Document:

EXHIBIT 4.1(b)

          THIS FIRST SUPPLEMENTAL WARRANT AGREEMENT, dated as of July 17, 2003
(the "Supplement"), between The Bear Stearns Companies Inc., a Delaware
corporation (the "Company"), JPMorgan Chase Bank, as Warrant Agent (the "Warrant
Agent"), and Bear, Stearns & Co. Inc., as Calculation Agent (the "Calculation
Agent"). Capitalized terms used but not defined herein shall have the meanings
set forth in the Warrant Agreement (as defined below).

                             RECITALS OF THE COMPANY

          WHEREAS, the Company and the Warrant Agent have previously entered
into a Warrant Agreement dated as of July 9, 2003 (the "Warrant Agreement");

          WHEREAS, the Company desires to enter into this Supplement in order to
issue Warrants pursuant to the terms of the Warrant Agreement, including Section
1.03 thereof; and

          NOW, THEREFORE, it is mutually covenanted and agreed as follows:

                                   ARTICLE I
                                 WARRANT DETAILS

          Section 1.01. The title of the Warrants to be issued under this
Supplement is "Accelerated Market Participation Securities Linked to the S&P 500
Index" (the "AMPS"). The aggregate principal amount of the AMPS which may be
delivered under this Supplement is limited to $5,000,000. The AMPS will be
issued only as registered securities at a purchase price of $5.00 per Warrant on
July 23, 2003. The AMPS will be issued in global form, and the Depository for
such AMPS in global form shall be The Depository Trust Company ("DTC").
Beneficial interests in such AMPS will be held through DTC. The interests in
such AMPS in global form may be exchanged in whole for AMPS which represent the
individual AMPS at the option of (i) the Company or (ii) the Depository if the
Depository is unwilling or unable to continue as depository and a successor
depository is not appointed by the Company within 90 calendar days. In any such
instance, an owner of a beneficial interest in the AMPS in global form will be
entitled to physical delivery in definitive form of the AMPS equal in principal
amount to such beneficial interest and to have such AMPS registered in its name.

          The AMPS will be automatically exercised on October 21, 2004, the
expiration date (the "Expiration Date"). There shall not be any periodic
payments on the AMPS or any other payments on the AMPS until the Expiration
Date.

          On the Expiration Date, a holder of an AMPS will receive a payment
equal to the Cash Settlement Value (as defined below). The amount a
Warrantholder will receive upon exercise of the AMPS will be based upon the
percentage change in the value of the S&P 500 Composite Price Index (the
"Index"). The Cash Settlement Value to which a Warrantholder will be entitled
depends entirely on the relation of the Final Index Level to the Initial Index
Level (each as defined below).
<PAGE>

          The "Cash Settlement Amount" with respect to the AMPS shall be
calculated as follows:

          (i) If the Final Index Level is greater than or equal to the Initial
Index Level, the Cash Settlement Value per AMPS will equal:

            /              /  Final Index Level-Initial Index Level  \  \
     $5 +  |  ($5)(3)  x  |   -------------------------------------   |  |
            \              \           Initial Index Level           /  /

          provided, however, the Cash Settlement Value cannot exceed $5.75 per
AMPS.

          (ii) If the Final Index Level is less than the Initial Index Level,
the Cash Settlement Value per AMPS will equal:

                               /   Final Index Level   \
                       $5  x  |   -------------------   |
                               \  Initial Index Level  /

          For purposes of this formula:

          The "Initial Index Level" equals 981.73, the closing value of the
Index on July 17, 2003, the date the AMPS were priced for initial sale to the
public.

          The "Final Index Level" will be determined by the Calculation Agent
and will equal the closing value of the Index on October 18, 2004, the
"valuation date".

          If the Calculation Agent determines that there is a Market Disruption
Event (as defined below) on the valuation date, the valuation date will be the
first succeeding Index Business Day on which there is no Market Disruption
Event, unless there is a Market Disruption Event on each of the five Index
Business Days following the original date that, but for the Market Disruption
Event, would have been the valuation date. In that case, the fifth Index
Business Day will be deemed to be the valuation date, notwithstanding the Market
Disruption Event, and the Calculation Agent will determine the level of the
Index on that fifth Index Business Day in accordance with the formula for and
method of calculating the Index in effect prior to the Market Disruption Event
using the exchange traded price of each security in the Index (or, if trading in
any such security has been suspended or materially limited, the Calculation
Agent's good faith estimate of the exchange traded price that would have
prevailed but for such suspension or limitation) as of that fifth Index Business
Day.

