<PAGE>

                United States Securities and Exchange Commission
                             Washington, D.C. 20549
                                   FORM 10-K

[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
    OF 1934
    For the year ended December 31, 2004
    OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934
    For the transition period from __________ to __________

    Commission File    Registrant; State of Incorporation;     IRS Employer
         Number           Address and Telephone Number       Identification No.
    ---------------    -----------------------------------   ----------------
    333-47938          Consumers Funding LLC                    38-3575109
                       A Delaware limited liability company
                       One Energy Plaza
                       Jackson, Michigan 49201
                       (517) 788-0250

    Securities registered pursuant to Section 12 (b) of the Act: None.

    Securities registered pursuant to Section 12 (g) of the Act: None.

    Indicate by check mark whether the Registrant (1) has filed all reports
    required to be filed by Section 13 or 15(d) of the Securities Exchange Act
    of 1934 during the preceding 12 months (or for such shorter period that the
    Registrant was required to file such reports), and (2) has been subject to
    such filing requirements for the past 90 days. YES [X] NO [ ]

    Indicate by check mark whether the registrant is an accelerated filer (as
    defined in rule 12b-2 of the Exchange Act). YES [ ] NO [X]

    Consumers Funding LLC meets the conditions set forth in General Instruction
    I(1)(a) and (b) of the Form 10-K and is, therefore, filing this Form 10-K
    with the reduced disclosure format. In accordance with Instruction I, Part
    I, Item 2 has been reduced.

    The aggregate market value of the voting and non-voting common equity held
    by non-affiliates of the Registrant: None.

<PAGE>

                             CONSUMERS FUNDING LLC
                           FORM 10-K ANNUAL REPORT TO
                     THE SECURITIES AND EXCHANGE COMMISSION
                      FOR THE YEAR ENDED DECEMBER 31, 2004

                               TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                             Page
                                                                             ----
<S>                                                                          <C>
PART I:  Financial Information

1.  Management's Narrative Analysis of Results of Operations....................3

2.  Financial Statements and Supplementary Data
        Statements of Income....................................................5
        Balance Sheets..........................................................6
        Statements of Cash Flows................................................7
        Statements of Member's Equity...........................................8
        Notes to Financial Statements...........................................9
        Report of Independent Registered Public Accounting Firm................13

PART II:  Other Information

3.  Item 1.  Legal Proceedings ................................................14
    Item 5.  Other Information ................................................14
    Item 6.  Exhibits, and Reports on Form 8-K.................................14
    Item 7A. Quantitative and Qualitative Disclosures About Market Risk........14
    Signatures.................................................................15
    Exhibit Index..............................................................16
</TABLE>

2

<PAGE>

                              CONSUMERS FUNDING LLC

                         MANAGEMENT'S NARRATIVE ANALYSIS
                            OF RESULTS OF OPERATIONS

This Management's Narrative Analysis (MNA) of the results of operations of
Consumers Funding LLC (Consumers Funding) is an abbreviated format pursuant to
Instruction I(1) (a) of Form 10-K. The MNA refers to Consumers Funding's Notes
to Financial Statements and should be read in conjunction with such Financial
Statements and Notes.

This Form 10-K and other written and oral statements from Consumers Funding
contain forward-looking statements as defined by the Private Securities
Litigation Reform Act of 1995. Consumers Funding's intention with the use of
words such as "may," "could," "anticipates," "believes," "estimates," "expects,"
"intends," "plans," and other similar words is to identify forward-looking
statements that involve risk and uncertainty. Consumers Funding designed this
discussion of potential risks and uncertainties to highlight important factors
that may impact its business and financial outlook. Consumers Funding has no
obligation to update or revise forward-looking statements regardless of whether
new information, future events or any other factors affect the information
contained in the statements. These forward-looking statements are subject to
various factors that could cause Consumers Funding's actual results to differ
materially from the results anticipated in these statements.

Consumers Funding, a Delaware limited liability company, whose sole member is
Consumers Energy Company (Consumers), was formed by Consumers on October 11,
2000. Consumers is an electric and gas utility and is a wholly owned subsidiary
of CMS Energy Corporation. Consumers Funding was organized for the purposes of
purchasing and owning securitization property (see below), issuing
securitization bonds, pledging its interest in securitization property and other
collateral to the trustee to collateralize the securitization bonds, and
performing activities that are necessary, suitable or convenient to accomplish
these purposes.

