Exhibit 99.1

page 1

AMERICAN HONDA FINANCE CORPORATION Annual Statement to Certificateholder – Honda Auto Receivables 2006-2 Owner Trust 04/01/06 through 03/31/07

|                                                                                          |  |  |        |  |  |           |  |        |                   |  |        |  |  |        |  |
|------------------------------------------------------------------------------------------|--|--|--------|--|--|-----------|--|--------|-------------------|--|--------|--|--|--------|--|
| I. ORIGINAL DEAL PARAMETER INPUTS                                                        |  |  |   |  |  |      |  |        |              |  |        |  |  |   |  |
| (A) Total Portfolio Balance                                                              |  |  |   |  |  |      |  |        | $1,269,996,911.31 |  |        |  |  |   |  |
| (B) Total Securities Balance                                                             |  |  |   |  |  |      |  |        | $1,269,996,911.31 |  |        |  |  |   |  |
| (C) Class A-1 Notes                                                                      |  |  |   |  |  |      |  |        |              |  |        |  |  |   |  |
|     (i) Class A-1 Notes Balance                                      |  |  |   |  |  |      |  |        | $262,000,000.00   |  |        |  |  |   |  |
|     (ii) Class A-1 Notes Percentage (C    (i)/B) |  |  |   |  |  |      |  |        | 20.63%            |  |        |  |  |   |  |
|     (iii) Class A-1 Notes Rate                                       |  |  |   |  |  |      |  |        | 5.42500%          |  |        |  |  |   |  |
|     (iv) Class A-1 Notes Accrual Basis                               |  |  |   |  |  |      |  |        | Actual/360        |  |        |  |  |   |  |
| (D) Class A-2 Notes                                                                      |  |  |   |  |  |      |  |        |              |  |        |  |  |   |  |
|     (i) Class A-2 Notes Balance                                      |  |  |   |  |  |      |  |        | $292,000,000.00   |  |        |  |  |   |  |
|     (ii) Class A-2 Notes Percentage (D    (i)/B) |  |  |   |  |  |      |  |        | 22.99%            |  |        |  |  |   |  |
|     (iii) Class A-2 Notes Rate                                       |  |  |   |  |  |      |  |        | 5.420%            |  |        |  |  |   |  |
|     (iv) Class A-2 Notes Accrual Basis                               |  |  |   |  |  |      |  |        | 30/360            |  |        |  |  |   |  |
| (E) Class A-3 Notes                                                                      |  |  |   |  |  |      |  |        |              |  |        |  |  |   |  |
|     (i) Class A-3 Notes Balance                                      |  |  |   |  |  |      |  |        | $412,000,000.00   |  |        |  |  |   |  |
|     (ii) Class A-3 Notes Percentage (E    (i)/B) |  |  |   |  |  |      |  |        | 32.44%            |  |        |  |  |   |  |
|     (iii) Class A-3 Notes Rate                                       |  |  |   |  |  |      |  |        | 5.300%            |  |        |  |  |   |  |
|     (iv) Class A-3 Notes Accrual Basis                               |  |  |   |  |  |      |  |        | 30/360            |  |        |  |  |   |  |
| (F) Class A-4 Notes                                                                      |  |  |   |  |  |      |  |        |              |  |        |  |  |   |  |
|     (i) Class A-4 Notes Balance                                      |  |  |   |  |  |      |  |        | $262,722,000.00   |  |        |  |  |   |  |
|     (ii) Class A-4 Notes Percentage (F    (i)/B) |  |  |   |  |  |      |  |        | 20.69%            |  |        |  |  |   |  |
|     (iii) Class A-4 Notes Rate                                       |  |  |   |  |  |      |  |        | 5.280%            |  |        |  |  |   |  |
|     (iv) Class A-4 Notes Accrual Basis                               |  |  |   |  |  |      |  |        | 30/360            |  |        |  |  |   |  |
| (G) Certificates                                                                         |  |  |   |  |  |      |  |        |              |  |        |  |  |   |  |
|     (i) Certificates Balance                                         |  |  |   |  |  |      |  |        | $41,274,911.31    |  |        |  |  |   |  |
|     (ii) Certificates Percentage (G    (i)/B)    |  |  |   |  |  |      |  |        | 3.25%             |  |        |  |  |   |  |
|     (iii) Certificates Rate                                          |  |  |   |  |  |      |  |        | 0.000%            |  |        |  |  |   |  |
|     (iv) Certificates Accrual Basis                                  |  |  |   |  |  |      |  |        | 30/360            |  |        |  |  |   |  |
| (H) Servicing Fee Rate                                                                   |  |  |   |  |  |      |  |        | 1.00%             |  |        |  |  |   |  |
| (I) Portfolio Summary                                                                    |  |  |   |  |  |      |  |        |              |  |        |  |  |   |  |
|     (i) Weighted Average Coupon (WAC)                                |  |  |   |  |  |      |  |        | 7.19%             |  |        |  |  |   |  |
|     (ii) Weighted Average Original Maturity (WAOM)                   |  |  |   |  |  | 57.78     |  |        |                   |  | months |  |
|     (iii) Weighted Average Remaining Maturity (WAM)                  |  |  |   |  |  | 53.54     |  |        |                   |  | months |  |
|     (iv) Number of Receivables                                       |  |  |   |  |  |      |  |        | 71,243            |  |        |  |  |   |  |
| (J) Reserve Fund                                                                         |  |  |   |  |  |      |  |        |              |  |        |  |  |   |  |
|     (i) Reserve Account Initial Deposit Percentage                   |  |  |   |  |  | 0.50%     |  |        |                   |  |   |  |
|     (ii) Reserve Account Initial Deposit                             |  |  |   |  |  |      |  |        | $6,349,984.56     |  |        |  |  |   |  |
|     (iii) Specified Reserve Account Percentage                       |  |  |   |  |  |      |  |        | 0.50%             |  |        |  |  |   |  |
|     (iv) Specified Reserve Account Balance                           |  |  |   |  |  |      |  |        | $6,349,984.56     |  |        |  |  |   |  |
| (K) Yield Supplement Account Deposit                                                     |  |  |   |  |  |      |  |        | $14,529,485.86    |  |        |  |  |   |  |
| II. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS                                        |  |  |   |  |  |           |  |   |                   |
| (A) Total Portfolio Balance                                                              |  |  |   |  |  |      |  |        | $1,269,996,911.31 |  |        |  |  |   |  |
| (B) Total Securities Balance                                                             |  |  |   |  |  |      |  |        | $1,269,996,911.31 |  |        |  |  |   |  |
| (C) Cumulative Note and Certificate Pool Factor                                          |  |  |   |  |  | 1.0000000 |  |        |                   |  |   |  |
| (D) Class A-1 Notes                                                                      |  |  |   |  |  |      |  |        |              |  |        |  |  |   |  |
|     (i) Class A-1 Notes Balance                                      |  |  |   |  |  |      |  |        | $262,000,000.00   |  |        |  |  |   |  |
|     (ii) Class A-1 Notes Pool Factor                                 |  |  |   |  |  |      |  |        | 1.0000000         |  |        |  |  |   |  |
|     (iii) Class A-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                                      |  |  |   |  |  |      |  |        | $292,000,000.00   |  |        |  |  |   |  |
|     (ii) Class A-2 Notes Pool Factor                                 |  |  |   |  |  |      |  |        | 1.0000000         |  |        |  |  |   |  |
|     (iii) Class A-2 Notes Interest Carryover Shortfall               |  |  |   |  |  | $0.00     |  |        |                   |  |   |  |
|     (iv) Class A-2 Notes Principal Carryover Shortfall               |  |  |   |  |  | $0.00     |  |        |                   |  |   |  |

