders of
this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof whether or not notation of such consent or
waiver is made upon this Note.

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

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

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

                  This Note and the Indenture shall be governed by, and
construed in accordance with the laws of the State of New York, without
reference to its conflicts of law provisions.

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

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

<PAGE>

                                ASSIGNMENT

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

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

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

________________________________________________________________________________
                         (name and address of assignee)

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

Dated:                                                                       */
                                                     Signature Guaranteed

                                                                             */

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

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

<PAGE>

                                                                    EXHIBIT A-4b

                             FORM OF CLASS A-4b NOTE

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

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

REGISTERED                                                         $211,000,000

No. R-1                                                    CUSIP NO. 34527R JM6

                       FORD CREDIT AUTO OWNER TRUST 2003-A

                   CLASS A-4b FLOATING RATE ASSET BACKED NOTES

                  Ford Credit Auto Owner Trust 2003-A, a statutory trust
organized and existing under the laws of the State of Delaware (herein referred
to as the "Issuer"), for value received, hereby promises to pay to CEDE & CO.,
or registered assigns, the principal sum of TWO HUNDRED ELEVEN MILLION DOLLARS
payable on each Payment Date in an amount equal to the aggregate amount, if any,
payable to Noteholders of Class A-4b Notes on such Payment Date from the
Principal Distribution Account in respect of principal on the Class A-4b Notes
pursuant to Section 3.1 of the Indenture dated as of January 1, 2003 (as from
time to time amended, supplemented or otherwise modified and in effect, the
"Indenture"), between the Issuer and The Bank of New York, as Indenture Trustee
(in such capacity the "Indenture Trustee"); provided, however, that the entire
unpaid principal amount of this Note shall be due and payable on the earlier of
the June 2007 Payment Date (the "Class A-4b Final Scheduled Payment Date") or
the Redemption Date, if any, pursuant to Section 10.1 of the Indenture.
Capitalized terms used but not defined herein are defined in Article I of the
Indenture, which also contains rules as to construction that shall be applicable
herein.

                  The Issuer shall pay interest on this Note on each Payment
Date at a per annum rate equal to the London interbank offered rate ("LIBOR")
for one-month U.S. Dollar deposits in Europe (determined as set forth in the
Indenture) on the applicable LIBOR Determination Date, in each case plus 0.09%
on the principal amount of this Note outstanding on the preceding Payment Date,
after giving effect to all payments of principal made on the preceding Payment
Date (provided, however, that interest shall accrue from the Closing Date to the
initial Payment Date, and shall be payable on the initial Payment Date, at a per
annum rate equal to [ ]% on the original principal amount outstanding on the
Closing Date), subject to certain limitations contained in Section 3.1 of the
Indenture, until the principal of this Note is paid or made available for
payment. Interest on this Note will accrue for each Payment Date from and
including the preceding Payment Date (or, in the case of the initial Payment
Date, from and including the Closing Date) to but excluding such Payment Date.
Interest will be computed on the basis of actual days elapsed and a 360-day
year. Such principal of and interest on this Note shall be paid in the manner
specified on the reverse side hereof.

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

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

<PAGE>

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

                REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.

<PAGE>

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

Date: January 22, 2003

                                  FORD CREDIT AUTO OWNER TRUST 2003-A

                                  By:    WACHOVIA BANK OF DELAWARE,
                                         NATIONAL ASSOCIATION,
                                         not in its individual capacity but
                                         solely as Owner Trustee of Ford
                                         Credit Auto Owner Trust 2003-A

                                  By:__________________________________
                                         Authorized Officer

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Class A-4b Notes designated above and referred to in the
within-mentioned Indenture.

Date: January 22, 2003

                                  THE BANK OF NEW YORK,
                                  not in its individual capacity but
                                  solely as Indenture Trustee

                                  By:_________________________________
                                         Authorized Officer

<PAGE>

                                 REVERSE OF NOTE

                  This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its Class A-4b Floating Rate Asset Backed Notes (the
"Class A-4b Notes") which, together with the Issuer's Class A-1 1.36% Asset
Backed Notes (the "Class A-1 Notes"), Class A-2a 1.62% Asset Backed Notes (the
"Class A-2a Notes"), Class A-2b Floating Rate Asset Backed Notes (the "Class
A-2b Notes" and, together with the Class A-2a Notes, the "Class A-2 Notes"),
Class A-3a 2.20% Asset Backed Notes (the "Class A-3a Notes"), Class A-3b
Floating Rate Asset Backed Notes (the "Class A-3b Notes" and, together with the
Class A-3a Notes, the "Class A-3 Notes"), Class A-4a 2.70% Asset Backed Notes
(the "Class A-4a Notes" and, together with the Class A-4b Notes, the "Class A-4
Notes" and, such Class A-4 Notes, together with the Class A-1 Notes, the Class
A-2 Notes and the Class A-3 Notes, the "Class A Notes"), Class B-1 3.16% Asset
Backed Notes (the "Class B-1 Notes"), the Class B-2 Floating Rate Asset Backed
Notes (the "Class B-2 Notes" and, together with the Class B-1 Notes, the "Class
B Notes") and Class C 4.29% Asset Backed Notes (the "Class C Notes" and,
together with the Class A Notes and the Class B Notes, the "Notes"), are issued
under the Indenture, to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders.
The Notes are subject to all terms of the Indenture.

                  The Class A-4b Notes are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture. The Class A-4b Notes are subordinated to the rights of the Swap
Counterparties to receive payments (other than Swap Termination Payments)
pursuant to the Interest Rate Swap Agreements. Interest on and principal of the
Notes will be payable in accordance with the priority of payments set forth in
Section 8.2 of the Indenture.

                  Principal of the Class A-4b Notes will be payable on each
Payment Date in an amount described on the face hereof. "Payment Date" means the
fifteenth day of each month, or, if any such day is not a Business Day, the next
succeeding Business Day, commencing in February 2003.

                  As described on the face hereof, the entire unpaid principal
amount of this Note shall be due and payable on the earlier of the Class A-4b
Final Scheduled Payment Date or the Redemption Date, if any, pursuant to Section
10.1 of the Indenture. Notwithstanding the foregoing, the entire unpaid
principal amount of the Notes shall be due and payable on the date on which an
Event of Default shall have occurred and be continuing and the Indenture Trustee
or the Noteholders of Notes evidencing not less than a majority of the principal
amount of the Class A Notes have declared the Notes to be immediately due and
payable in the manner provided in Section 5.2 of the Indenture. All principal
payments on the Class A-4b Notes shall be made pro rata to the Noteholders
entitled thereto.

                  Payments of interest on this Note on each Payment Date,
together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made to the Person whose name appears as the
Registered Noteholder of the Note (or one or more Predecessor Notes) on the Note
Register as of the close of business on each Record Date either by wire transfer
in immediately available funds, to the account of such Noteholder at a bank or
other entity having appropriate facilities therefor, if such Noteholder shall
have provided to the Note Registrar appropriate written instructions at least
five (5) Business Days prior to such Payment Date and such Noteholder's Notes in
the aggregate evidence a denomination of not less than $1,000,000, or, if not,
by check mailed first-class postage prepaid to such Person's address as it
appears on the Note Register on such Record Date; provided that, unless
Definitive Notes have been issued to Note Owners, with respect to Notes
registered on the Record Date in the name of the nominee of the Clearing Agency
(initially, such nominee to be Cede & Co.), payments will be made by wire
transfer in immediately available funds to the account designated by such
nominee. Such payments will be made without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Payment Date shall be binding upon all future Noteholders of this Note and of
any Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Note on a Payment Date, then the
Indenture Trustee, in the name of and on behalf of the Issuer, will notify the
Person who was the Registered Noteholder hereof as of the Record Date preceding
such Payment Date by notice mailed or transmitted by facsimile prior to such
Payment Date, and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Indenture Trustee's principal
Corporate Trust Office or at the office of the Indenture Trustee's agent
appointed for such purposes located in The City of New York.

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

                  As provided in the Indenture, the Class A Notes, the Class B
Notes and the Class C Notes may be redeemed, in whole but not in part, in the
manner and to the extent described in the Indenture and the Sale and Servicing
Agreement.

                  The transfer of this Note is subject to the restrictions on
transfer specified on the face hereof and to the other limitations set forth in
the Indenture. Subject to the satisfaction of such restrictions and limitations,
the transfer of this Note may be registered on the Note Register upon surrender
of this Note for registration of transfer at the office or agency designated by
the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee
duly executed by, the Noteholder hereof or such Noteholder's attorney duly
authorized in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar, and thereupon one
or more new Notes of the same Class in authorized denominations and in the same
aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer
or exchange of this Note, but the transferor may be required to pay a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange.

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

                  The obligations of the Issuer under the Indenture are solely
the obligations of the Issuer and shall not represent any obligation or interest
in any assets of the Seller other than the Trust Property conveyed to the Issuer
pursuant to Article II of the Sale and Servicing Agreement. Each Noteholder and
Note Owner acknowledge and agree that they shall have no right, title or
interest in or to any Other Assets of the Seller. To the extent that,
notwithstanding the agreements and provisions contained in the preceding
sentence, such Noteholder or Note Owner either (i) asserts an interest or claim
to, or benefit from, Other Assets, or (ii) is deemed to have any such interest,
claim to, or benefit in or from Other Assets, whether by operation of law, legal
process, pursuant to applicable provisions of insolvency laws or otherwise
(including by virtue of Section 1111(b) of the Bankruptcy Code or any successor
provision having similar effect under the Bankruptcy Code), then such Noteholder
or Note Owner further acknowledges and agrees that any such interest, claim or
benefit in or from Other Assets is and shall be expressly subordinated to the
indefeasible payment in full, which, under the terms of the relevant documents
relating to the securitization or conveyance of such Other Assets, are entitled
to be paid from, entitled to the benefits of, or otherwise secured by such Other
Assets (whether or not any such entitlement or security interest is legally
perfected or otherwise entitled to a priority of distributions or application
under applicable law, including insolvency laws, and whether or not asserted
against the Seller), including the payment of post-petition interest on such
other obligations and liabilities.

                  THIS SUBORDINATION AGREEMENT SHALL BE DEEMED A SUBORDINATION
AGREEMENT WITHIN THE MEANING OF SECTION 510(A) OF THE BANKRUPTCY CODE.

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

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

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

                  The Indenture permits, with certain exceptions requiring the
consent of all Noteholders affected thereby as therein provided, the amendment
thereof and the modification of the rights and obligations of the Issuer and the
rights of the Noteholders under the Indenture at any time by the Issuer with the
consent of the Noteholders of Notes evidencing not less than a majority of the
principal amount of the Controlling Note Class and with the consent of the Swap
Counterparties if such amendment adversely affects the rights or obligations of
the Swap Counterparties under the Interest Rate Swap Agreements or modifies the
obligations of, or impairs the ability of the Issuer to fully perform any of its
obligations under the Interest Rate Swap Agreements. The Indenture also permits
the Indenture Trustee to amend or waive certain terms and conditions set forth
in the Indenture without the consent of the Noteholders or the Swap
Counterparties provided certain conditions are satisfied. In addition, the
Indenture contains provisions permitting the Noteholders of Notes evidencing
specified percentages of the principal amount of the Notes Outstanding or of the
Controlling Note Class, on behalf of all Noteholders, to waive compliance by the
Issuer with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the
Noteholder of this Note (or any one or more Predecessor Notes) shall be
conclusive and binding upon such Noteholder and upon all future Noteholders of
this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof whether or not notation of such consent or
waiver is made upon this Note.

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

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

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

                  This Note and the Indenture shall be governed by, and
construed in accordance with the laws of the State of New York, without
reference to its conflicts of law provisions.

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

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

<PAGE>

                                   ASSIGNMENT

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

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

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

________________________________________________________________________________
                         (name and address of assignee)

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

Dated:                                                                       */
                                                     Signature Guaranteed

                                                                             */

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

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

<PAGE>

                                                                     EXHIBIT B-1

                             FORM OF CLASS B-1 NOTE

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

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

REGISTERED                                                          $52,733,000

No. R-1                                                    CUSIP NO. 34527R JN4

                       FORD CREDIT AUTO OWNER TRUST 2003-A

                       CLASS B-1 3.16% ASSET BACKED NOTES

                  Ford Credit Auto Owner Trust 2003-A, a statutory trust
organized and existing under the laws of the State of Delaware (herein referred
to as the "Issuer"), for value received, hereby promises to pay to CEDE & CO.,
or registered assigns, the principal sum of FIFTY TWO MILLION SEVEN HUNDRED
THIRTY THREE THOUSAND DOLLARS payable on each Payment Date in an amount equal to
the aggregate amount, if any, payable to Noteholders of Class B-1 Notes on such
Payment Date from the Principal Distribution Account in respect of principal on
the Class B-1 Notes pursuant to Section 3.1 of the Indenture dated as of January
1, 2003 (as from time to time amended, supplemented or otherwise modified and in
effect, the "Indenture"), between the Issuer and The Bank of New York, a New
York corporation, as Indenture Trustee (in such capacity the "Indenture
Trustee"); provided, however, that the entire unpaid principal amount of this
Note shall be due and payable on the earlier of the August 2007 Payment Date
(the "Class B-1 Final Scheduled Payment Date") or the Redemption Date, if any,
pursuant to Section 10.1 of the Indenture. Capitalized terms used but not
defined herein are defined in Article I of the Indenture, which also contains
rules as to construction that shall be applicable herein.

                  The Issuer shall pay interest on this Note at the rate per
annum shown above on each Payment Date until the principal of this Note is paid
or made available for payment, on the principal amount of this Note outstanding
on the preceding Payment Date (after giving effect to all payments of principal
made on the preceding Payment Date), subject to certain limitations contained in
Section 3.1 of the Indenture. Interest on this Note will accrue for each Payment
Date from and including the fifteenth day of the calendar month immediately
preceding such Payment Date (or, in the case of the initial Payment Date, from
the Closing Date) to but excluding the fifteenth day of the following calendar
month. Interest will be computed on the basis of a 360-day year of twelve 30-day
months. Such principal of and interest on this Note shall be paid in the manner
specified on the reverse hereof.

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

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

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

                REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.

<PAGE>

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

Date: January 22, 2003

                                  FORD CREDIT AUTO OWNER TRUST 2003-A

                                  By:    WACHOVIA BANK OF DELAWARE,
                                         NATIONAL ASSOCIATION,
                                         not in its individual capacity but
                                         solely as Owner Trustee of Ford
                                         Credit Auto Owner Trust 2003-A

                                  By:___________________________________
                                         Authorized Officer

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Class B-1 Notes designated above and referred to in the
within-mentioned Indenture.

Date: January 22, 2003

                                  THE BANK OF NEW YORK,
                                  not in its individual capacity but
                                  solely as Indenture Trustee

                                  By:_________________________________
                                         Authorized Officer

<PAGE>

                                 REVERSE OF NOTE

                  This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its Class B-1 3.16% Asset Backed Notes (the "Class B-1
Notes"), which, together with the Issuer's Class A-1 1.36% Asset Backed Notes
(the "Class A-1 Notes"), Class A-2a 1.62% Asset Backed Notes (the "Class A-2a
Notes"), Class A-2b Floating Rate Asset Backed Notes (the "Class A-2b Notes"
and, together with the Class A-2a Notes, the "Class A-2 Notes"), Class A-3a
2.20% Asset Backed Notes (the "Class A-3a Notes"), Class A-3b Floating Rate
Asset Backed Notes (the "Class A-3b Notes" and, together with the Class A-3a
Notes, the "Class A-3 Notes"), Class A-4a 2.70% Asset Backed Notes (the "Class
A-4a Notes"), Class A-4b Floating Rate Asset Backed Notes (the "Class A-4b
Notes" and, together with the Class A-4a Notes, the "Class A-4 Notes" and, such
Class A-4 Notes, together with the Class A-1 Notes, the Class A-2 Notes and the
Class A-3 Notes, the "Class A Notes"), the Class B-2 Floating Rate Asset Backed
Notes (the "Class B-2 Notes" and, together with the Class B-1 Notes, the "Class
B Notes") and Class C 4.29% Asset Backed Notes (the "Class C Notes" and,
together with the Class A Notes and the Class B Notes, the "Notes"), are issued
under the Indenture, to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders.
The Notes are subject to all terms of the Indenture.

                  The Class B-1 Notes are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture. The Class B-1 Notes are subordinated in right of payment to the Class
A Notes and to amounts payable to the Swap Counterparties (other than Swap
Termination Payments due and payable to the Class B Swap Counterparty) pursuant
to the Interest Rate Swap Agreements as and to the extent provided in the
Indenture.

                  Principal of the Class B-1 Notes will be payable on each
Payment Date in an amount described on the face hereof. "Payment Date" means the
fifteenth day of each month, or, if any such day is not a Business Day, the next
succeeding Business Day, commencing in February 2003.

                  As described on the face hereof, the entire unpaid principal
amount of this Note shall be due and payable on the earlier of the Class B-1
Final Scheduled Payment Date or the Redemption Date, if any, pursuant to Section
10.1 of the Indenture. Notwithstanding the foregoing, the entire unpaid
principal amount of the Notes shall be due and payable on the date on which an
Event of Default shall have occurred and be continuing and the Indenture Trustee
or the Noteholders of Notes evidencing not less than a majority of the principal
amount of the Controlling Note Class have declared the Notes to be immediately
due and payable in the manner provided in Section 5.2 of the Indenture. All
principal payments on the Class B-1 Notes shall be made pro rata to the
Noteholders entitled thereto.

                  Payments of interest on this Note on each Payment Date,
together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made to the Person whose name appears as the
Registered Noteholder of the Note (or one or more Predecessor Notes) on the Note
Register as of the close of business on each Record Date either by wire transfer
in immediately available funds, to the account of such Noteholder at a bank or
other entity having appropriate facilities therefor, if such Noteholder shall
have provided to the Note Registrar appropriate written instructions at least
five (5) Business Days prior to such Payment Date and such Noteholder's Notes in
the aggregate evidence a denomination of not less than $1,000,000, or, if not,
by check mailed first-class postage prepaid to such Person's address as it
appears on the Note Register on such Record Date; provided that, unless
Definitive Notes have been issued to Note Owners, with respect to Notes
registered on the Record Date in the name of the nominee of the Clearing Agency
(initially, such nominee to be Cede & Co.), payments will be made by wire
transfer in immediately available funds to the account designated by such
nominee. Such payments will be made without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Payment Date shall be binding upon all future Noteholders of this Note and of
any Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Note on a Payment Date, then the
Indenture Trustee, in the name of and on behalf of the Issuer, will notify the
Person who was the Registered Noteholder hereof as of the Record Date preceding
such Payment Date by notice mailed or transmitted by facsimile prior to such
Payment Date, and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Indenture Trustee's principal
Corporate Trust Office or at the office of the Indenture Trustee's agent
appointed for such purposes located in The City of New York.

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

                  As provided in the Indenture, the Class A Notes, the Class B
Notes and the Class C Notes may be redeemed, in whole but not in part, in the
manner and to the extent described in the Indenture and the Sale and Servicing
Agreement.

                  The transfer of this Note is subject to the restrictions on
transfer specified on the face hereof and to the other limitations set forth in
the Indenture. Subject to the satisfaction of such restrictions and limitations,
the transfer of this Note may be registered on the Note Register upon surrender
of this Note for registration of transfer at the office or agency designated by
the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee
duly executed by, the Noteholder hereof or such Noteholder's attorney duly
authorized in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar, and thereupon one
or more new Notes of the same Class in authorized denominations and in the same
aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer
or exchange of this Note, but the transferor may be required to pay a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange.

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

                  The obligations of the Issuer under the Indenture are solely
the obligations of the Issuer and shall not represent any obligation or interest
in any assets of the Seller other than the Trust Property conveyed to the Issuer
pursuant to Article II of the Sale and Servicing Agreement. Each Noteholder and
Note Owner acknowledge and agree that they shall have no right, title or
interest in or to any Other Assets of the Seller. To the extent that,
notwithstanding the agreements and provisions contained in the preceding
sentence, such Noteholder or Note Owner either (i) asserts an interest or claim
to, or benefit from, Other Assets, or (ii) is deemed to have any such interest,
claim to, or benefit in or from Other Assets, whether by operation of law, legal
process, pursuant to applicable provisions of insolvency laws or otherwise
(including by virtue of Section 1111(b) of the Bankruptcy Code or any successor
provision having similar effect under the Bankruptcy Code), then such Noteholder
or Note Owner further acknowledges and agrees that any such interest, claim or
benefit in or from Other Assets is and shall be expressly subordinated to the
indefeasible payment in full, which, under the terms of the relevant documents
relating to the securitization or conveyance of such Other Assets, are entitled
to be paid from, entitled to the benefits of, or otherwise secured by such Other
Assets (whether or not any such entitlement or security interest is legally
perfected or otherwise entitled to a priority of distributions or application
under applicable law, including insolvency laws, and whether or not asserted
against the Seller), including the payment of post-petition interest on such
other obligations and liabilities.

                  THIS SUBORDINATION AGREEMENT SHALL BE DEEMED A SUBORDINATION
AGREEMENT WITHIN THE MEANING OF SECTION 510(A) OF THE BANKRUPTCY CODE.

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

                  The Issuer has entered into the Indenture and this Note is
issued with the intention that, for federal, State and local income, and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer
secured by the Indenture Trust Estate. Each Noteholder, by its acceptance of a
Note (and each Note Owner by its acceptance of a beneficial interest in a Note),
will be deemed to agree to treat the Notes for federal, State and local income,
single business and franchise tax purposes as indebtedness of the Issuer;
provided, that the Issuer and each Noteholder agree that in the event the Class
B-1 Notes were recharacterized as an equity interest in the Issuer, the
allocation provisions of the Trust Agreement would apply.

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

                  The Indenture permits, with certain exceptions requiring the
consent of all Noteholders affected thereby as therein provided, the amendment
thereof and the modification of the rights and obligations of the Issuer and the
rights of the Noteholders under the Indenture at any time by the Issuer with the
consent of the Noteholders of Notes evidencing not less than a majority of the
principal amount of the Controlling Note Class and with the consent of the Swap
Counterparties if such amendment adversely affects the rights or obligations of
the Swap Counterparties under the Interest Rate Swap Agreements or modifies the
obligations of, or impairs the ability of the Issuer to fully perform any of its
obligations under the Interest Rate Swap Agreements. The Indenture also permits
the Indenture Trustee to amend or waive certain terms and conditions set forth
in the Indenture without the consent of the Noteholders or the Swap
Counterparties provided certain conditions are satisfied. In addition, the
Indenture contains provisions permitting the Noteholders of Notes evidencing
specified percentages of the principal amount of the Notes Outstanding or of the
Controlling Note Class, on behalf of all Noteholders, to waive compliance by the
Issuer with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the
Noteholder of this Note (or any one or more Predecessor Notes) shall be
conclusive and binding upon such Noteholder and upon all future Noteholders of
this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof whether or not notation of such consent or
waiver is made upon this Note.

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

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

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

                  This Note and the Indenture shall be governed by, and
construed in accordance with the laws of the State of New York, without
reference to its conflicts of law provisions.