On November 8, 2001, Consumers Funding issued $468.6 million of securitization
bonds. Consumers Funding used the proceeds from the securitization bond issuance
to purchase securitization property from Consumers. As discussed in Note 1 to
the Financial Statements, securitization property represents the irrevocable
right of Consumers to collect a nonbypassable securitization charge
(Securitization Charge) from customers in accordance with a financing order
issued by the Michigan Public Service Commission (MPSC). The securitization
property, which is classified as a securitization receivable, along with
earnings on cash deposited with the trustee, resulted in Consumers Funding
recording interest income of $21.3 million in 2004, $22.0 million in 2003, and
$22.9 million in 2002. Interest expense associated with the securitization bonds
totaled $21.3 million in 2004, $22.0 million in 2003, and $22.9 million in 2002.

Consumers, as servicer, began billing a Securitization Charge to electric
customers with its December 2001 billing cycle, totaling $.001427 per
kilowatt-hour, per customer, per billing cycle. In the servicing agreement
between Consumers Funding and Consumers, Consumers is required to remit its
Securitization Charge collections to the trustee each business day. Under the
servicing agreement, Consumers is required to request periodic Securitization
Charge adjustments from the MPSC. The request for an adjustment must be
submitted at least 45 days before the adjustment may take place. Adjustments
will be made annually, and then quarterly beginning approximately one year
before the expected final payment date of the last maturing class of
securitization bonds. Adjustments to the Securitization Charge are based, among
other things, on actual Securitization Charge revenue collections and updated
assumptions by Consumers as to projected future deliveries of electricity to
customers.

On October 16, 2003, Consumers submitted a request to the MPSC for its annual
adjustment and it was approved on November 25, 2003. The approved adjustment
revised the Securitization Charge to $.001299 from $.001328 per kilowatt-hour,
per customer, per billing cycle, effective with the December 2003 billing

3

<PAGE>

cycle. On October 15, 2004, Consumers submitted a request to the MPSC for its
annual adjustment. The approved adjustment revised the Securitization Charge to
$.001311 per kilowatt-hour, per customer, per billing cycle, effective December
1, 2004.

For the year ended December 31, 2004, operating revenues totaled $22.4 million,
a decrease of approximately $0.8 million compared to 2003. Included in the $22.4
million is $21.3 million of interest income and approximately $1.1 million of
other operating revenue. The decrease in total operating revenues for the year
primarily reflects lower interest income associated with the reduction in the
securitization receivable from Consumers.

For the year ended December 31, 2004, Consumers Funding incurred $22.4 million
of operating expenses, a decrease of approximately $0.8 million compared to
2003. Included in the $22.4 million is $21.3 million of interest expense and
approximately $1.1 million of servicing, administration and other expenses. The
decrease in operating expenses for the year is primarily the result of reduced
debt levels.

For the year ended December 31, 2003, operating revenues totaled $23.2 million,
a decrease of approximately $1 million compared to 2002. Included in the $23.2
million is $22.0 million of interest income and approximately $1.2 million of
other operating revenue. The decrease in total operating revenues for the year
primarily reflects lower interest income associated with the reduction in the
securitization receivable from Consumers.

For the year ended December 31, 2003, Consumers Funding incurred $23.2 million
of operating expenses, a decrease of approximately $1 million compared to 2002.
Included in the $23.2 million is $22.0 million of interest expense and
approximately $1.2 million of servicing, administration and other expenses. The
decrease in operating expenses for the year is primarily the result of reduced
debt levels.

4

<PAGE>

                              CONSUMERS FUNDING LLC
                              STATEMENTS OF INCOME

<TABLE>
<CAPTION>
        YEAR ENDED DECEMBER 31               2004        2003        2002
        ----------------------              -------     -------     -------
                                                      In Thousands
<S>                                         <C>         <C>         <C>
OPERATING REVENUES

    Interest Income - Consumers             $21,278     $22,012     $22,882
    Other Operating Revenue - Consumers       1,102       1,171       1,358
    Other Operating Revenue                      63          66          23
                                            -------     -------     -------

Total Operating Revenues                     22,443      23,249      24,263
                                            -------     -------     -------

OPERATING EXPENSES

    Interest Expense                         21,278      22,012      22,882
    Service Fee - Consumers                   1,022       1,091       1,274
    Administration Fee - Consumers               80          80          84
    Other                                        63          66          23
                                            -------     -------     -------

Total Operating Expenses                     22,443      23,249      24,263
                                            -------     -------     -------
Net Income                                  $     -     $     -     $     -
                                            =======     =======     =======
</TABLE>

The accompanying notes are an integral part of these statements.

