Exhibit 34.1

 

Reportof Independent Registered Public Accounting Firm

 

The Board of Directors

Hyundai Capital America:

 

We have examined management’s assessment,included in the accompanying Management’s Assertion on Compliance with Regulation AB Criteria (Management’s Assessment),that Hyundai Capital America (the Company) complied with the servicing criteria set forth in Item 1122(d) of the Securitiesand Exchange Commission’s (SEC) Regulation AB relating to the servicing of auto receivable backed security transactionsserviced by the Company issued on or after January 1, 2006 (the Platform), except for servicing criteria 1122(d)(1)(iii)-(iv),1122(d)(2)(iv), 1122(d)(3)(iii)-(iv), 1122(d)(4)(ix)-(xiii), and 1122(d)(4)(xv), which the Company has determined are not applicableto the activities it performs with respect to the Platform, as of and for the year ended December 31, 2011. With respect toapplicable servicing criteria 1122(d)(2)(iii) and 1122(d)(4)(iii), Management’s Assessment indicates that there wereno activities performed during the year ended December 31, 2011 with respect to the Platform, because there was no occurrencesof the events that would require the Company to perform activities. Appendix A to Management’s Assessment identifies theindividual asset-backed transactions and securities defined by management as constituting the Platform. Management is responsiblefor the Company’s compliance with the servicing criteria. Our responsibility is to express an opinion on Management’sAssessment about the Company’s compliance based on our examination.

 

Our examination was conducted in accordancewith the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included examining, on atest basis, evidence about the Company’s compliance with the servicing criteria specified above and performing such otherprocedures as we considered necessary in the circumstances. Our examination included testing selected asset-backed transactionsand securities that comprise the Platform, testing selected servicing activities related to the Platform, and determining whetherthe Company processed those selected transactions and performed those selected activities in compliance with the servicing criteria.Furthermore, our procedures were limited to the selected transactions and servicing activities performed by the Company duringthe period covered by this report. Our procedures were not designed to determine whether errors may have occurred either priorto or subsequent to our tests that may have affected the balances or amounts calculated or reported by the Company during the periodcovered by this report for the selected transactions or any other transactions. We believe that our examination provides a reasonablebasis for our opinion. Our examination does not provide a legal determination on the Company’s compliance with the servicingcriteria.

 

As described in the accompanying Management’sAssessment, for servicing criteria 1122(d)(2)(i) and 1122(d)(4)(iv), the Company has engaged various vendors (the Vendors)to perform specific, limited, or scripted activities required by these servicing criteria. The Company has determined that theVendors are not considered a “servicer” as defined in Item 1101(j) of Regulation AB, and the Company haselected to take responsibility for assessing compliance with the servicing criteria applicable to the Vendors as permitted by Interpretation 17.06of the SEC Division of Corporation Finance Manual of Publicly Available Telephone Interpretations (“Interpretation 17.06”).As permitted by Interpretation 17.06, the Company has asserted that it has policies and procedures in place designed to providereasonable assurance that the Vendors’ activities comply in all material respects with the servicing criteria applicableto the Vendors. The Company is solely responsible for determining that it meets the SEC requirements to apply Interpretation 17.06for the Vendors and related criteria as described in its assertion, and we performed no procedures with respect to the Company’seligibility to apply Interpretation 17.06.

 

In our opinion, Management’s Assessmentthat Hyundai Capital America complied with the aforementioned servicing criteria, including servicing criteria 1122(d)(2)(i), and1122(d)(4)(iv), for which compliance is determined based on Interpretation 17.06 as described above, is fairly stated as ofand for the year ended December 31, 2011, in all material respects.

 

 

 

/s/ KPMG LLP

 

Los Angeles, California

March 20, 2012