----

page 2

AMERICAN HONDA FINANCE CORPORATION Annual Statement to Certificateholder – Honda Auto Receivables 2006-2 Owner Trust 04/01/06 through 03/31/07

|                                                                                                                                             |  |  |        |  |  |           |  |  |                 |  |        |  |  |        |  |
|---------------------------------------------------------------------------------------------------------------------------------------------|--|--|--------|--|--|-----------|--|--|-----------------|--|--------|--|--|--------|--|
| (F) Class A-3 Notes                                                                                                                         |  |  |   |  |  |      |  |  |            |  |        |  |  |   |  |
|     (i) Class A-3 Notes Balance                                                                                         |  |  |   |  |  |      |  |  | $412,000,000.00 |  |        |  |  |   |  |
|     (ii) Class A-3 Notes Pool Factor                                                                                    |  |  |   |  |  |      |  |  | 1.0000000       |  |        |  |  |   |  |
|     (iii) Class A-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                                                                                         |  |  |   |  |  |      |  |  | $262,722,000.00 |  |        |  |  |   |  |
|     (ii) Class A-4 Notes Pool Factor                                                                                    |  |  |   |  |  |      |  |  | 1.0000000       |  |        |  |  |   |  |
|     (iii) Class A-4 Notes Interest Carryover Shortfall                                                                  |  |  |   |  |  | $0.00     |  |  |                 |  |   |  |
|     (iv) Class A-4 Notes Principal Carryover Shortfall                                                                  |  |  |   |  |  | $0.00     |  |  |                 |  |   |  |
| (H) Certificates                                                                                                                            |  |  |   |  |  |      |  |  |            |  |        |  |  |   |  |
|     (i) Certificates Balance                                                                                            |  |  |   |  |  |      |  |  | $41,274,911.31  |  |        |  |  |   |  |
|     (ii) Certificates Pool Factor                                                                                       |  |  |   |  |  |      |  |  | 1.0000000       |  |        |  |  |   |  |
|     (iii) Certificates Interest Carryover Shortfall                                                                     |  |  |   |  |  |      |  |  | $0.00           |  |        |  |  |   |  |
|     (iv) Certificates Principal Carryover Shortfall                                                                     |  |  |   |  |  | $0.00     |  |  |                 |  |   |  |
| (I) Servicing Fee                                                                                                                           |  |  |   |  |  |      |  |  |            |  |        |  |  |   |  |
|     (i) Servicing Fee Shortfall                                                                                         |  |  |   |  |  |      |  |  | $0.00           |  |        |  |  |   |  |
| (J) End of Prior Month Account Balances                                                                                                     |  |  |   |  |  |      |  |  |            |  |        |  |  |   |  |
|     (i) Reserve Account                                                                                                 |  |  |   |  |  |      |  |  | $6,349,984.56   |  |        |  |  |   |  |
|     (ii) Yield Supplement Account                                                                                       |  |  |   |  |  |      |  |  | $14,529,485.86  |  |        |  |  |   |  |
|     (iii) Payahead Account                                                                                              |  |  |   |  |  |      |  |  | $0.00           |  |        |  |  |   |  |
|     (iv) Advances Outstanding                                                                                           |  |  |   |  |  |      |  |  | $0.00           |  |        |  |  |   |  |
| (K) Portfolio Summary as of End of Prior Year                                                                                               |  |  |   |  |  |      |  |  |            |  |        |  |  |   |  |
|     (i) Weighted Average Coupon (WAC)                                                                                   |  |  |   |  |  |      |  |  | 7.19%           |  |        |  |  |   |  |
|     (ii) Weighted Average Remaining Maturity (WAM)                                                                      |  |  |   |  |  | 53.54     |  |  |                 |  | months |  |
|     (iii) Number of Receivables                                                                                         |  |  |   |  |  |      |  |  | 71,243          |  |        |  |  |   |  |
| (L) Note and Certificate Percentages                                                                                                        |  |  |   |  |  |      |  |  |            |  |        |  |  |   |  |
|     (i) Note Percentage                                                                                                 |  |  |   |  |  |      |  |  | 100.00%         |  |        |  |  |   |  |
|     (ii) Certificate Percentage                                                                                         |  |  |   |  |  |      |  |  | 0.00%           |  |        |  |  |   |  |
| III. INPUTS FROM THE MAINFRAME                                                                                                              |  |  |   |  |  |      |  |  |            |  |        |  |  |   |  |
| (A) Precomputed Contracts Principal                                                                                                         |  |  |   |  |  |      |  |  |            |  |        |  |  |   |  |
|     (i) Scheduled Principal Collections                                                                                 |  |  |   |  |  |      |  |  | $0.00           |  |        |  |  |   |  |
|     (ii) Prepayments in Full                                                                                            |  |  |   |  |  |      |  |  | $0.00           |  |        |  |  |   |  |
|     (iii) Prepayments in Full due to Repurchases                                                                        |  |  |   |  |  | $0.00     |  |  |                 |  |   |  |
| (B) Precomputed Contracts Total Collections                                                                                                 |  |  |   |  |  |      |  |  | $0.00           |  |        |  |  |   |  |
| (C) Precomputed Interest Receivables Interest (B-A(    (i)+    (ii)+    (iii))) |  |  |   |  |  | $0.00     |  |  |                 |  |   |  |
| (D) Simple Interest Receivables Principal                                                                                                   |  |  |   |  |  |      |  |  |            |  |        |  |  |   |  |
|     (i) Principal Collections                                                                                           |  |  |   |  |  |      |  |  | $178,761,793.36 |  |        |  |  |   |  |
|     (ii) Prepayments in Full                                                                                            |  |  |   |  |  |      |  |  | $102,904,806.86 |  |        |  |  |   |  |
|     (iii) Repurchased Receivables Related to Principal                                                                  |  |  |   |  |  | $2,046.01 |  |  |                 |  |   |  |
| (E) Simple Interest Receivables Interest                                                                                                    |  |  |   |  |  |      |  |  |            |  |        |  |  |   |  |
|     (i) Simple Interest Collections                                                                                     |  |  |   |  |  |      |  |  | $54,434,195.99  |  |        |  |  |   |  |
| (F) Payment Advance for Precomputes                                                                                                         |  |  |   |  |  |      |  |  |            |  |        |  |  |   |  |
|     (i) Reimbursement of Previous Advances                                                                              |  |  |   |  |  |      |  |  | $0.00           |  |        |  |  |   |  |
|     (ii) Current Advance Amount                                                                                         |  |  |   |  |  |      |  |  | $0.00           |  |        |  |  |   |  |
| (G) Interest Advance for simple Interest - Net                                                                                              |  |  |   |  |  |      |  |  | $670,663.06     |  |        |  |  |   |  |
| (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)                                                                                   |  |  |   |  |  |      |  |  | 7.15%           |  |        |  |  |   |  |
|     (ii) Weighted Average Remaining Maturity (WAM)                                                                      |  |  |   |  |  | 45.49     |  |  |                 |  | months |  |
|     (iii) Remaining Number of Receivables                                                                               |  |  |   |  |  |      |  |  | 63,761          |  |        |  |  |   |  |