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

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

<PAGE>

                                   ASSIGNMENT

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

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

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

________________________________________________________________________________
                         (name and address of assignee)

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

Dated:                                                                       */
                                                     Signature Guaranteed

                                                                             */

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

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

<PAGE>

                                                                     EXHIBIT B-2

                             FORM OF CLASS B-2 NOTE

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

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

REGISTERED                                                          $37,250,000

No. R-1                                                     CUSIP NO.34527R JP9

                       FORD CREDIT AUTO OWNER TRUST 2003-A

                   CLASS B-2 FLOATING RATE ASSET BACKED NOTES

                  Ford Credit Auto Owner Trust 2003-A, a statutory trust
organized and existing under the laws of the State of Delaware (herein referred
to as the "Issuer"), for value received, hereby promises to pay to CEDE & CO.,
or registered assigns, the principal sum of THIRTY SEVEN MILLION TWO HUNDRED
FIFTY THOUSAND DOLLARS payable on each Payment Date in an amount equal to the
aggregate amount, if any, payable to Noteholders of Class B-2 Notes on such
Payment Date from the Principal Distribution Account in respect of principal on
the Class B-2 Notes pursuant to Section 3.1 of the Indenture dated as of January
1, 2003 (as from time to time amended, supplemented or otherwise modified and in
effect, the "Indenture"), between the Issuer and The Bank of New York, as
Indenture Trustee (in such capacity the "Indenture Trustee"); provided, however,
that the entire unpaid principal amount of this Note shall be due and payable on
the earlier of the August 2007 Payment Date (the "Class B-2 Final Scheduled
Payment Date") or the Redemption Date, if any, pursuant to Section 10.1 of the
Indenture. Capitalized terms used but not defined herein are defined in Article
I of the Indenture, which also contains rules as to construction that shall be
applicable herein.

                  The Issuer shall pay interest on this Note on each Payment
Date at a per annum rate equal to the London interbank offered rate ("LIBOR")
for one-month U.S. Dollar deposits in Europe (determined as set forth in the
Indenture) on the applicable LIBOR Determination Date, in each case plus 0.41%
on the principal amount of this Note outstanding on the preceding Payment Date,
after giving effect to all payments of principal made on the preceding Payment
Date (provided, however, that interest shall accrue from the Closing Date to the
initial Payment Date, and shall be payable on the initial Payment Date, at a per
annum rate equal to [ ]% on the original principal amount outstanding on the
Closing Date), subject to certain limitations contained in Section 3.1 of the
Indenture, until the principal of this Note is paid or made available for
payment. Interest on this Note will accrue for each Payment Date from and
including the preceding Payment Date (or, in the case of the initial Payment
Date, from and including the Closing Date) to but excluding such Payment Date.
Interest will be computed on the basis of actual days elapsed and a 360-day
year. Such principal of and interest on this Note shall be paid in the manner
specified on the reverse side hereof.

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

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

<PAGE>

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

                REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.

<PAGE>

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

Date: January 22, 2003

                                  FORD CREDIT AUTO OWNER TRUST 2003-A

                                  By:    WACHOVIA BANK OF DELAWARE,
                                         NATIONAL ASSOCIATION,
                                         not in its individual capacity but
                                         solely as Owner Trustee of Ford
                                         Credit Auto Owner Trust 2003-A

                                  By:__________________________________
                                         Authorized Officer

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Class B-2 Notes designated above and referred to in the
within-mentioned Indenture.

Date: January 22, 2003

                                  THE BANK OF NEW YORK,
                                  not in its individual capacity but
                                  solely as Indenture Trustee

                                  By:__________________________________
                                         Authorized Officer

<PAGE>

                                 REVERSE OF NOTE

                  This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its Class B-2 Floating Rate Asset Backed Notes (the "Class
B-2 Notes") which, together with the Issuer's Class A-1 1.36% Asset Backed Notes
(the "Class A-1 Notes"), Class A-2a 1.62% Asset Backed Notes (the "Class A-2a
Notes"), Class A-2b Floating Rate Asset Backed Notes (the "Class A-2b Notes"
and, together with the Class A-2a Notes, the "Class A-2 Notes"), Class A-3a
2.20% Asset Backed Notes (the "Class A-3a Notes"), Class A-3b Floating Rate
Asset Backed Notes (the "Class A-3b Notes" and, together with the Class A-3a
Notes, the "Class A-3 Notes"), Class A-4a 2.70% Asset Backed Notes (the "Class
A-4a Notes" and, together with the Class A-4b Notes, the "Class A-4 Notes" and,
such Class A-4 Notes, together with the Class A-1 Notes, the Class A-2 Notes and
the Class A-3 Notes, the "Class A Notes"), Class B-1 3.16% Asset Backed Notes
(the "Class B-1 Notes", and, together with the Class B-2 Notes, the "Class B
Notes") and Class C 4.29% Asset Backed Notes (the "Class C Notes" and, together
with the Class A Notes and the Class B Notes, the "Notes"), are issued under the
Indenture, to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights and obligations
thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes
are subject to all terms of the Indenture.

                  The Class B-2 Notes are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture. The Class B-2 Notes are subordinated to the rights of the Class B
Swap Counterparty to receive payments (other than Swap Termination Payments due
and payable to the Class B Swap Counterparty) pursuant to the Interest Rate Swap
Agreements. Interest on and principal of the Notes will be payable in accordance
with the priority of payments set forth in Section 8.2 of the Indenture.

                  Principal of the Class B-2 Notes will be payable on each
Payment Date in an amount described on the face hereof. "Payment Date" means the
fifteenth day of each month, or, if any such day is not a Business Day, the next
succeeding Business Day, commencing in February 2003.

                  As described on the face hereof, the entire unpaid principal
amount of this Note shall be due and payable on the earlier of the Class B-2
Final Scheduled Payment Date or the Redemption Date, if any, pursuant to Section
10.1 of the Indenture. Notwithstanding the foregoing, the entire unpaid
principal amount of the Notes shall be due and payable on the date on which an
Event of Default shall have occurred and be continuing and the Indenture Trustee
or the Noteholders of Notes evidencing not less than a majority of the principal
amount of the Class A Notes have declared the Notes to be immediately due and
payable in the manner provided in Section 5.2 of the Indenture. All principal
payments on the Class B-2 Notes shall be made pro rata to the Noteholders
entitled thereto.

                  Payments of interest on this Note on each Payment Date,
together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made to the Person whose name appears as the
Registered Noteholder of the Note (or one or more Predecessor Notes) on the Note
Register as of the close of business on each Record Date either by wire transfer
in immediately available funds, to the account of such Noteholder at a bank or
other entity having appropriate facilities therefor, if such Noteholder shall
have provided to the Note Registrar appropriate written instructions at least
five (5) Business Days prior to such Payment Date and such Noteholder's Notes in
the aggregate evidence a denomination of not less than $1,000,000, or, if not,
by check mailed first-class postage prepaid to such Person's address as it
appears on the Note Register on such Record Date; provided that, unless
Definitive Notes have been issued to Note Owners, with respect to Notes
registered on the Record Date in the name of the nominee of the Clearing Agency
(initially, such nominee to be Cede & Co.), payments will be made by wire
transfer in immediately available funds to the account designated by such
nominee. Such payments will be made without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Payment Date shall be binding upon all future Noteholders of this Note and of
any Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Note on a Payment Date, then the
Indenture Trustee, in the name of and on behalf of the Issuer, will notify the
Person who was the Registered Noteholder hereof as of the Record Date preceding
such Payment Date by notice mailed or transmitted by facsimile prior to such
Payment Date, and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Indenture Trustee's principal
Corporate Trust Office or at the office of the Indenture Trustee's agent
appointed for such purposes located in The City of New York.

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

                  As provided in the Indenture, the Class A Notes, the Class B
Notes and the Class C Notes may be redeemed, in whole but not in part, in the
manner and to the extent described in the Indenture and the Sale and Servicing
Agreement.

                  The transfer of this Note is subject to the restrictions on
transfer specified on the face hereof and to the other limitations set forth in
the Indenture. Subject to the satisfaction of such restrictions and limitations,
the transfer of this Note may be registered on the Note Register upon surrender
of this Note for registration of transfer at the office or agency designated by
the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee
duly executed by, the Noteholder hereof or such Noteholder's attorney duly
authorized in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar, and thereupon one
or more new Notes of the same Class in authorized denominations and in the same
aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer
or exchange of this Note, but the transferor may be required to pay a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange.

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

                  The obligations of the Issuer under the Indenture are solely
the obligations of the Issuer and shall not represent any obligation or interest
in any assets of the Seller other than the Trust Property conveyed to the Issuer
pursuant to Article II of the Sale and Servicing Agreement. Each Noteholder and
Note Owner acknowledge and agree that they shall have no right, title or
interest in or to any Other Assets of the Seller. To the extent that,
notwithstanding the agreements and provisions contained in the preceding
sentence, such Noteholder or Note Owner either (i) asserts an interest or claim
to, or benefit from, Other Assets, or (ii) is deemed to have any such interest,
claim to, or benefit in or from Other Assets, whether by operation of law, legal
process, pursuant to applicable provisions of insolvency laws or otherwise
(including by virtue of Section 1111(b) of the Bankruptcy Code or any successor
provision having similar effect under the Bankruptcy Code), then such Noteholder
or Note Owner further acknowledges and agrees that any such interest, claim or
benefit in or from Other Assets is and shall be expressly subordinated to the
indefeasible payment in full, which, under the terms of the relevant documents
relating to the securitization or conveyance of such Other Assets, are entitled
to be paid from, entitled to the benefits of, or otherwise secured by such Other
Assets (whether or not any such entitlement or security interest is legally
perfected or otherwise entitled to a priority of distributions or application
under applicable law, including insolvency laws, and whether or not asserted
against the Seller), including the payment of post-petition interest on such
other obligations and liabilities.

                  THIS SUBORDINATION AGREEMENT SHALL BE DEEMED A SUBORDINATION
AGREEMENT WITHIN THE MEANING OF SECTION 510(A) OF THE BANKRUPTCY CODE.

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

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

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

                  The Indenture permits, with certain exceptions requiring the
consent of all Noteholders affected thereby as therein provided, the amendment
thereof and the modification of the rights and obligations of the Issuer and the
rights of the Noteholders under the Indenture at any time by the Issuer with the
consent of the Noteholders of Notes evidencing not less than a majority of the
principal amount of the Controlling Note Class and with the consent of the Swap
Counterparties if such amendment adversely affects the rights or obligations of
the Swap Counterparties under the Interest Rate Swap Agreements or modifies the
obligations of, or impairs the ability of the Issuer to fully perform any of its
obligations under the Interest Rate Swap Agreements. The Indenture also permits
the Indenture Trustee to amend or waive certain terms and conditions set forth
in the Indenture without the consent of the Noteholders or the Swap
Counterparties provided certain conditions are satisfied. In addition, the
Indenture contains provisions permitting the Noteholders of Notes evidencing
specified percentages of the principal amount of the Notes Outstanding or of the
Controlling Note Class, on behalf of all Noteholders, to waive compliance by the
Issuer with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the
Noteholder of this Note (or any one or more Predecessor Notes) shall be
conclusive and binding upon such Noteholder and upon all future Noteholders of
this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof whether or not notation of such consent or
waiver is made upon this Note.

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

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

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

                  This Note and the Indenture shall be governed by, and
construed in accordance with the laws of the State of New York, without
reference to its conflicts of law provisions.

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

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

<PAGE>

                                   ASSIGNMENT

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

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

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

________________________________________________________________________________
                         (name and address of assignee)

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

Dated:                                                                       */
                                                     Signature Guaranteed

                                                                             */

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

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

<PAGE>

                                                                       EXHIBIT C

                              FORM OF CLASS C NOTE

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

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

REGISTERED                                                          $59,989,000
No. R-1                                                    CUSIP NO. 34527R JQ7

                       FORD CREDIT AUTO OWNER TRUST 2003-A

                        CLASS C 4.29% ASSET BACKED NOTES

                  Ford Credit Auto Owner Trust 2003-A, a statutory trust
organized and existing under the laws of the State of Delaware (herein referred
to as the "Issuer"), for value received, hereby promises to pay to CEDE & CO.,
or registered assigns, the principal sum of FIFTY NINE MILLION NINE HUNDRED
EIGHTY NINE THOUSAND DOLLARS payable on each Payment Date in an amount equal to
the aggregate amount, if any, payable to Noteholders of Class C Notes on such
Payment Date from the Principal Distribution Account in respect of principal on
the Class C Notes pursuant to Section 3.1 of the Indenture dated as of January
1, 2003 (as from time to time amended, supplemented or otherwise modified and in
effect, the "Indenture"), between the Issuer and The Bank of New York, a New
York corporation, as Indenture Trustee (in such capacity the "Indenture
Trustee"); provided, however, that the entire unpaid principal amount of this
Note shall be due and payable on the earlier of the November 2007 Payment Date
(the "Class C Final Scheduled Payment Date") or the Redemption Date, if any,
pursuant to Section 10.1 of the Indenture. Capitalized terms used but not
defined herein are defined in Article I of the Indenture, which also contains
rules as to construction that shall be applicable herein.

                  The Issuer shall pay interest on this Note at the rate per
annum shown above on each Payment Date until the principal of this Note is paid
or made available for payment, on the principal amount of this Note outstanding
on the preceding Payment Date (after giving effect to all payments of principal
made on the preceding Payment Date), subject to certain limitations contained in
Section 3.1 of the Indenture. Interest on this Note will accrue for each Payment
Date from and including the fifteenth day of the calendar month immediately
preceding such Payment Date (or, in the case of the initial Payment Date, from
the Closing Date) to but excluding the fifteenth day of the following calendar
month. Interest will be computed on the basis of a 360-day year of twelve 30-day
months. Such principal of and interest on this Note shall be paid in the manner
specified on the reverse hereof.

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

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

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

                REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.

<PAGE>

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

Date: January 22, 2003

                                  FORD CREDIT AUTO OWNER TRUST 2003-A

                                  By:    WACHOVIA BANK OF DELAWARE,
                                         NATIONAL ASSOCIATION,
                                         not in its individual capacity but
                                         solely as Owner Trustee of Ford
                                         Credit Auto Owner Trust 2003-A

                                  By:___________________________________
                                         Authorized Officer

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date: January 22, 2003

                                  THE BANK OF NEW YORK,
                                  not in its individual capacity but
                                  solely as Indenture Trustee

                                  By:________________________________
                                         Authorized Officer

<PAGE>

                                 REVERSE OF NOTE

                  This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its Class C 4.29% Asset Backed Notes (the "Class C
Notes"), which, together with the Issuer's Class A-1 1.36% Asset Backed Notes
(the "Class A-1 Notes"), Class A-2a 1.62% Asset Backed Notes (the "Class A-2a
Notes"), Class A-2b Floating Rate Asset Backed Notes (the "Class A-2b Notes"
and, together with the Class A-2a Notes, the "Class A-2 Notes"), Class A-3a
2.20% Asset Backed Notes (the "Class A-3a Notes"), Class A-3b Floating Rate
Asset Backed Notes (the "Class A-3b Notes" and, together with the Class A-3a
Notes, the "Class A-3 Notes"), Class A-4a 2.70% Asset Backed Notes (the "Class
A-4a Notes"), Class A-4b Floating Rate Asset Backed Notes (the "Class A-4b
Notes" and, together with the Class A-4a Notes, the "Class A-4 Notes" and, such
Class A-4 Notes, together with the Class A-1 Notes, the Class A-2 Notes and the
Class A-3 Notes, the "Class A Notes"), Class B-1 3.16% Asset Backed Notes (the
"Class B-1 Notes") and the Class B-2 Floating Rate Asset Backed Notes (the
"Class B-2 Notes" and, together with the Class B-1 Notes, the "Class B Notes"
and, together with the Class A Notes and the Class C Notes, the "Notes"), are
issued under the Indenture, to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders.
The Notes are subject to all terms of the Indenture.

                  The Class C Notes are and will be equally and ratably secured
by the collateral pledged as security therefor as provided in the Indenture. The
Class C Notes are subordinated in right of payment to the Class A Notes, the
Class B Notes and to amounts payable to the Swap Counterparties pursuant to the
Interest Rate Swap Agreements as and to the extent provided in the Indenture.

                  Principal of the Class C Notes will be payable on each Payment
Date in an amount described on the face hereof. "Payment Date" means the
fifteenth day of each month, or, if any such day is not a Business Day, the next
succeeding Business Day, commencing in February 2003.

                  As described on the face hereof, the entire unpaid principal
amount of this Note shall be due and payable on the earlier of the Class C Final
Scheduled Payment Date or the Redemption Date, if any, pursuant to Section 10.1
of the Indenture. Notwithstanding the foregoing, the entire unpaid principal
amount of the Notes shall be due and payable on the date on which an Event of
Default shall have occurred and be continuing and the Indenture Trustee or the
Noteholders of Notes evidencing not less than a majority of the principal amount
of the Controlling Note Class have declared the Notes to be immediately due and
payable in the manner provided in Section 5.2 of the Indenture. All principal
payments on the Class C Notes shall be made pro rata to the Noteholders entitled
thereto.

                  Payments of interest on this Note on each Payment Date,
together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made to the Person whose name appears as the
Registered Noteholder of the Note (or one or more Predecessor Notes) on the Note
Register as of the close of business on each Record Date either by wire transfer
in immediately available funds, to the account of such Noteholder at a bank or
other entity having appropriate facilities therefor, if such Noteholder shall
have provided to the Note Registrar appropriate written instructions at least
five (5) Business Days prior to such Payment Date and such Noteholder's Notes in
the aggregate evidence a denomination of not less than $1,000,000, or, if not,
by check mailed first-class postage prepaid to such Person's address as it
appears on the Note Register on such Record Date; provided that, unless
Definitive Notes have been issued to Note Owners, with respect to Notes
registered on the Record Date in the name of the nominee of the Clearing Agency
(initially, such nominee to be Cede & Co.), payments will be made by wire
transfer in immediately available funds to the account designated by such
nominee. Such payments will be made without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Payment Date shall be binding upon all future Noteholders of this Note and of
any Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Note on a Payment Date, then the
Indenture Trustee, in the name of and on behalf of the Issuer, will notify the
Person who was the Registered Noteholder hereof as of the Record Date preceding
such Payment Date by notice mailed or transmitted by facsimile prior to such
Payment Date, and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Indenture Trustee's principal
Corporate Trust Office or at the office of the Indenture Trustee's agent
appointed for such purposes located in The City of New York.

                  The Issuer shall pay interest on overdue installments of
interest at the Class C Rate to the extent lawful.

                  As provided in the Indenture, the Class A Notes, the Class B
Notes and the Class C Notes may be redeemed, in whole but not in part, in the
manner and to the extent described in the Indenture and the Sale and Servicing
Agreement.

                  The transfer of this Note is subject to the restrictions on
transfer specified on the face hereof and to the other limitations set forth in
the Indenture. Subject to the satisfaction of such restrictions and limitations,
the transfer of this Note may be registered on the Note Register upon surrender
of this Note for registration of transfer at the office or agency designated by
the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee
duly executed by, the Noteholder hereof or such Noteholder's attorney duly
authorized in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar, and thereupon one
or more new Notes of the same Class in authorized denominations and in the same
aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer
or exchange of this Note, but the transferor may be required to pay a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange.

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

                  The obligations of the Issuer under the Indenture are solely
the obligations of the Issuer and shall not represent any obligation or interest
in any assets of the Seller other than the Trust Property conveyed to the Issuer
pursuant to Article II of the Sale and Servicing Agreement. Each Noteholder and
Note Owner acknowledge and agree that they shall have no right, title or
interest in or to any Other Assets of the Seller. To the extent that,
notwithstanding the agreements and provisions contained in the preceding
sentence, such Noteholder or Note Owner either (i) asserts an interest or claim
to, or benefit from, Other Assets, or (ii) is deemed to have any such interest,
claim to, or benefit in or from Other Assets, whether by operation of law, legal
process, pursuant to applicable provisions of insolvency laws or otherwise
(including by virtue of Section 1111(b) of the Bankruptcy Code or any successor
provision having similar effect under the Bankruptcy Code), then such Noteholder
or Note Owner further acknowledges and agrees that any such interest, claim or
benefit in or from Other Assets is and shall be expressly subordinated to the
indefeasible payment in full, which, under the terms of the relevant documents
relating to the securitization or conveyance of such Other Assets, are entitled
to be paid from, entitled to the benefits of, or otherwise secured by such Other
Assets (whether or not any such entitlement or security interest is legally
perfected or otherwise entitled to a priority of distributions or application
under applicable law, including insolvency laws, and whether or not asserted
against the Seller), including the payment of post-petition interest on such
other obligations and liabilities.

                  THIS SUBORDINATION AGREEMENT SHALL BE DEEMED A SUBORDINATION
AGREEMENT WITHIN THE MEANING OF SECTION 510(A) OF THE BANKRUPTCY CODE.

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

                  The Issuer has entered into the Indenture and this Note is
issued with the intention that, for federal, State and local income, and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer
secured by the Indenture Trust Estate. Each Noteholder, by its acceptance of a
Note (and each Note Owner by its acceptance of a beneficial interest in a Note),
will be deemed to agree to treat the Notes for federal, State and local income,
single business and franchise tax purposes as indebtedness of the Issuer;
provided, that the Issuer and each Noteholder agree that in the event the Class
C Notes were recharacterized as an equity interest in the Issuer, the allocation
provisions of the Trust Agreement would apply.

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

                  The Indenture permits, with certain exceptions requiring the
consent of all Noteholders affected thereby as therein provided, the amendment
thereof and the modification of the rights and obligations of the Issuer and the
rights of the Noteholders under the Indenture at any time by the Issuer with the
consent of the Noteholders of Notes evidencing not less than a majority of the
principal amount of the Controlling Note Class and with the consent of the Swap
Counterparties if such amendment adversely affects the rights or obligations of
the Swap Counterparties under the Interest Rate Swap Agreements or modifies the
obligations of, or impairs the ability of the Issuer to fully perform any of its
obligations under the Interest Rate Swap Agreements. The Indenture also permits
the Indenture Trustee to amend or waive certain terms and conditions set forth
in the Indenture without the consent of the Noteholders or the Swap
Counterparties provided certain conditions are satisfied. In addition, the
Indenture contains provisions permitting the Noteholders of Notes evidencing
specified percentages of the principal amount of the Notes Outstanding or of the
Controlling Note Class, on behalf of all Noteholders, to waive compliance by the
Issuer with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the
Noteholder of this Note (or any one or more Predecessor Notes) shall be
conclusive and binding upon such Noteholder and upon all future Noteholders of
this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof whether or not notation of such consent or
waiver is made upon this Note.

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

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

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

                  This Note and the Indenture shall be governed by, and
construed in accordance with the laws of the State of New York, without
reference to its conflicts of law provisions.

