| CREDITSUISSE FIRST BOSTON | PAGE 1 |
|---------------------------|--------|

AMERICAN HONDA FINANCECORPORATION Annual Statement to Certificateholder—Honda AutoReceivables 2004-2 Owner Trust 04/01/04 through 03/31/05

|                                                    |  |                   |  |        |        |        |  |  |  |  |
|----------------------------------------------------|--|-------------------|--|--------|--------|--------|--|--|--|--|
| I.ORIGINAL DEAL PARAMETER INPUTS                   |  |
| (A) TotalPortfolio Balance                         |  | $1,872,756,536.96 |  |   |   |   |
| (B)Total Securities Balance                        |  | $1,872,756,536.96 |  |
| (C) Class A-1 Notes                                |  |
| (i)Class A-1 Notes Balance                         |  | $471,000,000.00   |  |
| (ii) Class A-1 Notes Percentage (C(i)/B)           |  | 25.15%            |  |
| (iii) Class A-1 NotesRate                          |  | 1.63000%          |  |
| (iv) Class A-1Notes Accrual Basis                  |  | Actual/360        |  |
| (D)Class A-2 Notes                                 |  |
| (i) Class A-2 NotesBalance                         |  | $534,000,000.00   |  |
| (ii) ClassA-2 Notes Percentage (D(i)/B)            |  | 28.51%            |  |
| (iii) Class A-2 Notes Rate                         |  | 2.520%            |  |
| (iv) Class A-2 NotesAccrual Basis                  |  | 30/360            |  |
| (E) Class A-3Notes                                 |  |
| (i) Class A-3 Notes Balance                        |  | $535,000,000.00   |  |
| (ii) Class A-3 NotesPercentage (E(i)/B)            |  | 28.57%            |  |
| (iii) Class A-3 Notes Rate                         |  | 3.300%            |  |
| (iv) Class A-3 NotesAccrual Basis                  |  | 30/360            |  |
| (F) Class A-4Notes                                 |  |
| (i) Class A-4 Notes Balance                        |  | $271,900,000.00   |  |
| (ii) Class A-4 NotesPercentage (F(i)/B)            |  | 14.52%            |  |
| (iii) Class A-4 Notes Rate                         |  | 3.810%            |  |
| (iv) Class A-4 NotesAccrual Basis                  |  | 30/360            |  |
| (G)Certificates                                    |  |
| (i) Certificates Balance                           |  | $60,856,536.96    |  |
| (ii) CertificatesPercentage (G(i)/B)               |  | 3.25%             |  |
| (iii) Certificates Rate                            |  | 3.810%            |  |
| (iv) Certificates AccrualBasis                     |  | 30/360            |  |
| (H) Servicing FeeRate                              |  | 1.00%             |  |
| (I) PortfolioSummary                               |  |
| (i) Weighted Average Coupon(WAC)                   |  | 4.39%             |  |
| (ii) WeightedAverage Original Maturity (WAOM)      |  | 58.52             |  |   | months |   |
| (iii) WeightedAverage Remaining Maturity (WAM)     |  | 50.49             |  |   | months |   |
| (iv) Number ofReceivables                          |  | 126,088           |  |
| (J) ReserveFund                                    |  |
| (i) Reserve Account Initial DepositPercentage      |  | 0.50%             |  |
| (ii)Reserve Account Initial Deposit                |  | $9,363,782.68     |  |
| (iii) Specified Reserve AccountPercentage          |  | 0.75%             |  |
| (iv)Specified Reserve Account Balance              |  | $14,045,674.03    |  |
|                                               |  |
| (K) Yield Supplement AccountDeposit                |  | $22,749,280.19    |  |
| II. INPUTS FROM PREVIOUS MONTHLYSERVICER REPORTS   |  |
| (A) Total PortfolioBalance                         |  | $1,872,756,536.96 |  |
| (B) TotalSecurities Balance                        |  | $1,872,756,536.96 |  |
| (C) Cumulative Note and Certificate Pool Factor    |  | 1.0000000         |  |
| (D) Class A-1 Notes                                |  |
| (i) Class A-1 Notes Balance                        |  | $471,000,000.00   |  |
| (ii) Class A-1 NotesPool Factor                    |  | 1.0000000         |  |
| (iii) ClassA-1 Notes Interest Carryover Shortfall  |  | $0.00             |  |
| (iv) Class A-1 Notes Principal Carryover Shortfall |  | $0.00             |  |
| (E) Class A-2 Notes                                |  |
| (i) Class A-2 Notes Balance                        |  | $534,000,000.00   |  |
| (ii) Class A-2 NotesPool Factor                    |  | 1.0000000         |  |
| (iii) ClassA-2 Notes Interest Carryover Shortfall  |  | $0.00             |  |
| (iv) Class A-2 Notes Principal Carryover Shortfall |  | $0.00             |  |
| (F) Class A-3 Notes                                |  |
| (i) Class A-3 Notes Balance                        |  | $535,000,000.00   |  |
| (ii) Class A-3 NotesPool Factor                    |  | 1.0000000         |  |
| (iii) ClassA-3 Notes Interest Carryover Shortfall  |  | $0.00             |  |
| (iv) Class A-3 Notes Principal Carryover Shortfall |  | $0.00             |  |
| (G) Class A-4 Notes                                |  |
| (i) Class A-4 Notes Balance                        |  | $271,900,000.00   |  |
| (ii) Class A-4 NotesPool Factor                    |  | 1.0000000         |  |
| (iii) ClassA-4 Notes Interest Carryover Shortfall  |  | $0.00             |  |
| (iv) Class A-4 Notes Principal Carryover Shortfall |  | $0.00             |  |
| (H) Certificates                                   |  |
| (i) Certificates Balance                           |  | $60,856,536.96    |  |
| (ii) Certificates PoolFactor                       |  | 1.0000000         |  |
| (iii) CertificatesInterest Carryover Shortfall     |  | $0.00             |  |
|                                                    |

