RECEIVABLES SALE AGREEMENT

Exhibit 10.3

RECEIVABLES SALE AGREEMENT

dated as of March 31, 2008

between

FIFTH THIRD BANK,

an Ohio banking corporation

and

FIFTH THIRD HOLDINGS, LLC

TABLE OF CONTENTS

-i-

EXHIBITS

-ii-

THIS PURCHASE AGREEMENT is made and entered into as of March 31, 2008 (as amended from time to time, this “ Agreement ”) by FIFTH THIRD BANK, an Ohio banking corporation (“ Ohio Bank ”), and FIFTH THIRD HOLDINGS, LLC, a Delaware limited liability company (“ FTH LLC ”).

WITNESSETH:

WHEREAS, Ohio Bank and FTH LLC are parties to a Master Loan Contribution and Participation Agreement dated as of October 13, 2000 (as amended, modified or supplemented from time to time, the “ Participation Agreement ”);

WHEREAS, Ohio Bank has sold or contributed to FTH LLC undivided 100% interests (the “ Participation Interests ”) in motor vehicle receivables, including retail motor vehicle installment sales contracts and/or installment loans that are secured by new and used automobiles and light-duty trucks, pursuant to the Participation Agreement;

WHEREAS, FTH LLC desires to purchase from Ohio Bank all of Ohio Bank’s remaining legal right, title and interest in, to and under certain motor vehicle receivables related to Participation Interests;

WHEREAS, FTH LLC further desires to purchase from Ohio Bank a portfolio of motor vehicle receivables, including retail motor vehicle installment sales contracts and/or installment loans that are secured by new and used automobiles and light-duty trucks; and

WHEREAS, Ohio Bank is willing to sell such motor vehicle receivables related to Participation Interests and such portfolio of motor vehicle receivables and related property to FTH LLC on the terms and conditions set forth in this Agreement.

NOW, THEREFORE, in consideration of the premises and the mutual agreements set forth herein, the parties hereto agree as follows:

ARTICLE I

DEFINITIONS AND USAGE

SECTION 1.1 Definitions . Except as otherwise defined herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein are defined in Appendix A to the Sale and Servicing Agreement dated as of the date hereof (as from time to time amended, supplemented or otherwise modified and in effect, the “ Sale and Servicing Agreement ”) among Fifth Third Auto Trust 2008-1, Ohio Bank, as servicer, Fifth Third Holdings Funding, LLC, as seller, and The Bank of New York, as indenture trustee.

SECTION 1.2 Other Interpretive Provisions . For purposes of this Agreement, unless the context otherwise requires: (a) accounting terms not otherwise defined in this Agreement, and accounting terms partly defined in this Agreement to the extent not defined, shall have the respective meanings given to them under GAAP; (b) terms defined in Article 9 of the UCC as in effect in the relevant jurisdiction and not otherwise defined in this Agreement are used as defined in that Article; (c) the words “hereof,” “herein” and “hereunder” and words of similar import

refer to this Agreement as a whole and not to any particular provision of this Agreement; (d) references to any Article, Section, Schedule, Appendix or Exhibit are references to Articles, Sections, Schedules, Appendices and Exhibits in or to this Agreement and references to any paragraph, subsection, clause or other subdivision within any Section or definition refer to such paragraph, subsection, clause or other subdivision of such Section or definition; (e) the term “including” means “including without limitation”; (f) except as otherwise expressly provided herein, references to any law or regulation refer to that law or regulation as amended from time to time and include any successor law or regulation; and (g) references to any Person include that Person’s successors and assigns.