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

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

<PAGE>

                                   ASSIGNMENT

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

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

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

________________________________________________________________________________
                         (name and address of assignee)

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

Dated:                                                                       */
                                                     Signature Guaranteed

                                                                             */

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

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

<PAGE>

                                                                       EXHIBIT D

                        FORM OF NOTE DEPOSITORY AGREEMENT

<PAGE>

                                                                      SCHEDULE A

                             Schedule of Receivables

                Provided to the Indenture Trustee at the Closing

<PAGE>

                                                                      APPENDIX A

                              Definitions and UsageExhibit 4.2

                              AMENDED AND RESTATED

                                 TRUST AGREEMENT

                                     between

                      FORD CREDIT AUTO RECEIVABLES TWO LLC

                                  as Depositor

                                       and

                           WACHOVIA BANK OF DELAWARE,
                              NATIONAL ASSOCIATION

                                as Owner Trustee

                           Dated as of January 1, 2003

<PAGE>

<TABLE>
<CAPTION>

<S>                                                                                             <C>

                                TABLE OF CONTENTS

                                                                                                 Page

                                   ARTICLE I

DEFINITIONS AND USAGE...............................................................................1

                                   ARTICLE II

ORGANIZATION OF THE TRUST...........................................................................2
          SECTION 2.1  Name.........................................................................2
          SECTION 2.2  Office.......................................................................2
          SECTION 2.3  Purposes and Powers..........................................................2
          SECTION 2.4  Appointment of Owner Trustee.................................................3
          SECTION 2.5  Capital Contribution of Owner Trust Estate...................................3
          SECTION 2.6  Declaration of Trust.........................................................3
          SECTION 2.7  Liability of the Depositor...................................................4
          SECTION 2.8  Title to Trust Property......................................................5
          SECTION 2.9  Situs of Trust...............................................................5
          SECTION 2.10  Representations and Warranties of the Depositor.............................5
          SECTION 2.11  Federal Income Tax Matters..................................................7

                                  ARTICLE III

TRUST CERTIFICATES AND TRANSFER OF INTERESTS........................................................8
          SECTION 3.1  Initial Beneficial Ownership.................................................8
          SECTION 3.2  Capital Accounts.............................................................9
          SECTION 3.3  The Certificates.............................................................9
          SECTION 3.4  Authentication of Certificates..............................................10
          SECTION 3.5  Registration of Certificates; Transfer and Exchange of
                             Certificates..........................................................10
          SECTION 3.6  Mutilated, Destroyed, Lost or Stolen Certificates...........................16
          SECTION 3.7  Persons Deemed Owners of Certificates.......................................16
          SECTION 3.8  Access to List of Certificateholders' Names and Addresses...................16
          SECTION 3.9  Maintenance of Office or Agency.............................................17
          SECTION 3.10  Appointment of Certificate Paying Agent....................................17
          SECTION 3.11  Certain Rights of Depositor................................................18

<PAGE>

                                   ARTICLE IV

ACTIONS BY OWNER TRUSTEE...........................................................................18
          SECTION 4.1  Prior Notice to Certificateholders with Respect to Certain
                             Matters...............................................................18
          SECTION 4.2  Action by Certificateholders with Respect to Certain Matters................19
          SECTION 4.3  Action by Certificateholders with Respect to Bankruptcy.....................20
          SECTION 4.4  Restrictions on Certificateholders' Power...................................20
          SECTION 4.5  Majority Control............................................................20

                                   ARTICLE V

APPLICATION OF TRUST FUNDS; CERTAIN DUTIES.........................................................20
          SECTION 5.1  Establishment of Certificate Distribution Account...........................20
          SECTION 5.2  Application of Trust Funds..................................................21
          SECTION 5.3  Method of Payment...........................................................22
          SECTION 5.4  No Segregation of Monies; No Interest.......................................23
          SECTION 5.5  Accounting and Reports to Noteholders, Certificateholders,
                             Internal Revenue Service and Others...................................23
          SECTION 5.6  Signature on Returns; Tax Matters Partner...................................23

                                   ARTICLE VI

AUTHORITY AND DUTIES OF OWNER TRUSTEE..............................................................24
          SECTION 6.1  General Authority...........................................................24
          SECTION 6.2  General Duties..............................................................24
          SECTION 6.3  Action upon Instruction.....................................................25
          SECTION 6.4  No Duties Except as Specified in this Agreement or in
                             Instructions..........................................................26
          SECTION 6.5  No Action Except Under Specified Documents or
                             Instructions..........................................................26
          SECTION 6.6  Restrictions................................................................26

                                  ARTICLE VII

REGARDING THE OWNER TRUSTEE........................................................................27
          SECTION 7.1  Acceptance of Trusts and Duties.............................................27
          SECTION 7.2  Furnishing of Documents.....................................................28
          SECTION 7.3  Representations and Warranties..............................................28
          SECTION 7.4  Reliance; Advice of Counsel.................................................29
          SECTION 7.5  Not Acting in Individual Capacity...........................................29
          SECTION 7.6  Owner Trustee Not Liable for Certificates or Receivables....................30
          SECTION 7.7  The Bank May Own Securities.................................................30

                                  ARTICLE VIII

COMPENSATION AND INDEMNITY OF OWNER TRUSTEE........................................................31
          SECTION 8.1  Owner Trustee's Fees and Expenses...........................................31
          SECTION 8.2  Indemnification.............................................................31
          SECTION 8.3  Payments to the Owner Trustee...............................................32

                                   ARTICLE IX

TERMINATION........................................................................................32
          SECTION 9.1  Termination of Trust Agreement..............................................32
          SECTION 9.2  Prepayment of Certificates..................................................34

                                   ARTICLE X

SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES.............................................35
          SECTION 10.1  Eligibility Requirements for Owner Trustee.................................35
          SECTION 10.2  Resignation or Removal of Owner Trustee....................................36
          SECTION 10.3  Successor Owner Trustee....................................................36
          SECTION 10.4  Merger or Consolidation of Owner Trustee...................................37
          SECTION 10.5  Appointment of Co-Trustee or Separate Trustee. ............................37
          SECTION 10.6  Compliance with Delaware Statutory Trust Act...............................39

                                   ARTICLE XI

MISCELLANEOUS......................................................................................39
          SECTION 11.1  Supplements and Amendments.................................................39
          SECTION 11.2  No Legal Title to Owner Trust Estate in Certificateholders.................41
          SECTION 11.3  Limitation on Rights of Others.............................................42
          SECTION 11.4  Notices....................................................................42
          SECTION 11.5  Severability...............................................................42
          SECTION 11.6  Separate Counterparts......................................................43
          SECTION 11.7  Successors and Assigns.....................................................43
          SECTION 11.8  No Petition................................................................43
          SECTION 11.9  No Recourse................................................................43
          SECTION 11.10  Headings..................................................................43
          SECTION 11.11  Governing Law.............................................................43
          SECTION 11.12  Sale and Servicing Agreement Obligations..................................43

EXHIBIT A

FORM OF CLASS D CERTIFICATE.......................................................................A-1

EXHIBIT B

FORM OF INVESTMENT LETTER
         QUALIFIED INSTITUTIONAL BUYER............................................................B-1

EXHIBIT C

FORM OF INVESTMENT LETTER
         INSTITUTIONAL ACCREDITED INVESTOR........................................................C-1

EXHIBIT D

FORM OF RULE 144A TRANSFEROR CERTIFICATE..........................................................D-1

EXHIBIT E

FORM OF  CERTIFICATE OF TRUST OF FORD CREDIT AUTO OWNER TRUST 2003-A..............................E-1

APPENDIX A

Definitions and Usage.............................................................................A-1

</TABLE>

<PAGE>

     AMENDED AND RESTATED TRUST AGREEMENT,  dated as of January 1, 2003 (as from
time to time amended,  supplemented  or otherwise  modified and in effect,  this
"Agreement"),  between FORD CREDIT AUTO  RECEIVABLES TWO LLC, a Delaware limited
liability company,  as Depositor,  having its principal  executive office at One
American Road, Dearborn,  Michigan 48121 and WACHOVIA BANK OF DELAWARE, NATIONAL
ASSOCIATION,  a national banking association (the "Bank"), not in its individual
capacity  but solely as trustee  under this  Agreement  (in such  capacity,  the
"Owner  Trustee"),  having its  principal  corporate  trust office at One Rodney
Square,  920 King Street,  Suite 102,  Wilmington,  Delaware  19801,  Attention:
Corporate Trust  Administration,  Amy Martin for the purpose of establishing the
Ford Credit Auto Owner Trust 2003-A.

    WHEREAS,  the  parties  hereto  intend to amend and  restate  that
certain  interim  Trust  Agreement,  dated as of  September  1, 2002,  among the
Depositor, the Owner Trustee and the other parties,  signatories thereto, on the
terms and conditions hereinafter set forth;

    NOW,  THEREFORE,  in  consideration  of the  premises  and  mutual
covenants  herein  contained,  the receipt and  sufficiency  of which are hereby
acknowledged, the Depositor and the Owner Trustee hereby agree as follows:

                                    ARTICLE I

                              DEFINITIONS AND USAGE

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

<PAGE>

                                   ARTICLE II

                            ORGANIZATION OF THE TRUST
     SECTION 2.1 Name.  The Trust created  hereby shall be known as "Ford Credit
Auto Owner  Trust  2003-A",  in which name the Owner  Trustee  may  conduct  the
business  of the Trust,  make and execute  contracts  and other  instruments  on
behalf of the Trust and sue and be sued on behalf of the Trust.

     SECTION 2.2  Office.  The office of the Trust shall be in care of the Owner
Trustee at the  Corporate  Trust Office or at such other address in the State of
Delaware  as  the  Owner  Trustee  may  designate  by  written   notice  to  the
Certificateholders and the Depositor.

     SECTION 2.3 Purposes  and Powers.  (a) The purpose of the Trust is, and the
Trust shall have the power and authority, to engage in the following activities:

                  (i) to issue the Notes pursuant to the Indenture, and the
         Certificates pursuant to this Agreement, and to sell the Securities
         upon the written order of the Depositor;

                  (ii) to enter into and perform its obligations under any
         interest rate protection agreement or agreements between the Trust and
         one or more counterparties, including any confirmations evidencing the
         transactions thereunder, each of which is an interest rate swap, an
         interest rate cap, an obligation to enter into any of the foregoing, or
         any combination of any of the foregoing;

                  (iii) to acquire the Receivables and other Trust Property
         pursuant to the Sale and Servicing Agreement from the Depositor in
         exchange for the Securities;

                  (iv) to pay interest on and principal of the Notes and
         distributions on the Certificates;

                  (v) to Grant the Owner Trust Estate (other than each
         Certificate Distribution Account and the proceeds thereof) to the
         Indenture Trustee pursuant to the Indenture;

                  (vi) to enter into and perform its obligations under the Basic
         Documents to which it is to be a party;

                  (vii) to engage in those activities, including entering into
         agreements, that are necessary, suitable or convenient to accomplish
         the foregoing or are incidental thereto or connected therewith; and

                  (viii) subject to compliance with the Basic Documents, to
         engage in such other activities as may be required in connection with
         conservation of the Owner Trust Estate and the making of distributions
         to the Noteholders and the Certificateholders.

The Trust is hereby authorized to engage in the foregoing activities. The Trust
shall not engage in any activity other than in connection with the foregoing or
other than as required or authorized by the terms of this Agreement or the other
Basic Documents.

     SECTION 2.4 Appointment of Owner Trustee. The Depositor hereby appoints the
Owner Trustee as trustee of the Trust  effective as of the date hereof,  to have
all the rights, powers and duties set forth herein.

     SECTION 2.5 Capital  Contribution of Owner Trust Estate. As of September 1,
2002, the Depositor sold,  assigned,  transferred,  conveyed and set over to the
Owner Trustee the sum of $1. The Owner Trustee  hereby  acknowledges  receipt in
trust from the Depositor, as of such date, of the foregoing contribution,  which
shall  constitute  the initial  Owner Trust Estate and shall be deposited in the
Certificate  Distribution  Account.  The Depositor shall pay the  organizational
expenses of the Trust as they may arise or shall,  upon the request of the Owner
Trustee,  promptly reimburse the Owner Trustee for any such expenses paid by the
Owner Trustee.  On the Closing Date, the Depositor shall convey to the Trust the
Trust  Property  and  the  Owner  Trustee  shall  convey  to the  Depositor  the
Securities.

     SECTION 2.6 Declaration of Trust. The Owner Trustee hereby declares that it
will hold the Owner Trust Estate in trust upon and subject to the conditions set
forth herein for the use and benefit of the  Certificateholders,  subject to the
obligations of the Trust under the Basic  Documents.  It is the intention of the
parties  hereto  that (i) the  Trust  constitute  a  statutory  trust  under the
Delaware  Statutory  Trust Act and that this Agreement  constitute the governing
instrument  of such  statutory  trust  and (ii) for  income  and  franchise  tax
purposes,  the Trust shall be treated as a  partnership,  with the assets of the
partnership  being the  Receivables,  the Trust's rights under the Interest Rate
Swap  Agreements  and  other  assets  held by the  Trust,  the  partners  of the
partnership  being  the  Certificateholders  and the  Depositor  and  the  Notes
constituting  indebtedness of the  partnership.  The parties agree that,  unless
otherwise required by the appropriate tax authorities,  the Depositor, on behalf
of the Trust, will file or cause to be filed annual or other necessary  returns,
reports and other forms consistent with the  characterization  of the Trust as a
partnership  for such tax purposes.  Effective as of the date hereof,  the Owner
Trustee  shall have the  rights,  powers and duties set forth  herein and in the
Delaware  Statutory Trust Act with respect to accomplishing  the purposes of the
Trust. A Certificate of Trust and any necessary amendment thereto has been filed
with the Secretary of State, a form is attached hereto as Exhibit E.

     SECTION 2.7 Liability of the Depositor. (a) Notwithstanding Section 3803 of
the Delaware Statutory Trust Act, the Depositor in its capacity as the holder of
the  interests  described in Section 3.11 shall be liable  directly to, and will
indemnify each injured party for, all losses, claims,  damages,  liabilities and
expenses of the Trust (including Expenses,  to the extent that the assets of the
Trust  that  would  remain  if all of the  Notes  were  paid  in full  would  be
insufficient to pay any such losses, claims,  damages,  liabilities or expenses,
or to the extent that such losses, claims, damages,  liabilities and expenses in
fact are not paid out of the Owner Trust  Estate)  that the  Depositor  would be
liable for if the Trust were a partnership under the Limited  Partnership Act in
which  the  Depositor  were a  general  partner;  provided,  however,  that  the
Depositor shall not be liable to or indemnify Noteholders or Note Owners for any
losses incurred by Noteholders or Note Owners in their capacity as holders of or
beneficial  owners of  interests in limited  recourse  debt secured by the Owner
Trust  Estate or be liable to or  indemnify  Certificateholders  for any  losses
incurred by the  Certificateholders  if such losses would nevertheless have been
incurred if the  Certificates  were limited  recourse  debt secured by the Owner
Trust  Estate.  In addition,  any  third-party  creditors  of the Trust,  or the
arrangement  between the Depositor and the Trust (other than in connection  with
the  obligations  described in the  preceding  sentence for which the  Depositor
shall  not be  liable),  shall  be  deemed  third-party  beneficiaries  of  this
paragraph.

                (b) No Certificateholder other than the Depositor to the
extent set forth in paragraph (a) of this Section 2.7, shall have any personal
liability for any liability or obligation of the Trust.

                (c) The Depositor's obligations under this Section 2.7
are obligations solely of the Depositor and shall not constitute a claim against
the Depositor to the extent that the Depositor does not have funds sufficient to
make payment of such obligations. In furtherance of and not in derogation of the
foregoing, the Owner Trustee, by entering into or accepting this agreement,
acknowledges and agrees that it shall have no right, title or interest in or to
the Other Assets of the Depositor. To the extent that, notwithstanding the
agreements and provisions contained in the preceding sentence, the Owner Trustee
either (i) asserts an interest or claim to, or benefit from, Other Assets, or
(ii) is deemed to have any such interest, claim to, or benefit in or from Other
Assets, whether by operation of law, legal process, pursuant to applicable
provisions of insolvency laws or otherwise (including by virtue of Section
1111(b) of the Bankruptcy Code or any successor provision having similar effect
under the Bankruptcy Code), then the Owner Trustee further acknowledges and
agrees that any such interest, claim or benefit in or from Other Assets is and
shall be expressly subordinated to the indefeasible payment in full, which,
under the terms of the relevant documents relating to the securitization or
conveyance of such Other Assets, are entitled to be paid from, entitled to the
benefits of, or otherwise secured by such Other Assets (whether or not any such
entitlement or security interest is legally perfected or otherwise entitled to a
priority of distributions or application under applicable law, including
insolvency laws, and whether or not asserted against the Depositor), including
the payment of post-petition interest on such other obligations and liabilities.
This subordination agreement shall be deemed a subordination agreement within
the meaning of Section 510(a) of the Bankruptcy Code. The Indenture Trustee and
Owner Trustee each further acknowledges and agrees that no adequate remedy at
law exists for a breach of this Section 2.7 and the terms of this Section 2.7
may be enforced by an action for specific performance. The provisions of this
Section 2.7 shall be for the third party benefit of those entitled to rely
thereon and shall survive the termination of this Agreement.

     SECTION 2.8 Title to Trust  Property.  Legal  title to the  entirety of the
Owner Trust Estate shall be vested at all times in the Trust as a separate legal
entity,  except where applicable law in any  jurisdiction  requires title to any
part of the Owner Trust Estate to be vested in a trustee or  trustees,  in which
case  title  shall be deemed to be vested  in the Owner  Trustee,  a  co-trustee
and/or a separate trustee, as the case may be.

     SECTION 2.9 Situs of Trust. The Trust shall be administered in the State of
Delaware.  All bank  accounts  maintained  by the Owner Trustee on behalf of the
Trust  shall be located in the State of  Delaware.  The Trust shall not have any
employees in any state other than the State of Delaware; provided, however, that
nothing  herein shall  restrict or prohibit  the Bank or the Owner  Trustee from
having  employees  within or without  the State of  Delaware.  Payments  will be
received by the Trust only in Delaware,  and payments  will be made by the Trust
only from  Delaware.  The principal  office of the Trust shall be in care of the
Owner Trustee in the State of Delaware.

     SECTION 2.10 Representations and Warranties of the Depositor. The Depositor
hereby represents and warrants to the Owner Trustee that:

                (a) The Depositor is duly organized and 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.

                (b) The Depositor is duly qualified to do business as a
foreign limited liability company in good standing, and has obtained all
necessary licenses and approvals in all jurisdictions in which the ownership or
lease of property or the conduct of its business shall require such
qualifications.

                (c) The Depositor has the power and authority to execute
and deliver this Agreement and to carry out its terms, and the Depositor has
full power and authority to sell and assign the property to be sold and assigned
to, and deposited with, the Trust, and the Depositor has duly authorized such
sale and assignment and deposit to the Trust; and the execution, delivery and
performance of this Agreement has been duly authorized by the Depositor.

                (d) This Agreement constitutes a legal, valid, and
binding obligation of the Depositor, enforceable against the Depositor in
accordance with its terms, subject, as to enforceability, to applicable
bankruptcy, insolvency, reorganization, conservatorship, receivership,
liquidation and other similar laws and to general equitable principles.

                (e) The consummation of the transactions contemplated by
this Agreement and the fulfillment of the terms hereof do not conflict with,
result in any breach of any of the terms and provisions of, or constitute (with
or without notice or lapse of time or both) a default under, the Certificate of
Formation or the Limited Liability Company Agreement, or any indenture,
agreement or other instrument to which the Depositor is a party or by which it
is 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 pursuant to the Basic Documents); nor violate any law or,
to the best of the Depositor's knowledge, any order, rule or regulation
applicable to the Depositor of any court or of any federal or state regulatory
body, administrative agency or other governmental instrumentality having
jurisdiction over the Depositor or its properties.

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

                (g) The representations and warranties of the Depositor
in Section 3.1 of the Purchase Agreement are true and correct.

     SECTION 2.11 Federal Income Tax Matters.  It is the intent of the Depositor
and Ford Credit that, for purposes of federal income, state and local income and
franchise  tax and any other  income  taxes,  the  Trust  will be  treated  as a
disregarded  entity that is 100% owned by the Depositor,  and that the Depositor
in  turn  will  be  a  disregarded  entity  that  is  100%  owned  Ford  Credit.
Accordingly,  for so long as the Depositor owns 100% of the  Certificates,  each
class of Notes is intended to be treated as  indebtedness  of Ford  Credit.  The
Depositor  and Ford Credit hereby agree and the  Noteholders  by acceptance of a
Notes will agree in the  Indenture to such  treatment and each agrees to take no
action  inconsistent  with such  treatment.  In the  event  that (i) one or more
classes  of  Notes  is  recharacterized  as  an  equity  interest,  and  not  as
indebtedness of the Depositor,  or (ii) the  Certificates  are not 100% owned by
the  Depositor,  the  parties  intend  that  the  Trust  be  characterized  as a
partnership,  in the case of (i) above,  between the  Certificateholder  and the
holders of such class or classes of Notes (the "Recharacterized Classes"), or in
the case of (ii) above, among the Certificateholders and the Depositor.  In that
event, for purposes of federal income,  state and local income and franchise tax
and any other income taxes each month:

                (a) amounts paid as interest to holders of any
Recharacterized Class or Certificate Interest shall be treated as a guaranteed
payment within the meaning of Section 707(c) of the Code;

                (b) to the extent the characterization provided for in
paragraph (a) of this Section 2.11 is not respected, gross ordinary income of
the Trust for such month as determined for federal income tax purposes shall be
allocated to the holders of each Recharacterized Class and/or Certificate as of
the Record Date occurring within such month, in an amount equal to the sum of
(i) the interest accrued to such Class or Certificates for such month, (ii) the
portion of the market discount on the Receivables accrued during such month that
is allocable to the excess, if any, of the aggregate initial Note Balance of
such Class and/or Initial Certificate Balance over the initial aggregate issue
price of the Notes of such Class or Certificates and (iii) any amount expected
to be distributed to the holders of such Class of Securities pursuant to Section
4.6 of the Sale and Servicing Agreement (to the extent not previously allocated
pursuant to this paragraph (b)) to the extent necessary to reverse any net loss
previously allocated to holders of the Notes of such Recharacterized Class or
Certificates (to the extent not previously reversed pursuant to this clause
(iii)); and

                (c) thereafter all remaining net income of the Trust
(subject to the modifications set forth below) for such month as determined for
federal income tax purposes (and each item of income, gain, credit, loss or
deduction entering into the computation thereof) shall be allocated to the
Depositor, to the extent thereof.

If the gross ordinary income of the Trust for any month is insufficient for the
allocations described in paragraph (b) above, subsequent gross ordinary income
shall first be allocated to each Recharacterized Class or the Certificates in
alphabetical order to make up such shortfall before any allocation pursuant to
paragraph (c) above. Net losses of the Trust, if any, for any month as
determined for federal income tax purposes (and each item of income, gain,
credit, loss or deduction entering into the computation thereof) shall be
allocated to the Depositor to the extent the Depositor" is reasonably expected
to bear the economic burden of such net losses, and any remaining net losses
shall be allocated first among the holders of the Certificates until the
principal amount thereof is reduced to zero and thereafter to each
Recharacterized Class (in reverse alphabetical order, in each case, until the
principal balance of such Recharacterized Class is reduced to zero) as of the
Record Date occurring within such month, and among the Certificates or each
Recharacterized Class, in proportion to their ownership of the aggregate
principal balance of the Certificates or such Recharacterized Class on such
Record Date. The Depositor is authorized to modify the allocations in this
paragraph if necessary or appropriate, in its sole discretion, for the
allocations to fairly reflect the economic income, gain or loss to the
Depositor, the Certificateholders or the holders of a Recharacterized Class or
as otherwise required by the Code.

                                   ARTICLE III

                  TRUST CERTIFICATES AND TRANSFER OF INTERESTS

     SECTION 3.1 Initial Beneficial  Ownership.  Upon the formation of the Trust
by the  contribution  by the  Depositor  pursuant  to Section  2.5 and until the
issuance of the  Certificates,  the Depositor shall be the sole beneficial owner
of the Owner Trust Estate.