----

|                                                |  |                |  |        |        |        |  |  |  |  |
|------------------------------------------------|--|----------------|--|--------|--------|--------|--|--|--|--|
| (iv) Certificates PrincipalCarryover Shortfall |  | $0.00          |  |
| (I)Servicing Fee                               |  |
| (i) Servicing FeeShortfall                     |  | $0.00          |  |
| (J) End of PriorMonth Account Balances         |  |
| (i) ReserveAccount                             |  | $9,363,782.68  |  |
| (ii) YieldSupplement Account                   |  | $22,749,280.19 |  |
| (iii) Payahead Account                         |  | $0.00          |  |
| (iv) Advances Outstanding                      |  | $0.00          |  |
| (K) Portfolio Summary as of End of PriorYear   |  |
| (i) Weighted Average Coupon (WAC)              |  | 4.39%          |  |
| (ii) Weighted AverageRemaining Maturity (WAM)  |  | 50.49          |  |   | months |   |
| (iii) Number of Receivables                    |  | 126,088        |  |
| (L) Note and Certificate Percentages           |  |
| (i) Note Percentage                            |  | 100.00%        |  |
| (ii) Certificate Percentage                    |  | 0.00%          |  |
|                                                |

----

| CREDIT SUISSE FIRST BOSTON | PAGE2 |
|----------------------------|-------|

AMERICAN HONDA FINANCE CORPORATION Annual Statement toCertificateholder—Honda Auto Receivables 2004-2 Owner Trust04/01/04 through 03/31/05

|                                                                    |  |                 |  |        |        |        |  |  |  |  |
|--------------------------------------------------------------------|--|-----------------|--|--------|--------|--------|--|--|--|--|
| III.INPUTS FROM THE MAINFRAME                                      |  |
| (A) PrecomputedContracts Principal                                 |  |            |  |
| (i) ScheduledPrincipal Collections                                 |  | $0.00           |  |
| (ii) Prepayments in Full                                           |  | $0.00           |  |
| (iii) Prepayments in Full due to Repurchases                       |  | $0.00           |  |
| (B) Precomputed Contracts TotalCollections                         |  | $0.00           |  |
| (C) PrecomputedInterest Receivables Interest (B-A((i)+(ii)+(iii))) |  | $0.00           |  |
| (D) Simple Interest ReceivablesPrincipal                           |  |
| (i) Principal Collections                                          |  | $374,817,749.56 |  |
| (ii) Prepayments inFull                                            |  | $166,685,138.31 |  |
| (iii)Repurchased Receivables Related to Principal                  |  | $0.00           |  |
| (E) Simple Interest Receivables Interest                           |  |
| (i) Simple Interest Collections                                    |  | $58,878,788.47  |  |
| (F) Payment Advance forPrecomputes                                 |  |
| (i) Reimbursement of PreviousAdvances                              |  | $0.00           |  |
| (ii) Current AdvanceAmount                                         |  | $0.00           |  |
| (G) Interest Advancefor simple Interest - Net                      |  | $351,557.87     |  |
| (H) Payahead Account                                               |  |
| (i)Payments Applied                                                |  | $0.00           |  |
| (ii)Additional Payaheads                                           |  | $0.00           |  |
| (I)Portfolio Summary as of End of Month                            |  |
| (i)Weighted Average Coupon (WAC)                                   |  | 4.27%           |  |
| (ii) Weighted Average Remaining Maturity (WAM)                     |  | 41.55           |  |   | months |   |
| (iii) RemainingNumber of Receivables                               |  | 105,797         |  |
|                                                                    |