ARTICLE II

PURCHASE

SECTION 2.1 Agreement to Sell and Contribute on the Closing Date . On the terms and subject to the conditions set forth in this Agreement, Ohio Bank agrees to transfer, assign, set over, sell and otherwise convey to FTH LLC without recourse (subject to the obligations herein) on the Closing Date (a) all of its right, title, interest, claims and demands of the Ohio Bank in, to and under the Receivables described on Schedule III hereto, the Collections after the Cut-Off Date, the Receivable Files and the Related Security relating thereto, described in the assignment in the form of Exhibit A (“ Assignment ”) delivered on the Closing Date (the “ Ohio Bank Sold Assets ”) having a Net Pool Balance as of the Cut-Off Date equal to $99,784,092.15, which sale shall be effective as of the Cut-Off Date and (b) all of its right, title, interest, claims and demands of the Ohio Bank, in, to and under the Receivables described on Schedule IV hereto, the Collections after the Cut-Off Date, the Receivable Files and the Related Security relating thereto, described in the Assignment in the form of Exhibit A delivered on the Closing Date (the “ Ohio Bank Participated Assets ” and, together with the Ohio Bank Sold Assets, the “ Ohio Bank Transferred Assets ”) having a Net Pool Balance as of the Cut-Off Date equal to $319,531,975.29, which sale shall be effective as of the Cut-Off Date. For the avoidance of doubt, the parties hereto agree that (i) Ohio Bank has previously sold or contributed an undivided 100% interest in the Ohio Bank Participated Assets to FTH LLC pursuant to the Master Loan Contribution and Participation Agreement, and that the foregoing provision is intended to transfer any remaining right, title and interests of Ohio Bank in such Ohio Bank Participated Assets to FTH LLC and (ii) that the Participation Agreement and the Servicing Agreement (as defined in the Participation Agreement), as each such document relates to the Ohio Bank Participated Assets and the Receivables and Participation Interests related thereto, shall be deemed terminated and be of no further force and effect with respect to the Ohio Bank Participated Assets and the Receivables, and Participation Interests related thereto. The sale, transfer, assignment and conveyance made hereunder does not constitute and is not intended to result in an assumption by FTH LLC of any obligation of Ohio Bank or the applicable Originator to the Obligors, the Dealers or any other Person in connection with the Receivables or the other assets and properties conveyed hereunder or any agreement, document or instrument related thereto.

SECTION 2.2 Consideration and Payment . In consideration of the transfer of the Ohio Bank Transferred Assets conveyed to FTH LLC on the Closing Date, FTH LLC shall pay in cash

-2-

to Ohio Bank on such date an amount equal to the estimated fair market value of the Ohio Bank Transferred Assets on the Closing Date.

ARTICLE III

REPRESENTATIONS, WARRANTIES AND COVENANTS

SECTION 3.1 Representations and Warranties of Ohio Bank . Ohio Bank makes the following representations and warranties as of the Closing Date on which FTH LLC will be deemed to have relied in acquiring the Ohio Bank Transferred Assets. The representations and warranties will survive the conveyance of the Ohio Bank Transferred Assets to FTH LLC pursuant to this Agreement, the conveyance of the Ohio Bank Transferred Assets by FTH LLC to the Depositor pursuant to the Purchase Agreement, the conveyance of the Ohio Bank Transferred Assets by the Depositor to the Issuer pursuant to the Sale and Servicing Agreement and the Grant thereof by the Issuer to the Indenture Trustee pursuant to the Indenture:

(a) Existence and Power . Ohio Bank is a banking corporation validly existing and in good standing under the laws of its state of organization and has, in all material respects, all power and authority to carry on its business as it is now conducted. Ohio Bank has obtained all necessary licenses and approvals in each jurisdiction where the failure to do so would materially and adversely affect the ability of Ohio Bank to perform its obligations under the Transaction Documents or affect the enforceability or collectibility of the Receivables or any other part of the Ohio Bank Transferred Assets.

(b) Authorization and No Contravention . The execution, delivery and performance by Ohio Bank of the Transaction Documents to which it is a party (i) have been duly authorized by all necessary action on the part of Ohio Bank and (ii) do not contravene or constitute a default under (A) any applicable law, rule or regulation, (B) its organizational documents or (C) any material agreement, contract, order or other instrument to which it is a party or its property is subject (other than violations which do not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or Ohio Bank’s ability to perform its obligations under, the Transaction Documents).

(c) No Consent Required . No approval or authorization by, or filing with, any Governmental Authority is required in connection with the execution, delivery and performance by Ohio Bank of any Transaction Document other than (i) UCC filings, (ii) approvals and authorizations that have previously been obtained and filings that have previously been made and (iii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse effect on the enforceability or collectibility of the Receivables or any other part of the Ohio Bank Transferred Assets or would not materially and adversely affect the ability of Ohio Bank to perform its obligations under the Transaction Documents.