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page 3

AMERICAN HONDA FINANCE CORPORATION Annual Statement to Certificateholder – Honda Auto Receivables 2006-2 Owner Trust 04/01/06 through 03/31/07

|                                                                                                                                                               |  |  |                 |  |  |               |  |  |                |  |  |        |  |  |        |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|-----------------|--|--|---------------|--|--|----------------|--|--|--------|--|--|--------|
| (J) Delinquent Receivables                                                                                                                                    |  |  | # Units         |  |  | Dollar Amount |  |  |           |
|    (i) 31-60 Days Delinquent                                                                                                                   |  |  | 1,526           |  |  | 2.39%         |  |  | $23,758,488.89 |  |  | 2.42%  |  |  |   |
|    (ii) 61-90 Days Delinquent                                                                                                                  |  |  | 227             |  |  | 0.36%         |  |  | $3,348,785.58  |  |  | 0.34%  |  |  |   |
|    (ii) 91 Days or More Delinquent                                                                                                             |  |  | 25              |  |  | 0.04%         |  |  | $409,707.93    |  |  | 0.04%  |  |  |   |
| (K) Vehicles Repossessed During Collection Period                                                                                                             |  |  | 61              |  |  | 0.10%         |  |  | $1,007,158.23  |  |  | 0.10%  |  |  |   |
| (L) Total Accumulated Repossessed Vehicles in Inventory                                                                                                       |  |  | 98              |  |  | 0.15%         |  |  | $1,631,285.88  |  |  | 0.17%  |  |  |   |
|                                                                                                                                                          |  |  |            |  |  |          |  |  |           |  |  |   |  |  |   |
| IV. INPUTS DERIVED FROM OTHER SOURCES                                                                                                                         |  |  |            |  |  |          |  |  |           |  |  |   |
| (A) Collection Account Investment Income                                                                                                                      |  |  | $0.00           |  |  |          |
| (B) Reserve Account Investment Income                                                                                                                         |  |  | $203,436.12     |  |  |          |
| (C) Yield Supplement Account Investment Income                                                                                                                |  |  | $398,813.40     |  |  |          |
| (D) Trust Fees Expense                                                                                                                                        |  |  | $9,000.00       |  |  |          |
| (E) Aggregate Net Losses for Collection Period                                                                                                                |  |  | $3,897,000.66   |  |  |          |
| (F) Liquidated Receivables Information                                                                                                                        |  |  |            |  |  |          |
|    (i) Gross Principal Balance on Liquidated Receivables                                                                                       |  |  | $7,305,111.85   |  |  |          |
|    (ii) Liquidation Proceeds                                                                                                                   |  |  | $3,041,246.81   |  |  |          |
|    (ii) Recoveries from Prior Month Charge Offs                                                                                                |  |  | $366,864.38     |  |  |          |
| (G) Days in Accrual Period                                                                                                                                    |  |  | 244             |  |  |          |
| (H) Deal age                                                                                                                                                  |  |  | 8               |  |  |          |
| COLLECTIONS                                                                                                                                                   |
| V. INTEREST COLLECTIONS                                                                                                                                       |  |  |            |  |  |          |  |  |           |  |  |   |  |  |   |
| (A) Total Interest Collections (III(C+E    (i)+G)                                                                                         |  |  | $55,104,859.05  |  |  |          |
| VI. PRINCIPAL COLLECTIONS                                                                                                                                     |  |  |            |  |  |          |  |  |           |  |  |   |  |  |   |
| (A) Principal Payments Received (III(A(    (i)+    (ii))+(D    (i)+    (ii))) |  |  | $281,666,600.22 |  |  |          |
| (B) Liquidation Proceeds (IV(H    (i)))                                                                                                   |  |  | $3,041,246.81   |  |  |          |
| (C) Repurchased Loan Proceeds Related to Principal (III(A    (iii)+D    (iii)))                                       |  |  | $2,046.01       |  |  |          |
| (D) Recoveries from Prior Charge Offs (IV(H    (ii)))                                                                                     |  |  | $366,864.38     |  |  |          |
| (E) Total Principal Collections (A+B+C+D)                                                                                                                     |  |  | 285,076,757.42  |  |  |          |
| VII. TOTAL INTEREST AND PRINCIPAL COLLECTIONS (V(C)+VI(E))                                                                                                    |  |  | 340,181,616.47  |  |  |          |
| VIII. YIELD SUPPLEMENT DEPOSIT                                                                                                                                |  |  | $5,356,299.27   |  |  |          |
| IX. TOTAL AVAILABLE AMOUNT (VII+VIII)                                                                                                                         |  |  | 345,537,915.74  |  |  |          |