          An "Index Business Day" means a day on which The Nasdaq Stock Market,
the New York Stock Exchange (the "NYSE") and The American Stock Exchange are
open for trading and the Index or any successor index is calculated and
published.

                                      -2-
<PAGE>

          A "Market Disruption Event" means either of the following events, as
determined by the Calculation Agent, in its sole discretion:

(a)  the suspension of or material limitation on trading for more than two hours
     of trading, or during the one-half hour period preceding the close of
     trading on the applicable exchange in 20% or more of the stocks which then
     comprise the Index (without taking into account any extended or after-hours
     trading session); or

(b)  the suspension of or material limitation on trading, in each case, for more
     than two hours of trading, or during the one-half hour period preceding the
     close of trading, on the applicable exchange, whether by reason of
     movements in price otherwise exceeding levels permitted by the relevant
     exchange or otherwise, in option contracts or futures contracts related to
     the Index, or any successor index, which are traded on any major U.S.
     exchange.

          For the purpose of the above definition:

o    a limitation on the hours in a trading day and/or number of days of trading
     will not constitute a Market Disruption Event if it results from an
     announced change in the regular business hours of the relevant exchange,
     and

o    for the purpose of clause (a) above, any limitations on trading during
     significant market fluctuations under NYSE Rule 80A, or any applicable rule
     or regulation enacted or promulgated by the NYSE or any other self
     regulatory organization or the Securities Exchange Commission of similar
     scope as determined by the calculation agent, will be considered
     "material".

          If Standard & Poor's discontinues publication of the Index, or if it
or another entity publishes a successor or substitute index that the Calculation
Agent determines, in its sole discretion, to be comparable to the Index, then
the ending value as of any succeeding valuation date will be determined by
reference to the value of that index, a "successor index." Upon any selection by
the Calculation Agent of a successor index, the Calculation Agent will cause
notice to be furnished to the Company and the Warrant Agent, who will provide
notice of the selection of the successor index to the registered holders of the
AMPS. If Standard & Poor's discontinues publication of the Index, and a
successor index is not selected by the Calculation Agent, or is no longer
published on any valuation date, the periodic index level to be substituted for
the Index for that valuation date will be a value computed by the Calculation
Agent for that valuation date in accordance with the procedures last used to
calculate the Index prior to any such discontinuance. If Standard & Poor's
discontinues publication of the Index prior to the determination of the Cash
Settlement Value, and the Calculation Agent determines that no successor index
is available at that time, then on each Index Business Day until the earlier to
occur of (a) the determination of the Cash Settlement Value or (b) a
determination by the Calculation Agent that a successor index is available, the
Calculation Agent will determine the value that is to be used in computing the
Cash Settlement Value as described in the preceding paragraph, as if such day
were a valuation date. The Calculation Agent will cause notice of each such
value to be published not less often than once each month in The Wall Street
Journal (or another newspaper of general circulation), and arrange for
information with respect to those values to be made available by telephone. If a
successor index is selected, or the Calculation

                                      -3-
<PAGE>

Agent calculates a value as a substitute for the Index as described above, the
successor index or value will be substituted for the Index for all purposes,
including for purposes of determining whether an Index Business Day or Market
Disruption Event has occurred.

          Section 1.02. Each AMPS will be automatically exercised in whole but
not in part on the Expiration Date, without any requirement of notice of
exercise to the Warrant Agent. The Final Index Level and Cash Settlement Value
of such Warrants shall be determined on the Expiration Date, or, if the
Expiration Date is not a Business Day, then on the Business Day following the
Expiration Date. As used herein, "Business Day" means any day other than a
Saturday or a Sunday or a day on which banking institutions in New York City are
authorized or required by law, regulation or executive order to close.