     SECTION 3.2 Capital  Accounts.  This  Section 3.2 will apply only if either
(i) the  Certificates  are held by more  than  one  beneficial  owner;  (ii) the
Certificates  and the right to receive  Reserve  Account  releases  and/or other
excess  spread are held by persons  that  constitute  more than one taxpayer for
U.S. federal income tax purposes or (iii) any Recharacterized  Class, as defined
in  Section  2.11  hereof,  exists (a) The Owner  Trustee  shall  establish  and
maintain a separate  bookkeeping account (a "Capital Account") for the Depositor
and each  Certificateholder.  The initial balance of the Capital Account for (i)
each   Certificateholder   shall  be  the   amount   initially   paid  for  such
Certificateholder's  Certificates  and (ii) the Depositor  shall be (x) the fair
market value of the Receivables  minus (y) the proceeds of the sale of Notes net
of the Reserve  Initial  Deposit.  The Capital  Account of the Depositor or each
Certificateholder  shall  also be  increased  by (i) the  dollar  amount  of any
additional cash contributions  made by the Depositor or such  Certificateholder,
as the case may be, (ii) the fair market value of any property (other than cash)
contributed to the Trust by the Depositor or such Certificateholder, as the case
may be (net of any  liabilities  to which the  property is  subject),  and (iii)
allocations to the Depositor or such  Certificateholder,  as the case may be, of
income and gain  (including  income exempt from tax). The Capital Account of the
Depositor or each Certificateholder  shall be decreased by (i) the dollar amount
of any cash  distributions made to the Depositor or such  Certificateholder,  as
the case may be, (ii) the fair market  value of any  property  (other than cash)
distributed to the Depositor or such Certificateholder,  as the case may be (net
of any liabilities to which the property is subject),  (iii)  allocations to the
Depositor or such  Certificateholder,  as the case may be, of loss or deductions
(or  items  thereof),  and (iv) any  allocations  of  expenditures  of the Trust
described in Section 705(a)(2)(B) of the Code.

                (b) Notwithstanding any other provision of this Agreement
to the contrary, the foregoing provisions of this Section 3.2 regarding the
maintenance of Capital Accounts shall be construed so as to comply with the
provisions of the Treasury Regulations promulgated pursuant to Section 704 of
the Code. The Depositor is hereby authorized to modify these provisions to the
minimum extent necessary to comply with such regulations.

     SECTION 3.3 The  Certificates.  (a) The Class D  Certificates  in aggregate
principal amount of $59,989,000  shall be issued to the Depositor in one or more
registered,  definitive, physical certificates, in the form set forth in Exhibit
A in  denominations  of at least $20,000 and in integral  multiples of $1,000 in
excess thereof. No Certificate may be sold, transferred, assigned, participated,
pledged,  or otherwise  disposed of (any such act, a  "Transfer")  to any Person
except in  accordance  with the  provisions  of Section 3.5,  and any  attempted
Transfer  in  violation  of  Section  3.5  shall be null and void  (each a "Void
Transfer").  In addition,  the  Depositor  covenants and agrees that it will not
Transfer the Class D  Certificates  unless it shall have delivered an Opinion of
Counsel to the Owner Trustee that (i) such Transfer shall not cause the Trust to
be classified as an association  (or publicly traded  partnership)  taxable as a
corporation  and (ii) such  Transfer  shall not cause the Trust to be subject to
the  Michigan  Single  Business Tax or any other entity level tax imposed by the
State of Michigan.

                (b) The Certificates shall be executed on behalf of the
Trust by manual or facsimile signature of an authorized officer of the Owner
Trustee. Certificates bearing the manual or facsimile signatures of individuals
who were, at the time when such signatures shall have been affixed, authorized
to sign on behalf of the Trust, shall be validly issued and entitled to the
benefits of this Agreement, notwithstanding that such individuals or any of them
shall have ceased to be so authorized prior to the authentication and delivery
of such Certificates or did not hold such offices at the date of authentication
and delivery of such Certificates.

                (c) If Transfer of the Certificates is permitted pursuant
to Section 3.5, a transferee of a Certificate shall become a Certificateholder,
and shall be entitled to the rights and subject to the obligations of a
Certificateholder hereunder upon such transferees acceptance of a Certificate
duly registered in such transferees name pursuant to Section 3.5.

     SECTION 3.4  Authentication of Certificates.  Concurrently with the initial
sale  of the  Receivables  to the  Trust  pursuant  to the  Sale  and  Servicing
Agreement,  the  Owner  Trustee  shall  cause the  Class D  Certificates,  in an
aggregate  principal  balance equal to the Initial  Certificate  Balance of such
Class D Certificates,  to be executed on behalf of the Trust,  authenticated and
delivered to or upon the written order of the Depositor,  signed by the chairman
of the board, the president,  any executive vice president,  any vice president,
the secretary, any assistant secretary, the treasurer or any assistant treasurer
of the  Depositor,  without  further  action  by the  Depositor,  in  authorized
denominations. No Certificate shall entitle its Certificateholder to any benefit
under this  Agreement,  or shall be valid for any  purpose,  unless  there shall
appear on such Certificate a certificate of authentication  substantially in the
form set forth in Exhibit A attached  hereto  executed  by the Owner  Trustee by
manual signature;  such authentication shall constitute conclusive evidence that
such Certificate shall have been duly authenticated and delivered hereunder. All
Certificates shall be dated the date of their authentication.

     SECTION  3.5  Registration  of  Certificates;   Transfer  and  Exchange  of
Certificates.  (a) The Certificate  Registrar shall keep or cause to be kept, at
the office or agency maintained pursuant to Section 3.9, a Certificate  Register
in which, subject to such reasonable regulations as it may prescribe,  the Trust
shall  provide  for  the  registration  of  Certificates  and of  Transfers  and
exchanges  of  Certificates  as  herein  provided.  Wachovia  Bank of  Delaware,
National Association shall be the initial Certificate Registrar.  No Transfer of
a Certificate  shall be recognized  except upon registration of such Transfer in
the Certificate Register.

                (b) Each Class D Certificate shall bear a legend to the
following effect unless determined otherwise by the Administrator (as certified
to the Owner Trustee in an Officer's Certificate) and the Owner Trustee
consistent with applicable law:

                "THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR UNDER ANY STATE SECURITIES OR
BLUE SKY LAW OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING
THIS CERTIFICATE, AGREES FOR THE BENEFIT OF THE TRUST AND THE DEPOSITOR THAT
THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY
IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (I)
(A) (1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("RULE 144A") TO A PERSON
THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, WITHIN
THE MEANING OF RULE l44A (A "QIB"), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER,
RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
SUBJECT TO (A) THE RECEIPT BY THE TRUST AND THE CERTIFICATE REGISTRAR OF A
CERTIFICATE SUBSTANTIALLY IN THE FORM ATTACHED AS EXHIBIT D TO THE TRUST
AGREEMENT AND (B) THE RECEIPT BY THE TRUST AND THE CERTIFICATE REGISTRAR OF A
LETTER SUBSTANTIALLY IN THE FORM ATTACHED AS EXHIBIT B TO THE TRUST AGREEMENT,
WITH SUCH CHANGES THEREIN AS MAY BE APPROVED BY THE OWNER TRUSTEE AND DEPOSITOR,
(2) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE
SECURITIES ACT (IF AVAILABLE), SUBJECT TO THE RECEIPT BY THE TRUST, THE INITIAL
PURCHASER AND THE CERTIFICATE REGISTRAR OF AN OPINION OF COUNSEL ACCEPTABLE TO
THE OWNER TRUSTEE AND THE DEPOSITOR THAT SUCH REOFFER, RESALE, PLEDGE OR
TRANSFER IS IN COMPLIANCE WITH THE TRUST AGREEMENT AND THE SECURITIES ACT AND
OTHER APPLICABLE LAWS, (3) TO AN INSTITUTIONAL "ACCREDITED INVESTOR" WITHIN THE
MEANING THEREOF IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE
SECURITIES ACT PURSUANT TO ANY OTHER EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO (A) THE RECEIPT BY THE TRUST AND
THE CERTIFICATE REGISTRAR OF A LETTER SUBSTANTIALLY IN THE FORM ATTACHED AS
EXHIBIT C TO THE TRUST AGREEMENT OR (B) THE RECEIPT BY THE TRUST, THE INITIAL
PURCHASER AND THE CERTIFICATE REGISTRAR OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE
OWNER TRUSTEE AND THE DEPOSITOR THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS
IN COMPLIANCE WITH THE TRUST AGREEMENT AND THE SECURITIES ACT AND OTHER
APPLICABLE LAWS AND (B) IN THE CASE OF A TRANSFER PURSUANT TO CLAUSES (A)(1),
(2) OR (3), THE RECEIPT BY THE OWNER TRUSTEE AND THE DEPOSITOR OF THE STATE TAX
OPINION REQUIRED BY SECTION 3.3(a) OF THE TRUST AGREEMENT, OR (II) TO THE
DEPOSITOR OR ITS AFFILIATES, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE
SECURITIES LAWS OF THE UNITED STATES AND SECURITIES AND BLUE SKY LAWS OF THE
STATES OF THE UNITED STATES."

                As a condition to the registration of any Transfer of a
Certificate, the prospective transferee of such Certificate shall be required to
represent in writing to the Owner Trustee, the Certificate Registrar and the
Initial Purchaser the following, unless determined otherwise by the
Administrator (as certified to the Owner Trustee in an Officer's Certificate):

                  (i) It understands that no subsequent Transfer of the
         Certificates is permitted unless it causes its proposed transferee to
         provide to the Trust, the Certificate Registrar and the Initial
         Purchaser a letter substantially in the form of Exhibit B or Exhibit C
         hereof (with such changes therein as may be approved by the Depositor),
         as applicable, or such other written statement as the Depositor shall
         prescribe.

                  (ii) It is either:

                  (A) not, and each account (if any) for which it is purchasing
         the Certificates is not (1) an employee benefit plan, as defined in
         Section 3(3) of ERISA, that is subject to Title I of ERISA, (2) a plan
         described in Section 4975(e)(1) of the Code that is subject to Section
         4975 of the Code, (3) a governmental plan, as defined in Section 3(32)
         of ERISA, subject to any federal, State or local law which is, to a
         material extent, similar to the provisions of Section 406 of ERISA or
         Section 4975 of the Code, (4) an entity whose underlying assets include
         plan assets by reason of a plans investment in the entity (within the
         meaning of Department of Labor Regulation 29 C.F.R. ss. 2510.3-101 or
         otherwise under ERISA) or (5) a person investing "plan assets" of any
         such plan (including without limitation, for purposes of this clause
         (5), an insurance company general account, but excluding any entity
         registered under the Investment Company Act of 1940, as amended); or

                  (B) an insurance company acting on behalf of a general account
         and (1) on the date of purchase less than 25% (or such lower percentage
         as may be determined by the Depositor) of the assets of such general
         account (as reasonably determined by it) constitute "plan assets" for
         purposes of Title I of ERISA and Section 4975 of the Code, (2) the
         purchase and holding of such Certificates are eligible for exemptive
         relief under Sections (I) and (III) of Prohibited Transaction Class
         Exemption 95-60, and (3) the purchaser agrees that if, after the
         purchaser's initial acquisition of the Certificates, at any time during
         any calendar quarter 25% (or such lower percentage as may be determined
         by the Depositor) or more of the assets of such general account (as
         reasonably determined by it no less frequently than each calendar
         quarter) constitute "plan assets" for purposes of Title I of ERISA or
         Section 4975 of the Code and no exemption or exception from the
         prohibited transaction rules applies to the continued holding of the
         Certificates under Section 401(c) of ERISA and the final regulations
         thereunder or under an exemption or regulation issued by the United
         States Department of Labor under ERISA, it will dispose of all
         Certificates then held in its general account by the end of the next
         following calendar quarter.

                  (iii) It is a person who is (A) a citizen or resident of the
         United States, (B) a corporation or partnership organized in or under
         the laws of the United States or any political subdivision thereof, (c)
         an estate the income of which is includible in gross income for United
         States tax purposes, regardless of its source, (D) a trust if a U.S.
         court is able to exercise primary supervision over the administration
         of such trust and one or more persons described in clause (A), (B), (C)
         or (E) of this paragraph (iii) has the authority to control all
         substantial decisions of the trust or (E) a person not described in
         clauses (A) through (D) of this paragraph (iii) whose ownership of the
         Certificates is effectively connected with such persons conduct of a
         trade or business within the United States (within the meaning of the
         Code) and who provides the Trust and the Depositor with an IRS Form
         8-ECI (and such other certifications, representations, or opinions of
         counsel as may be requested by the Trust or the Depositor).

                  (iv) It understands that any purported Transfer of any
         Certificate (or any interest therein) in contravention of any of the
         restrictions and conditions contained in this Section will be a Void
         Transfer, and the purported transferee in a Void Transfer will not be
         recognized by the Trust or any other person as a Certificateholder for
         any purpose.

                (c) By acceptance of any Certificate, the
Certificateholder thereof specifically agrees with and represents to the
Depositor, the Trust and the Certificate Registrar, that no Transfer of such
Certificate shall be made unless the registration requirements of the Securities
Act and any applicable State securities laws are complied with, or such Transfer
is exempt from the registration requirements under the Securities Act because
the Transfer satisfies one of the following:

                  (i) such Transfer is in compliance with Rule 144A under the
         Securities Act ("Rule 144A"), to a transferee who the transferor
         reasonably believes is a Qualified Institutional Buyer that is
         purchasing for its own account or for the account of a Qualified
         Institutional Buyer and to whom notice is given that such Transfer is
         being made in reliance upon Rule 144A under the Securities Act and (x)
         the transferor executes and delivers to the Trust and the Certificate
         Registrar, a Rule 144A transferor certificate substantially in the form
         attached as Exhibit D and (y) the transferee executes and delivers to
         the Trust and the Certificate Registrar an investment letter
         substantially in the form attached as Exhibit B;

                  (ii) after the appropriate holding period, such Transfer is
         pursuant to an exemption from registration under the Securities Act
         provided by Rule 144 under the Securities Act and the transferee, if
         requested by the Trust, the Certificate Registrar or the Initial
         Purchaser, delivers an Opinion of Counsel in form and substance
         satisfactory to the Trust and the Initial Purchaser; or

                  (iii) such Transfer is to an institutional accredited investor
         as defined in rule 501(a)(1), (2), (3) or (7) of Regulation D
         promulgated under the Securities Act in a transaction exempt from the
         registration requirements of the Securities Act, such Transfer is in
         accordance with any applicable securities laws of any State of the
         United States or any other jurisdiction, and such investor executes and
         delivers to the Trust and the Certificate Registrar an investment
         letter substantially in the form attached as Exhibit C.

                (d) The Depositor shall make available to the prospective
transferor and transferee of a Certificate information requested to satisfy the
requirements of paragraph (d) (4) of Rule 144A (the "Rule 144A Information").
The Rule 144A Information shall include any or all of the following items
requested by the prospective transferee:

                  (i) the private placement memorandum, if any, relating to the
         Certificates, and any amendments or supplements thereto;

                  (ii) each statement delivered to Certificateholders pursuant
         to Section 5.2(b) on each Payment Date preceding such request; and

                  (iii) such other information as is reasonably available to the
         Owner Trustee in order to comply with requests for information pursuant
         to Rule 144A under the Securities Act.

                None of the Depositor, the Certificate Registrar or the Owner
Trustee is under an obligation to  register any Certificate under the Securities
Act or any other securities law.

                (e) Upon surrender for registration of Transfer of any
Certificate at the office or agency maintained pursuant to Section 3.9 and upon
compliance with any provisions of this Agreement relating to such Transfer, the
Owner Trustee shall execute, authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Certificates in authorized
denominations of a like Class and aggregate amount dated the date of
authentication by the Owner Trustee or any authenticating agent. At the option
of a Certificateholder, Certificates may be exchanged for other Certificates of
authorized denominations of a like Class and aggregate amount upon surrender of
the Certificates to be exchanged at the office or agency maintained pursuant to
Section 3.9.

                Every Certificate presented or surrendered for registration of
Transfer or exchange shall be accompanied by a written instrument of transfer in
form satisfactory to the Owner Trustee and the Certificate Registrar, duly
executed by the Certificateholder or his attorney in writing, with such
signature guaranteed by a member firm of the New York Stock Exchange or a
commercial bank or trust company. Each Certificate surrendered for registration
of Transfer or exchange shall be cancelled and subsequently disposed of by the
Certificate Registrar in accordance with its customary practice.

                No service charge shall be made for any registration of
Transfer or exchange of Certificates, but the Owner Trustee or the Certificate
Registrar may require payment of a sum sufficient to cover any tax or
governmental charge that may be imposed in connection with any Transfer or
exchange of Certificates.

                The preceding provisions of this Section 3.5 notwithstanding,
the Owner Trustee shall not make and the Certificate Registrar need not register
any Transfer or exchange of Certificates for a period of fifteen (15) days
preceding any Payment Date for any payment with respect to the Certificates.

     SECTION 3.6 Mutilated,  Destroyed, Lost or Stolen Certificates.  If (a) any
mutilated Certificate shall be surrendered to the Certificate  Registrar,  or if
the  Certificate  Registrar  shall receive  evidence to its  satisfaction of the
destruction,  loss or theft of any  Certificate and (b) there shall be delivered
to the Certificate Registrar and the Owner Trustee such security or indemnity as
may be required by them to save each of them  harmless,  then, in the absence of
notice that such Certificate shall have been acquired by a protected  purchaser,
the Owner  Trustee on behalf of the Trust shall  execute  and the Owner  Trustee
shall  authenticate  and  deliver,  in  exchange  for,  or in lieu of,  any such
mutilated,  destroyed,  lost or stolen  Certificate  a new  Certificate  of like
Class,  tenor and  denomination.  In  connection  with the  issuance  of any new
Certificate  under  this  Section  3.6,  the Owner  Trustee  or the  Certificate
Registrar may require the payment of a sum  sufficient to cover any tax or other
governmental charge that may be imposed in connection  therewith.  Any duplicate
Certificate  issued  pursuant to this  Section 3.6 shall  constitute  conclusive
evidence of ownership in the Trust, as if originally issued,  whether or not the
lost, stolen or destroyed Certificate shall be found at any time.

     SECTION  3.7  Persons   Deemed  Owners  of   Certificates.   Prior  to  due
presentation of a Certificate for  registration of Transfer,  the Owner Trustee,
the Certificate  Registrar and any Certificate Paying Agent may treat the Person
in whose name any Certificate shall be registered in the Certificate Register as
the  owner  of such  Certificate  for the  purpose  of  receiving  distributions
pursuant to Section 5.2 and for all other purposes  whatsoever,  and none of the
Owner Trustee,  the Certificate  Registrar or any Certificate Paying Agent shall
be bound by any notice to the contrary.

     SECTION 3.8 Access to List of Certificateholders'  Names and Addresses. The
Owner  Trustee  shall  furnish or cause to be  furnished to the Servicer and the
Depositor,  or to the Indenture Trustee,  within fifteen (15) days after receipt
by the Owner  Trustee of a written  request  therefor  from the  Servicer or the
Depositor, or the Indenture Trustee, as the case may be, a list, in such form as
the requesting party may reasonably  require,  of the names and addresses of the
Certificateholders   as  of  the  most  recent   Record  Date.   Three  or  more
Certificateholders or one or more  Certificateholders of Certificates evidencing
not less than 25% of the Aggregate  Certificate  Balance may apply in writing to
the  Owner  Trustee  for a list of the  other  Certificateholders  in  order  to
communicate  with other  Certificateholders  with  respect to their rights under
this  Agreement  or  under  the  Certificates.  Any  such  application  must  be
accompanied  by a copy of the  communication  that such  applicants  propose  to
transmit.  The Owner  Trustee  shall,  within five (5)  Business  Days after the
receipt  of such  application,  afford  such  applicants  access  during  normal
business   hours   to   the   current   list   of    Certificateholders.    Each
Certificateholder,  by receiving and holding a  Certificate,  shall be deemed to
have agreed not to hold any of the Depositor,  the Certificate  Registrar or the
Owner Trustee  accountable  by reason of the disclosure of its name and address,
regardless of the source from which such information was derived.

     SECTION  3.9  Maintenance  of Office or  Agency.  The Owner  Trustee  shall
maintain an office or offices or agency or agencies  where  Certificates  may be
surrendered  for  registration  of Transfer or  exchange  and where  notices and
demands to or upon the Owner  Trustee in  respect  of the  Certificates  and the
Basic  Documents  may be served.  The Owner  Trustee  initially  designates  its
Corporate  Trust Office for such  purposes.  The Owner Trustee shall give prompt
written notice to the Depositor and to the  Certificateholders  of any change in
the location of the Certificate Registrar or any such office or agency.

     SECTION 3.10  Appointment  of  Certificate  Paying Agent.  The  Certificate
Paying  Agent  shall  make   distributions  to   Certificateholders   from  each
Certificate  Distribution  Account  pursuant to Section 5.2 and shall report the
amounts of such distributions to the Owner Trustee. Any Certificate Paying Agent
shall  have  the  revocable  power  to  withdraw  funds  from  each  Certificate
Distribution  Account  for the purpose of making the  distributions  referred to
above. The Owner Trustee may revoke such power and remove the Certificate Paying
Agent  if  the  Owner  Trustee  determines  in  its  sole  discretion  that  the
Certificate Paying Agent shall have failed to perform its obligations under this
Agreement in any material respect.  The Certificate Paying Agent shall initially
be the Owner Trustee,  and any co-paying agent chosen by the Owner Trustee.  The
Owner  Trustee  shall be  permitted to resign as  Certificate  Paying Agent upon
thirty (30) days written notice to the Owner Trustee. In the event that the Bank
shall no longer be the Certificate Paying Agent, the Owner Trustee shall appoint
a successor to act as  Certificate  Paying Agent (which shall be a bank or trust
company).  The Owner Trustee shall cause such successor Certificate Paying Agent
or any  additional  Certificate  Paying Agent  appointed by the Owner Trustee to
execute and deliver to the Owner Trustee an  instrument in which such  successor
Certificate Paying Agent or additional Certificate Paying Agent shall agree with
the Owner Trustee that as Certificate  Paying Agent, such successor  Certificate
Paying Agent or additional  Certificate Paying Agent will hold all sums, if any,
held by it for payment to the Certificateholders in trust for the benefit of the
Certificateholders  entitled  thereto  until  such  sums  shall  be paid to such
Certificateholders.  The  Certificate  Paying Agent shall  return all  unclaimed
funds to the Owner Trustee and upon removal of a  Certificate  Paying Agent such
Certificate  Paying Agent shall also return all funds in its  possession  to the
Owner  Trustee.  The provisions of Sections 7.1, 7.3, 7.4 and 8.1 shall apply to
the Owner Trustee also in its role as Certificate  Paying Agent,  for so long as
the Owner  Trustee  shall act as  Certificate  Paying  Agent and,  to the extent
applicable, to any other paying agent appointed hereunder. Any reference in this
Agreement to the  Certificate  Paying Agent shall  include any  co-paying  agent
unless the context requires otherwise.

     SECTION 3.11 Certain Rights of Depositor.  The Depositor  shall be entitled
to any amounts not needed on any Payment  Date to make  payments on the Notes or
the  Certificates or to make deposits to the Reserve Account pursuant to Section
4.6 of the Sale and Servicing Agreement, and to receive amounts remaining in the
Reserve Account following the payment in full of the aggregate  principal amount
of the Notes and the  Aggregate  Certificate  Balance  and of all other  amounts
owing or to be  distributed  hereunder  or under the  Indenture  or the Sale and
Servicing Agreement to Noteholders and Certificateholders and the termination of
the Trust. The Depositor shall not Transfer any such rights unless it shall have
delivered  an Opinion of Counsel  to the Owner  Trustee  that (i) such  Transfer
shall not cause the Trust to be classified as an association (or publicly traded
partnership) taxable as a corporation and (ii) such Transfer shall not cause the
Trust to be subject to the  Michigan  Single  Business  Tax or any other  entity
level tax imposed by the State of Michigan.