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page 4

AMERICAN HONDA FINANCE CORPORATION Annual Statement to Certificateholder – Honda Auto Receivables 2006-2 Owner Trust 04/01/06 through 03/31/07

DISTRIBUTIONS

|                                                                                                |  |  |  |  |                 |  |
|------------------------------------------------------------------------------------------------|--|--|--|--|-----------------|--|
| X. FEE DISTRIBUTIONS                                                                           |  |  |  |  |            |  |
| (A) Servicing Fee                                                                         |  |  |  |  |            |  |
| (i) Servicing Fee Due (I(H)/12)(II(B))+(II(H)(i))                                              |  |  |  |  | $7,631,753.23   |  |
| (ii) Servicing Fee Paid                                                                        |  |  |  |  | 7,631,753.23    |  |
| (iii) Servicing Fee Shortfall                                                                  |  |  |  |  | $0.00           |  |
| (B) Reserve Account Investment Income (IV(B))                                                  |  |  |  |  | $203,436.12     |  |
| (C) Yield Supplement Account Investment Income (IV(C))                                         |  |  |  |  | $0.00           |  |
| (D) Trust Fees Expense (IV(D))                                                                 |  |  |  |  | $9,000.00       |  |
|                                                                                           |  |  |  |  |            |  |
|                                                                                           |  |  |  |  |            |  |
| XI. DISTRIBUTIONS TO NOTEHOLDERS                                                               |  |  |  |  |            |  |
| (A) Interest                                                                                   |  |  |  |  |            |  |
| (i) Class A-1 Notes                                                                            |  |  |  |  |            |  |
| (a) Class A-1 Notes Interest Due                                                               |  |  |  |  | $5,012,869.84   |  |
| (b) Class A-1 Notes Interest Paid                                                              |  |  |  |  | 5,012,869.84    |  |
| (c) Class A-1 Notes Interest Shortfall                                                         |  |  |  |  | $0.00           |  |
| (ii) Class A-2 Notes                                                                           |  |  |  |  |            |  |
| (a) Class A-2 Notes Interest Due                                                               |  |  |  |  | $10,506,971.13  |  |
| (b) Class A-2 Notes Interest Paid                                                              |  |  |  |  | 10,506,971.13   |  |
| (c) Class A-2 Notes Interest Shortfall                                                         |  |  |  |  | $0.00           |  |
| (iii) Class A-3 Notes                                                                          |  |  |  |  |            |  |
| (a) Class A-3 Notes Interest Due                                                               |  |  |  |  | $14,496,677.80  |  |
| (b) Class A-3 Notes Interest Paid                                                              |  |  |  |  | 14,496,677.80   |  |
| (c) Class A-3 Notes Interest Shortfall                                                         |  |  |  |  | $0.00           |  |
| (iv) Class A-4 Notes                                                                           |  |  |  |  |            |  |
| (a) Class A-4 Notes Interest Due                                                               |  |  |  |  | $9,209,281.84   |  |
| (b) Class A-4 Notes Interest Paid                                                              |  |  |  |  | 9,209,281.84    |  |
| (c) Class A-4 Notes Interest Shortfall                                                         |  |  |  |  | $0.00           |  |
| (v) Total Note Interest                                                                        |  |  |  |  |            |  |
| (a) Total Note Interest Due                                                                    |  |  |  |  | $39,225,800.61  |  |
| (b) Total Note Interest Paid                                                                   |  |  |  |  | 39,225,800.61   |  |
| (c) Total Note Interest Shortfall                                                              |  |  |  |  | $0.00           |  |
| (d) Reserve Fund Withdrawn for Note Interest                                                   |  |  |  |  | $0.00           |  |
| Amount available for distributions after Fees & Interest (VIII-(IX(A)(ii)-(D))-X(A)(v)(b)) |  |  |  |  | 298,671,361.90  |  |
| (B) Principal                                                                                  |  |  |  |  |            |  |
| (i) Noteholders’ Principal Distribution Amounts                                          |  |  |  |  | $288,973,758.08 |  |
| (ii) Class A-1 Notes Principal                                                                 |  |  |  |  |            |  |
| (a) Class A-1 Notes Principal Due                                                              |  |  |  |  | 262,000,000.00  |  |
| (b) Class A-1 Notes Principal Paid                                                             |  |  |  |  | 262,000,000.00  |  |
| (c) Class A-1 Notes Principal Shortfall                                                        |  |  |  |  | $0.00           |  |
| (d) Reserve Fund drawn                                                                         |  |  |  |  | $0.00           |  |
| (iii) Class A-2 Notes Principal                                                                |  |  |  |  |            |  |
| (a) Class A-2 Notes Principal Due                                                              |  |  |  |  | $26,973,758.08  |  |
| (b) Class A-2 Notes Principal Paid                                                             |  |  |  |  | 26,973,758.08   |  |
| (c) Class A-2 Notes Principal Shortfall                                                        |  |  |  |  | $0.00           |  |
| (d) Reserve Fund drawn                                                                         |  |  |  |  | $0.00           |  |
| (iv) Class A-3 Notes Principal                                                                 |  |  |  |  |            |  |
| (a) Class A-3 Notes Principal Due                                                              |  |  |  |  | $0.00           |  |
| (b) Class A-3 Notes Principal Paid                                                             |  |  |  |  | 0.00            |  |
| (c) Class A-3 Notes Principal Shortfall                                                        |  |  |  |  | $0.00           |  |
| (d) Reserve Fund drawn                                                                         |  |  |  |  | $0.00           |  |
| (v) Class A-4 Notes Principal                                                                  |  |  |  |  |            |  |
| (a) Class A-4 Notes Principal Due                                                              |  |  |  |  | $0.00           |  |
| (b) Class A-4 Notes Principal Paid                                                             |  |  |  |  | 0.00            |  |
| (c) Class A-4 Notes Principal Shortfall                                                        |  |  |  |  | $0.00           |  |
| (d) Reserve Fund drawn                                                                         |  |  |  |  | $0.00           |  |