5

<PAGE>

                              CONSUMERS FUNDING LLC
                                 BALANCE SHEETS

<TABLE>
<CAPTION>

                                                 DECEMBER 31

                 ASSETS                       2004         2003
                 ------                     --------     --------
                                                 In Thousands
<S>                                         <C>          <C>
CURRENT ASSETS

  Restricted Cash                           $ 16,991     $ 17,045
  Securitization Receivable - Consumers       28,218       27,361
                                            --------     --------
  Total Current Assets                        45,209       44,406

NON-CURRENT ASSETS

  Securitization Receivable - Consumers      359,813      388,459
                                            --------     --------
  Total Non-current Assets                   359,813      388,459
                                            --------     --------

TOTAL ASSETS                                $405,022     $432,865
                                            ========     ========

LIABILITIES AND MEMBER'S EQUITY

CURRENT LIABILITIES

  Securitization Bonds Payable              $ 28,646     $ 27,786
  Accounts Payable - Consumers                   313          305
  Accounts Payable - Other                        16           32
  Interest Payable                             4,099        4,148
                                            --------     --------
  Total Current Liabilities                   33,074       32,271
                                            --------     --------

NON-CURRENT LIABILITIES

  Securitization Bonds Payable               369,605      398,251
                                            --------     --------
  Total Non-current Liabilities              369,605      398,251
                                            --------     --------

MEMBER'S EQUITY

  Total Member's Equity                        2,343        2,343
                                            --------     --------

TOTAL LIABILITIES AND MEMBER'S EQUITY       $405,022     $432,865
                                            ========     ========
</TABLE>

The accompanying notes are an integral part of these statements.

6

<PAGE>

                             CONSUMERS FUNDING LLC
                            STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>
     YEAR ENDED DECEMBER 31                  2004          2003          2002
     ----------------------                --------      --------      --------
                                                        In Thousands
<S>                                        <C>           <C>           <C>
CASH FLOWS FROM OPERATING
 ACTIVITIES

Net Income                                 $      -      $      -      $      -

Changes in Current Assets
 and Liabilities:
Interest Receivable - Consumers                   -             -         2,257
Interest Payable                                (49)         (309)        1,068
Accounts Payable - Consumers                      8            (9)          185
Accounts Payable - Other                        (16)           30             2
                                           --------      --------      --------

NET CASH PROVIDED BY/(USED IN)
 OPERATING ACTIVITIES                           (57)         (288)        3,512

CASH FLOWS FROM INVESTING
 ACTIVITIES

Restricted Cash                                  54           366       (13,807)
Reduction of Securitization
 Receivable                                  27,789        26,827        25,945
                                           --------      --------      --------

NET CASH PROVIDED BY INVESTING
 ACTIVITIES                                  27,843        27,193        12,138

CASH FLOWS FROM FINANCING
 ACTIVITIES

Payment of Securitization Bonds
 Principal                                  (27,786)      (26,905)      (15,650)
                                           --------      --------      --------

NET CASH (USED IN) FINANCING
 ACTIVITIES                                 (27,786)      (26,905)      (15,650)

NET INCREASE/(DECREASE) IN CASH
 AND CASH EQUIVALENTS                             -             -             -

CASH AND CASH EQUIVALENTS,
 BEGINNING OF PERIOD                              -             -             -
                                            --------      --------      --------
CASH AND CASH EQUIVALENTS,
 END OF PERIOD                             $      -      $      -      $      -
                                            ========      ========      ========
</TABLE>

The accompanying notes are an integral part of these statements.

7

<PAGE>

                              CONSUMERS FUNDING LLC
                          STATEMENTS OF MEMBER'S EQUITY

<TABLE>
<CAPTION>
   YEAR ENDED DECEMBER 31           2004       2003       2002
   ----------------------          ------     ------     ------
                                           In Thousands
<S>                                <C>        <C>        <C>
BALANCE AT BEGINNING OF PERIOD     $2,343     $2,343     $2,343

Add:
  Net Income                            -          -          -
                                   ------     ------     ------
BALANCE AT END OF PERIOD           $2,343     $2,343     $2,343
                                   ======     ======     ======
</TABLE>

The accompanying notes are an integral part of these statements.