          (a) On the Expiration Date or, if the Expiration Date is not a
Business Day, then on the Business Day next following the Expiration Date, the
Calculation Agent shall (i) obtain the Final Index Level (which Final Index
Level shall be the Final Index Level on such day) from the Calculation Agent,
(ii) determine the Cash Settlement Value (in the manner provided above) of the
Warrants to be automatically exercised, (iii) advise the Company by 5:00 P.M.,
New York City time, on the Expiration Date or, if the Expiration Date is not a
Business Day, then on the Business Day next following the Expiration Date, of
the Cash Settlement Value with respect to such Warrants and (iv) advise the
Company of such other matters relating to the automatically exercised Warrants
as the Company shall reasonably request. Provided that the Company has made
adequate funds available to the Warrant Agent in a timely manner which shall, in
no event, be later than 3:00 P.M., New York City time, on the third Business Day
following the date on which the Final Index Level is obtained, the Warrant Agent
will make payment available (i) in the case of Global Warrant Certificates, in
same day funds or other acceptable means to the Depository, against receipt of
the Global Warrant Certificate, and (ii) in the case of Definitive Warrant
Certificates, in the form of a cashier's check or an official bank check to the
appropriate Registered Holder, or (in the case of payments of at least $250,000)
by wire transfer to a U.S. dollar account maintained by such Registered Holder
(at the Registered Holder's written election), against receipt by the Warrant
Agent at the Warrant Agent's Office from such Registered Holder of its Warrant
Certificates, in either case after 3:00 P.M., New York City time, but prior to
the close of business, on such third Business Day following the date on which
the Final Index Level is obtained, such check to be in the amount of the
aggregate Cash Settlement Value in respect of Warrants that have been
automatically exercised. Warrant Certificates delivered to the Warrant Agent,
and the Global Warrant Certificate, shall thereafter be promptly cancelled by
the Warrant Agent.

          Section 1.03. The Company hereby appoints Bear, Stearns & Co. Inc. as
Calculation Agent of the Company in respect of the AMPS upon the terms and
subject to the conditions set forth in the Warrant Agreement; and Bear, Stearns
& Co. Inc. hereby accepts such appointment. The Calculation Agent shall have the
powers and authority granted to and conferred upon it in the Warrant Agreement
and such further powers and authority to act on behalf of the Company as the
Company may hereafter grant to or confer upon it with its consent.

                                      -4-
<PAGE>

                                   ARTICLE II

                                  MISCELLANEOUS

          Section 2.01. This Supplement shall be effective on the date hereof.

          Section 2.02. The recitals contained herein shall be taken as the
statements of the Company, and the Warrant Agent assumes no responsibility for
their correctness. The Warrant Agent makes no representations as to the validity
or sufficiency of this Supplement.

          Section 2.03. This Supplement shall be governed by and construed in
accordance with the laws of the jurisdiction which govern the Warrant Agreement
and its construction.

          Section 2.04. All agreements of the Company in this Supplement shall
bind its successors. All agreements of the Warrant Agent in this Supplement
shall bind its successors.

          Section 2.05. This Supplement may be executed in any number of
counterparts each of which shall be an original, but such counterparts shall
together constitute but one and the same instrument.

                                      -5-
<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have caused this
Supplement to be duly executed and their respective seals to be affixed hereunto
and duly attested all as of the day and year first above written.

                                The Bear Stearns Companies Inc.

                                By /s/ Samuel L. Molinaro Jr.
                                   --------------------------------------------
                                   Name:  Samuel L. Molinaro Jr.
                                   Title: Executive Vice President and
                                          Chief Financial Officer

                                JPMorgan Chase Bank, as Warrant Agent

                                By  /s/ Natalie Pesce
                                   --------------------------------------------
                                   Name:  Natalie Pesce
                                   Title: Trust Officer

                                Bear, Stearns & Co. Inc., as Calculation Agent

                                By  /s/ Harry Engelman
                                   --------------------------------------------
                                   Name:  Harry Engelman
                                   Title: Senior Managing Director

                                      -6-EXHIBIT 10.1

                                  July 15, 2003
                        DART 2000-1 DISTRIBUTION SUMMARY
<TABLE>
<CAPTION>
                                            Collection Account
Wire/Deposit to:                            In consideration of:                   In the amount of:
----------------                            --------------------                   -----------------
<S>                                         <C>                                    <C>
1.  Premier Auto Finance, Inc.              Reimburse Previous Advances
                                            Excess Coverage                                      5,744.36