|                                                        |  |        |  |               |  |                |  |       |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------|--|--------|--|---------------|--|----------------|--|-------|--|--|--|--|--|--|--|--|--|--|
| (J)Delinquent Receivables                              |  | #Units |  | Dollar Amount |
| (i) 30-59 Days Delinquent                              |  | 1,970  |  | 1.86%         |  | $24,305,315.69 |  | 1.84% |
| (ii) 60-89 DaysDelinquent                              |  | 294    |  | 0.28%         |  | $3,413,166.12  |  | 0.26% |
| (ii) 90 Days or More Delinquent                        |  | 38     |  | 0.04%         |  | $510,204.57    |  | 0.04% |
| (K) Vehicles Repossessed During CollectionPeriod       |  | 57     |  | 0.05%         |  | $780,154.91    |  | 0.06% |
| (L) Total AccumulatedRepossessed Vehicles in Inventory |  | 91     |  | 0.09%         |  | $1,253,310.37  |  | 0.09% |
|                                                        |

|                                                                        |  |                 |  |  |  |  |
|------------------------------------------------------------------------|--|-----------------|--|--|--|--|
| IV.INPUTS DERIVED FROM OTHER SOURCES                                   |  |
| (A)Collection Account InvestmentIncome                                 |  | $0.00           |
| (B) Reserve Account Investment Income                                  |  | $187,665.99     |
| (C) Yield Supplement AccountInvestment Income                          |  | $243,063.58     |
| (D)Trust Fees Expense                                                  |  | $11,000.00      |
| (E)Aggregate Net Losses for Collection Period                          |  | $3,571,798.02   |
| (F) Liquidated ReceivablesInformation                                  |  |
| (i) Gross Principal Balance onLiquidated Receivables                   |  | $7,126,934.85   |
| (ii) Liquidation Proceeds                                              |  | $3,011,065.96   |
| (ii) Recoveries from PriorMonth Charge Offs                            |  | $544,070.87     |
| (G)Days in Accrual Period                                              |  | 297             |
| (H) Dealage                                                            |  | 10              |
| **COLLECTIONS**                                                        |
| V. INTERESTCOLLECTIONS                                                 |  |
| (A) Total Interest Collections(III(C+E(i)+G)                           |  | $59,230,346.34  |
| VI. PRINCIPALCOLLECTIONS                                               |  |
| (A) Principal Payments Received(III(A((i)+(ii))+(D(i)+(ii)))           |  | $541,502,887.87 |
| (B)Liquidation Proceeds (IV(H(i)))                                     |  | $3,011,065.96   |
| (C) RepurchasedLoan Proceeds Related to Principal (III(A(iii)+D(iii))) |  | $0.00           |
| (D) Recoveries fromPrior Charge Offs (IV(H(ii)))                       |  | $544,070.87     |
| (E) Total Principal Collections (A+B+C+D)                              |  | 545,058,024.70  |
| VII. TOTAL INTEREST ANDPRINCIPAL COLLECTIONS (V(C)+VI(E))              |  | 604,288,371.04  |
| VIII. YIELD SUPPLEMENTDEPOSIT                                          |  | $9,162,169.25   |
| IX. TOTAL AVAILABLE AMOUNT(VII+VIII)                                   |  | 613,450,540.29  |
|                                                                        |