8

<PAGE>

                              CONSUMERS FUNDING LLC

                          NOTES TO FINANCIAL STATEMENTS

1. ORGANIZATION AND NATURE OF OPERATIONS

Consumers Funding, a Delaware limited liability company, whose sole member is
Consumers, was formed by Consumers on October 11, 2000. On January 22, 2001,
Consumers completed a $1,000 equity contribution to Consumers Funding. Consumers
is an electric and gas utility and is a wholly owned subsidiary of CMS Energy
Corporation. Consumers Funding was organized for the purposes of purchasing and
owning securitization property (see below), issuing securitization bonds,
pledging its interest in securitization property and other collateral to the
trustee to collateralize the securitization bonds, and performing activities
that are necessary, suitable or convenient to accomplish these purposes.

Securitization property represents the irrevocable right of Consumers, or its
successor or assignee, to collect a nonbypassable Securitization Charge from
customers in accordance with an October 24, 2000 MPSC Financing Order (MPSC
Financing Order). As modified by rehearing on January 4, 2001, the MPSC
Financing Order authorizes the Securitization Charge to be sufficient to recover
$468.6 million aggregate principal amount of securitization bonds, plus an
amount sufficient to provide for any credit enhancement, to fund any reserves
and to pay interest, redemption premiums, if any, servicing fees and other
expenses relating to the securitization bonds. For financial reporting purposes,
the purchase of the securitization property has been accounted for as a
financing arrangement by Consumers Funding in the amount of $468.6 million.
Accordingly, Consumers Funding has classified the purchase of securitization
property as a securitization receivable from Consumers in the financial
statements.

Consumers Funding's organizational documents require it to operate in a manner
so that it would not be consolidated into the bankruptcy estate of Consumers in
the event Consumers becomes subject to a bankruptcy proceeding. Consumers and
Consumers Funding have agreed that in the event of Consumers' bankruptcy, the
parties will treat the transfer of the securitization property to Consumers
Funding as a true sale. The securitization bonds are treated as debt obligations
of Consumers Funding. For financial reporting, Federal income tax and State of
Michigan and franchise tax purposes, the transfer of securitization property to
Consumers Funding is treated as part of a financing arrangement and not as a
sale. Furthermore, the results of operations of Consumers Funding are
consolidated with Consumers' financial statements for financial and income tax
reporting purposes.

Consumers Funding is legally separate from Consumers. The assets and income of
Consumers Funding, including without limitation, the securitization property,
are not available to creditors of Consumers or CMS Energy Corporation.

On November 8, 2001, Consumers Funding issued $468.6 million of securitization
bonds, Series 2001-1, in six different classes. Consumers Funding used the
proceeds to fund the purchase of securitization property from Consumers. The
principal amount of the securitization bonds, interest, fees and required
overcollateralization for the securitization bonds, will be recovered through
Securitization Charges collected from electric retail customers taking delivery
of electricity from Consumers or its successor based on MPSC approved rate
schedules and as permitted by contracts between Consumers and certain specific
customers.

Consumers, as servicer, collects Securitization Charges from its customers and
deposits collections daily into the General Subaccount held by the trustee, The
Bank of New York. The trustee is required to use these funds to make principal
and interest payments on the securitization bonds and to pay certain fees and
expenses of Consumers Funding.

Consumers Funding has no employees. Under the servicing agreement with
Consumers, Consumers is required to manage and administer the securitization
property and to collect Securitization Charges on Consumers Funding's behalf.
Consumers receives a monthly servicing fee of one twelfth times 0.25 percent

9

<PAGE>

of the principal amount of securitization bonds outstanding as of the payment
date. The servicing agreement also requires Consumers to file annual
Securitization Charge adjustment requests with the MPSC. These Securitization
Charge adjustment requests are based on actual Securitization Charge revenue
collections and Consumers' updated assumptions as to projected future deliveries
of electricity to customers, expected delinquencies and write-offs, future
payments and expenses relating to securitization property and the securitization
bonds, any deficiency in the Capital or Overcollateralization Subaccounts and
any amounts on deposit in the Reserve Subaccount.

2. SIGNIFICANT ACCOUNTING POLICIES

USE OF ESTIMATES

The preparation of financial statements in conformity with U.S. generally
accepted accounting principles requires management to make estimates and
assumptions. These estimates and assumptions affect the reported amount of
revenues, expenses, assets, and liabilities and disclosure of contingencies.
Actual results could differ from these estimates.

INCOME TAXES

Consumers Funding has elected not to be taxed as a corporation for Federal
income tax purposes. Consumers Funding is treated as a division of Consumers,
and accordingly, will not be treated as a separate taxable entity.