----

page 5

AMERICAN HONDA FINANCE CORPORATION Annual Statement to Certificateholder – Honda Auto Receivables 2006-2 Owner Trust 04/01/06 through 03/31/07

|                                                                         |  |  |  |  |                 |  |
|-------------------------------------------------------------------------|--|--|--|--|-----------------|--|
| (vi) Total Notes Principal                                              |  |  |  |  |            |  |
| (a) Total Notes Principal Due                                           |  |  |  |  | $288,973,758.08 |  |
| (b) Total Notes Principal Paid                                          |  |  |  |  | 288,973,758.08  |  |
| (c) Total Notes Principal Shortfall                                     |  |  |  |  | $0.00           |  |
| (d) Reserve Fund drawn                                                  |  |  |  |  | $0.00           |  |
|                                                                    |  |  |  |  |            |  |
| Amount available for distributions to the Certificates and Reserve Fund |  |  |  |  | 9,697,603.82    |  |
|                                                                    |  |  |  |  |            |  |
| XIII. DISTRIBUTIONS TO CERTIFICATEHOLDERS                               |  |  |  |  |            |  |
| (A) Interest                                                            |  |  |  |  |            |  |
| (i) Certificate Monthly Interest Due                                    |  |  |  |  | $0.00           |  |
| (ii) Certificate Interest Shortfall Beginning Balance                   |  |  |  |  | $0.00           |  |
| (iii) Total Certificate Interest Due                                    |  |  |  |  | $0.00           |  |
| (iv) Certificate Interest Paid                                          |  |  |  |  | 0.00            |  |
| (v) Certificate Interest Shortfall Ending Balance                       |  |  |  |  | $0.00           |  |
| (B) Principal                                                           |  |  |  |  |            |  |
| (i) Certificate Monthly Principal Due                                   |  |  |  |  | $0.00           |  |
| (ii) Certificate Principal Shortfall Beginning Balance                  |  |  |  |  | $0.00           |  |
| (iii) Total Certificate Principal Due                                   |  |  |  |  | $0.00           |  |
| (iv) Certificate Principal Paid                                         |  |  |  |  | 0.00            |  |
| (v) Certificate Principal Shortfall Ending Balance                      |  |  |  |  | $0.00           |  |
|                                                                    |  |  |  |  |            |  |
|                                                                    |  |  |  |  |            |  |
| XII. RESERVE FUND DEPOSIT                                               |  |  |  |  |            |  |
| Amount available for deposit into reserve account                       |  |  |  |  | $9,697,603.82   |  |
| Amount deposited into reserve account                                   |  |  |  |  | $0.00           |  |
| Excess Amount Released from Reserve Account                             |  |  |  |  | $0.00           |  |
| Excess funds available to Certificateholders                            |  |  |  |  | $9,697,603.82   |  |
|                                                                    |  |  |  |  |            |  |
|                                                                    |  |  |  |  |            |  |
| DISTRIBUTIONS SUMMARY                                                   |  |  |  |  |            |  |
|                                                                    |  |  |  |  |            |  |
| (A) Total Collections                                                   |  |  |  |  | $345,537,915.74 |  |
| (B) Service Fee                                                         |  |  |  |  | $7,631,753.23   |  |
| (C) Trustee Fees                                                        |  |  |  |  | $9,000.00       |  |
| (D) Class A1 Amount                                                     |  |  |  |  | $267,012,869.84 |  |
| (E) Class A2 Amount                                                     |  |  |  |  | $37,480,729.21  |  |
| (F) Class A3 Amount                                                     |  |  |  |  | $14,496,677.80  |  |
| (G) Class A4 Amount                                                     |  |  |  |  | $9,209,281.84   |  |
| (H) Certificateholders                                                  |  |  |  |  | $0.00           |  |
| (I) Amount Deposited into Reserve Account                               |  |  |  |  | $0.00           |  |
| (J) Release to seller                                                   |  |  |  |  | $9,697,603.82   |  |
| (K) Total amount distributed                                            |  |  |  |  | $345,537,915.75 |  |
| (L) Amount of Draw from Reserve Account                                 |  |  |  |  | $0.00           |  |
| (M) Excess Amount Released from Reserve Account                         |  |  |  |  | $0.00           |  |