                                   ARTICLE IV

                            ACTIONS BY OWNER TRUSTEE

     SECTION  4.1 Prior  Notice to  Certificateholders  with  Respect to Certain
Matters.  It is the intention of the Depositor and the  Certificateholders  that
the powers and duties of the Owner Trustee are ministerial and  non-ministerial;
provided,  however, that any non-ministerial action (including the taking of any
legal  action) may only be taken by the Owner  Trustee in  accordance  with this
Section 4.1. With respect to the following matters,  the Owner Trustee shall not
take  action  unless,  (I) at least  thirty  (30) days before the taking of such
action,  the Owner Trustee shall have  notified the  Certificateholders  and the
Rating  Agencies in writing of the proposed  action and (II)  Certificateholders
holding not less than a majority of the Aggregate  Certificate Balance shall not
have  notified  the Owner  Trustee in  writing  prior to the 30th day after such
notice is given that such  Certificateholders  have withheld consent or provided
alternative direction:

                (a) the initiation of any material claim or lawsuit by
the Trust (except claims or lawsuits brought by the Servicer in connection with
the collection of the Receivables) and the settlement of any material action,
claim or lawsuit brought by or against the Trust (except with respect to the
aforementioned claims or lawsuits for collection by the Servicer of the
Receivables);

                (b) the election by the Trust to file an amendment to the
Certificate of Trust (unless such amendment is required to be filed under the
Delaware Statutory Trust Act);

                (c) the amendment of the Indenture by a supplemental
indenture in circumstances where the consent of any Noteholder or Swap
Counterparty is required;

                (d) the amendment of the Indenture by a supplemental
indenture in circumstances where the consent of any Noteholder or Swap
Counterparty is not required and such amendment materially adversely affects the
interests of any of the Certificateholders;

                (e) the amendment, change or modification of the Sale and
Servicing Agreement or the Administration Agreement, except to cure any
ambiguity or to amend or supplement any provision in a manner or to add any
provision that would not materially adversely affect the interests of the
Certificateholders; or

                (f) the appointment pursuant to the Indenture of a
successor Note Registrar, Note Paying Agent or Indenture Trustee, or pursuant to
this Agreement of a successor Certificate Registrar, or the consent to the
assignment by the Note Registrar, Note Paying Agent or Indenture Trustee or
Certificate Registrar of its obligations under the Indenture or this Agreement,
as applicable.

     SECTION 4.2 Action by  Certificateholders  with Respect to Certain Matters.
The Owner Trustee may not,  except upon the  occurrence of an Event of Servicing
Termination  subsequent  to the  payment in full of the Notes and in  accordance
with the written direction of a majority of the Controlling  Certificate  Class,
(a) remove the  Servicer  under the Sale and  Servicing  Agreement  pursuant  to
Article  VIII  thereof or (b) appoint a successor  Servicer  pursuant to Article
VIII of the Sale and Servicing Agreement. The Owner Trustee may not, except upon
the  occurrence  of an event  specified  in Section  9(c) of the  Administration
Agreement  subsequent to the payment in full of the Notes and in accordance with
the written  direction of a majority of the  Controlling  Certificate  Class (a)
remove the Administrator under the Administration  Agreement pursuant to Section
9 thereof or (b) appoint a successor  Administrator pursuant to Section 9 of the
Administration Agreement.

     SECTION 4.3 Action by  Certificateholders  with Respect to Bankruptcy.  The
Owner  Trustee  shall not have the power to commence a voluntary  proceeding  in
bankruptcy  relating  to the Trust  unless  the Notes have been paid in full and
each Certificateholder  (other than the Depositor) approves of such commencement
in advance and delivers to the Owner Trustee a certificate  certifying that such
Certificateholder reasonably believes that the Trust is insolvent.

     SECTION   4.4    Restrictions    on    Certificateholders'    Power.    The
Certificateholders  shall not direct the Owner  Trustee to take or refrain  from
taking any action if such action or inaction would be contrary to any obligation
of the Trust or the Owner Trustee under this Agreement or any of the other Basic
Documents or would be contrary to Section  2.3,  nor shall the Owner  Trustee be
obligated to follow any such direction, if given.

     SECTION 4.5 Majority  Control.  Except as expressly  provided  herein,  any
action that may be taken by the  Certificateholders  under this Agreement may be
taken by the  Certificateholders  of  Certificates  evidencing  not less  than a
majority of the  Aggregate  Certificate  Balance.  Except as expressly  provided
herein, any written notice of the Certificateholders  delivered pursuant to this
Agreement  shall be effective if signed by  Certificateholders  of  Certificates
evidencing not less than a majority of the Aggregate  Certificate Balance at the
time of the delivery of such notice.

                                    ARTICLE V

                   APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

     SECTION 5.1 Establishment of Certificate Distribution Account.  Pursuant to
Section 4.1(c) of the Sale and Servicing  Agreement,  there has been established
and there shall be maintained two segregated trust accounts, each in the name of
"Wachovia  Bank of  Delaware,  National  Association,  as  Owner  Trustee"  at a
Qualified  Institution or Qualified Trust Institution  (which shall initially be
the corporate  trust  department of the Bank),  which shall be designated as the
"Certificate  Interest  Distribution  Account"  and the  "Certificate  Principal
Distribution   Account,"   respectively   (each  of  the  Certificate   Interest
Distribution  Account and the  Certificate  Principal  Distribution  Account,  a
"Certificate  Distribution  Account").  Except as expressly  provided in Section
3.10, each Certificate Distribution Account shall be under the sole dominion and
control of the Owner  Trustee.  All monies  deposited  from time to time in each
Certificate  Distribution  Account pursuant to the Sale and Servicing  Agreement
shall be applied as  provided in the Basic  Documents.  In the event that either
Certificate  Distribution Account is no longer to be maintained at the corporate
trust  department  of the Bank,  the Servicer  shall,  with the Owner  Trustee's
assistance as necessary, cause such Certificate Distribution Account to be moved
to a Qualified  institution  or a Qualified  Trust  Institution  within ten (10)
Business  Days (or such longer period not to exceed thirty (30) calendar days as
to which each Rating Agency may consent). Each Certificate  Distribution Account
will be  established  and  maintained  pursuant  to an account  agreement  which
specifies New York law as the governing law.

     SECTION 5.2 Application of Trust Funds. (a) On each Payment Date, the Owner
Trustee shall, based on the information contained in the Servicer's  Certificate
delivered on the relevant Determination Date pursuant to Section 3.9 of the Sale
and Servicing Agreement:

                  (i) withdraw the amounts deposited into the Certificate
         Interest Distribution Account pursuant to Section 4.6(c) of the Sale
         and Servicing Agreement on or prior to such Payment Date and make or
         cause to be made distributions and payments in the following order of
         priority:

                           (1) first, to the Certificateholders of Class D
                  Certificates, an amount equal to the Accrued Class D
                  Certificate Interest; provided that if there are not
                  sufficient funds available to pay the entire amount of the
                  Accrued Class D Certificate Interest, the amounts available
                  shall be applied to the payment of such interest on the Class
                  D Certificates on a pro rata basis; and

                           (2) second, to the Depositor, any funds remaining on
                  deposit in the Certificate Interest Distribution Account.

                  (ii) withdraw the amounts deposited into the Certificate
         Principal Distribution Account pursuant to Section 4.6(c) and (d) of
         the Sale and Servicing Agreement on or prior to such Payment Date and
         make or cause to be made distributions and payments in the following
         order of priority:

                           (1) first, to the Certificateholders of the Class D
                  Certificates in reduction of the Certificate Balance of the
                  Class D Certificates, until the Certificate Balance of the
                  Class D Certificates has been reduced to zero; provided that
                  if there are not sufficient funds available to reduce the
                  Certificate Balance of the Class D Certificates to zero, the
                  amounts available shall be applied to the reduction of the
                  Certificate Balance of the Class D Certificates on pro rata
                  basis; and

                           (2) second, to the Depositor, any funds remaining on
                  deposit in the Certificate Principal Distribution Account.

                (b) On each Payment Date, the Owner Trustee shall, or
shall cause the Certificate Paying Agent to, send to each Certificateholder as
of the related Record Date the statement provided to the Owner Trustee by the
Servicer pursuant to Section 4.9 of the Sale and Servicing Agreement with
respect to such Payment Date.

                (c) In the event that any withholding tax is imposed on
the Trust's payment (or allocations of income) to a Certificateholder, such tax
shall reduce the amount otherwise distributable to such Certificateholder in
accordance with this Section 5.2. The Owner Trustee and each Certificate Paying
Agent is hereby authorized and directed to retain from amounts otherwise
distributable to the Certificateholders sufficient funds for the payment of any
such withholding tax that is legally owed by the Trust (but such authorization
shall not prevent the Owner Trustee from contesting any such tax in appropriate
proceedings, and withholding payment of such tax, if permitted by law, pending
the outcome of such proceedings). The amount of any withholding tax imposed with
respect to a Certificateholder shall be treated as cash distributed to such
Certificateholder at the time it is withheld by the Trust and remitted to the
appropriate taxing authority. If there is a possibility that withholding tax is
payable with respect to a distribution (such as a distribution to a non-U.S.
Certificateholder), the Owner Trustee may, in its sole discretion, withhold such
amounts in accordance with this paragraph (c). In the event that a
Certificateholder wishes to apply for a refund of any such withholding tax, the
Owner Trustee shall reasonably cooperate with such Certificateholder in making
such claim so long as such Certificateholder agrees to reimburse the Owner
Trustee for any out-of-pocket expenses incurred.

     SECTION 5.3 Method of  Payment.  Subject to Section  9.1(c),  distributions
required to be made to  Certificateholders  on any Payment Date shall be made to
each  Certificateholder  of record on the  preceding  Record Date either by wire
transfer,   in   immediately   available   funds,   to  the   account   of  such
Certificateholder  at a bank  or  other  entity  having  appropriate  facilities
therefor, if (i) such  Certificateholder  shall have provided to the Certificate
Registrar appropriate written instructions at least five (5) Business Days prior
to such Payment Date and such Certificateholder's  Certificates in the aggregate
evidence   a   denomination   of  not  less  than   $1,000,000,   or  (ii)  such
Certificateholder  is the  Depositor  or,  if  not,  by  check  mailed  to  such
Certificateholder  at the  address of such  Certificateholder  appearing  in the
Certificate Register.  Notwithstanding the foregoing,  the final distribution in
respect of any Certificate  (whether on the applicable  Final Scheduled  Payment
Date or otherwise) will be payable only upon  presentation and surrender of such
Certificate  at the office or agency  maintained  for that  purpose by the Owner
Trustee pursuant to Section 3.9.

     SECTION 5.4 No Segregation of Monies; No Interest.  Subject to Sections 5.1
and 5.2, monies  received by the Owner Trustee  hereunder need not be segregated
in any manner  except to the extent  required by law, the  Indenture or the Sale
and Servicing  Agreement,  and may be deposited under such general conditions as
may be  prescribed  by law,  and the Owner  Trustee  shall not be liable for any
interest thereon.

     SECTION  5.5  Accounting  and Reports to  Noteholders,  Certificateholders,
Internal Revenue Service and Others.  If at any time the Trust is not treated as
a disregarded  entity for U.S.  federal  income tax purposes,  the Owner Trustee
shall,  based on  information  provided  by or on behalf of the  Depositor,  (a)
maintain (or cause to be  maintained)  the books of the Trust on a calendar year
basis  on the  accrual  method  of  accounting,  (b)  deliver  (or  cause  to be
delivered)  to  each  Certificateholder,  as may be  required  by the  Code  and
applicable Treasury Regulations,  such information as may be required (including
Schedule K-1) to enable each  Certificateholder  or holder of a  Recharacterized
Class to prepare its federal and State income tax returns, (c) file (or cause to
be filed)  such tax  returns  relating  to the Trust  (including  a  partnership
information  return, IRS Form 1065), and make such elections as may from time to
time be required or appropriate under any applicable State or federal statute or
rule or regulation thereunder so as to maintain the Trust's  characterization as
a partnership for federal income tax purposes,  (d) cause such tax returns to be
signed in the manner  required by law and (e) collect (or cause to be collected)
any  withholding  tax as described in and in accordance with Section 5.2(c) with
respect to income or distributions to Certificateholders.  At such time, if any,
as the Trust is not classified as a disregarded  entity, the Owner Trustee shall
elect under  Section 1278 of the Code to include in income  currently any market
discount that accrues with respect to the  Receivables.  The Owner Trustee shall
not make the election provided under Section 754 of the Code.

     SECTION 5.6 Signature on Returns;  Tax Matters Partner.  (a) If at any time
the Trust does not qualify as a disregarded  entity for U.S.  federal income tax
purposes, the legal entity that holds, or is deemed to hold under applicable law
and  regulations,  the right to receive releases from the Reserve Account and/or
spread shall prepare (or cause to be prepared) and sign, on behalf of the Trust,
the tax returns of the Trust.

                (b) The entity that is required to prepare the tax
returns of the Trust pursuant to section 5.6(a) shall be designated the "tax
matters partner" of the Trust pursuant to Section 6231(a)(7)(A) of the Code and
applicable Treasury Regulations.

                                   ARTICLE VI

                     AUTHORITY AND DUTIES OF OWNER TRUSTEE

         SECTION 6.1 General Authority. The Owner Trustee is authorized
and directed to execute and deliver on behalf of the Trust the Basic Documents
to which the Trust is to be a party and each certificate or other document
attached as an exhibit to or contemplated by the Basic Documents to which the
Trust is to be a party and any amendment or other agreement, in each case, in
such form as the Depositor shall approve, as evidenced conclusively by the Owner
Trustee's execution thereof and the Depositor's execution of this Agreement, and
to direct the Indenture Trustee to authenticate and deliver (i) Class A-1 Notes
in the aggregate principal amount of $577,000,000, (ii) Class A-2a Notes in the
aggregate principal amount of $640,000,000, (iii) Class A-2b Notes in the
aggregate principal amount of $640,000,000, (iv) Class A-3a Notes in the
aggregate principal amount of $285,000,000, (v) Class A-3b Notes in the
aggregate principal amount of $285,000,000, (vi) Class A-4a Notes in the
aggregate principal amount of $211,452,000, (vii) Class A-4b Notes in the
aggregate principal amount of $211,000,000, (viii) Class B-1 Notes in the
aggregate principal amount of $52,733,000 , (ix) Class B-2 Notes in the
aggregate principal amount of $37,250,000 and (x) Class C Notes in the aggregate
principal amount of $59,989,000. In addition to the foregoing, the Owner Trustee
is authorized to take all actions required of the Trust pursuant to the Basic
Documents. The Owner Trustee is further authorized from time to time to take
such action on behalf of the Trust as is permitted by the Basic Documents and
which the Servicer or the Administrator directs with respect to the Basic
Documents, except to the extent that this Agreement expressly requires the
consent of Certificateholders for such action..

     SECTION 6.2 General Duties.  Subject to Section 4.1 hereof, it shall be the
duty of the Owner  Trustee to discharge (or cause to be  discharged)  all of its
responsibilities  pursuant  to the terms of this  Agreement  and the other Basic
Documents  to which  the  Trust is a party  and to  administer  the Trust in the
interest of the Certificateholders,  subject to the lien of the Indenture and in
accordance with the provisions of this Agreement and the other Basic  Documents.
Notwithstanding  anything  else to the  contrary  in this  Agreement,  the Owner
Trustee  shall be deemed to have  discharged  its  duties  and  responsibilities
hereunder  and under the Basic  Documents  to the  extent the  Administrator  is
required in the Administration Agreement to perform any act or to discharge such
duty of the Owner  Trustee  or the  Trust  hereunder  or under  any other  Basic
Document,  and the Owner  Trustee  shall not be held  liable for the  default or
failure  of  the   Administrator   to  carry  out  its  obligations   under  the
Administration  Agreement.  Except as expressly provided in the Basic Documents,
the Owner Trustee shall have no obligation to administer, service or collect the
Receivables or to maintain,  monitor or otherwise  supervise the administration,
servicing or collection of the Receivables.

     SECTION  6.3 Action  upon  Instruction.  (a)  Subject to Article IV, and in
accordance with the terms of the Basic Documents, the Certificateholders may, by
written instruction, direct the Owner Trustee in the management of the Trust.

                (b) The Owner Trustee shall not be required to take any
action hereunder or under any Basic Document if the Owner Trustee shall have
reasonably determined, or shall have been advised by counsel, that such action
is likely to result in liability on the part of the Owner Trustee or is contrary
to the terms hereof or of any other Basic Document or is otherwise contrary to
law.

                (c) Whenever the Owner Trustee is unable to decide
between alternative courses of action permitted or required by the terms of this
Agreement or any other Basic Document, the Owner Trustee shall promptly give
notice (in such form as shall be appropriate under the circumstances) to the
Certificateholders requesting instruction as to the course of action to be
adopted, and to the extent the Owner Trustee acts in good faith in accordance
with any written instruction of the Certificateholders received, the Owner
Trustee shall not be liable on account of such action to any Person. If the
Owner Trustee shall not have received appropriate instruction within ten (10)
days of such notice (or within such shorter period of time as reasonably may be
specified in such notice or may be necessary under the circumstances) it may,
but shall be under no duty to, take or refrain from taking such action, not
inconsistent with this Agreement or the other Basic Documents, as it shall deem
to be in the best interests of the Certificateholders, and shall have no
liability to any Person for such action or inaction.

                (d) In the event the Owner Trustee is unsure as to the
application of any provision of this Agreement or any other Basic Document or
any such provision is ambiguous as to its application, or is, or appears to be,
in conflict with any other applicable provision, or in the event that this
Agreement permits any determination by the Owner Trustee or is silent or is
incomplete as to the course of action that the Owner Trustee is required to take
with respect to a particular set of facts, the Owner Trustee may give notice (in
such form as shall be appropriate under the circumstances) to the
Certificateholders requesting instruction and, to the extent that the Owner
Trustee acts or refrains from acting in good faith in accordance with any such
instruction received, the Owner Trustee shall not be liable, on account of such
action or inaction, to any Person. If the Owner Trustee shall not have received
appropriate instruction within ten (10) days of such notice (or within such
shorter period of time as reasonably may be specified in such notice or may be
necessary under the circumstances) it may, but shall be under no duty to, take
or refrain from taking such action not inconsistent with this Agreement or the
other Basic Documents, as it shall deem to be in the best interests of the
Certificateholders, and shall have no liability to any Person for such action or
inaction.

     SECTION  6.4  No  Duties  Except  as  Specified  in  this  Agreement  or in
Instructions. The Owner Trustee shall not have any duty or obligation to manage,
make any  payment  with  respect  to,  register,  record,  sell,  dispose of, or
otherwise deal with the Owner Trust Estate, or to otherwise take or refrain from
taking any action under, or in connection with, any document contemplated hereby
to which the Owner Trustee or the Trust is a party, except as expressly provided
by the  terms  of this  Agreement  or in any  document  or  written  instruction
received by the Owner Trustee  pursuant to Section 6.3; and no implied duties or
obligations  shall be read  into this  Agreement  or any  other  Basic  Document
against the Owner Trustee.  The Owner Trustee shall have no  responsibility  for
filing any financing or continuation  statement in any public office at any time
or to otherwise  perfect or maintain the perfection of any security  interest or
lien granted to it hereunder or to prepare or file any Commission filing for the
Trust or to record this Agreement or any other Basic Document. The Owner Trustee
nevertheless agrees that it will, at its own cost and expense, promptly take all
action as may be  necessary  to  discharge  any lien (other than the lien of the
Indenture)  on any part of the Owner Trust  Estate that results from actions by,
or claims  against,  the Owner  Trustee that are not related to the ownership or
the administration of the Owner Trust Estate.

     SECTION 6.5 No Action Except Under Specified Documents or Instructions. The
Owner Trustee shall not manage, control, use, sell, dispose of or otherwise deal
with any part of the Owner Trust Estate except (i) in accordance with the powers
granted to and the authority  conferred upon the Owner Trustee  pursuant to this
Agreement,  (ii) in accordance with the other Basic Documents to which the Trust
or the Owner  Trust is a party  and (iii) in  accordance  with any  document  or
instruction  delivered to the Owner Trustee pursuant to Section 6.3. Neither the
Depositor nor the Certificateholders shall direct the Trustee to take any action
that would violate the provisions of this Section 6.5.

     SECTION 6.6  Restrictions.  The Owner Trustee shall not take any action (a)
that is inconsistent  with the purposes of the Trust set forth in Section 2.3 or
(b) that,  to the actual  knowledge of the Owner  Trustee,  would (i) affect the
treatment of the Notes as  indebtedness  for federal  income or  Applicable  Tax
State  income  or  franchise  tax  purposes,  (ii) be  deemed to cause a taxable
exchange  of the Notes for  federal  income or  Applicable  Tax State  income or
franchise  tax  purposes or (iii)  cause the Trust or any portion  thereof to be
taxable  as  an  association  (or  publicly  traded  partnership)  taxable  as a
corporation  for federal  income or Applicable Tax State income or franchise tax
purposes.  The  Certificateholders  shall not direct  the Owner  Trustee to take
action that would violate the provisions of this Section 6.6.

                                   ARTICLE VII

                           REGARDING THE OWNER TRUSTEE

     SECTION 7.1 Acceptance of Trusts and Duties.  The Owner Trustee accepts the
trusts hereby created and agrees to perform its duties hereunder with respect to
such trusts but only upon the terms of this  Agreement.  The Owner  Trustee also
agrees to disburse all monies actually  received by it constituting  part of the
Owner  Trust  Estate  upon  the  terms of this  Agreement  and the  other  Basic
Documents to which the Owner Trustee is a party.  The Owner Trustee shall not be
answerable or accountable  hereunder or under any other Basic Document under any
circumstances,  except  (i)  for  its  own  willful  misconduct,  bad  faith  or
negligence  or  (ii) in the  case of the  inaccuracy  of any  representation  or
warranty  contained in Section 7.3. In particular,  but not by way of limitation
(and subject to the exceptions set forth in the preceding sentence):

                (a) the Owner Trustee shall not be liable with respect to
any action taken or omitted to be taken by it in accordance with the
instructions of any Certificateholder, the Indenture Trustee, the Depositor, the
Administrator or the Servicer;

                (b) no provision of this Agreement or any other Basic
Document shall require the Owner Trustee to expend or risk funds or otherwise
incur any financial liability in the performance of any of its rights or powers
hereunder or under any other Basic Document if the Owner Trustee shall have
reasonable grounds for believing that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured or provided
to it;

                (c) under no circumstances shall the Owner Trustee be
liable for indebtedness evidenced by or arising under any of the Basic
Documents, including the principal of and interest on the Notes or amounts
distributable on the Certificates;

                (d) the Owner Trustee shall not be responsible for or in
respect of the validity or sufficiency of this Agreement or for the due
execution hereof by the Depositor or for the form, character, genuineness,
sufficiency, value or validity of any of the Owner Trust Estate or for or in
respect of the validity or sufficiency of the other Basic Documents, other than
the certificate of authentication on the Certificates, and the Owner Trustee
shall in no event assume or incur any liability, duty, or obligation to any
Noteholder or to any Certificateholder, other than as expressly provided for
herein and in the other Basic Documents;

                (e) the Owner Trustee shall not be liable for the default
or misconduct of the Servicer, the Administrator, the Depositor or the Indenture
Trustee under any of the Basic Documents or otherwise and the Owner Trustee
shall have no obligation or liability to perform the obligations of the Trust
under this Agreement or the other Basic Documents that are required to be
performed by the Administrator under the Administration Agreement, the Servicer
under the Sale and Servicing Agreement or the Indenture Trustee under the
Indenture; and

                (f) the Owner Trustee shall be under no obligation to
exercise any of the rights or powers vested in it by this Agreement, or to
institute, conduct or defend any litigation under this Agreement or otherwise or
in relation to this Agreement or any other Basic Document, at the request, order
or direction of any of the Certificateholders, unless such Certificateholders
have offered to the Owner Trustee security or indemnity satisfactory to it
against the costs, expenses and liabilities that may be incurred by the Owner
Trustee therein or thereby. The right of the Owner Trustee to perform any
discretionary act enumerated in this Agreement or in any other Basic Document
shall not be construed as a duty, and the Owner Trustee shall not be answerable
for other than its willful misconduct, bad faith or negligence in the
performance of any such act.