RESTRICTED CASH

The trustee has established the following subaccounts for the securitization
bonds.

GENERAL SUBACCOUNT: The General Subaccount is comprised of Securitization Charge
collections and interest earned from short-term investments. These amounts
accumulate until the trustee pays principal, interest, service and
administration fees and other expenses. The General Subaccount totaled $12.4
million at December 31, 2004 and $12.2 million at December 31, 2003. These funds
are used by the trustee for the scheduled payments of principal and interest to
bondholders and to pay expenses of Consumers Funding.

RESERVE SUBACCOUNT: The Reserve Subaccount includes any Securitization Charge
collections in excess of the amounts required in the General,
Overcollateralization and Capital Subaccounts. The trustee will draw funds from
this subaccount if the General Subaccount is insufficient to make scheduled
payments. The Reserve Subaccount totaled approximately $1.7 million at December
31, 2004 and $2.2 million at December 31, 2003.

OVERCOLLATERALIZATION SUBACCOUNT: On each payment date, the trustee will deposit
in the Overcollateralization Subaccount a predetermined, specified amount so
that the account balance ultimately reaches the required amount of $2.3 million,
which represents 0.5 percent of the initial outstanding principal balance of the
securitization bonds. If amounts available in the General Subaccount and the
Reserve Subaccount are not sufficient on any payment date to make scheduled
payments to the securitization bondholders and to pay the required expenses,
fees and charges, the trustee will draw on the amounts in the
Overcollateralization Subaccount to make those payments. The
Overcollateralization Subaccount totaled approximately $0.5 million at December
31, 2004 and $0.3 million at December 31, 2003.

CAPITAL SUBACCOUNT: The Capital Subaccount was established on November 8, 2001.
Consumers deposited $2.3 million into the Capital Subaccount, an amount equal to
0.5 percent of the initial principal balance of the securitization bonds. If
amounts available in the General Subaccount, the Reserve Subaccount and the
Overcollateralization Subaccount are not sufficient on any payment date to make
scheduled payments of principal and interest to the securitization bondholders
and to pay the expenses, fees and charges of Consumers Funding, the trustee will
draw on amounts in the Capital Subaccount to make those payments. The Capital

10

<PAGE>

Subaccount contained a balance of $2.4 million at December 31, 2004 and $2.3
million at December 31, 2003.

3. LONG-TERM DEBT

On November 8, 2001, Consumers Funding issued $468.6 million of securitization
bonds, in six classes at interest rates ranging from 2.59 percent to 5.76
percent. Consumers Funding used the proceeds from the securitization bonds to
purchase securitization property from Consumers. As of December 31, 2004,
Consumers Funding has retired all of the class A-1 securitization bonds and
$44.3 million of the class A-2 securitization bonds in accordance with the bond
amortization schedule.

Scheduled maturities and interest rates for the remaining securitization bonds
at December 31, 2004 are as follows:

<TABLE>
<CAPTION>
                                      Expected
                     Principal          Final                Final
         Bond         Balance          Payment             Maturity
Class    Rate     (in thousands)        Date                 Date
-----    -----    --------------  ----------------     ----------------
<S>      <C>      <C>             <C>                  <C>
 A-2     3.80%       $ 39,659       April 20, 2006       April 20, 2008
 A-3     4.55%         31,000       April 20, 2007       April 20, 2009
 A-4     4.98%         95,000       April 20, 2010       April 20, 2012
 A-5     5.43%        117,000       April 20, 2013       April 20, 2015
 A-6     5.76%        115,592     October 20, 2015     October 20, 2016
                     --------

Total                $398,251
Current Maturities    (28,646)
                    ---------
Long-Term Debt      $ 369,605
                    =========
</TABLE>

The amortization schedule for the securitization bonds provided for an initial
payment to bondholders on July 20, 2002 and then quarterly thereafter. The
following table provides the expected principal retirement of the securitization
bonds during the next five calendar years, and thereafter.

<TABLE>
<CAPTION>
                Principal
                Retirement
  Year        (in thousands)
  ----        --------------
<S>           <C>
2005            $  28,646
2006               29,591
2007               30,763
2008               32,130
2009               33,589
Thereafter        243,532
                ---------
Total Debt      $ 398,251
                =========
</TABLE>

As scheduled, on January 20, 2005, $7.1 million of class A-2 securitization
bonds were retired.