2.  Bank of New York                        Indenture Trustee Fee                                    0.00

3.  Chase                                   Owner Trustee Fee                                        0.00

4.  Premier Auto Finance, Inc.              Servicing Fees                                      82,007.20
                                            Late Fees                                           51,668.23
                                                                                   -----------------------
                                            Total Servicing Fees                               133,675.43

5.  Note Distribution Account               Note Interest                                      512,649.22

6.  Certificate Distribution Account        Certificate Interest                                87,068.70

7.  Note Distribution Account               Principal Payable                                8,362,546.41

8.  Certificate Distribution Account        Principal Payable                                        0.00

9.  Reserve Fund                            Funding                                            269,141.87

                                                                                   -----------------------
TOTAL AMOUNT WIRED/DEPOSITED:                                                                9,370,825.99
                                                                                   =======================

                                              Reserve Account
Wire/Deposit to:                            In consideration of:
1. Collection Account                       Collection Shortfall                                     0.00

2. Premier Auto Finance, Inc.               Excess Reserve Release                             271,258.04

                                                                                   -----------------------
TOTAL AMOUNT WIRED/DEPOSITED:                                                                  271,258.04
                                                                                   =======================
</TABLE>

/S/ Kevin P. Diamond
--------------------------------------------
Senior Vice President

/S/ David C. Greenberg
--------------------------------------------
CEO

                                   Page 3 of 9
<PAGE>

                   Dealer Auto Receivables Owner Trust 2000-1

190,000,000.00   6.69%     Dealer Auto Receivables Asset-Backed Notes, Class A-1
274,000,000.00   7.01%     Dealer Auto Receivables Asset-Backed Notes, Class A-2
168,000,000.00   7.07%     Dealer Auto Receivables Asset-Backed Notes, Class A-3
 83,251,000.00   7.12%     Dealer Auto Receivables Asset-Backed Notes, Class A-4
 24,470,000.00   7.46%     Dealer Auto Receivables Asset-Backed Notes, Class B
 13,175,591.56   7.93%     Dealer Auto Receivables Asset- Backed Certificates
<TABLE>
<CAPTION>
                                                 Monthly Report
                                     For the July 15, 2003 Distribution Date
<S>                                                                                                 <C>
A        Calculation of Available Amounts

       1 Available Principal (as defined in Article I of the Sale and Servicing Agreement)              $8,263,079.98
                                                                                                    ------------------
       2 Available Interest (as defined in Article I of the Sale and Servicing Agreement)               $1,056,077.78
                                                                                                    ------------------
       3 Available Amounts (l. plus 2.)                                                                 $9,319,157.76
                                                                                                    ------------------

B        Calculation of Principal Distributable Amount                                                  $8,362,546.41
         (as defined in Article I of the Sale and Servicing                                         ------------------
         Agreement)

C        Calculation of Note Monthly Principal Distributable Amount                                     $8,362,546.41
                                                                                                    ------------------

       1 Note Percentage for such Distribution Date

         (a)   For each Distribution Date to but excluding the Distribution Date
               on which the principal amount Of the Class B Notes is reduced to
               zero 100.00%
                                                                                                    ------------------

         (b)   After the principal amount of the Class B Notes have been reduced to zero                        0.00%
                                                                                                    ------------------

       2 Principal Distributable Amount (from B)                                                        $8,362,546.41
                                                                                                    ------------------

       3 Note Monthly Principal Distributable Amount for

           (a) Class A-1 Notes                                                                                  $0.00
                                                                                                    ------------------

           (b) Class A-2 Notes                                                                                  $0.00
                                                                                                    ------------------

           (c) Class A-3 Notes                                                                                  $0.00
                                                                                                    ------------------

           (d) Class A-4 Notes                                                                          $8,362,546.41
                                                                                                    ------------------

           (e) Class B Notes                                                                                    $0.00
                                                                                                    ------------------

           (f) Note Principal Carryover Shortfall                                                               $0.00
                                                                                                    ------------------

D    Calculation of Note Monthly Interest Distributable Amount

       1 Class A-1 Interest Rate                                                                                6.69%
                                                                                                    ------------------

       2 Class A-2 Interest Rate                                                                                7.01%
                                                                                                    ------------------