     SECTION 7.2 Furnishing of Documents. The Owner Trustee shall furnish to the
Certificateholders,  promptly  upon  receipt  of  a  written  request  therefor,
duplicates or copies of all reports, notices, requests,  demands,  certificates,
financial  statements and any other  instruments  furnished to the Owner Trustee
under the Basic Documents.

     SECTION  7.3  Representations  and  Warranties.  The Owner  Trustee  hereby
represents   and   warrants   to  the   Depositor,   for  the   benefit  of  the
Certificateholders, that:

                  (a) It is a national banking association duly formed
         and validly existing under the laws of the United States, with its
         principal place of business in the State of Delaware. It has all
         requisite corporate power and authority to execute, deliver and perform
         its obligations under this Agreement.

                  (b) It has taken all corporate action necessary to authorize
         the execution and delivery by it of this Agreement, and this Agreement
         will be executed and delivered by one of its officers who is duly
         authorized to execute and deliver this Agreement on its behalf.

                  (c) Neither the execution nor the delivery by it of this
         Agreement, nor the consummation by it of the transactions contemplated
         hereby nor compliance by it with any of the terms or provisions hereof
         will contravene any federal or Delaware State law, governmental rule or
         regulation governing the banking or trust powers of the Owner Trustee
         or any judgment or order binding on it, or constitute any default under
         its charter documents or by-laws or any indenture, mortgage, contract,
         agreement or instrument to which it is a party or by which any of its
         properties may be bound.

     SECTION 7.4  Reliance;  Advice of Counsel.  (a) The Owner  Trustee may rely
upon, shall be protected in relying upon, and shall incur no liability to anyone
in acting upon any signature,  instrument, notice, resolution, request, consent,
order,  certificate,  report, opinion, bond, or other document or paper believed
by it to be  genuine  and  believed  by it to be signed by the  proper  party or
parties.  The Owner  Trustee may accept a certified  copy of a resolution of the
board of directors or other  governing body of any corporate party as conclusive
evidence  that such  resolution  has been duly adopted by such body and that the
same is in full  force and  effect.  As to any fact or matter  the method of the
determination of which is not specifically  prescribed herein, the Owner Trustee
may for all purposes  hereof rely on a  certificate,  signed by the president or
any vice  president  or by the  treasurer  or other  authorized  officers of the
relevant party, as to such fact or matter and such certificate  shall constitute
full protection to the Owner Trustee for any action taken or omitted to be taken
by it in good faith in reliance thereon.

                (b) In the exercise or administration of the trusts
hereunder and in the performance of its duties and obligations under this
Agreement or the other Basic Documents, the Owner Trustee (i) may act directly
or through its agents or attorneys pursuant to agreements entered into with any
of them, and the Owner Trustee shall not be liable for the conduct or misconduct
of such agents or attorneys if such agents or attorneys shall have been selected
by the Owner Trustee with reasonable care, and (ii) may consult with counsel,
accountants and other skilled Persons to be selected with reasonable care and
employed by it. The Owner Trustee shall not be liable for anything done,
suffered or omitted in good faith by it in accordance with the written opinion
or advice of any such counsel, accountants or other such Persons and not
contrary to this Agreement or any other Basic Document.

     SECTION 7.5 Not Acting in Individual  Capacity.  Except as provided in this
Article VII, in accepting the trusts hereby created,  Wachovia Bank of Delaware,
National  Association  acts  solely as Owner  Trustee  hereunder  and not in its
individual capacity,  and all Persons having any claim against the Owner Trustee
by reason of the transactions  contemplated by this Agreement or any other Basic
Document  shall look only to the Owner Trust Estate for payment or  satisfaction
thereof.

     SECTION 7.6 Owner Trustee Not Liable for  Certificates or Receivables.  The
recitals contained herein and in the Certificates  (other than the signature and
countersignature of the Owner Trustee on the Certificates) shall be taken as the
statements of the Depositor, and the Owner Trustee assumes no responsibility for
the correctness  thereof.  The Owner Trustee make no  representations  as to the
validity or sufficiency of this Agreement, of any other Basic Document or of the
Certificates (other than the signature and countersignature of the Owner Trustee
on the  Certificates)  or the Notes, or of any Receivable or related  documents.
Neither  the  Bank nor the  Owner  Trustee  shall  have  any  responsibility  or
liability for or with respect to the legality,  validity and  enforceability  of
any Receivable,  or the perfection and priority of any security interest created
by any  Receivable  in any  Financed  Vehicle  or the  maintenance  of any  such
perfection and priority,  or for or with respect to the sufficiency of the Owner
Trust  Estate or its  ability to generate  the  payments  to be  distributed  to
Certificateholders  under this Agreement or the Noteholders under the Indenture,
including,  without  limitation:  the existence,  condition and ownership of any
Financed Vehicle; the existence and enforceability of any insurance thereon; the
existence  and  contents  of any  Receivable  on any  computer  or other  record
thereof;  the validity of the  assignment of any  Receivable to the Trust or any
intervening assignment;  the completeness of any Receivable;  the performance or
enforcement of any  Receivable;  the compliance by the Depositor or the Servicer
with any  warranty  or  representation  made under any Basic  Document or in any
related document,  or the accuracy of any such warranty or representation or any
action of the  Indenture  Trustee,  the  Administrator  or the  Servicer  or any
subservicer taken in the name of the Owner Trustee.

     SECTION 7.7 The Bank May Own Securities. The Bank, in its individual or any
other capacity,  may become the owner or pledgee of Securities and may deal with
the Depositor,  the Servicer,  the  Administrator  and the Indenture  Trustee in
banking  transactions  with the same  rights as it would have if it were not the
Owner Trustee.

                                  ARTICLE VIII

                   COMPENSATION AND INDEMNITY OF OWNER TRUSTEE

     SECTION 8.1 Owner  Trustee's  Fees and  Expenses.  The Owner  Trustee shall
receive  as  compensation  for its  services  hereunder  such  fees as have been
separately  agreed  upon before the date hereof  between the  Depositor  and the
Owner Trustee,  and the Owner Trustee shall be entitled to and reimbursed by the
Depositor for its other reasonable expenses hereunder,  including the reasonable
compensation,  expenses  and  disbursements  of  such  agents,  representatives,
experts  and  counsel as the Owner  Trustee  may employ in  connection  with the
exercise and  performance of its rights and its duties  hereunder.  Such amounts
shall be treated for tax purposes as having been contributed to the Trust by the
Depositor  and the tax  deduction  for such  amounts  shall be  allocated to the
Depositor.

     SECTION 8.2  Indemnification.  (a) The  Depositor  shall be liable as prime
obligor  for,  and  shall  indemnify  the Bank  and the  Owner  Trustee  and its
respective  successors,   assigns,  agents  and  servants   (collectively,   the
"Indemnified  Parties") from and against, any and all liabilities,  obligations,
losses,  damages,  taxes, claims,  actions and suits, and any and all reasonable
costs, expenses and disbursements (including reasonable legal fees and expenses)
of any kind and nature  whatsoever  (collectively,  "Expenses") which may at any
time be imposed  on,  incurred  by, or  asserted  against the Bank and the Owner
Trustee or any  Indemnified  Party in any way relating to or arising out of this
Agreement, the other Basic Documents, the Owner Trust Estate, the administration
of the  Owner  Trust  Estate  or the  action or  inaction  of the Owner  Trustee
hereunder;  provided that the  Depositor  shall not be liable for or required to
indemnify an Indemnified  Party from and against  Expenses  arising or resulting
from  (i)  the  Indemnified  Party's  own  willful  misconduct,   bad  faith  or
negligence,  or (ii) the inaccuracy of any  representation or warranty contained
in  Section  7.3  expressly  made  by the  Indemnified  Party.  The  indemnities
contained in this Section 8.2 shall survive the  resignation  or  termination of
the Owner  Trustee or the  termination  of this  Agreement.  In the event of any
claim,  action or proceeding for which indemnity will be sought pursuant to this
Section 8.2, the Owner Trustee's choice of legal counsel shall be subject to the
approval of the Depositor, which approval shall not be unreasonably withheld.

                (b) The Depositor's obligations under this Section 8.2
are obligations solely of the Depositor and shall not constitute a claim against
the Depositor to the extent that the Depositor does not have funds sufficient to
make payment of such obligations. In furtherance of and not in derogation of the
foregoing, the Indemnified Parties acknowledge and agree that they shall have no
right, title or interest in or to the Other Assets of the Depositor. To the
extent that, notwithstanding the agreements and provisions contained in the
preceding sentence, any Indemnified Party (i) asserts an interest or claim to,
or benefit from, Other Assets, or (ii) is deemed to have any such interest,
claim to, or benefit in or from Other Assets, whether by operation of law, legal
process, pursuant to applicable provisions of insolvency laws or otherwise
(including by virtue of Section 1111(b) of the Bankruptcy Code or any successor
provision having similar effect under the Bankruptcy Code), then such
Indemnified Party further acknowledges and agrees that any such interest, claim
or benefit in or from Other Assets is and shall be expressly subordinated to the
indefeasible payment in full, which, under the terms of the relevant documents
relating to the securitization or conveyance of such Other Assets, are entitled
to be paid from, entitled to the benefits of, or otherwise secured by such Other
Assets (whether or not any such entitlement or security interest is legally
perfected or otherwise entitled to a priority of distributions or application
under applicable law, including insolvency laws, and whether or not asserted
against the Depositor), including the payment of post-petition interest on such
other obligations and liabilities. This subordination agreement shall be deemed
a subordination agreement within the meaning of Section 510(a) of the Bankruptcy
Code. Each Indemnified Party further acknowledges and agrees that no adequate
remedy at law exists for a breach of this Section 8.2(b) and the terms of this
Section 8.2(b) may be enforced by an action for specific performance. The
provision of this Section 8.2(b) shall be for the third party benefit of those
entitled to rely thereon and shall survive the termination of this Agreement.

     SECTION 8.3  Payments to the Owner  Trustee.  Any amounts paid to the Owner
Trustee  pursuant to this  Article  VIII shall be deemed not to be a part of the
Owner Trust Estate immediately after such payment.

                                   ARTICLE IX

                                   TERMINATION

     SECTION 9.1 Termination of Trust Agreement.  (a) This Agreement (other than
the  provisions of Article  VIII) shall  terminate and be of no further force or
effect and the Trust  shall wind up and  dissolve,  upon the  earlier of (i) the
maturity  or  other  liquidation  of  the  last  remaining  Receivable  and  the
disposition of any amounts  received upon such maturity or liquidation  and (ii)
the  payment  to the  Noteholders  and  the  Certificateholders  of all  amounts
required to be paid to them pursuant to the terms of the Indenture, the Sale and
Servicing   Agreement  and  Article  V.  Any  Insolvency   Event,   liquidation,
dissolution,  death or incapacity with respect to any  Certificateholder,  shall
neither (x) operate to terminate  this  Agreement or the Trust,  nor (y) entitle
such  Certificateholder's  legal representatives or heirs to claim an accounting
or to take any action or  proceeding  in any court for a partition or winding up
of all or any part of the Trust or Owner Trust Estate nor (z)  otherwise  affect
the rights,  obligations and liabilities of the parties hereto. Upon dissolution
of the Trust,  the Owner  Trustee  shall wind up the business and affairs of the
Trust as required by Section 3808 of the Delaware Statutory Trust Act.

                (b) Neither the Depositor nor any Certificateholder  shall be
entitled to revoke or terminate the Trust.

                (c) Notice of any termination of the Trust, specifying
the Payment Date upon which the Certificateholders shall surrender their
Certificates to the Certificate Paying Agent for payment of the final
distribution and cancellation, shall be given by the Owner Trustee by letter to
Certificateholders mailed within five (5) Business Days of receipt of notice of
such termination from the Servicer, stating (i) the Payment Date upon or with
respect to which final payment of the Certificates shall be made upon
presentation and surrender of the Certificates at the office of the Certificate
Paying Agent therein designated, (ii) the amount of any such final payment
(after reservation of sums sufficient to pay all claims and obligations, if any,
known to the Owner Trustee and payable by the Trust) and (iii) that the Record
Date otherwise applicable to such Payment Date is not applicable, payments being
made only upon presentation and surrender of the Certificates at the office of
the Certificate Paying Agent therein specified. The Owner Trustee shall give
such notice to the Certificate Registrar (if other than the Owner Trustee) and
the Certificate Paying Agent at the time such notice is given to
Certificateholders. Upon presentation and surrender of the Certificates, the
Certificate Paying Agent shall cause to be distributed to Certificateholders
amounts distributable on such Payment Date pursuant to Section 5.2. Upon the
satisfaction and discharge of the Indenture, and receipt of a certificate from
the Indenture Trustee stating that all Noteholders have been paid in full and
that the Indenture Trustee is aware of no claims remaining against the Trust in
respect of the Indenture and the Notes, the Owner Trustee, in the absence of
actual knowledge of any other claim against the Trust, shall be deemed to have
made reasonable provision to pay all claims and obligations (including
conditional, contingent or unmatured obligations) for purposes of Section
3808(e) of the Delaware Statutory Trust Act.

                In the event that all of the Certificateholders shall not
surrender their Certificates for cancellation within six (6) months after the
date specified in the above mentioned written notice, the Owner Trustee shall
give a second written notice to the remaining Certificateholders to surrender
their Certificates for cancellation and receive the final distribution with
respect thereto. If within one year after the second notice all the Certificates
shall not have been surrendered for cancellation, the Owner Trustee may take
appropriate steps, or may appoint an agent to take appropriate steps, to contact
the remaining Certificateholders concerning surrender of their Certificates and
the cost thereof shall be paid out of the funds and other assets that shall
remain subject to this Agreement. Subject to applicable escheat laws, any funds
remaining in the Trust after exhaustion of such remedies shall be distributed by
the Owner Trustee to the Depositor.

                (d) Upon final distribution of any funds remaining in the
Trust, the Owner Trustee shall cause the Certificate of Trust to be cancelled by
filing a certificate of cancellation with the Secretary of State in accordance
with the provisions of Section 3810(c) of the Delaware Statutory Trust Act.

     SECTION 9.2  Prepayment  of  Certificates.  (a) The  Certificates  shall be
prepaid in whole, but not in part, at the direction of the Servicer  pursuant to
Section 9.1 of the Sale and  Servicing  Agreement,  on any Payment Date on which
the Servicer  exercises its option to purchase the assets of the Trust  pursuant
to said Section  9.1,  and the amount paid by the  Servicer  shall be treated as
collections of Receivables and applied to pay the unpaid principal amount of the
Securities  plus accrued and unpaid  interest  (including any overdue  interest)
thereon.  The Servicer  shall furnish the Rating  Agencies and the Owner Trustee
notice of such  prepayment.  If the  Certificates  are to be prepaid pursuant to
this Section  9.2(a),  the Servicer shall furnish notice of such election to the
Owner Trustee not later than twenty (20) days prior to the Payment Date on which
such prepayment will be made and the Trust shall deposit by 10:00 A.M. (New York
City time) on such  Payment  Date in the  Certificate  Distribution  Account the
Certificate Prepayment Amount of the Certificates to be prepayed,  whereupon all
such Certificates shall be due and payable on such Payment Date.

                (b) Notice of prepayment under Section 9.2(a) shall be
given by the Owner Trustee by first-class mail, postage prepaid, or by facsimile
mailed or transmitted immediately following receipt of notice from the Trust or
Servicer pursuant to Section 9.2(a), but not later than ten (10) days prior to
the Payment Date on which the Certificates will be paid in full, to each
Certificateholder as of the close of business on the Record Date preceding such
Payment Date, at such Certificateholder's address or facsimile number appearing
in the Certificate Register.

               All notices of purchase shall state:

                  (i) the Payment Date on which the purchase of the Receivables
         will be made and the Certificates will be paid in full;

                  (ii) the Certificate Prepayment Amount; and

                  (iii) the place where such Certificates are to be surrendered
         for payment of the Certificate Prepayment Amount (which shall be the
         office or agency of the Owner Trustee to be maintained as provided in
         Section 3.9).

Notice of prepayment of the Certificates shall be given by the Owner Trustee in
the name and at the expense of the Trust. Failure to give notice of prepayment,
or any defect therein, to any Certificateholder shall not impair or affect the
validity of the prepayment of any other Certificate.

                (c) Following notice of prepayment as required by Section
9.2(b), the Certificates shall be paid in full on the Payment Date on which the
purchase of the Receivables is made by the Trust at the Certificate Prepayment
Amount and (unless the Trust shall default in the payment of the Certificate
Prepayment Amount) no interest shall accrue on the Certificate Prepayment Amount
for any period after the date to which accrued interest is calculated for
purposes of calculating the Certificate Prepayment Amount. Following payment in
full of the Certificate Prepayment Amount, this Agreement and the Trust shall
terminate.

                                    ARTICLE X

             SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

     SECTION 10.1 Eligibility Requirements for Owner Trustee.

                (a) The Owner Trustee shall at all times (i) be authorized
to exercise corporate trust powers; (ii) have a combined capital and surplus
of at least $50,000,000 and shall be subject to supervision or examination
by federal or state authorities; and (iii) shall have (or shall have
a parent that has) a long-term debt rating of investment grade by each of the
Rating Agencies or be otherwise acceptable to the Rating Agencies. If such
corporation shall publish reports of condition at least annually, pursuant to
law or to the requirements of the aforesaid supervising or examining authority,
then for the purpose of this Section 10.1, the combined capital and surplus of
such corporation shall be deemed to be its combined capital and surplus as set
forth in its most recent report of condition so published. In case at any time
the Owner Trustee shall cease to be eligible in accordance with the provisions
of this Section 10.1, the Owner Trustee shall resign immediately in the manner
and with the effect specified in Section 10.2.

                (b) The Owner Trustee shall at all times be an
institution satisfying the provisions of Section 3807(a) of the Delaware
Statutory Trust Act.

     SECTION 10.2 Resignation or Removal of Owner Trustee. (a) The Owner Trustee
may at any time  resign  and be  discharged  from the trusts  hereby  created by
giving written notice thereof to the  Administrator.  Upon receiving such notice
of  resignation,  the  Administrator  shall promptly  appoint a successor  Owner
Trustee, by written instrument, in duplicate, one copy of which instrument shall
be delivered to the resigning  Owner Trustee and one copy to the successor Owner
Trustee.  If no successor  Owner  Trustee  shall have been so appointed  and has
accepted  appointment within thirty (30) days after the giving of such notice of
resignation,  the  resigning  Owner  Trustee may petition any court of competent
jurisdiction  for  the  appointment  of a  successor  Owner  Trustee;  provided,
however,  that such right to appoint or to petition for the  appointment  of any
such  successor  shall in no event relieve the resigning  Owner Trustee from any
obligations  otherwise  imposed  on it under  the  Basic  Documents  until  such
successor has in fact assumed such appointment.

                (b) If at any time the Owner Trustee shall cease to be
eligible in accordance with the provisions of Section 10.1 or resigns pursuant
to Section 10.2 of this Agreement or shall fail to resign after written request
therefor by the Administrator, or if at any time the Owner Trustee shall be
legally unable to act, or if at any time an Insolvency Event with respect to the
Owner Trustee shall have occurred and be continuing, then the Administrator may
remove the Owner Trustee. If the Administrator removes the Owner Trustee under
the authority of the immediately preceding sentence, the Administrator shall
promptly appoint a successor Owner Trustee, by written instrument, in duplicate,
one copy of which instrument shall be delivered to the outgoing Owner Trustee
and one copy to the successor Owner Trustee, and shall pay all fees owed to the
outgoing Owner Trustee.

                (c) Any resignation or removal of the Owner Trustee and
appointment of a successor Owner Trustee pursuant to any of the provisions of
this Section 10.2 shall not become effective until acceptance of appointment by
the successor Owner Trustee pursuant to Section 10.3, payment of all fees and
expenses owed to the outgoing Owner Trustee and the filing of a certificate of
amendment to the Certificate of Trust if required by the Delaware Statutory
Trust Act. The Administrator shall provide notice of such resignation or removal
of the Owner Trustee to the Certificateholders, the Indenture Trustee, the
Noteholders and each of the Rating Agencies.

     SECTION 10.3  Successor  Owner  Trustee.  (a) Any  successor  Owner Trustee
appointed pursuant to Section 10.2 shall execute, acknowledge and deliver to the
Administrator and to its predecessor Owner Trustee an instrument  accepting such
appointment  under  this  Agreement.  Upon the  resignation  or  removal  of the
predecessor  Owner Trustee  becoming  effective  pursuant to Section 10.2,  such
successor  Owner  Trustee,  without any further act, deed or  conveyance,  shall
become fully vested with all the rights,  powers, duties, and obligations of its
predecessor  under this  Agreement,  with like effect as if originally  named as
Owner Trustee. The predecessor Owner Trustee shall, upon payment of its fees and
expenses,  deliver to the successor  Owner Trustee all documents and  statements
and  monies  held by it under  this  Agreement,  and the  Administrator  and the
predecessor Owner Trustee shall execute and deliver such instruments and do such
other things as may  reasonably be required for fully and certainly  vesting and
confirming in the successor Owner Trustee all such rights,  powers,  duties, and
obligations.

                (b) No successor Owner Trustee shall accept appointment
as provided in this Section 10.3 unless, at the time of such acceptance, such
successor Owner Trustee shall be eligible pursuant to Section 10.1.

                (c) Upon acceptance of appointment by a successor Owner
Trustee pursuant to this Section 10.3, the Administrator shall mail notice of
the successor of such Owner Trustee to all Certificateholders, the Indenture
Trustee, the Noteholders and the Rating Agencies. If the Administrator shall
fail to mail such notice within ten (10) days after acceptance of appointment by
the successor Owner Trustee, the successor Owner Trustee shall cause such notice
to be mailed at the expense of the Administrator.

                (d) Any successor Owner Trustee appointed hereunder shall
file the amendments to the Certificate of Trust with the Secretary of State
identifying the name and principal place of business of such successor Owner
Trustee in the State of Delaware.