11

<PAGE>

4. FAIR VALUE OF FINANCIAL INSTRUMENTS

Restricted cash is on deposit with the trustee and, by definition, is carried
at its fair value. Consumers Funding had a financial asset (representing its
securitization receivable from Consumers) with an estimated fair value of $407
million at December 31, 2004 and $443 million at December 31, 2003 compared to
the carrying amounts of $388 million at December 31, 2004 and $416 million at
December 31, 2003. Consumers Funding had a financial liability (representing
the securitization bonds) with an estimated fair value of $416 million at
December 31, 2004 and $453 million at December 31, 2003 compared to carrying
amounts of $398 million at December 31, 2004 and $426 million at December 31,
2003.

Fair value estimates are based on valuation techniques that present value the
anticipated future cash flows associated with both the financial asset and
liability. The estimates rely on quoted market rates of investments with
similar characteristics and assume future cash flows are commensurate with
published scheduled bondholder payments. The risk-adjusted market rate used to
estimate fair value at December 31, 2004 is 4.36 percent and 4.10 percent at
December 31, 2003.

5. SIGNIFICANT AGREEMENTS AND RELATED PARTY TRANSACTIONS

Consumers Funding has a securitization receivable with Consumers in the amount
of approximately $388 million as of December 31, 2004, and $416 million as of
December 31, 2003. Accordingly, Consumers Funding recognized interest income
totaling $21.3 million for the year ended December 31, 2004, $22.0 million for
the year ended December 31, 2003, and $22.9 million for the year ended December
31, 2002. In addition, Consumers Funding recognized other operating revenue from
Consumers totaling approximately $1.1 million for the year ended December 31,
2004, approximately $1.2 million for the year ended December 31, 2003, and
approximately $1.4 million for the year ended December 31, 2002.

Under the servicing and administration agreements, Consumers is required to
manage and administer the securitization property of Consumers Funding, and to
collect the Securitization Charge on Consumers Funding's behalf. Consumers
Funding pays Consumers a servicing fee (see Note 1) and an annual administrative
fee. These fees are payable to Consumers on each scheduled quarterly payment
date. Consumers Funding recorded expenses relating to these fees totaling
approximately $1.1 million for the year ended December 31, 2004, approximately
$1.2 million for the year ended December 31, 2003, and approximately $1.4
million for the year ended December 31, 2002.

12

<PAGE>

            REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors and Shareholders of Consumers Funding LLC:

We have audited the accompanying balance sheets of Consumers Funding LLC as of
December 31, 2004 and 2003, and the related statements of income, member's
equity, and cash flows for each of the three years in the period ended December
31, 2004. These financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes consideration of
internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Company's internal control
over financial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Consumers Funding LLC at
December 31, 2004 and 2003, and the results of its operations and its cash flows
for each of the three years in the period ended December 31, 2004, in conformity
with U.S. generally accepted accounting principles.

/s/ Ernst & Young LLP
Detroit, Michigan
March 7, 2005

13

<PAGE>

                              CONSUMERS FUNDING LLC

PART II OTHER INFORMATION

   ITEM 1.  LEGAL PROCEEDINGS
        None.

   ITEM 5.  OTHER INFORMATION
        None.

   ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

        (a) Exhibits.

            See Exhibit Index that appears following the Signature page to this
            report.

        (b) Reports on Form 8-K:

            None

   ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

        None.

14

<PAGE>

                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

CONSUMERS FUNDING LLC

By: /s/ Laura L. Mountcastle                               Date:  March 10, 2005
    ------------------------
Laura L. Mountcastle
President, Chief Executive Officer,
Chief Financial Officer and Treasurer

By: /s/ Glenn P. Barba                                     Date:  March 10, 2005
    ------------------------
Glenn P. Barba
Vice President and Controller

15

<PAGE>

                                INDEX TO EXHIBITS

<TABLE>
<CAPTION>
EXHIBIT NO.                    DESCRIPTION
-----------    ---------------------------------------------------------
<S>            <C>
   10(a)       Monthly Servicer's Certificate dated November 16, 2004

   10(b)       Monthly Servicer's Certificate dated December 13, 2004

   10(c)       Monthly Servicer's Certificate dated January 13, 2005

   10(d)       Quarterly Servicer's Certificate dated January 13, 2005

   31          Consumers Funding LLC's certification pursuant to Section
               302 of the Sarbanes-Oxley Act of 2002

   32          Consumers Funding LLC's certification pursuant to Section
               906 of the Sarbanes-Oxley Act of 2002
</TABLE>