       3 Class A-3 Interest Rate                                                                                7.07%
                                                                                                    ------------------

       4 Class A-4 Interest Rate                                                                                7.12%
                                                                                                    ------------------

       5 Class B Interest Rate                                                                                  7.46%
                                                                                                    ------------------

                                                    Page 4 of 9
<PAGE>

        6 Class A-1 Note Interest Distributable Amount                                                          $0.00
                                                                                                      ----------------

        7 Class A-2 Note Interest Distributable Amount                                                          $0.00
                                                                                                      ----------------

        8 Class A-3 Note Interest Distributable Amount                                                          $0.00
                                                                                                      ----------------

        9 Class A-4 Note Interest Distributable Amount                                                    $360,527.39
                                                                                                      ----------------

       10 Class B Note Interest Distributable Amount                                                      $152,121.83
                                                                                                      ----------------

       11 Aggregate Interest Carryover Shortfall for each Class for such Distribution Date                      $0.00
                                                                                                      ----------------

       12 Note Monthly Interest Distributable Amount (the sum of items D.6, D.7, D.8, D.9, D.10 and       $512,649.22
          D.11)
                                                                                                      ----------------

E      Calculation of Note Distributable Amount (sum of C.3 plus D.12.)                                 $8,875,195.63
                                                                                                      ----------------

F      Calculation of Certificate Principal Distributable
       Amount

        1 Certificate Balance                                                                          $13,175,591.56
                                                                                                      ----------------

        2 Principal Distributable Amount                                                                        $0.00
                                                                                                      ----------------

        3 Certificate Percentage for each respective Distribution Date

        3 (a)  for each Distribution Date to but excluding the Distribution Date on which the
               Principal Amount of the Class B Notes is reduced to zero                                         0.00%
                                                                                                      ----------------

        3 (b)  on the Distribution Date on which the Principal Amount of the Class B Notes is
               reduced to zero
                                                                                                      ----------------

        3 (c)  thereafter                                                                                     100.00%
                                                                                                      ----------------

        4 (a)  Principal Distributable Amount multiplied by the Certificate Percentage for such                 $0.00
               Distribution Date
                                                                                                      ----------------

        4 (b)  Certificate Principal Carryover Shortfall for such Distribution Date                             $0.00
                                                                                                      ----------------

        5 Certificate Principal Distributable Amount (the sum of  4.(a) and 4.(b))                              $0.00
                                                                                                      ----------------

G      Calculation of Certificate Interest Distributable Amount

        1 Certificate Pass-Through Rate                                                                         7.93%
                                                                                                      ----------------

        2 (a)  Certificate Monthly Interest Distributable Amount                                           $87,068.70
                                                                                                      ----------------

        2 (b)  Certificate Interest Carryover Shortfall for such Distribution Date                              $0.00
                                                                                                      ----------------

        3 Certificate Interest Distributable Amount (sum of 2.(a) and 2.(b))                               $87,068.70
                                                                                                      ----------------

H      Calculation of Certificate Distributable Amount (sum of F.5 and G.3)                                $87,068.70
                                                                                                      ----------------

I      Fees

        1 The Monthly Servicing Fee for such Distribution
          Date                                                                                             $82,007.20
                                                                                                      ----------------
          (1/12 of the product of 1% and the Aggregate Principal Balance of the Contracts as of
          the beginning of the preceding Distribution Date)

        2 Late Payment Penalty Fees for such Distribution Date                                             $51,668.23
                                                                                                      ----------------

        3 Extension Fees for such Distribution Date                                                             $0.00
                                                                                                      ----------------

                                                    Page 5 of 9
<PAGE>

        4 Indenture Trustee Fee for such Distribution Date                                                      $0.00
                                                                                                      ----------------

        5 Owner Trustee Fee for such Distribution Date                                                          $0.00
                                                                                                      ----------------

