**REPORT      OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

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**MANAGEMENT’S      ASSERTION**

|  /s/                Steve Lambert                                          |
|---------------------------------------------------------------------------------|
| Steve                Lambert - President                                        |
|  /s/                Kazuhiko Kazama                                        |
| Kazuhiko                Kazama - Treasurer                                      |
|  /s/                Anthony Wall                                           |
| Anthony                Wall - Director, Accounting and                Reporting |

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**APPENDIX        I**

**NISSAN      MOTOR ACCEPTANCE CORPORATION’S MINIMUM SERVICING STANDARDS FOR AUTOMOBILE      LOANS**

**I.**
**CUSTODIAL      BANK      ACCOUNTS**

|   | 1. | Reconciliations                shall be prepared on a monthly basis for all custodial bank accounts                and                related bank clearing accounts. These reconciliations shall:  |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | Funds                of the servicing entity shall be advanced as specified in the servicing                agreement in cases where there is an overdraft in an investor’s or a                borrower’s account and an advance is specified in the investor’s servicing                agreement.  |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3. | Each                custodial account shall be maintained at a federally insured depository                institution in trust for the applicable investor.  |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**II.**
**PAYMENTS**

|   | 1. | Payments                shall be deposited into the custodial bank accounts and related bank                clearing accounts within two business days of receipt.  |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | Payments                made in accordance with the borrower’s automobile loan documents shall be                posted to the applicable borrower’s records within two business days of                receipt.  |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3. | Payments                shall be allocated to principal, interest or other items in accordance                with the borrower’s automobile loan documents.  |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4. | Payments                identified as payoffs shall be allocated in accordance with the borrower’s                automobile loan documents.  |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

**III.**
**DISBURSEMENTS**

|   | 1. | Disbursements                made via wire transfer on behalf of investors                shall be made only by authorized personnel.  |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | Amounts                remitted to investors per the servicer’s investor reports shall agree with                cancelled checks, or other form of payment, or custodial bank                statements.  |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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**IV.**
**INVESTOR      ACCOUNTING AND REPORTING**

|   | 1. | Monthly                investor reports are sent on a monthly basis listing the total unpaid                principal balance and number of automobile loans serviced.  |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**V.****AUTOMOBILE      LOAN      ACCOUNTING**

|   | 1. | The                servicing entity’s automobile loan records shall agree with, or reconcile                to, the records of borrower with respect to the unpaid principal                balance                on a monthly basis.  |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**VI.****DELINQUENCIES**

|   | 1. | Records                documenting collection efforts shall be maintained during the period                an                automobile loan is in default and shall be updated at least monthly.                Such                records shall describe the entity’s activities in monitoring delinquent                automobile loans including, for example, phone calls, letters and                payment                rescheduling plans in cases where the delinquency is deemed temporary                (e.g., illness or unemployment).  |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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