     SECTION 10.4 Merger or Consolidation of Owner Trustee. Any corporation into
which the Owner  Trustee  may be merged  or  converted  or with  which it may be
consolidated,  or any  corporation  resulting  from any  merger,  conversion  or
consolidation  to which the Owner Trustee shall be a party,  or any  corporation
succeeding to all or  substantially  all of the corporate  trust business of the
Owner Trustee,  shall,  without the execution or filing of any instrument or any
further act on the part of any of the  parties  hereto,  anything  herein to the
contrary  notwithstanding,  be the  successor  of the Owner  Trustee  hereunder;
provided that such corporation  shall be eligible  pursuant to Section 10.1; and
provided further, that the Owner Trustee shall (i) mail notice of such merger or
consolidation  to the Rating  Agencies  not less than fifteen (15) days prior to
the effective  date thereof and (ii) shall file an amendment to the  Certificate
of Trust as required by Section 10.3.

     SECTION  10.5   Appointment   of  Co-Trustee  or  Separate   Trustee.   (a)
Notwithstanding  any other  provisions of this  Agreement,  at any time, for the
purpose of meeting any legal  requirements of any jurisdiction in which any part
of the Owner Trust  Estate or any  Financed  Vehicle may at the time be located,
the  Administrator and the Owner Trustee acting jointly shall have the power and
shall  execute  and  deliver  all  instruments  to appoint  one or more  Persons
approved  by the Owner  Trustee  to act as  co-trustee,  jointly  with the Owner
Trustee,  or separate  trustee or separate  trustees,  of all or any part of the
Trust,  and to vest in such Person,  in such  capacity,  such title to the Owner
Trust Estate, or any part thereof,  and, subject to the other provisions of this
Section  10.5,  such  powers,  duties,  obligations,  rights  and  trusts as the
Administrator and the Owner Trustee may consider necessary or desirable.  If the
Administrator shall not have joined in such appointment within fifteen (15) days
after the  receipt by it of a request so to do, the Owner  Trustee  alone  shall
have the power to make such appointment. No co-trustee or separate trustee under
this Agreement shall be required to meet the terms of eligibility as a successor
trustee  pursuant  to  Section  10.1 and no  notice  of the  appointment  of any
co-trustee or separate trustee shall be required pursuant to Section 10.3.

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

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

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

                  (iii) the Administrator and the Owner Trustee acting jointly
         may at any time accept the resignation of or remove any separate
         trustee or co-trustee.

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

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

     SECTION 10.6 Compliance with Delaware Statutory Trust Act.  Notwithstanding
anything herein to the contrary,  the Trust shall at all times have at least one
trustee  which  meets  the  requirements  of  Section  3807(a)  of the  Delaware
Statutory Trust Act.

                                   ARTICLE XI

                                  MISCELLANEOUS

     SECTION 11.1 Supplements and Amendments.  (a) This Agreement may be amended
by the Depositor and the Owner Trustee,  with prior written notice to the Rating
Agencies,   without   the   consent   of   any  of   the   Noteholders   or  the
Certificateholders or the Swap Counterparties (if the related Interest Rate Swap
Agreement is then in effect),  to cure any  ambiguity,  to correct or supplement
any provisions in this Agreement  inconsistent  with any other provision of this
Agreement  or for the  purpose of adding any  provisions  to or  changing in any
manner  or  eliminating  any of the  provisions  in  this  Agreement;  provided,
however,  that such  action  shall not,  as  evidenced  by an opinion of Counsel
satisfactory to the Owner Trustee and the Indenture Trustee, adversely affect in
any material  respect the interests of any Noteholder or  Certificateholder  and
shall not,  as  evidenced  by an Opinion  of Counsel  satisfactory  to the Owner
Trustee and the Indenture Trustee, adversely affect the rights or obligations of
the Swap  Counterparties  under the Interest Rate Swap  Agreements or impair the
ability of the Trust to fully perform any of its obligations  under the Interest
Rate Swap  Agreements;  and provided further that an Opinion of Counsel shall be
furnished to the Indenture Trustee and the Owner Trustee to the effect that such
amendment (A) will not materially adversely affect the federal or any Applicable
Tax State income or franchise  taxation of any outstanding  Note or Certificate,
or any  Noteholder  or  Certificateholder,  (B) will not  cause  the Trust to be
taxable as a  corporation  for  federal or any  Applicable  Tax State  income or
franchise  tax  purposes  and (C) will not cause the Trust to be  subject to the
Michigan  Single Business Tax or any other entity level tax imposed by the State
of Michigan. In addition, this Agreement may be amended by the Depositor and the
Owner Trustee, with prior notice to the Rating Agencies,  without the consent of
any of the Noteholders,  the Swap Counterparties or the  Certificateholders,  in
connection with the registration of the  Certificates  under the Securities Act,
in  order  to  facilitate  such  registration,  including  with  respect  to the
modification of the restrictions  applicable to the transfer of the Certificates
and modification of the legend set forth on the form of the Certificates.

                (b) This Agreement may also be amended from time to time
by the Depositor and the Owner Trustee, with prior written notice to the Rating
Agencies, with the consent of (i) the Indenture Trustee, to the extent that its
rights or obligations would be affected by such amendment, (ii) the Noteholders
of Notes evidencing not less than a majority of the principal amount of the
Notes Outstanding, (iii) the Certificateholders of Certificates evidencing not
less than a majority of the Aggregate Certificate Balance and (iv) the Swap
Counterparties to the extent such amendment adversely affects the rights or
obligations of the Swap Counterparties or modifies or impairs the ability of the
Trust to fully perform any of its obligations under the Interest Rate Swap
Agreements, for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Agreement or of modifying in
any manner the rights of the Noteholders or the Certificateholders; provided,
however, that no such amendment shall (i) increase or reduce in any manner the
amount of, or accelerate or delay the timing of, or change the allocation or
priority of, collections of payments on Receivables or distributions that are
required to be made for the benefit of the Noteholders or the
Certificateholders, or (ii) reduce the aforesaid percentage of the principal
amount of the Notes Outstanding and the Aggregate Certificate Balance required
to consent to any such amendment, without the consent of all the Noteholders and
Certificateholders affected thereby; and provided further, that an Opinion of
Counsel shall be furnished to the Indenture Trustee and the Owner Trustee to the
effect that such amendment (A) will not materially adversely affect the federal
or any Applicable Tax State income or franchise taxation of any outstanding Note
or Certificate, or any Noteholder or Certificateholder, (B) will not cause the
Trust to be taxable as a corporation for federal or any Applicable Tax State
income or franchise tax purposes and (C) will not cause the Trust to be subject
to the Michigan Single Business Tax or any other entity level tax imposed by the
State of Michigan. Any Swap Counterparty's consent will be deemed to have been
given if such Swap Counterparty does not object in writing within ten Business
Days of receipt of a written request for such consent.

                (c) Promptly after the execution of any such amendment or
consent, the Owner Trustee shall furnish written notification of the substance
of such amendment or consent to each Certificateholder, the Indenture Trustee,
the Swap Counterparties (to the extent the related Interest Rate Swap Agreement
is in effect) and each of the Rating Agencies.

                (d) It shall not be necessary for the consent of
Certificateholders, the Noteholders, the Swap Counterparties or the Indenture
Trustee pursuant to this Section 11.1 to approve the particular form of any
proposed amendment or consent, but it shall be sufficient if such consent shall
approve the substance thereof. The manner of obtaining such consents (and any
other consents of Certificateholders provided for in this Agreement or in any
other Basic Document) and of evidencing the authorization of the execution
thereof by Certificateholders shall be subject to such reasonable requirements
as the Owner Trustee may prescribe.

                (e) Promptly after the execution of any amendment to the
Certificate of Trust, the Owner Trustee shall cause the filing of such amendment
with the Secretary of State.

                (f) Prior to the execution of any amendment to this
Agreement or the Certificate of Trust, the Owner Trustee shall be entitled to
receive and rely upon an Opinion of Counsel stating that the execution of such
amendment is authorized or permitted by this Agreement. The Owner Trustee may,
but shall not be obligated to, enter into any such amendment which affects the
Owner Trustee's own rights, duties or immunities under this Agreement or
otherwise.

                (g) In connection with the execution of any amendment to
this Agreement or any amendment to any other agreement to which the Trust is a
party, the Owner Trustee shall be entitled to receive and conclusively rely upon
an opinion of Counsel to the effect that such amendment is authorized or
permitted by the Basic Documents and that all conditions precedent in the Basic
Documents for the execution and delivery thereof by the Trust or the Owner
Trustee, as the case may be, have been satisfied.

     SECTION  11.2 No Legal Title to Owner Trust  Estate in  Certificateholders.
The Certificateholders shall not have legal title to any part of the Owner Trust
Estate. The  Certificateholders  shall be entitled to receive distributions with
respect to their beneficial interests therein only in accordance with Articles V
and IX. No transfer,  by operation of law or otherwise,  of any right, title, or
interest of the  Certificateholders  to and in their beneficial  interest in the
Owner Trust  Estate  shall  operate to  terminate  this  Agreement or the trusts
hereunder or entitle any transferee to an accounting or to the transfer to it of
legal title to any part of the Owner Trust Estate.

     SECTION 11.3  Limitation  on Rights of Others.  Except for Sections 2.6 and
11.1,  the  provisions of this Agreement are solely for the benefit of the Owner
Trustee, the Depositor, the Administrator, the Certificateholders,  the Servicer
and, to the extent  expressly  provided  herein,  the Indenture  Trustee and the
Noteholders,  and nothing in this  Agreement  (other than Section 2.6),  whether
express or implied,  shall be construed to give to any other Person any legal or
equitable  right,  remedy  or claim in the  Owner  Trust  Estate  or under or in
respect of this Agreement or any covenants,  conditions or provisions  contained
herein.

     SECTION 11.4 Notices. (a) Unless otherwise expressly specified or permitted
by the terms  hereof,  all notices shall be in writing and shall be deemed given
upon receipt by the intended  recipient or three (3) Business Days after mailing
if mailed by certified  mail,  postage  prepaid (except that notice to the Owner
Trustee shall be deemed given only upon actual receipt by the Owner Trustee), if
to the  Owner  Trustee,  addressed  to its  Corporate  Trust  Office;  if to the
Depositor,  addressed to Ford Credit Auto  Receivables Two LLC at the address of
its principal  executive  office first above written;  or, as to each party,  at
such other address as shall be  designated by such party in a written  notice to
each other party.

                (b) Any notice required or permitted to be given to a
Certificateholder shall be given by first-class mail, postage prepaid, at the
address of such Certificateholder as shown in the Certificate Register. Any
notice so mailed within the time prescribed in this Agreement shall be
conclusively presumed to have been duly given, whether or not the
Certificateholder receives such notice.

     SECTION  11.5  Severability.  Any  provision  of  this  Agreement  that  is
prohibited or unenforceable in any jurisdiction  shall, as to such jurisdiction,
be ineffective to the extent of such  prohibition  or  unenforceability  without
invalidating  the  remaining  provisions  hereof,  and any such  prohibition  or
unenforceability   in  any   jurisdiction   shall  not   invalidate   or  render
unenforceable such provision in any other jurisdiction.

     SECTION 11.6 Separate  Counterparts.  This Agreement may be executed by the
parties  hereto in separate  counterparts,  each of which when so  executed  and
delivered  shall  be an  original,  but all  such  counterparts  shall  together
constitute but one and the same instrument.

     SECTION 11.7 Successors and Assigns. All covenants and agreements contained
herein shall be binding upon,  and inure to the benefit of, the  Depositor,  the
Owner Trustee and its successors and each  Certificateholder  and its successors
and permitted assigns, all as herein provided. Any request,  notice,  direction,
consent,  waiver or other instrument or action by a Certificateholder shall bind
the successors and assigns of such Certificateholder.

     SECTION 11.8 No Petition. The Owner Trustee (not in its individual capacity
but  solely  as Owner  Trustee),  by  entering  into  this  Agreement,  and each
Certificateholder,  by accepting a Certificate, hereby covenants and agrees that
it will not, until after the Notes have been paid in full, institute against the
Depositor or the Trust, or join in any institution  against the Depositor or the
Trust of, any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings,  or other  proceedings  under any  United  States  federal or State
bankruptcy or similar law in  connection  with any  obligations  relating to the
Certificates, the Notes, this Agreement or any of the other Basic Documents.

     SECTION  11.9  No  Recourse.   Each   Certificateholder,   by  accepting  a
Certificate,  acknowledges that such Certificateholder's  Certificates represent
beneficial  interests  in the Trust only and do not  represent  interests  in or
obligations  of the  Depositor,  the  Servicer,  the  Administrator,  the  Owner
Trustee,  the Indenture Trustee or any Affiliate thereof, and no recourse may be
had against such parties or their  assets,  except as may be expressly set forth
or  contemplated  in  this  Agreement,  the  Certificates  or  the  other  Basic
Documents.

     SECTION 11.10 Headings.  The headings of the various  Articles and Sections
herein are for  convenience  of reference only and shall not define or limit any
of the terms or provisions hereof.

     SECTION  11.11   Governing  Law.  This  Agreement  shall  be  construed  in
accordance  with the laws of the State of Delaware and the  obligations,  rights
and remedies of the parties  hereunder  shall be determined  in accordance  with
such laws.

     SECTION 11.12 Sale and Servicing Agreement Obligations. Notwithstanding any
other provision of this Agreement,  the Owner Trustee agrees that it will comply
with its  obligations  under Sections 3.1, 4.1 and 4.2 of the Sale and Servicing
Agreement.

<PAGE>

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

                           FORD CREDIT AUTO RECEIVABLES
                           TWO LLC, as Depositor

                                By:
                                     Name: Stacy Thomas
                                     Title:  Assistant Secretary

                           WACHOVIA BANK OF DELAWARE,
                           NATIONAL ASSOCIATION,
                           as Owner Trustee

                                By:
                                     Name:
                                     Title:

<PAGE>

                                                                       EXHIBIT A

                               CLASS D CERTIFICATE

NUMBER
                                                                    $59,989,000
R-1

THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"), OR UNDER ANY STATE SECURITIES OR BLUE SKY LAW OF
ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING THIS
CERTIFICATE, AGREES FOR THE BENEFIT OF THE TRUST AND THE DEPOSITOR THAT THIS
CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN
COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (I) (A)
(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("RULE 144A") TO A PERSON
THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, WITHIN
THE MEANING OF RULE l44A (A "QIB"), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER,
RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
SUBJECT TO (A) THE RECEIPT BY THE TRUST AND THE CERTIFICATE REGISTRAR OF A
CERTIFICATE SUBSTANTIALLY IN THE FORM ATTACHED AS EXHIBIT D TO THE TRUST
AGREEMENT AND (B) THE RECEIPT BY THE TRUST AND THE CERTIFICATE REGISTRAR OF A
LETTER SUBSTANTIALLY IN THE FORM ATTACHED AS EXHIBIT B TO THE TRUST AGREEMENT,
WITH SUCH CHANGES THEREIN AS MAY BE APPROVED BY THE OWNER TRUSTEE AND DEPOSITOR,
(2) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE
SECURITIES ACT (IF AVAILABLE), SUBJECT TO THE RECEIPT BY THE TRUST, THE INITIAL
PURCHASER AND THE CERTIFICATE REGISTRAR OF AN OPINION OF COUNSEL ACCEPTABLE TO
THE OWNER TRUSTEE AND THE DEPOSITOR THAT SUCH REOFFER, RESALE, PLEDGE OR
TRANSFER IS IN COMPLIANCE WITH THE TRUST AGREEMENT AND THE SECURITIES ACT AND
OTHER APPLICABLE LAWS, (3) TO AN INSTITUTIONAL "ACCREDITED INVESTOR" WITHIN THE
MEANING THEREOF IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE
SECURITIES ACT PURSUANT TO ANY OTHER EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO (A) THE RECEIPT BY THE TRUST AND
THE CERTIFICATE REGISTRAR OF A LETTER SUBSTANTIALLY IN THE FORM ATTACHED AS
EXHIBIT C TO THE TRUST AGREEMENT OR (B) THE RECEIPT BY THE TRUST, THE INITIAL
PURCHASER AND THE CERTIFICATE REGISTRAR OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE
OWNER TRUSTEE AND THE DEPOSITOR THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS
IN COMPLIANCE WITH THE TRUST AGREEMENT AND THE SECURITIES ACT AND OTHER
APPLICABLE LAWS AND (B) IN THE CASE OF A TRANSFER PURSUANT TO CLAUSES (A)(1),
(2) OR (3), THE RECEIPT BY THE OWNER TRUSTEE AND THE DEPOSITOR OF THE STATE TAX
OPINION REQUIRED BY SECTION 3.3(a) OF THE TRUST AGREEMENT, OR (II) TO THE
DEPOSITOR OR ITS AFFILIATES, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE
SECURITIES LAWS OF THE UNITED STATES AND SECURITIES AND BLUE SKY LAWS OF THE
STATES OF THE UNITED STATES.

THE PRINCIPAL OF THIS CERTIFICATE IS DISTRIBUTABLE AS SET FORTH IN THE TRUST
AGREEMENT. ACCORDINGLY, THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT
ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

                       FORD CREDIT AUTO OWNER TRUST 2003-A

                     CLASS D 5.00% ASSET BACKED CERTIFICATE

evidencing a beneficial interest in the property of the Trust, as defined below,
which property includes a pool of retail installment sale contracts, secured by
new and used automobiles and light duty trucks, conveyed to Ford Credit Auto
Receivables Two LLC by Ford Motor Credit Company and conveyed by Ford Credit
Auto Receivables Two LLC to the Trust. The property of the Trust has been
pledged to the Indenture Trustee pursuant to the Indenture to secure the payment
of the Notes issued thereunder and the payments to the Swap Counterparties
pursuant to the Interest Rate Swap Agreements.

(This Certificate does not represent an interest in or obligation of Ford Motor
Credit Company, Ford Credit Auto Receivables Two LLC or any of their respective
Affiliates, except to the extent described below.)

                THIS CERTIFIES THAT FORD CREDIT AUTO RECEIVABLES TWO LLC is
the registered owner of FIFTY NINE MILLION NINE HUNDRED EIGHTY NINE THOUSAND
DOLLARS nonassessable, fully-paid, beneficial interest in Class D Certificates
of Ford Credit Auto Owner Trust 2003-A (the "Trust") formed by Ford Credit Auto
Receivables Two LLC, a Delaware limited liability company (the "Depositor"). The
Class D Certificates have an aggregate Initial Certificate Balance of
$59,989,000 and bear interest at a rate of 5.00% per annum (the "Class D Rate").

                The Trust was created pursuant to an Amended and Restated
Trust Agreement, dated as of January 1, 2003 (as from time to time amended,
supplemented or otherwise modified and in effect, the "Trust Agreement"), among
the Depositor, Wachovia Bank of Delaware, National Association, not in its
individual capacity but solely as owner trustee (the "Owner Trustee"), a summary
of certain of the pertinent provisions of which is set forth below. To the
extent not otherwise defined herein, the capitalized terms used herein have the
meanings assigned to them in the Trust Agreement.

                This Certificate is one of the duly authorized Certificates
designated as "Class D 5.00% Asset Backed Certificates" (herein called the
"Class D Certificates" or the "Certificates") are issued under and are subject
to the terms, provisions and conditions of the Trust Agreement, to which Trust
Agreement the Certificateholder of this Certificate by virtue of the acceptance
hereof assents and by which such Certificateholder is bound. Also issued under
the Indenture, dated as of January 1, 2003 (as from time to time amended,
supplemented or otherwise modified and in effect, the "Indenture"), between the
Trust and The Bank of New York, as indenture trustee (in such capacity, the
"Indenture Trustee"), are the Notes designated as "Class A-1 1.36313% Asset
Backed Notes", "Class A-2a 1.62% Asset Backed Notes", "Class A-2b Floating Rate
Asset Backed Notes", "Class A-3a 2.20% Asset Backed Notes", "Class A-3b Floating
Rate Asset Backed Notes", "Class A-4a 2.70% Asset Backed Notes", "Class A-4b
Floating Rate Asset Backed Notes", "Class B-1 3.16% Asset Backed Notes", "Class
B-2 Floating Rate Asset Backed Notes" and "Class C 4.29% Asset Backed Notes"
(collectively, the "Notes"). The property of the Trust includes (i) pool of
retail installment sale contracts, secured by new and used automobiles and light
duty trucks and certain rights and obligations thereunder (the "Receivables");
(ii) with respect to Actuarial Receivables, all monies due thereunder on or
after the Cutoff Date and, with respect to Simple Interest Receivables, all
monies due or received thereunder on or after the Cutoff Date; (iii) monies
received prior to the Cutoff Date on the Receivables which were due on or after
the Cutoff Date and were not used to reduce the principal balance of the
Receivables; (iv) the security interests in the Financed Vehicles; (v) rights to
proceeds from claims on certain physical damage, credit life, credit disability
or other insurance policies, if any, covering Financed Vehicles or Obligors;
(vi) the Seller's rights to certain documents and instruments relating to the
Receivables; (vii) such amounts as from time to time may be held in one or more
accounts maintained pursuant to the Sale and Servicing Agreement, dated as of
January 1, 2003 (as from time to time amended, supplemented or otherwise
modified and in effect, the "Sale and Servicing Agreement"), by and among the
Trust, the Depositor, as seller (in such capacity, the "Seller"), and Ford Motor
Credit Company, as servicer (the "Servicer"), including the Reserve Account;
(viii) the Seller's rights under the Sale and Servicing Agreement; (ix) the
Seller's rights under the Purchase Agreement; (x) rebates of premiums and other
amounts relating to insurance policies and other items financed under the
Receivables in effect as of the Cutoff Date; (xi) security interests in any
other property securing each Receivable; (xii) the Issuer's rights under the
Interest Rate Swap Agreements; and (xiii) any and all proceeds of the foregoing.
The rights of the Trust in the foregoing property of the Trust have been pledged
to the Indenture Trustee to secure the payment of the Notes and payments to the
Swap Counterparties pursuant to the Interest Rate Swap Agreements.

                Under the Trust Agreement, there will be distributed on the
fifteenth day of each month, or if such fifteenth day is not a Business Day, the
next Business Day (each, a "Payment Date"), commencing in February 2003, to the
Person in whose name this Certificate is registered at the close of business on
the last day of the preceding month (the "Record Date") such Certificateholder's
percentage interest in the amount to be distributed to Class D
Certificateholders on such Payment Date; provided, however, that principal will
be distributed to the Class D Certificateholders on each Payment Date on (to the
extent of funds remaining after all classes of the Notes) and after the date on
which all classes of the Notes have been paid in full. Notwithstanding the
foregoing, following the occurrence and during the continuation of an event of
default under the Indenture which has resulted in an acceleration of the Notes,
no distributions of principal or interest will be made on the Certificates until
all principal and interest on the Notes has been paid in full.

                The holder of this Certificate acknowledges and agrees that
its rights to receive distributions in respect of this Certificate are
subordinated to the rights of the Noteholders and the Swap Counterparties as
described in the Sale and Servicing Agreement, the Indenture and the Trust
Agreement.

                It is the intent of the Depositor, the Servicer and the
Certificateholders that, for purposes of federal income, state and local
franchise and income tax and any other income taxes, the Trust will be treated
either as a disregarded entity for so long as the Depositor owns 100% of the
Certificates and otherwise as a partnership in which the Certificateholders
(including the Depositor) will be treated as partners in that partnership. The
Depositor and the other Certificateholders by acceptance of a Certificate agree
to treat, and to take no action inconsistent with the treatment of, the
Certificates for such tax purposes as partnership interests in the Trust.

                Each Certificateholder, by its acceptance of a Certificate,
covenants and agrees that such Certificateholder will not, until after the Notes
have been paid in full, institute against the Depositor or the Trust, or join in
any institution against the Depositor or the Trust of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any United States federal or state bankruptcy or similar law
in connection with any obligations relating to the Securities, the Trust
Agreement or any of the other Basic Documents.