J       Calculation of the Available Amounts for such Distribution
        Date

        1 The amount of funds deposited into the Collection Account pursuant to
          Section 5.05(b) of the Sale and Servicing Agreement with respect to
          the related Due $9,370,825.99 Period
                                                                                                      ----------------

          a  All amounts received by the Indenture Trustee or the Servicer with
             respect to principal and interest on the Contracts, as well as Late
             Payment Penalty Fees and Extensions Fees for related $8,680,764.49
             Due Period
                                                                                                      ----------------

          b  All Net Liquidation Proceeds                                                                 $687,724.19
                                                                                                      ----------------

          c  The aggregate of the Repurchase Prices for Contracts required to be repurchased by the
             Depositor as described in Section 7.05 of the Sale and Servicing Agreement                         $0.00
                                                                                                      ----------------

          d  All Advances made by Servicer pursuant to Section 7.02 of the Sale and Servicing                   $0.00
             Agreement
                                                                                                      ----------------

          e  All amounts paid by the Seller in connection with an optional repurchase of the
             Contracts described in Section 7.07 of the Sale and Servicing Agreement                            $0.00
                                                                                                      ----------------

          f  All amounts received in respect of interest, dividends, gains,
             income and earnings on investments of funds in the Trust Accounts
             as contemplated in Section 5.05(b) of the Sale and $2,337.31
             Servicing Agreement
                                                                                                      ----------------

          g  Total amount of funds deposited into the Collection Account pursuant to Section 5.05(b)    $9,370,825.99
                                                                                                      ----------------
              (the sum of a. through g.)

        2 The amount of funds permitted to be withdrawn from the Collection
          Account pursuant to clauses (i) through (iv) of Section 7.03(a) of the
          Sale and Servicing Agreement with respect to $139,419.79 related Due
          Period
                                                                                                      ----------------

          a  Amounts to be paid to the Servicer as the Reimbursement Amount in accordance with
             Section 7.02 of the Sale and Servicing Agreement                                               $5,744.36
                                                                                                      ----------------

          b  Amounts to be paid to the Servicer in respect to the Servicing Fee for the related
             Due Period                                                                                    133,675.43
                                                                                                      ----------------

          c  Amounts to be paid to the Indenture Trustee in respect of the Indenture Trustee Fee
             for the related Due Period                                                                         $0.00
                                                                                                      ----------------

          d  Amounts to be paid to the Owner Trustee in respect of Owner Trustee Fee for related
             Due Period                                                                                         $0.00
                                                                                                      ----------------

          e  Total amount of funds permitted to be withdrawn from the Collection Account pursuant
             to clauses (i) through (iv) Section 7.03(a) of the Sale and Servicing Agreement with
             respect to the related Due Period (sum of a. through d.)                                     $139,419.79
                                                                                                      ----------------

        3 The Available Amounts (not including amounts from Reserve Fund Account) for such
          Distribution Date available to pay Note Distributable Amounts and Certificate
          Distributable Amounts                                                                         $9,231,406.20
                                                                                                      ----------------
          (1(g) minus 2(e))

K       The shortfall of Available Amounts for such Distribution Date to pay either the Note
        Distributable Amount or the Certificate Distributable Amount                                            $0.00
                                                                                                      ----------------
        (the Available Amounts for such Distribution Date minus the sum of the Note Distributable
        Amount as set forth in E. and the Certificate Distributable Amount as set forth in H.)

L       The amount to be withdrawn from the Reserve Fund on such Distribution Date to cover the
        Note Interest Distributable Amount                                                                      $0.00
                                                                                                      ----------------

                                               Page 6 of 9
<PAGE>

M       The amount to be withdrawn from the Reserve Fund on such Distribution Date to cover the
        Certificate Interest Distributable Amount                                                               $0.00
                                                                                                      ----------------

N       The amount to be withdrawn from the Reserve Fund on such Distribution Date to cover the
        Note Principal Distributable Amount                                                                     $0.00
                                                                                                      ----------------

O       The amount to be withdrawn from the Reserve Fund on such Distribution Date to cover the
        Certificate Principal Distributable Amount                                                              $0.00
                                                                                                      ----------------

P       Interest Earnings on the Reserve Fund.                                                              $2,116.17
                                                                                                      ----------------

Q       The amount on deposit in the Reserve Fund after giving effect to
        deposits and withdrawals therefrom on such Distribution Date
                                                                                                         7,528,965.92
                                                                                                      ----------------

R       The Specified Reserve Fund Amount for such Distribution Date will be an
        amount equal to the lesser of (i) the aggregate unpaid principal balance
        of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the
        Class A-4 Notes and the Class B Notes and the Certificate Balance as of
        such Distribution Date, and (ii) the greater of:

       (a)4.25% of the aggregate unpaid principal balance of the Class A-1
          Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes
          and the Class B Notes and the Certificate Balance on such Distribution
          Date, except that if a Reserve Fund Trigger Event shall have occurred
          and be continuing on such Distribution Date, then the percentage of
          the aggregate unpaid principal balance of the Class A-1 Notes, the
          Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and the
          Class B Notes and the Certificate Balance referred to in this clause
          (a), shall be equal to 6.50%; and

       (b)1.00% of the Aggregate Principal Balance as of the Cutoff Date.                                7,528,965.92
                                                                                                      ----------------

S      The Pool Factor

               Factor immediately Before Factor immediately After
                  such Distribution Date such Distribution Date

             Class A-1 Note  1    0.0000000                  7   0.0000000
                               -------------                   ------------

             Class A-2 Note  2    0.0000000                  8   0.0000000
                               -------------                   ------------

             Class A-3 Note  3    0.0000000                  9   0.0000000
                               -------------                   ------------

             Class A-4 Note  4    0.7298776                 10   0.6294278
                               -------------                   ------------

             Class B Note    5    1.0000000                 11   1.0000000
                               -------------                   ------------

             Certificate     6    1.0000000                 12   1.0000000
                               -------------                   ------------

T      Delinquent Contracts

        1 31-60 Days                                                                              633   $4,274,947.71
                                                                                --------------------------------------

        2 61-90 Days                                                                               92     $712,190.99
                                                                                --------------------------------------

        3 91 or More Days                                                                          31     $260,226.35
                                                                                --------------------------------------

             Total Delinquent Receivables                                                         756   $5,247,365.05
             61+ Days Delinquencies as Percentage of Receivables                                                1.08%

             Delinquency Ratio for Second Preceding Collection Period                                           1.08%
             Delinquency Ratio for Preceding Collection Period                                                  0.93%
             Delinquency Ratio for Current Collection Period                                                    1.08%
             Average Delinquency Ratio                     (Reserve Fund Trigger Event >= 2.0%)                 1.03%

                                             Page 7 of 9
<PAGE>

U     Defaulted Contracts

      1 Total Defaulted Contracts for the Due Period                                                160       707,136.41
                                                                                                        -----------------

      2 Identity (attach)

      3 Liquidation proceeds for the Due Period                                                              $708,091.52
                                                                                                        -----------------

      4 Liquidation expenses for the Due Period                                                               $20,367.33
                                                                                                        -----------------

      5 Net Liquidation Proceeds for the Due Period                                                          $687,724.19
                                                                                                        -----------------

      6 Net Liquidation Losses for the Due Period
                                                                                                             $ 19,412.22
                                                                                                        -----------------

              Pool Balance at Beginning of Collection                                                                  $
              Period                                                                                       98,408,635.54
              Net Loss Ratio for Current Collection Period                                                         0.24%

              Net Loss Ratio for Second Preceding Collection Period                                               -0.49%
              Net Loss Ratio for Preceding Collection Period                                                       1.48%
              Net Loss Ratio for Current Collection Period                                                         0.24%
              Average Net Loss Ratio                        (Reserve Fund Trigger Event >= 2.5%)                   0.41%

V     Advances

      1 Unreimbursed Advances prior to such Distribution Date                                                 $64,058.06
                                                                                                        -----------------

      2 Amount paid to Servicer on such Distribution Date to reimburse Servicer for such unreimbursed         $40,277.75
        Advances
                                                                                                        -----------------

      3 Amount of Delinquent Interest for the related Due Period                                              $34,533.39
                                                                                                        -----------------

      4 Amount of new Advances on such Distribution Date (if such amount is less than the amount of
        Delinquent Interest, attach the certificate required by Section 7.02 of the Sale and
        Servicing Agreement)                                                                                 ($5,744.36)
                                                                                                        -----------------

      5 Total of unreimbursed Advances after new Advances on such Distribution Date                           $58,313.70
                                                                                                        -----------------

W     Repurchased Contracts

      1 Number of Contracts to be repurchased pursuant to Section 7.07 of the Sale and Servicing
        Agreement                                                                                                      0
                                                                                                        -----------------