(d) Binding Effect . Each Transaction Document to which Ohio Bank is a party constitutes the legal, valid and binding obligation of Ohio Bank enforceable against Ohio Bank in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other

-3-

similar laws affecting the enforcement of creditors’ rights generally and, if applicable, the rights of creditors of corporations from time to time in effect or by general principles of equity.

(e) No Proceedings . There are no actions, suits or proceedings pending or, to the knowledge of Ohio Bank, threatened against Ohio Bank before or by any Governmental Authority that (i) assert the invalidity or unenforceability of this Agreement or any of the other Transaction Documents, (ii) seek to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the other Transaction Documents, (iii) seek any determination or ruling that would materially and adversely affect the performance by Ohio Bank of its obligations under this Agreement or any of the other Transaction Documents or the collectibility or enforceability of the Receivables, or (iv) relate to Ohio Bank that would materially and adversely affect the federal or Applicable Tax State income, excise, franchise or similar tax attributes of the Notes.

(f) Lien Filings . There are no material judgment, ERISA or tax lien filings against Ohio Bank.

SECTION 3.2 Representations and Warranties of Ohio Bank as to each Receivable . Ohio Bank hereby makes the representations and warranties set forth on Schedule I as to the Receivables (including the Receivables related to both the Ohio Bank Sold Assets and the Ohio Bank Participated Assets sold), contributed, transferred, assigned, set over and otherwise conveyed to FTH LLC under this Agreement on which such representations and warranties FTH LLC relies in acquiring the Receivables. (For the avoidance of doubt, it is understood that Ohio Bank makes representations and warranties only with respect to the Receivables described on Schedules III and IV hereto.) Such representations and warranties shall survive the sale of the Receivables to the Seller under the Purchase Agreement, the sale of the Receivables by the Seller to the Issuer under the Sale and Servicing Agreement, and the Grant of the Receivables by the Issuer to the Indenture Trustee pursuant to the Indenture. Notwithstanding any statement to the contrary contained herein or in any other Transaction Document, Ohio Bank shall not be required to notify any insurer with respect to any Insurance Policy obtained by an Obligor or to notify any Dealer about any aspect of the transaction contemplated by the Transaction Documents.

SECTION 3.3 Repurchase upon Breach . Upon discovery by or notice to FTH LLC or Ohio Bank of a breach of any of the representations and warranties set forth in Section 3.2 at the time such representations and warranties were made which materially and adversely affects the interests of the Issuer or the Noteholders, the party discovering such breach or receiving such notice shall give prompt written notice thereof to the other party; provided , that delivery of the Servicer’s Certificate shall be deemed to constitute prompt notice of such breach; provided , further , that the failure to give such notice shall not affect any obligation of Ohio Bank hereunder. If Ohio Bank does not correct or cure such breach prior to the end of the Collection Period which includes the 60th day (or, if Ohio Bank elects, an earlier date) after the date that Ohio Bank became aware or was notified of such breach, then Ohio Bank shall purchase any Receivable materially and adversely affected by such breach from FTH LLC on the Payment Date following the end of such Collection Period. Any such breach or failure will not be deemed to have a material and adverse effect if such breach or failure does not affect the ability of FTH LLC (or its assignee) to receive and retain timely payment in full on such Receivable. Any such

-4-

purchase by Ohio Bank shall be at a price equal to the Repurchase Price. In consideration for such repurchase, Ohio Bank shall make (or shall cause to be made) a payment to FTH LLC equal to the Repurchase Price by depositing such amount into the Collection Account prior to 11:00 a.m., New York City time on such Payment Date. Upon payment of such Repurchase Price by Ohio Bank, FTH LLC shall release and shall execute and deliver such instruments of release, transfer or assignment, in each case without recourse or representation, as may be reasonably requested by Ohio Bank to evidence such release, transfer or assignment or more effectively vest in Ohio Bank or its designee any Receivable repurchased pursuant hereto. It is understood and agreed that the obligation of Ohio Bank to purchase any Receivable as described above shall constitute the sole remedy respecting such breach available to FTH LLC.