----

page 6

AMERICAN HONDA FINANCE CORPORATION Annual Statement to Certificateholder – Honda Auto Receivables 2006-2 Owner Trust 04/01/06 through 03/31/07

DISTRIBUTION TO SECURITYHOLDERS

|                                                |  |  |                                               |  |      |  |   |                |  |
|------------------------------------------------|--|--|-----------------------------------------------|--|------|--|---|----------------|--|
| Note Interest Distribution Amount              |  |  |                                          |  |      |  | $ | 39,225,800.61  |  |
| Class A-1 Notes:                               |  |  | ($0.23 per $1,000 original principal amount)  |  |      |  |   |           |  |
| Class A-2 Notes:                               |  |  | ($4.52 per $1,000 original principal amount)  |  |      |  |   |           |  |
| Class A-3 Notes:                               |  |  | ($4.42 per $1,000 original principal amount)  |  |      |  |   |           |  |
| Class A-4 Notes:                               |  |  | ($4.40 per $1,000 original principal amount)  |  |      |  |   |           |  |
|                                           |  |  |                                          |  |      |  |   |           |  |
| Note Principal Distribution Amount             |  |  |                                          |  |      |  | $ | 288,973,758.08 |  |
| Class A-1 Notes:                               |  |  | ($45.53 per $1,000 original principal amount) |  |      |  |   |           |  |
| Class A-2 Notes:                               |  |  | ($92.38 per $1,000 original principal amount) |  |      |  |   |           |  |
| Class A-3 Notes:                               |  |  | ($0.00 per $1,000 original principal amount)  |  |      |  |   |           |  |
| Class A-4 Notes:                               |  |  | ($0.00 per $1,000 original principal amount)  |  |      |  |   |           |  |
|                                           |  |  |                                          |  |      |  |   |           |  |
| Note Interest Carryover Shortfall              |  |  |                                          |  |      |  |   | 0.00           |  |
| Change from immediately preceding Payment Date |  |  |                                               |  | 0.00 |  |
| Class A-1 Notes:                               |  |  | ($0.00 per $1,000 original principal amount)  |  |      |  |   |           |  |
| Class A-2 Notes:                               |  |  | ($0.00 per $1,000 original principal amount)  |  |      |  |   |           |  |
| Class A-3 Notes:                               |  |  | ($0.00 per $1,000 original principal amount)  |  |      |  |   |           |  |
| Class A-4 Notes:                               |  |  | ($0.00 per $1,000 original principal amount)  |  |      |  |   |           |  |
|                                           |  |  |                                          |  |      |  |   |           |  |
| Note Principal Carryover Shortfall             |  |  |                                          |  |      |  |   | 0.00           |  |
| Change from immediately preceding Payment Date |  |  |                                               |  | 0.00 |  |
| Class A-1 Notes:                               |  |  | ($0.00 per $1,000 original principal amount)  |  |      |  |   |           |  |
| Class A-2 Notes:                               |  |  | ($0.00 per $1,000 original principal amount)  |  |      |  |   |           |  |
| Class A-3 Notes:                               |  |  | ($0.00 per $1,000 original principal amount)  |  |      |  |   |           |  |
| Class A-4 Notes:                               |  |  | ($0.00 per $1,000 original principal amount)  |  |      |  |   |           |  |
|                                           |  |  |                                          |  |      |  |   |           |  |
| Certificate Interest Distribution Amount       |  |  |                                          |  |      |  |   | 0.00           |  |
|                                           |  |  | ($0.00 per $1,000 original principal amount)  |  |      |  |   |           |  |
|                                           |  |  |                                          |  |      |  |   |           |  |
| Certificate Principal Distribution Amount      |  |  |                                               |  | 0.00 |  |
|                                           |  |  | ($0.00 per $1,000 original principal amount)  |  |      |  |   |           |  |
|                                           |  |  |                                          |  |      |  |   |           |  |
| Certificate Interest Carryover Shortfall       |  |  |                                          |  |      |  |   | 0.00           |  |
| Change from immediately preceding Payment Date |  |  |                                               |  | 0.00 |  |
|                                           |  |  | ($0.00 per $1,000 original principal amount)  |  |      |  |   |           |  |
| Certificate Principal Carryover Shortfall      |  |  |                                          |  |      |  |   | 0.00           |  |
| Change from immediately preceding Payment Date |  |  |                                               |  | 0.00 |  |
|                                           |  |  | ($0.00 per $1,000 original principal amount)  |  |      |  |   |           |  |

----

page 7

AMERICAN HONDA FINANCE CORPORATION Annual Statement to Certificateholder – Honda Auto Receivables 2006-2 Owner Trust 04/01/06 through 03/31/07