----

|                                                      |  |                |  |  |  |  |
|------------------------------------------------------|--|----------------|--|--|--|--|
| **DISTRIBUTIONS**                                    |
| X. FEE DISTRIBUTIONS                                 |  |
| (A) Servicing Fee                                    |  |
| (i)Servicing Fee Due(I(H)/12)(II(B))+(II(H)(i))      |  | $13,520,386.96 |
| (ii) Servicing Fee Paid                              |  | 13,520,386.96  |
| (iii)Servicing Fee Shortfall                         |  | $0.00          |
| (B) Reserve Account Investment Income (IV(B))        |  | 187,665.99     |
| (C) YieldSupplement Account Investment Income(IV(C)) |  | 243,063.58     |
| (D)Trust Fees Expense (IV(D))                        |  | 11,000.00      |
| XI. DISTRIBUTIONS TONOTEHOLDERS                      |  |
| (A) Interest                                         |  |
| (i) Class A-1 Notes                                  |  |
| (a)Class A-1 Notes Interest Due                      |  | $2,941,354.25  |
| (b) Class A-1Notes Interest Paid                     |  | 2,941,354.25   |
| (c) Class A-1 Notes Interest Shortfall               |  | $0.00          |
| (ii) Class A-2Notes                                  |  |
| (a) Class A-2 Notes Interest Due                     |  | $10,906,387.36 |
| (b) Class A-2Notes Interest Paid                     |  | 10,906,387.36  |
| (c)Class A-2 Notes Interest Shortfall                |  | $0.00          |
| (iii) Class A-3 Notes                                |  |
| (a)Class A-3 Notes Interest Due                      |  | $14,369,208.33 |
| (b) Class A-3Notes Interest Paid                     |  | 14,369,208.33  |
| (c)Class A-3 Notes Interest Shortfall                |  | $0.00          |
| (iv) Class A-4 Notes                                 |  |
| (a)Class A-4 Notes Interest Due                      |  | $8,431,392.42  |
| (b) Class A-4Notes Interest Paid                     |  | 8,431,392.42   |
| (c) Class A-4 Notes Interest Shortfall               |  | $0.00          |
|                                                      |

----

| CREDIT SUISSE FIRST BOSTON | PAGE3 |
|----------------------------|-------|

AMERICAN HONDA FINANCE CORPORATION Annual Statement toCertificateholder—Honda Auto Receivables 2004-2 Owner Trust04/01/04 through 03/31/05