SECTION 3.4 Protection of Title .

(a) Ohio Bank shall authorize and file such financing statements and cause to be authorized and filed such continuation and other statements, all in such manner and in such places as may be required by law fully to preserve, maintain and protect the interest of FTH LLC under this Agreement in the Receivables. Ohio Bank shall deliver (or cause to be delivered) to FTH LLC file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as available following such filing.

(b) The Ohio Bank will notify FTH LLC in writing within ten (10) days following the occurrence of (i) any change in the Ohio Bank’s organizational structure as a banking corporation, (ii) any change in the Ohio Bank’s “location” (within the meaning of Section 9-307 of the UCC of all applicable jurisdictions) and (iii) any change in the Ohio Bank’s name and shall have taken all action prior to making such change (or shall have made arrangements to take such action substantially simultaneously with such change, if it is not possible to take such action in advance) reasonably necessary or advisable in the opinion of FTH LLC to amend all previously filed financing statements or continuation statements described in paragraph (a) above. The Ohio Bank will at all times maintain its “location” within the United States.

(c) Ohio Bank shall maintain (or shall cause the Servicer to maintain) its computer systems so that, from time to time after the conveyance under this Agreement of the Receivables, the master computer records (including any backup archives, it being understood that any such backup archives may not reflect such interest until up to thirty-five (35) days after the applicable changes are made to such master computer records) that refer to a Receivable shall indicate clearly the interest of FTH LLC (or any subsequent assignee of FTH LLC) in such Receivable and that such Receivable is owned by such Person. Indication of such Person’s interest in a Receivable shall not be deleted from or modified on such computer systems until, and only until, the related Receivable shall have been paid in full or repurchased.

(d) If at any time Ohio Bank shall propose to sell, grant a security interest in or otherwise transfer any interest in motor vehicle receivables to any prospective purchaser, lender or other transferee, Ohio Bank shall give to such prospective purchaser, lender or other transferee computer tapes, records or printouts (including any restored from backup archives) that, if they shall refer in any manner whatsoever to any Receivable, shall indicate clearly that such Receivable has been sold and is owned by FTH LLC (or any subsequent assignee of FTH LLC).

-5-

SECTION 3.5 Other Liens or Interests . Except for the conveyances and grants of security interests pursuant to this Agreement and the other Transaction Documents, Ohio Bank shall not sell, pledge, assign or transfer the Receivables or other property transferred to FTH LLC to any other Person, or grant, create, incur, assume or suffer to exist any Lien (other than Permitted Liens) on any interest therein, and Ohio Bank shall defend the right, title and interest of FTH LLC in, to and under such Receivables or other property transferred to FTH LLC against all claims of third parties claiming through or under Ohio Bank.

SECTION 3.6 Perfection Representations, Warranties and Covenants . Ohio Bank hereby makes the perfection representations, warranties and covenants set forth on Schedule II hereto to FTH LLC and FTH LLC shall be deemed to have relied on such representations, warranties and covenants in acquiring the Ohio Bank Transferred Assets.

SECTION 3.7 FDIC Rule; Official Record

(a) The parties hereto intend that (A) the FDIC Rule shall apply to the transactions contemplated by this Agreement and the other Transaction Documents, (B) the transactions contemplated by this Agreement and the other Transaction Documents, taken as a whole, constitute a “securitization” within the meaning of the FDIC Rule and (C) the transfer of Receivables and other property pursuant to this Agreement constitutes a sale, and not a secured borrowing, for accounting purposes as it relates to the FDIC Rule.

(b) So long as the Notes remain outstanding, this Agreement shall be treated as an official record of Ohio Bank within the meaning of Section 13(e) of the Federal Deposit Insurance Act (12 U.S.C. Section 1823(e)).

ARTICLE IV

MISCELLANEOUS

SECTION 4.1 Transfers Intended as Sale; Security Interest .

(a) Each of the parties hereto expressly intends and agrees that the transfers contemplated and effected under this Agreement