Exhibit
33.2



MANAGEMENT’S
REPORT ON ASSESSMENT OF COMPLIANCE WITH SEC
REGULATION AB SERVICING CRITERIA



MUFG
Union Bank, N.A. (the “Bank”), a wholly-owned subsidiary of MUFG Americas Holdings Corporation, provides this assessment
of compliance with the following applicable servicing criteria set forth in Item 1122(d) of Regulation AB promulgated by the Securities
and Exchange Commission. Management has determined that the servicing criteria are applicable in regards to the servicing platform
for the period as follows:



Platform:
Appendix A identifies the asset-backed securities transactions covered by this report and includes the auto retail installment
contracts serviced by American Honda Finance Corporation (the “Platform”).



Applicable
Servicing Criteria: All servicing criteria set forth in Item 1122(d), to the extent required in the related transaction agreements
or required by the Item 1122(d) servicing criteria in regards to the activities performed by the Bank, except for the following
criteria: 1122(d) 1(i), 1(ii), 1(iii),1(iv), 1(v), 2(i), 2(iii), 2(iv), 2(v), 2(vi), 2(vii), 3(i), 4(i), 4(ii), 4(iii), 4(iv),
4(v), 4(vi), 4(vii), 4(viii), 4(ix),4(x), 4(xi), 4(xii), 4(xiii), 4(xiv), and 4(xv), which management has determined are not applicable
to the activities the Bank performs with respect to the Platform (the “Applicable Servicing Criteria”).



Period:
As of March 31, 2016 and for the period from April 1, 2015 to March 31, 2016 (the “Period”).



With
respect to the Platform and the Period, the Bank provides the following assessment of compliance with respect to the Applicable
Servicing Criteria:



| | 1. | The
                                         Bank is responsible for assessing its compliance with the Applicable Servicing Criteria.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------



| | 2. | The
                                         Bank has assessed compliance with the Applicable Servicing Criteria, as described above
                                         as of and for the Period. In performing this assessment, management has used the criteria
                                         set by the Securities and Exchange Commission in paragraph (d) of Item 1122 of Regulation
                                         AB.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3. | With
                                         respect to servicing criterion 1122(d)(3)(ii), the Bank is not responsible for allocating
                                         amounts due to investors.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4. | The
                                         Bank was in compliance with the Applicable Servicing Criteria as of and for the Period
                                         in all material respects.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Deloitte
& Touche LLP, an independent registered public accounting firm, has issued an attestation report with respect to the Bank’s
foregoing assessment of compliance as of and for the Period.

|MUFG UNION BANK, N.A. |                     
|--------------------- | --------------------
|                      |                     
|By:                   | /s/ David
    Ursa  
|David Ursa            |                     
|Managing Director     |                     
|                      |                     
|By:                   | /s/ Michael
    Daly
|Michael Daly          |                     
|Director and Manager  |                     
|                      |                     
|May 27, 2016          |                     











Appendix
A



The
auto retail installment contracts serviced by American Honda Finance Corporation include:



HONDA
AUTO RECEIVABLES 2013-1 OWNER TRUST
HONDA AUTO RECEIVABLES 2014-2 OWNER TRUST
HONDA AUTO RECEIVABLES 2015-3 OWNER TRUST