<Page>
Exhibit 4.7
CONFIRMATION FOR U.S. DOLLAR INTEREST RATE SWAP TRANSACTION
UNDER 1992 MASTER AGREEMENT
TO: CNH Equipment Trust 2003-B ("Party B")
The Bank of New York, as Trustee
101 Barclay St., 8W
New York, NY 10286
Tel: 212-815-6434
Fax: 212-815-2493
FROM: MERRILL LYNCH CAPITAL SERVICES, INC. ("Party A")
MARINA POTOK
TEL: (212) 449-8253
FAX: (646) 805-0218
DATE: November 24, 2003
Our Reference Nos: 03DL12133
The purpose of this letter agreement is to confirm the terms and conditions of
the Swap Transaction entered into between us on the Trade Date specified below
(the "Swap Transaction"). This letter agreement constitutes a "Confirmation" as
referred to in the Master Agreement specified below.
1. The definitions and provisions contained in the 2000 ISDA Definitions (as
published by the International Swaps and Derivatives Association, Inc., the
"Definitions") are incorporated into this Confirmation. In the event of any
inconsistency between the Definitions and this Confirmation, this Confirmation
will govern. Each party represents and warrants to the other that (a) it is duly
authorized to enter into this Swap Transaction and to perform its obligations
hereunder, (b) the Swap Transaction and the performance of its obligations
hereunder do not violate any material obligation of such party, and (c) the
person executing this Confirmation is duly authorized to execute and deliver it.
This Confirmation supplements, forms part of, and is subject to, the ISDA Master
Agreement between us dated as of November 25, 2003 (the "Agreement"). This
Confirmation shall supplement, form part of, and be subject to that Agreement,
and all provisions contained or incorporated by reference in the Agreement shall
govern this Confirmation except as expressly modified below.
2. The terms of the particular Swap Transaction to which this Confirmation
related are as follows:
Trade Date: November 13, 2003
Effective Date: November 25, 2003
<Page>
Termination Date: The earliest of (i) January 15, 2008 or
(ii) when the Notional Amount hereunder
has been reduced to zero, subject to
early termination in accordance with the
terms of the Agreement
Calculation Periods: For each Payment Date, the period from
and including the immediately preceding
Payment Date to, but excluding, such
Payment Date (without regard to any
Business Day adjustment in respect of
Payment Dates, in the case of Fixed Rate
Calculation Periods), during the Term of
this Swap Transaction, except that (a)
the initial Calculation Period will
commence on, and include, the Effective
Date, and (b) the final Calculation
Period will end on, but exclude, the
Termination Date (without regard to any
Business Day adjustment in the case of
the final Fixed Rate Calculation
Period).
Floating Rate Calculation Periods
correspond to "Interest Periods" under
the Indenture dated as of November 1,
2003, between Party B, as issuer, and
JPMorgan Chase Bank, as indenture
trustee (the "Indenture").
Notional Amounts: For each Calculation Period, the
Outstanding Amount of the Class A-3a
Notes as of the close of business on the
first day of each Floating Rate
Calculation Period. "Outstanding Amount"
and "Class A-3a Notes" each has the
meaning specified in Appendix A to the
Indenture.
Payment Dates: The 15th day of each month, subject to
the Following Business Day Convention,
corresponding to "Payment Dates" under
the Indenture.
FIXED AMOUNTS:
Fixed Rate Payer: Party B
Fixed Rate Payer Payment Dates: The 15th day of each month, commencing
December 15th 2003, subject to the
Following Business Day Convention.
2
<Page>
Fixed Rate: 2.355%
Fixed Rate Day Count Fraction: 30/360
Fxed Rate Payer Payment Amounts: For each Payment Date, in respect of a
Calculation Period, the product of (a)
the Fixed Rate, (b) the Fixed Rate Day
Count Fraction and (c) the Notional
Amount for such Calculation Period.
FLOATING AMOUNTS:
Floating Rate Payer: Party A
Floating Rate Payer Payment Dates: The 15th day of each month, commencing
December 15th 2003, subject to the
Following Business Day Convention.
Floating Rate: USD-LIBOR-BBA (set two London Banking
Days prior to the first day of each
Calculation Period).
Designated Maturity: One month.
Initial Floating Rate: 1.10824%
Spread: None
Floating Rate Day Count Fraction: Actual/360
Floating Rate Payer Payment For each Payment Date in respect of a
Amounts: Calculation Period, the product of (a)
the Floating Rate, (b) the Floating Rate
Day Count Fraction, and (c) the Notional
Amount.
Reset Dates: Other than in connection with the
Initial Floating Rate, on each Payment
Date beginning with the June Payment
Date, the Floating Rate (as determined
two London Banking Days prior to each
such Payment Date) will reset for the
Floating Rate Calculation Period
commencing on each such Payment Date.
Compounding: Inapplicable
Business Days: New York
3
<Page>
Business Day Convention: Following (in respect of Payment Dates
and Floating Rate Calculation Period End
Dates only).
Calculation Agent: Party A
3. Account Details.
Payments to Party A:
Bankers Trust Company
New York, NY
ABA: 021001033
A/C #: 021001033
Ref: Merrill Lynch Capital Services, Inc.
Dollar Swaps, New York, NY
Payments to Party B:
Name: JP Morgan Chase Bank
ABA#: 021-000-021
Account: 507947541
Ref: CNH Equipment Trust 2003-A
Attn: Joe Costantino
Please confirm that the foregoing correctly sets forth the terms and conditions
of our agreement by responding within three (3) Business Days by either
returning this Confirmation in person or via telecopier to the attention [ ].
Failure to respond within such period shall not affect the validity or
enforceability of this Swap Transaction, and shall be deemed to be an
affirmation of the terms and conditions contained herein, absent manifest error.
Your sincerely,
MERRILL LYNCH CAPITAL SERVICES, INC.
By: /s/ Rhonda Garguilo
-----------------------------------------------
Name: Rhonda Garguilo
Title: Authorized Signatory
4
<Page>
CONFIRMED AS OF THE DATE ABOVE:
CNH EQUIPMENT TRUST 2003-A
By: The Bank of New York,
not in its individual capacity
but solely as Trustee
By: /s/ Jonathan Farber
-----------------------------------------------
Name: Jonathan Farber
Title: Assistant Treasurer
5