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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 
 FORM 10-K
 
 ANNUAL REPORT
PURSUANT TO SECTIONS 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
  þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
 For the fiscal year ended March 31, 2009
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
 For the transition period from  to
 
 333-150095-02
(Commission File Number of issuing entity)
 Honda Auto Receivables 2008-1 Owner Trust
 (Exact name of issuing entity specified in its charter)
 333-150095
(Commission File Number of depositor)
 American Honda Receivables Corp.
 (Exact name of depositor as specified in its charter)
 American Honda Finance Corporation
 (Exact name of sponsor as specified in its charter)
 Delaware
    
    80-6049781(State or other jurisdiction of organization
    
    (I.R.S Employer Identification No.)of the issuing entity)c/o American Honda Receivables Corp.20800 Madrona AvenueTorrance, CA
    
    90503(Address of principal executive offices of the issuing entity)
    
    (Zip Code)
 (310) 972-2511
(Telephone number, including area code)
  Title of Each Class
    
    Name of Each Exchange on Which RegisteredNone
    
    None
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  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer þ
    
    Smaller reporting company o(Do not check if a smaller reporting company)
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TABLE OF CONTENTS  PART IItem 1B. Unresolved Staff CommentsItem 1112(b) of Regulation AB. Significant Obligors of Pool Assets (Financial Information)Item 1114(b)(2) of Regulation AB. Credit Enhancement and Other Support, Except for Certain Derivatives Instruments (Information Regarding Significant Enhancement Providers)Item 1115(b) of Regulation AB. Certain Derivatives Instruments (Financial Information)Item 1117 of Regulation AB. Legal ProceedingsPART IIItem 9B. Other InformationPART IIIItem 1119 of Regulation AB. Affiliations and Certain Relationships and Related TransactionsItem 1122 of Regulation AB. Compliance with Applicable Servicing CriteriaItem 1123 of Regulation AB. Servicer Compliance StatementPART IVItem 15. ExhibitsSIGNATURESEXHIBIT INDEXEX-3.1EX-3.2EX-31.1EX-33.1EX-33.2EX-33.3EX-34.1EX-34.2EX-34.3EX-35.1EX-35.2    Table of Contents  
 PART I
 The following items have been omitted in accordance with General Instruction J to Form 10-K:
 (a)
    
    Item 1, Business(b)
    
    Item 1A, Risk Factors(c)
    
    Item 2, Properties(d)
    
    Item 3, Legal Proceedings(e)
    
    Item 4, Submission of Matters to a Vote of Security Holders
 
 Item 1B. Unresolved Staff Comments.
  Substitute information provided in accordance with General Instruction J to Form 10-K:
 
 Item 1112(b) of Regulation AB. Significant Obligors of Pool Assets ( Financial Information ).
  
 Item 1114(b)(2) of Regulation AB. Credit Enhancement and Other Support, Except for Certain
Derivatives Instruments ( Information Regarding Significant Enhancement Providers ).
  
 Item 1115(b) of Regulation AB. Certain Derivatives Instruments ( Financial Information ).
  
 Item 1117 of Regulation AB. Legal Proceedings.
  
 PART II
 The following items have been omitted in accordance with General Instruction J to Form 10-K:
 (a)
    
    Item 5, Market for Registrants Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities(b)
    
    Item 6, Selected Financial Data(c)
    
    Item 7, Managements Discussion and Analysis of Financial Condition and Results of
Operation(d)
    
    Item 7A, Quantitative and Qualitative Disclosures About Market Risk(e)
    
    Item 8, Financial Statements and Supplementary Data
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(f)
    
    Item 9, Changes in and Disagreements With Accountants on Accounting and Financial
Disclosure(g)
    
    Item 9A, Controls and Procedures
 
 Item 9B. Other Information.
  
 PART III
 The following items have been omitted in accordance with General Instruction J to Form 10-K:
 (a)
    
    Item 10, Directors and Executive Officers of the Registrant(b)
    
    Item 11, Executive Compensation(c)
    
    Item 12, Security Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters(d)
    
    Item 13, Certain Relationships and Related Transactions(e)
    
    Item 14, Principal Accountant Fees and Services
 Substitute information provided in accordance with General Instruction J to Form 10-K:
 
 Item 1119 of Regulation AB. Affiliations and Certain Relationships and Related Transactions.
      
 Item 1122 of Regulation AB. Compliance with Applicable Servicing Criteria.
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Item 1123 of Regulation AB. Servicer Compliance Statement.
  
 PART IV
 
 Item 15. Exhibits.
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SIGNATURES
  Honda Auto Receivables 2008-1 Owner TrustBy: American Honda Finance Corporation, as ServicerBy:
    
    /s/ Paul C. HondaPaul C. HondaDate: June 8, 2009
    
    
    
    Assistant Vice President, Assistant Secretary and
Compliance Officer (senior officer in charge of the
servicing function)
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EXHIBIT INDEX
 Exhibit
    
    
    
    DescriptionExhibit 3.1
    
    
    
    Articles of Incorporation of the Depositor, as last amended on July 31, 2003 and
filed with the secretary of state of California on August 12, 2003.Exhibit 3.2
    
    
    
    Amended and Restated By-laws of the Depositor, in effect since April 1, 2004.Exhibit 4.1
    
    
    
    Indenture, dated as of June 1, 2008, between Honda Auto Receivables 2008-1 Owner
Trust and Deutsche Bank Trust Company Americas, as indenture trustee, incorporated by reference to
exhibit 4.1 to Form 8-K dated June 26, 2008, and filed by the registrant on July 1, 2008.Exhibit 4.2
    
    
    
    Amended and Restated Trust Agreement, dated June 26, 2008, among American Honda
Receivables Corp., and U.S. Bank Trust National Association, as owner trustee, incorporated by
reference to exhibit 4.2 to Form 8-K dated June 26, 2008, and filed by the registrant on July 1,
2008.Exhibit 31.1
    
    
    
    Certification of senior officer in charge of the servicing function of the servicer
pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.Exhibit 33.1
    
    
    
    Report on Assessment of Compliance with Servicing Criteria for Asset-Backed
Securities of American Honda Finance Corporation.Exhibit 33.2
    
    
    
    Report on Assessment of Compliance with Servicing Criteria for Asset-Backed
Securities of FDI Computer Consulting, Inc., dba FDI Collateral Management.Exhibit 33.3
    
    
    
    Report on Assessment of Compliance with Servicing Criteria for Asset-Backed
Securities of Deutsche Bank Trust Company Americas.Exhibit 34.1
    
    
    
    Attestation Report on Compliance with Servicing Criteria for Asset-Backed
Securities of KPMG LLP, on behalf of American Honda Finance Corporation.Exhibit 34.2
    
    
    
    Attestation Report on Assessment of Compliance with Servicing Criteria for
Asset-Backed Securities of McGladrey & Pullen, LLP, on behalf of FDI Computer Consulting, Inc., dba
FDI Collateral Management.Exhibit 34.3
    
    
    
    Attestation Report on Assessment of Compliance with Servicing Criteria for
Asset-Backed Securities of KPMG LLP, on behalf of Deutsche Bank Trust Company Americas.Exhibit 35.1
    
    
    
    Servicing Compliance Statement of American Honda Finance Corporation.Exhibit 35.2
    
    
    
    Servicing Compliance Statement of FDI Computer Consulting, Inc., dba FDI Collateral
Management.
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