PORTFOLIO AND SECURITY SUMMARY

|                                                          |  |  |               |  |  |                     |  |        |                   |  |        |              |  |        |                |  |  |                 |  |        |  |  |        |  |
|----------------------------------------------------------|--|--|---------------|--|--|---------------------|--|--------|-------------------|--|--------|--------------|--|--------|----------------|--|--|-----------------|--|--------|--|--|--------|--|
| XIV. POOL BALANCES AND PORTFOLIO INFORMATION             |  |  |          |  |  | Beginning of Period |  |        |              |  |        | Endof Period |  |        |           |
| (A) Balances and Principal Factors                       |  |  |          |  |  |                |  |        |              |  |        |              |  |   |                |  |  |            |  |        |  |  |   |  |
|     (i) Aggregate Balance of Notes   |  |  |          |  |  |                |  |        | $1,228,722,000.00 |  |        |              |  |   |                |  |  | $939,748,241.92 |  |        |  |  |   |  |
|     (ii) Note Pool Factor            |  |  |          |  |  |                |  |        | 1.0000000         |  |        |              |  |   |                |  |  | 0.7648176       |  |        |  |  |   |  |
|     (iii) Class A-1 Notes Balance    |  |  |          |  |  |                |  |        | 262,000,000.00    |  |        |              |  |   |                |  |  | 0.00            |  |        |  |  |   |  |
|     (iv) Class A-1 Notes Pool Factor |  |  |          |  |  |                |  |        | 1.0000000         |  |        |              |  |   |                |  |  | 0.0000000       |  |        |  |  |   |  |
| (v) Class A-2 Notes Balance                              |  |  |          |  |  |                |  |        | 292,000,000.00    |  |        |              |  |   |                |  |  | 265,026,241.92  |  |        |  |  |   |  |
| (vi) Class A-2 Notes Pool Factor                         |  |  |          |  |  |                |  |        | 1.0000000         |  |        |              |  |   |                |  |  | 0.9076241       |  |        |  |  |   |  |
| (vii) Class A-3 Notes Balance                            |  |  |          |  |  |                |  |        | 412,000,000.00    |  |        |              |  |   |                |  |  | 412,000,000.00  |  |        |  |  |   |  |
| (viii) Class A-3 Notes Pool Factor                       |  |  |          |  |  |                |  |        | 1.0000000         |  |        |              |  |   |                |  |  | 1.0000000       |  |        |  |  |   |  |
| (ix) Class A-4 Notes Balance                             |  |  |          |  |  |                |  |        | 262,722,000.00    |  |        |              |  |   |                |  |  | 262,722,000.00  |  |        |  |  |   |  |
| (x) Class A-4 Notes Pool Factor                          |  |  |          |  |  |                |  |        | 1.0000000         |  |        |              |  |   |                |  |  | 1.0000000       |  |        |  |  |   |  |
| (xi) Certificates Balance                                |  |  |          |  |  |                |  |        | 41,274,911.31     |  |        |              |  |   |                |  |  | 41,274,911.31   |  |        |  |  |   |  |
| (xii) Certificates Pool Factor                           |  |  |          |  |  |                |  |        | 1.0000000         |  |        |              |  |   |                |  |  | 1.0000000       |  |        |  |  |   |  |
| (xiii) Total Principal Balance of Notes and Certificates |  |  |          |  |  | 1,269,996,911.31    |  |        |                   |  |   |              |  |        | 981,023,153.23 |  |  |                 |  |   |  |
| (B) Portfolio Information                                |  |  |          |  |  |                |  |        |              |  |        |              |  |   |                |  |  |            |  |        |  |  |   |  |
| (i) Weighted Average Coupon (WAC)                        |  |  |          |  |  |                |  |        | 7.19%             |  |        |              |  |   |                |  |  | 7.15%           |  |        |  |  |   |  |
| (ii) Weighted Average Remaining Maturity (WAM)           |  |  |          |  |  | 53.54               |  |        |                   |  | months |              |  |        | 45.49          |  |  |                 |  | months |  |
| (iii) Remaining Number of Receivables                    |  |  |          |  |  |                |  |        | 71,243            |  |        |              |  |   |                |  |  | 63,761          |  |        |  |  |   |  |
| (iv) Portfolio Receivable Balance                        |  |  |          |  |  |                |  |        | $1,269,996,911.31 |  |        |              |  |   |                |  |  | $981,023,153.23 |  |        |  |  |   |  |
| (C) Outstanding Advance Amount                           |  |  |          |  |  |                |  |        | $0.00             |  |        |              |  |   |                |  |  | $670,663.06     |  |        |  |  |   |  |
| (D) Outstanding Payahead Balance                         |  |  |          |  |  |                |  |        | $0.00             |  |        |              |  |   |                |  |  | $0.00           |  |        |  |  |   |  |
|                                                     |  |  |          |  |  |                |  |        |              |  |        |              |  |   |                |  |  |            |  |        |  |  |   |  |
| SUMMARY OF ACCOUNTS                                      |
|                                                     |  |  |          |  |  |                |  |        |              |  |        |              |  |   |                |  |  |            |  |        |  |  |   |  |
| XV. RECONCILIATION OF RESERVE ACCOUNT                    |  |  |          |  |  |                |  |        |                   |  |   |              |  |        |           |  |  |                 |  |   |  |
| (A) Beginning Reserve Account Balance                    |  |  |          |  |  |                |  |        |              |  |        |              |  |   |                |  |  | $6,349,984.56   |  |        |  |  |   |  |
| (B) Draws                                                |  |  |          |  |  |                |  |        |              |  |        |              |  |   |                |  |  |            |  |        |  |  |   |  |
| (i) Draw for Servicing Fee                               |  |  | 0.00          |  |  |                     |  |   |                   |
| (ii) Draw for Interest                                   |  |  | 0.00          |  |  |                     |  |   |                   |
| (iii) Draw for Realized Losses                           |  |  | 0.00          |  |  |                     |  |   |                   |
| (C) Excess Interest Deposited into the Reserve Account   |  |  | 0.00          |  |  |                     |  |   |                   |
| (E) Reserve Account Balance Prior to Release             |  |  | 6,349,984.56  |  |  |                     |  |   |                   |
| (F) Reserve Account Required Amount                      |  |  | 6,349,984.56  |  |  |                     |  |   |                   |
| (G) Final Reserve Account Required Amount                |  |  | 6,349,984.56  |  |  |                     |  |   |                   |
| (H) Excess Reserve Account Amount                        |  |  | 0.00          |  |  |                     |  |   |                   |
| (I) Release of Reserve Account Balance to Seller         |  |  | 0.00          |  |  |                     |  |   |                   |
| (J) Ending Reserve Account Balance                       |  |  | 6,349,984.56  |  |  |                     |  |   |                   |
|                                                     |  |  |          |  |  |                |  |        |              |  |        |              |  |   |                |  |  |            |  |        |  |  |   |  |
| XVI. RECONCILIATION OF YIELD SUPPLEMENT ACCOUNT          |  |  |          |  |  |                |  |        |                   |  |   |              |  |        |           |  |  |                 |  |   |  |
| (A) Beginning Yield Supplement Account Balance           |  |  | 14,529,485.86 |  |  |                     |  |   |                   |
| (B) Investment Earnings                                  |  |  | 398,813.40    |  |  |                     |  |   |                   |
| (C) Investment Earnings Withdraw                         |  |  | 0.00          |  |  |                     |  |   |                   |
| (D) Additional Yield Supplement Amounts                  |  |  | 0.00          |  |  |                     |  |   |                   |
| (E) Yield Supplement Deposit Amount                      |  |  | 5,356,299.27  |  |  |                     |  |   |                   |
| (F) Release of Yield Deposit Account Balance to Seller   |  |  | 0.00          |  |  |                     |  |   |                   |
| (G) Ending Yield Supplement Account Balance              |  |  | 9,571,999.99  |  |  |                     |  |   |                   |