|                                                                                              |  |                                                                                                      |  |  |  |  |
|----------------------------------------------------------------------------------------------|--|------------------------------------------------------------------------------------------------------|--|--|--|--|
| (v)Total Note Interest                                                                       |  |
| (a) Total Note InterestDue                                                                   |  | $36,648,342.36                                                                                       |
| (b) Total Note Interest Paid                                                                 |  | 36,648,342.36                                                                                        |
| (c)Total Note Interest Shortfall                                                             |  | $0.00                                                                                                |
| (d) Reserve Fund Withdrawn for Note Interest                                                 |  | $0.00                                                                                                |
| Amount available fordistributions after Fees & Interest(VIII-(IX(A)(ii)-(D))-X(A)(v)(b)) |  | 563,270,810.97                                                                                       |
| (B) Principal                                                                                |  |
| (i)Noteholders' Principal Distribution Amounts                                               |  | $546,210,376.25                                                                                      |
| (ii) Class A-1Notes Principal                                                                |  |
| (a) Class A-1 NotesPrincipal Due                                                             |  | 471,000,000.00                                                                                       |
| (b) Class A-1 Notes Principal Paid                                                           |  | 471,000,000.00                                                                                       |
| (c)Class A-1 Notes Principal Shortfall                                                       |  | $0.00                                                                                                |
| (d) Reserve Fund drawn                                                                       |  | $0.00                                                                                                |
| (iii) Class A-2 NotesPrincipal                                                               |  |
| (a) Class A-2 Notes PrincipalDue                                                             |  | $75,210,376.25                                                                                       |
| (b)Class A-2 Notes Principal Paid                                                            |  | 75,210,376.25                                                                                        |
| (c)Class A-2 Notes Principal Shortfall                                                       |  | $0.00                                                                                                |
| (d) Reserve Fund drawn                                                                       |  | $0.00                                                                                                |
| (iv) Class A-3 NotesPrincipal                                                                |  |
| (a) Class A-3 Notes PrincipalDue                                                             |  | $0.00                                                                                                |
| (b) Class A-3Notes Principal Paid                                                            |  | 0.00                                                                                                 |
| (c) Class A-3 Notes Principal Shortfall                                                      |  | $0.00                                                                                                |
| (d) Reserve Funddrawn                                                                        |  | $0.00                                                                                                |
| (v) Class A-4Notes Principal                                                                 |  |
| (a) Class A-4 NotesPrincipal Due                                                             |  | $0.00                                                                                                |
| (b)Class A-4 Notes Principal Paid                                                            |  | 0.00                                                                                                 |
| (c) Class A-4Notes Principal Shortfall                                                       |  | $0.00                                                                                                |
| (d) Reserve Fund drawn                                                                       |  | $0.00                                                                                                |
| (vi) Total NotesPrincipal                                                                    |  |
| (a) Total Notes Principal Due                                                                |  | $546,210,376.25                                                                                      |
| (b) TotalNotes Principal Paid                                                                |  | 546,210,376.25                                                                                       |
| (c)Total Notes Principal Shortfall                                                           |  | $0.00                                                                                                |
| (d) Reserve Fund drawn                                                                       |  | $0.00                                                                                                |
| XII.RESERVE FUND DEPOSIT                                                                     |  |
| Amount available for depositinto reserve account                                             |  | $17,060,434.72                                                                                       |
| Amount deposited into reserveaccount                                                         |  | 4,681,891.35                                                                                         |
| ExcessAmount Released from ReserveAccount                                                    |  |                 0.00 |
| Excess funds available toCertificateholders                                                  |  | 12,378,543.37                                                                                        |
| XIII. DISTRIBUTIONS TOCERTIFICATEHOLDERS                                                     |  |
| (A) Interest                                                                                 |  |
| (i) Certificate Monthly Interest Due                                                         |  | $1,887,580.78                                                                                        |
| (ii) CertificateInterest Shortfall BeginningBalance                                          |  | $148,134.95                                                                                          |
| (iii)Total Certificate InterestDue                                                           |  | $2,035,715.73                                                                                        |
| (iv)Certificate Interest Paid                                                                |  | 1,887,580.78                                                                                         |
| (v)Certificate Interest Shortfall EndingBalance                                              |  | $0.00                                                                                                |
| (B)Principal                                                                                 |  |
| (i) Certificate Monthly PrincipalDue                                                         |  | $2,419,446.47                                                                                        |
| (ii)Certificate Principal Shortfall BeginningBalance                                         |  | $0.00                                                                                                |
| (iii) TotalCertificate Principal Due                                                         |  | $2,419,446.47                                                                                        |
| (iv) Certificate Principal Paid                                                              |  | 2,419,446.47                                                                                         |
| (v)Certificate Principal Shortfall EndingBalance                                             |  | $0.00                                                                                                |
| (C) Releaseto Seller                                                                         |  | $8,071,516.12                                                                                        |
| **DISTRIBUTIONSSUMMARY**                                                                     |
| (A) Total Collections                                                                        |  | $613,450,540.29                                                                                      |
| (B) ServiceFee                                                                               |  | $13,520,386.96                                                                                       |
| (C)Trustee Fees                                                                              |  | 11,000.00                                                                                            |
| (D)Class A1 Amount                                                                           |  | $473,941,354.25                                                                                      |
| (E) Class A2Amount                                                                           |  | $86,116,763.61                                                                                       |
| (F)Class A3 Amount                                                                           |  | $14,369,208.33                                                                                       |
| (G) Class A4Amount                                                                           |  | $8,431,392.42                                                                                        |
|                                                                                              |

----

|                                                |  |                 |  |  |  |  |
|------------------------------------------------|--|-----------------|--|--|--|--|
| (H) Amount Deposited intoReserve Account       |  | $4,681,891.35   |
| (I)Certificateholders                          |  | $4,307,027.25   |
| (J) Release toseller                           |  | $8,071,516.12   |
| (K)Total amount distributed                    |  | $613,450,540.29 |
| (L) Amount of Draw from Reserve Account        |  | 0.00            |
| (M) Excess AmountReleased from Reserve Account |  | 0.00            |
| **PORTFOLIO ANDSECURITYSUMMARY**               |
|                                                |