                Distributions on this Certificate will be made as provided in
the Trust Agreement by the Owner Trustee or the Certificate Paying Agent by wire
transfer or check mailed to the Certificateholder of record in the Certificate
Register without the presentation or surrender of this Certificate or the making
of any notation hereon. Except as otherwise provided in the Trust Agreement and
notwithstanding the above, the final distribution on this Certificate will be
made after due notice by the Owner Trustee of the pendency of such distribution
and only upon presentation and surrender of this Certificate at the office or
agency maintained for the purpose by the Owner Trustee in Wilmington, Delaware.

                Reference is hereby made to the further provisions of this
Certificate set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place.

                Unless the certificate of authentication hereon shall have
been executed by an authorized officer of the Owner Trustee, by manual
signature, this Certificate shall not entitle the Certificateholder hereof to
any benefit under the Trust Agreement or the Sale and Servicing Agreement or be
valid for any purpose.

                This Certificate shall be construed in accordance with the
laws of the State of Delaware and the obligations, rights and remedies of the
parties hereunder shall be determined in accordance with such laws.

<PAGE>

         In WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and not
in its individual capacity, has caused this Class D Certificate to be duly
executed.

                                  FORD CREDIT AUTO OWNER TRUST 2003-A

                                         By:     WACHOVIA BANK OF DELAWARE,
                                                 NATIONAL ASSOCIATION,
                                                 not in its individual capacity
                                                 but solely as Owner Trustee

                                         By:     ___________________________
                                                 Authorized Officer

                  OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

         This is one of the Class D Certificates referred to in the
within-mentioned Trust Agreement.

Dated: January 22, 2003

                                                WACHOVIA BANK OF DELAWARE,
                                                NATIONAL ASSOCIATION,
                                                not in its individual capacity
                                                but solely as Owner Trustee

                                          By:   _____________________________
                                                Authorized Officer

<PAGE>

                             REVERSE OF CERTIFICATE

                  The Certificates do not represent an obligation of, or an
interest in, the Depositor, the Servicer, the Administrator, the Owner Trustee
or any Affiliates of any of them and no recourse may be had against such parties
or their assets, except as may be expressly set forth or contemplated herein, in
the Trust Agreement or in the other Basic Documents. In addition, this
Certificate is not guaranteed by any governmental agency or instrumentality and
is limited in right of payment to certain collections with respect to the
Receivables (and certain other amounts), all as more specifically set forth
herein and in the Sale and Servicing Agreement. A registration statement, which
includes a form of the Trust Agreement as an exhibit thereto, has been filed
with the Securities and Exchange Commission with respect to the Class A-2a
Notes, the Class A-2b Notes, the Class A-3a Notes, the Class A-3b Notes, the
Class A-4a Notes, the Class A-4b Notes, the Class B-1 Notes, the Class B-2 Notes
and the Class C Notes.

                  The Trust Agreement permits, with certain exceptions therein
provided, the amendment thereof and the modification of the rights and
obligations of the Depositor and the rights of the Certificateholders under the
Trust Agreement at any time by the Depositor and the Owner Trustee with the
consent of the Noteholders and the Certificateholders evidencing not less than a
majority of the principal amount of the Notes Outstanding and the Aggregate
Certificate Balance, respectively, and the consent of the Swap Counterparties.
Any such consent by the Certificateholder of this Certificate shall be
conclusive and binding on such Certificateholder and on all future
Certificateholders of this Certificate and of any Certificate issued upon the
registration of Transfer hereof or in exchange herefor or in lieu hereof whether
or not notation of such consent is made upon this Certificate. The Trust
Agreement also permits the amendment thereof, in certain limited circumstances,
without the consent of any of the Noteholders, the Swap Counterparties or the
Certificateholders.

                  As provided in the Trust Agreement and subject to certain
limitations therein set forth, the Transfer of the Certificates are registrable
in the Certificate Register upon surrender of this Certificate for registration
of Transfer at the offices or agencies maintained by Wachovia Bank of Delaware,
National Association in its capacity as Certificate Registrar, or by any
successor Certificate Registrar, in Wilmington, Delaware, accompanied by a
written instrument of transfer in form satisfactory to the Owner Trustee and the
Certificate Registrar duly executed by the holder hereof or such holder's
attorney duly authorized in writing, and thereupon one or more new Certificates
of authorized denominations evidencing the same aggregate interest in the Trust
will be issued to the designated transferee.

                  The Certificates are issuable as registered Certificates
without coupons in denominations of at least $20,000 and in integral multiples
of $1,000 in excess thereof. Certificates are exchangeable for new Certificates
of like Class and authorized denominations evidencing the same aggregate
denomination, as requested by the Certificateholder surrendering the same. No
service charge will be made for any such registration of Transfer or exchange,
but the Owner Trustee or the Certificate Registrar may require payment of a sum
sufficient to cover any tax or governmental charge payable in connection
therewith.

                  The Owner Trustee, the Certificate Registrar and any agent of
the Owner Trustee or the Certificate Registrar may treat the Person in whose
name this Certificate is registered as the owner hereof for all purposes, and
none of the Owner Trustee, the Certificate Registrar or any such agent shall be
affected by any notice to the contrary.

                  The Class D Certificates may be acquired only by an entity
that is either: (a) not, and each account (if any) for which it is purchasing
the Class D Certificates is not (i) an employee benefit plan (as defined in
Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
("ERISA")) that is subject to Title I of ERISA, (ii) a plan described in Section
4975(e)(1) of the Internal Revenue Code of 1986, as amended (the "Code") that is
subject to Section 4975 of the Code, (iii) a governmental plan, as defined in
Section 3(32) of ERISA, subject to any federal, State or local law which is, to
a material extent, similar to the provisions of Section 406 of ERISA or Section
4975 of the Code, (iv) an entity whose underlying assets include plan assets by
reason of a plan's investment in the entity (within the meaning of Department of
Labor Regulation 29 C.F.R. ss. 2510.3-101 or otherwise under ERISA) or (v) a
person investing "plan assets" of any such plan (including without limitation,
for purposes of this clause (v), an insurance company general account, but
excluding any entity registered under the Investment Company Act of 1940, as
amended); or (b) an insurance company acting on behalf of a general account and
(i) on the date of purchase less than 25% (or such lesser percentage as may be
determined by the Depositor) of the assets of such general account (as
reasonably determined by it) constitute "plan assets" for purposes of Title I of
ERISA and Section 4975 of the Code, (ii) the purchase and holding of such Class
D Certificates are eligible for exemptive relief under Sections (I) and (III) of
Prohibited Transaction Class Exemption 95-60, and (iii) the purchaser agrees
that if, after the purchaser's initial acquisition of the Class D Certificates,
at any time during any calendar quarter 25% (or such lesser percentage as may be
determined by the Depositor) or more of the assets of such general account (as
reasonably determined by it no less frequently than each calendar quarter)
constitute "plan assets" for purposes of Title I of ERISA or Section 4975 of the
Code and no exemption or exception from the prohibited transaction rules applies
to the continued holding of the Class D Certificates under Section 401(c) of
ERISA and the final regulations thereunder or under an exemption or regulation
issued by the United States Department of Labor under ERISA, it will dispose of
all Class D Certificates then held in its general account by the end of the next
following calendar quarter.

                  In addition, the Certificates may not be acquired by or on
behalf of a Person other than (A) a citizen or resident of the United States,
(B) a corporation or partnership organized in or under the laws of the United
States or any political subdivision thereof, (C) an estate the income of which
is includible in gross income for United States tax purposes, regardless of its
source, (D) a trust if a U.S. court is able to exercise primary supervision over
the administration of such trust and one or more Persons meeting the conditions
of this paragraph has the authority to control all substantial decisions of the
trust or (E) a Person not described in clauses (A) through (D) above whose
ownership of the Certificates is effectively connected with such Person's
conduct of a trade or business within the United States (within the meaning of
the Code) and who provides the Owner Trustee and the Depositor with an IRS Form
4224 (and such other certifications, representations, or opinions of counsel as
may be requested by the Owner Trustee or the Depositor).

                  The obligations and responsibilities created by the Trust
Agreement and the Trust created thereby shall terminate (i) upon the maturity or
other liquidation of the last remaining Receivable and the disposition of any
amounts received upon such maturity or liquidation or (ii) upon the payment to
the Noteholders, the Swap Counterparties and the Certificateholders of all
amounts required to be paid to them pursuant to the Indenture, the Trust
Agreement, the Sale and Servicing Agreement and the Interest Rate Swap
Agreements, and upon such termination any remaining assets of the Trust shall be
distributed to the Depositor. The Servicer of the Receivables may at its option
purchase the assets of the Trust at a price specified in the Sale and Servicing
Agreement, and such purchase of the Receivables and other property of the Trust
will effect early retirement of the Notes and the Certificates; however, such
right of purchase is exercisable only as of the last day of any Collection
Period as of which the Pool Balance is less than or equal to 10% of the Initial
Pool Balance.

<PAGE>

                                   ASSIGNMENT

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

                                ____________
PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

________________________________________________________________________________
(Please print or type name and address, including postal zip code, of assignee)

________________________________________________________________________________
the within Certificate, and all rights thereunder, hereby irrevocably
constituting and appointing

____________________________________________________________________Attorney to
transfer said Certificate on the books of the Certificate Registrar, with full
power of substitution in the premises.

Dated: __________

                                                        _____________________*/
                                                        Signature Guaranteed:

                                                        _____________________*/

*/ NOTICE: The signature to this assignment must correspond with the name as it
appears upon the face of the within Certificate in every particular, without
alteration, enlargement or any change whatever. Such signature must be
guaranteed by a member firm of the New York Stock Exchange or a commercial bank
or trust company.

<PAGE>

                                                                       EXHIBIT B

                            FORM OF INVESTMENT LETTER
                          QUALIFIED INSTITUTIONAL BUYER

                                                            Date

Ford Credit Auto Owner Trust 2003-A,
  as Issuer
Wachovia Bank of Delaware,
National Association,
as Owner Trustee and
Certificate Registrar
One Rodney Square, 920 King Street, Suite 102, Wilmington, Delaware 19801
Attention: Corporate Trust Administration, Amy Martin

                   Re:     Ford Credit Auto Owner Trust 2003-A
                           Class D 5.00% Asset Backed Certificates

Ladies and Gentlemen:

         In connection with our proposed purchase of the Class D 5.00% Asset
Backed Certificates (the "Certificates") of Ford Credit Auto Owner Trust 2003-A
(the "Issuer"), a trust formed by Ford Credit Auto Receivables Two LLC (the
"Depositor"), we confirm that:

         1. The undersigned agrees to be bound by, and not to resell, transfer,
assign, participate, pledge or otherwise dispose of (any such act, a "Transfer")
the Certificates except in compliance with, the restrictions and conditions set
forth in the legend on the face of the Certificates and under the Securities Act
of 1933, as amended (the "Securities Act").

         2. We understand that no subsequent Transfer of the Certificates is
permitted unless we cause our proposed transferee to provide to the Issuer, the
Certificate Registrar and the Initial Purchaser a letter substantially in the
form of this letter or Exhibit C to the Trust Agreement, as applicable, or such
other written statement as the Depositor shall prescribe.

         3. We are a "qualified institutional buyer" (within the meaning of Rule
144A under the Securities Act) (a "QIB") and we are acquiring the Certificates
for our own account or for a single account (which is a QIB) as to which we
exercise sole investment discretion.

         4. We are either:

                  (a) not, and each account (if any) for which we are purchasing
                  the Certificates is not (i) an employee benefit plan (as
                  defined in Section 3(3) of the Employee Retirement Income
                  Security Act of 1974, as amended ("ERISA")) that is subject to
                  Title I of ERISA, (ii) a plan described in Section 4975(e)(1)
                  of the Internal Revenue Code of 1986, as amended (the "Code")
                  that is subject to Section 4975 of the Code, (iii) a
                  governmental plan, as defined in Section 3(32) of ERISA,
                  subject to any federal, state or local law which is, to a
                  material extent, similar to the provisions of Section 406 of
                  ERISA or Section 4975 of the Code, (iv) an entity whose
                  underlying assets include plan assets by reason of a plan's
                  investment in the entity (within the meaning of Department of
                  Labor Regulation 29 C.F.R. Section 2510.3-101 or otherwise
                  under ERISA) or (v) a person investing "plan assets" of any
                  such plan (including without limitation, for purposes of this
                  clause (v), an insurance company general account, but
                  excluding an entity registered under the Investment Company
                  Act of 1940, as amended), or

                  (b) an insurance company acting on behalf of a general account
                  and (i) on the date hereof less than 25% of the assets of such
                  general account (as reasonably determined by us) constitute
                  "plan assets" for purposes of Title I of ERISA and Section
                  4975 of the Code, (ii) the purchase and holding of such
                  Certificates are eligible for exemptive relief under Sections
                  (I) and (III) of Prohibited Transaction Class Exemption 95-60,
                  and (iii) the undersigned agrees that if, after the
                  undersigned's initial acquisition of the Certificates, at any
                  time during any calendar quarter 25% or more of the assets of
                  such general account (as reasonably determined by us no less
                  frequently than each calendar quarter) constitute "plan
                  assets" for purposes of Title I of ERISA or Section 4975 of
                  the Code and no exemption or exception from the prohibited
                  transaction rules applies to the continued holding of the
                  Certificates under Section 401(c) of ERISA and the final
                  regulations thereunder or under an exemption or regulation
                  issued by the DOL under ERISA, we will dispose of all
                  Certificates then held in our general account by the end of
                  the next following calendar quarter.

         5. We are a person who is (i) a citizen or resident of the United
States, (ii) a corporation or partnership organized in or under the laws of the
United States or any political subdivision thereof, (iii) an estate the income
of which is includible in gross income for United States tax purposes,
regardless of its source, (iv) a trust if a U.S. court is able to exercise
primary supervision over the administration of such trust and one or more
persons described in clauses (i) to (iii) above or clause (v) below has the
authority to control all substantial decisions of the trust or (v) a person not
described in clauses (i) to (iv) above whose ownership of the Certificates is
effectively connected with such person's conduct of a trade or business within
the United States (within the meaning of the Code) and who provides the Issuer
and the Depositor with a Form 4224 (and such other certifications,
representations, or opinions of counsel as may be requested by the Issuer or the
Depositor).

         6. We understand that any purported Transfer of any Certificate (or any
interest therein) in contravention of the restrictions and conditions above will
be null and void (each, a "Void Transfer"), and the purported transferee in a
Void Transfer will not be recognized by the Issuer or any other person as a
Certificateholder for any purpose.

         You are entitled to rely upon this letter and are irrevocably
authorized to produce this letter or a copy hereof to any interested party in
any administrative or legal proceedings or official inquiry with respect to the
matters covered hereby.

                                           Very truly yours,

                                           By:__________________________
                                              Name:
                                              Title:

Securities To Be Purchased:
$[   ] principal amount of Certificates

<PAGE>

                                                                       EXHIBIT C

                            FORM OF INVESTMENT LETTER
                        INSTITUTIONAL ACCREDITED INVESTOR

                                                             Date

Ford Credit Auto Owner Trust 2003-A
  as Issuer
Wachovia Bank of Delaware,
National Association,
as Owner Trustee and
Certificate Registrar
One Rodney Square, 920 King Street, Suite 102, Wilmington, Delaware 19801
Attention: Corporate Trust Administration, Amy Martin

                   Re:     Ford Credit Auto Owner Trust 2003-A
                           Class D 5.00%  Asset Backed Certificates

Ladies and Gentlemen:

         In connection with our proposed purchase of the Class D 5.00% Asset
Backed Certificates (the "Certificates") of Ford Credit Auto Owner Trust 2003-A
(the "Issuer"), a trust formed by Ford Credit Auto Receivables Two LLC (the
"Depositor"), we confirm that:

                  1. The undersigned agrees to be bound by, and not to resell,
         transfer, assign, participate, pledge or otherwise dispose of (any such
         act, a "Transfer") the Certificates except in compliance with, the
         restrictions and conditions set forth in the legend on the face of the
         Class D Certificates and under the Securities Act of 1933, as amended
         (the "Securities Act").

                  2. We understand that no subsequent Transfer of the
         Certificates is permitted unless we cause our proposed transferee to
         provide to the Issuer, the Certificate Registrar and the Initial
         Purchaser a letter substantially in the form of this letter or Exhibit
         B to the Trust Agreement, as applicable, or such other written
         statement as the Depositor shall prescribe.

                  3. We are an institutional "accredited investor" (as defined
         in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) and we are
         acquiring the Certificates for our own account.

                  4. We are either:

                  (a) not, and each account (if any) for which we are purchasing
         the Certificates is not (i) an employee benefit plan (as defined in
         Section 3(3) of the Employee Retirement Income Security Act of 1974, as
         amended ("ERISA")) that is subject to Title I of ERISA, (ii) a plan
         described in Section 4975(e)(1) of the Internal Revenue Code of 1986,
         as amended (the "Code") that is subject to Section 4975 of the Code,
         (iii) a governmental plan, as defined in Section 3(32) of ERISA,
         subject to any federal, state or local law which is, to a material
         extent, similar to the provisions of Section 406 of ERISA or Section
         4975 of the Code, (iv) an entity whose underlying assets include plan
         assets by reason of a plan's investment in the entity (within the
         meaning of Department of Labor Regulation 29 C.F.R. Section 2510.3-101
         or otherwise under ERISA) or (v) a person investing "plan assets" of
         any such plan (including without limitation, for purposes of this
         clause (v), an insurance company general account, but excluding an
         entity registered under the Investment Company Act of 1940, as
         amended), or

                  (b) an insurance company acting on behalf of a general account
         and (i) on the date hereof less than 25% of the assets of such general
         account (as reasonably determined by us) constitute "plan assets" for
         purposes of Title I of ERISA and Section 4975 of the Code, (ii) the
         purchase and holding of such Certificates are eligible for exemptive
         relief under Sections (I) and (III) of Prohibited Transaction Class
         Exemption 95-60, and (iii) the undersigned agrees that if, after the
         undersigned's initial acquisition of the Certificates, at any time
         during any calendar quarter 25% or more of the assets of such general
         account (as reasonably determined by us no less frequently than each
         calendar quarter) constitute "plan assets" for purposes of Title I of
         ERISA or Section 4975 of the Code and no exemption or exception from
         the prohibited transaction rules applies to the continued holding of
         the Certificates under Section 401(c) of ERISA and the final
         regulations thereunder or under an exemption or regulation issued by
         the DOL under ERISA, we will dispose of all Certificates then held in
         our general account by the end of the next following calendar quarter.

                  5. We are a person who is (i) a citizen or resident of the
         United States, (ii) a corporation or partnership organized in or under
         the laws of the United States or any political subdivision thereof,
         (iii) an estate the income of which is includible in gross income for
         United States tax purposes, regardless of its source, (iv) a trust if a
         U.S. court is able to exercise primary supervision over the
         administration of such trust and one or more persons described in
         clauses (i) to (iii) above or clause (v) below has the authority to
         control all substantial decisions of the trust or (v) a person not
         described in clauses (i) to (iv) above whose ownership of the
         Certificates is effectively connected with such person's conduct of a
         trade or business within the United States (within the meaning of the
         Code) and who provides the Issuer and the Depositor with a Form 4224
         (and such other certifications, representations, or opinions of counsel
         as may be requested by the Issuer or the Depositor).

                  6. We understand that any purported Transfer of any
         Certificate (or any interest therein) in contravention of the
         restrictions and conditions above will be null and void (each, a "Void
         Transfer"), and the purported transferee in a Void Transfer will not be
         recognized by the Issuer or any other person as a Certificateholder for
         any purpose.

         You are entitled to rely upon this letter and are irrevocably
authorized to produce this letter or a copy hereof to any interested party in
any administrative or legal proceedings or official inquiry with respect to the
matters covered hereby.

                                           Very truly yours,

                                           By:__________________________
                                              Name:
                                              Title:

Securities To Be Purchased:
$[    ] principal amount of Certificates

<PAGE>

                                                                       EXHIBIT D

                    FORM OF RULE 144A TRANSFEROR CERTIFICATE

                                                           Date

Wachovia Bank of Delaware,
National Association,
as Owner Trustee and
Certificate Registrar
One Rodney Square, 920 King Street, Suite 102, Wilmington, Delaware 19801
Attention: Corporate Trust Administration, Amy Martin

                    Re:      Ford Credit Auto Owner Trust 2003-A
                             Class D 5.00% Asset Backed Certificates

Ladies and Gentlemen:

         This is to notify you as to the transfer of $* in denomination of Class
D 5.00% Asset Backed Certificates (the "Certificates") of Ford Credit Auto Owner
Trust 2003-A (the "Issuer").

         The undersigned is the holder of the Certificates and with this notice
hereby deposits with the Owner Trustee $* in denomination of Certificates and
requests that Certificates of the same class in the same aggregate denomination
be issued, executed and authenticated and registered to the purchaser on
___________, 200[ ], as specified in the Trust Agreement dated as of January 1,
2003 relating to the Certificates, as follows:

         Name:                              Denominations:
         Address:
         Taxpayer I.D. No:

<PAGE>

         The undersigned represents and warrants that the undersigned (i)
reasonably believes the purchaser is a "qualified institutional buyer," as
defined in Rule 144A under the Securities Act of 1933 (the "Act"), (ii) such
purchaser has acquired the Certificates in a transaction effected in accordance
with the exemption from the registration requirements of the Act provided by
Rule 144A, (iii) if the purchaser has purchased the Certificates for an account
for which it is acting as fiduciary or agent, such account is a qualified
institutional buyer and (iv) the purchaser is acquiring Certificates for its own
account or for an institutional account for which it is acting as fiduciary or
agent.

                                          Very truly yours,

                                          NAME OF HOLDER OF
                                          CERTIFICATES

                                          By:________________________
                                             Name:
                                             Title:

* authorized denomination

<PAGE>

                                                                       EXHIBIT E

                          FORM OF CERTIFICATE OF TRUST

                             CERTIFICATE OF TRUST OF
                       FORD CREDIT AUTO OWNER TRUST 2003-A

                  This Certificate of Trust of Ford Credit Auto Owner Trust
2003-A (the "Trust"), dated as of September 1, 2002, is being duly executed and
filed by Wachovia Bank of Delaware, National Association, as owner trustee (the
"Owner Trustee"), to form a statutory trust under the Delaware Statutory Trust
Act (12 Delaware Code, ss. 3801 et seq.) (the "Act").

                  1. Name. The name of the statutory trust formed hereby is Ford
Credit Auto Owner Trust 2003-A

                  2. Owner Trustee. The name and business address of the sole
trustee of the Trust in the State of Delaware is Wachovia Bank of Delaware,
National Association, One Rodney Square, 920 King Street, Wilmington, Delaware
19801.

                  3. Effective Date. This Certificate of Trust shall be
effective upon filing.

<PAGE>

                  IN WITNESS WHEREOF, the undersigned, being the sole trustees
of the Trust, have executed this Certificate of Trust as of the date first above
written in accordance with Section 3811(a)(1) of the Act.

                                            WACHOVIA BANK OF DELAWARE,
                                            NATIONAL ASSOCIATION,
                                            not in its individual capacity but
                                            solely as Owner Trustee under an
                                            Amended and Restated Trust Agreement
                                            dated as of January 1, 2003

                                            By:
                                                  Name:
                                                  Title:

<PAGE>

                                                                      APPENDIX A

                              Definitions and Usage

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