----

page 8

AMERICAN HONDA FINANCE CORPORATION Annual Statement to Certificateholder -Honda Auto Receivables 2006-2 Owner Trust 04/01/06 through 03/31/07

|                                                                                                         |  |  |                                     |  |        |               |  |  |        |  |        |         |  |  |                |  |  |        |  |        |         |  |  |        |  |  |        |
|---------------------------------------------------------------------------------------------------------|--|--|-------------------------------------|--|--------|---------------|--|--|--------|--|--------|---------|--|--|----------------|--|--|--------|--|--------|---------|--|--|--------|--|--|--------|
|                                                                                                    |  |  |                                |  |        |          |  |  |   |  |        |    |  |  |           |  |  |   |
| XVII. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY                                                         |
| (A) Liquidated Contracts                                                                                |  |  |                                     |  |   |               |  |  |        |  |   |         |  |  |           |  |  |        |  |   |         |  |  |   |  |  |   |
| (i) Liquidation Proceeds                                                                                |  |  | $3,041,246.81                       |  |        |          |
| (ii) Recoveries on Previously Liquidated Contracts                                                      |  |  | 366,864.38                          |  |        |          |
| (B) Aggregate Net Losses for Collection Period                                                          |  |  | 3,897,000.66                        |  |        |          |
| (C) Net Loss Rate for Collection Period (annualized)                                                    |  |  | 4.15%                               |  |        |          |
| (D) Cumulative Net Losses for all Periods                                                               |  |  | $3,897,000.66                       |  |        |          |
| (E) Delinquent Receivables                                                                              |  |  | # Units                             |  |        | Dollar Amount |  |  |   |  |        |    |
| (i) 31-60 Days Delinquent                                                                               |  |  |                                     |  | 1,526  |               |  |  |        |  | 2.39   | %  |  |  | $23,758,488.89 |  |  |        |  | 2.42   | %  |  |  |   |  |  |   |
| (ii) 61-90 Days Delinquent                                                                              |  |  |                                     |  | 227    |               |  |  |        |  | 0.36   | %  |  |  | $3,348,785.58  |  |  |        |  | 0.34   | %  |  |  |   |  |  |   |
| (ii) 91 Days or More Delinquent                                                                         |  |  |                                     |  | 25     |               |  |  |        |  | 0.04   | %  |  |  | $409,707.93    |  |  |        |  | 0.04   | %  |  |  |   |  |  |   |
|                                                                                                    |  |  |                                     |  |   |               |  |  |        |  |   |         |  |  |           |  |  |        |  |   |         |  |  |   |  |  |   |
| XVIII. REPOSSESSION ACTIVITY                                                                            |  |  | # Units                             |  |        | Dollar Amount |  |  |   |  |        |    |
| (A) Vehicles Repossessed During Collection Period                                                       |  |  |                                     |  | 61     |               |  |  |        |  | 0.10   | %  |  |  | $1,007,158.23  |  |  |        |  | 0.10   | %  |  |  |   |  |  |   |
| (B) Total Accumulated Repossessed Vehicles in     Inventory                         |  |  |                                     |  | 98     |               |  |  |        |  | 0.15   | %  |  |  | $1,631,285.88  |  |  |        |  | 0.17   | %  |  |  |   |  |  |   |
|                                                                                                    |  |  |                                     |  |   |               |  |  |        |  |   |         |  |  |           |  |  |        |  |   |         |  |  |   |  |  |   |
| XIX. TESTS FOR INCREASE IN SPECIFIED RESERVE ACCOUNT BALANCE                                            |
| (A) Ratio of Net Losses to the Pool Balance as of Each Collection Period                                |
| (i) Second Preceding Collection Period                                                                  |  |  | 1.36%                               |  |        |          |
| (ii) Preceding Collection Period                                                                        |  |  | 0.59%                               |  |        |          |
| (iii) Current Collection Period                                                                         |  |  | 0.80%                               |  |        |          |
| (iv) Three Month Average (Avg(i,ii,iii))                                                                |  |  | 0.91%                               |  |        |          |
| (B) Ratio of Balance of Contracts Delinquent 60 Days or More to the Outstanding Balance of Receivables. |  |  |                                |  |        |          |
| (i) Second Preceding Collection Period                                                                  |  |  | 0.83%                               |  |        |          |
| (ii) Preceding Collection Period                                                                        |  |  | 0.61%                               |  |        |          |
| (iii) Current Collection Period                                                                         |  |  | 0.55%                               |  |        |          |
| (iv) Three Month Average (Avg(i,ii,iii))                                                                |  |  | 0.67%                               |  |        |          |
|                                                                                                    |  |  |                                     |  |   |               |  |  |        |  |   |         |  |  |           |  |  |        |  |   |         |  |  |   |  |  |   |
| (C) Loss and Delinquency Trigger Indicator                                                              |  |  | Trigger was not hit. |  |        |          |

I hereby certify that the servicing report provided is trueand accurate to the best of my knowledge.

/s/ Paul C. Honda                Paul C. HondaAssistant Vice President, Assistant Secretaryand Compliance Officer(senior officer in charge ofthe servicing function)

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