|                                                         |  |                   |        |        |        |                   |        |        |              |        |  |        |        |        |  |  |  |  |
|---------------------------------------------------------|--|-------------------|--------|--------|--------|-------------------|--------|--------|--------------|--------|--|--------|--------|--------|--|--|--|--|
| XIV.POOL BALANCES AND PORTFOLIOINFORMATION              |  | BeginningofPeriod |        |   |   |              |        |   | End ofPeriod |   |  |   |   |   |
| (A) Balances and PrincipalFactors                       |  |              |   |   |        |              |   |   |              |
| (i) AggregateBalance of Notes                           |  | $1,811,900,000.00 |        |   |        | $1,265,689,623.75 |        |
| (ii) Note Pool Factor                                   |  | 1.0000000         |        |   |        | 0.6985428         |        |
| (iii) Class A-1 Notes Balance                           |  | 471,000,000.00    |        |   |        | 0.00              |        |
| (iv) Class A-1 Notes Pool Factor                        |  | 1.0000000         |        |   |        | 0.0000000         |        |
| (v)Class A-2 Notes Balance                              |  | 534,000,000.00    |        |   |        | 458,789,623.75    |        |
| (vi) Class A-2 Notes Pool Factor                        |  | 1.0000000         |        |   |        | 0.8591566         |        |
| (vii) Class A-3 Notes Balance                           |  | 535,000,000.00    |        |   |        | 535,000,000.00    |        |
| (viii) Class A-3 Notes Pool Factor                      |  | 1.0000000         |        |   |        | 1.0000000         |        |
| (ix) Class A-4 Notes Balance                            |  | 271,900,000.00    |        |   |        | 271,900,000.00    |        |
| (x) Class A-4 Notes Pool Factor                         |  | 1.0000000         |        |   |        | 1.0000000         |        |
| (xi) Certificates Balance                               |  | 60,856,536.96     |        |   |        | 58,437,090.49     |        |
| (xii) Certificates Pool Factor                          |  | 1.0000000         |        |   |        | 0.9602434         |        |
| (xiii) Total Principal Balance of Notes andCertificates |  | 1,872,756,536.96  |        |   |        | 1,324,126,714.24  |        |
| (B) Portfolio Information                               |  |
| (i) Weighted Average Coupon (WAC)                       |  | 4.39%             |        |   |        | 4.27%             |        |
| (ii) Weighted Average Remaining Maturity (WAM)          |  | 50.49             |        | months |        | 41.55             |        | months |
| (iii) Remaining Number of Receivables                   |  | 126,088           |        |   |        | 105,797           |        |
| (iv)Portfolio Receivable Balance                        |  | $1,872,756,536.96 |        |   |        | $1,324,126,714.24 |        |
| (C) Outstanding AdvanceAmount                           |  | $0.00             |        |   |        | $351,557.87       |        |
| (D) Outstanding PayaheadBalance                         |  | $0.00             |        |   |        | $0.00             |        |
|                                                         |

----

| CREDIT SUISSE FIRST BOSTON | PAGE4 |
|----------------------------|-------|

AMERICAN HONDA FINANCE CORPORATION Annual Statement toCertificateholder—Honda Auto Receivables 2004-2 Owner Trust04/01/04 through 03/31/05