      2 Principal Amount of such Contracts                                                                         $0.00
                                                                                                        -----------------

      3 Related Repurchase Price of such Contracts                                                                 $0.00
                                                                                                        -----------------

X     Contracts

      1 Number of Contracts as of beginning of Due Period                                                         17,111
                                                                                                        -----------------

      2 Principal Balance of Contracts as of beginning of Due Period                                       98,408,635.54
                                                                                                        -----------------

      3 The weighted average Contract Rate of the Contracts as of the beginning of the Due Period                 12.00%
                                                                                                        -----------------

      4 The weighted average remaining term to maturity of the Contracts as of the beginning of the
        Due Period                                                                                                 21.98
                                                                                                        -----------------

      5 Number of Contracts as of end of Due Period                                                               16,120
                                                                                                        -----------------

      6 Principal Balance of Contracts as of end of Due Period                                             90,046,089.13
                                                                                                        -----------------

      7 The weighted average Contract Rate of the Contracts as of the end of the Due Period                       12.03%
                                                                                                        -----------------

      8 The weighted average remaining term to maturity of the Contracts as of the end of the Due
        Period                                                                                                     21.35
                                                                                                        -----------------
</TABLE>
                                             Page 8 of 9
<PAGE>

                                Net Loss Addendum

For the Period Ending April 30, 2003         Reported              Actual*
Servicing Report Dated May 16, 2003             8K                  Loss
                                             --------             ---------
Net Loss Ratio for Current Month               0.24%                5.03%
Net Loss Ratio for Previous Month              1.48%                5.77%
Net Loss Ratio for 2nd Previous Month         -0.49%                5.45%
Net Loss Ratio Three Month Average             0.41%                5.42%

                       Section "U" of Servicer Certificate

The difference between the Reported 8K and Actual Loss column is driven by the
difference in the definition of a Defaulted Contract between the DART 2000-1
Servicing Agreement and the servicer's normal procedures as described in the
Prospectus. Generally the servicer charges-off a contract:

1)       when the servicer deems the contract uncollectible;
2)       if the financed vehicle is not repossessed, during the month when 5% or
         more of an installment due under the contract becomes more than 120
         days past due;
3)       if the financed vehicle is repossessed, when all sale proceeds,
         insurance claims and refunds of financed insurance policies and
         extended warranties have been received; or
4)       when an obligor files for bankruptcy and the servicer determines that
         its loss is known.

The definition of a Defaulted Contract in the DART 2000-1 Sale And Servicing
Agreement states:

     "Defaulted Contract" means a Contract with respect to which there has
     occurred one or more of the following: (i) all or part of a scheduled
     payment under the Contract is 120 days or more than 120 days past due and
     the Servicer has not repossessed the related Financed Vehicle, (ii) the
     Servicer, has in accordance with its customary servicing procedures,
     determined that eventual payment in full is unlikely and has either
     repossessed and liquidated the related Financed Vehicle or repossessed and
     held the related Financed Vehicle in its repossessed inventory for 90 days,
     whichever occurs first; provided, however, in no event shall the period of
     time referred to in clauses (i) or (ii) extend for a combined period of
     longer than 120 days, or (iii) the relevant Obligor has suffered an
     Insolvency Event.

Two differences between the two standards account for the change in the Net Loss
Ratio reported in the revised Servicer Certificate from the Net Loss Ratio
calculated in accordance with the servicer's customary servicing procedures:

1)       Under the DART 2000-1 Servicing Agreement the servicer must recognize
         the entire amount of a bankrupt account as a loss when the obligor
         files for bankruptcy rather than when the seller determines the actual
         amount of loss. Although prior experience does not necessarily predict
         future performance, in the servicer's experience, a majority of the
         accounts that file bankruptcy are collected.

2)       Under the DART 2000-1 Servicing Agreement repossessions in inventory
         are considered to be a loss if the contract is 120 days delinquent.
         Traditionally the Servicer would not consider repossessions in
         inventory to be a loss until the car has been sold and all liquidation
         proceeds have been recovered and the loss is known.

*Losses as determined according to the Servicer's customary servicing
procedures.

                                   Page 9 of 9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00054-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00054-of-00352.parquet"}]]