|                                                       |  |                                                                                                      |  |  |  |  |
|-------------------------------------------------------|--|------------------------------------------------------------------------------------------------------|--|--|--|--|
| **SUMMARYOF ACCOUNTS**                                |
| XV.RECONCILIATION OF RESERVE ACCOUNT                  |  |
| (A)Beginning Reserve Account Balance                  |  | $9,363,782.68                                                                                        |
| (B) Draws                                             |  | 0.00                                                                                                 |
| (i)Draw for Servicing Fee                             |  | 0.00                                                                                                 |
| (ii)Draw for Interest                                 |  | 0.00                                                                                                 |
| (iii) Drawfor Realized Losses                         |  | 0.00                                                                                                 |
| (C) ExcessInterest Deposited into the Reserve Account |  | 4,681,891.35                                                                                         |
| (D) Reserve Account BalancePrior to Release           |  | 14,045,674.03                                                                                        |
| (E)Reserve Account Required Amount                    |  | 14,045,674.03                                                                                        |
| (F) Final Reserve Account Required Amount             |  | 14,045,674.03                                                                                        |
| (G) Excess Reserve AccountAmount                      |  | 0.00                                                                                                 |
| (H) Ending ReserveAccount Balance                     |  | 14,045,674.03                                                                                        |
| XVI. RECONCILIATION OF YIELD SUPPLEMENTACCOUNT        |  |
| (A) Beginning Yield SupplementAccount Balance         |  | 22,749,280.19                                                                                        |
| (B)Investment Earnings                                |  | 243,063.58                                                                                           |
| (C)Investment Earnings Withdraw                       |  | 243,063.58                                                                                           |
| (D) Additional Yield SupplementAmounts                |  | 0.00                                                                                                 |
| (E) Yield SupplementDeposit Amount                    |  | 9,162,169.25                                                                                         |
| (F)Release of Yield Deposit Account Balance toSeller  |  |                 0.00 |
| (G) Ending Yield Supplement AccountBalance            |  | 13,587,110.94                                                                                        |
| XVII. NET LOSS ANDDELINQUENCY ACCOUNT ACTIVITY        |  |
| (A) LiquidatedContracts                               |  |
| (i) LiquidationProceeds                               |  | $3,011,065.96                                                                                        |
| (ii)Recoveries on Previously Liquidated Contracts     |  | 544,070.87                                                                                           |
| (B) Aggregate Net Losses forCollection Period         |  | 3,571,798.02                                                                                         |
| (C)Net Loss Rate for Collection Period (annualized)   |  | 0.22%                                                                                                |
| (D) Cumulative Net Lossesfor all Periods              |  | $3,571,798.02                                                                                        |
|                                                       |

|                                 |  |        |  |               |  |                |  |       |  |  |  |  |  |  |  |  |  |  |
|---------------------------------|--|--------|--|---------------|--|----------------|--|-------|--|--|--|--|--|--|--|--|--|--|
| (E)Delinquent Receivables       |  | #Units |  | Dollar Amount |
| (i)30-59 Days Delinquent        |  | 1,970  |  | 1.86%         |  | $24,305,315.69 |  | 1.84% |
| (ii) 60-89 DaysDelinquent       |  | 294    |  | 0.28%         |  | $3,413,166.12  |  | 0.26% |
| (ii) 90 Days or More Delinquent |  | 38     |  | 0.04%         |  | $510,204.57    |  | 0.04% |
|                                 |

|                                                        |  |         |  |               |  |               |  |       |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------|--|---------|--|---------------|--|---------------|--|-------|--|--|--|--|--|--|--|--|--|--|
| XVIII.REPOSSESSION ACTIVITY                            |  | # Units |  | Dollar Amount |
| (A) VehiclesRepossessed During CollectionPeriod        |  | 57      |  | 0.05%         |  | $780,154.91   |  | 0.06% |
| (B) Total Accumulated Repossessed Vehicles inInventory |  | 91      |  | 0.09%         |  | $1,253,310.37 |  | 0.09% |
|                                                        |

|                                                                                                        |  |                     |  |  |  |  |
|--------------------------------------------------------------------------------------------------------|--|---------------------|--|--|--|--|
| XIX.TESTS FOR INCREASE IN SPECIFIED RESERVE ACCOUNT BALANCE                                            |
| (A) Ratio of Net Losses to the Pool Balance as of EachCollection Period                                |  |
| (i) Second PrecedingCollection Period                                                                  |  | 0.48%               |
| (ii) Preceding Collection Period                                                                       |  | 0.40%               |
| (iii) Current CollectionPeriod                                                                         |  | 0.34%               |
| (iv) ThreeMonth Average (Avg(i,ii,iii))                                                                |  | 0.41%               |
| (B) Ratio of Balance of Contracts Delinquent 60 Days orMore to the Outstanding Balance of Receivables. |  |
| (i) Second Preceding Collection Period                                                                 |  | 0.59%               |
| (ii) Preceding CollectionPeriod                                                                        |  | 0.46%               |
| (iii) CurrentCollection Period                                                                         |  | 0.40%               |
| (iv)Three Month Average (Avg(i,ii,iii))                                                                |  | 0.48%               |
|                                                                                                   |  |
| (C) Loss and Delinquency TriggerIndicator                                                              |  | Trigger was nothit. |
|                                                                                                        |

I hereby certify that theservicing report provided is true and accurate to the best of myknowledge.

By: /s/ John Weisickle Mr. JohnWeisickle Vice President

----