| CREDITSUISSE FIRST BOSTON | PAGE 1 |
|---------------------------|--------|

AMERICAN HONDA FINANCECORPORATION Annual Statement to Certificateholder—Honda AutoReceivables 2002-3 Owner Trust 04/01/04 through 03/31/05

|                                                    |  |                                     |  |  |  |  |  |  |  |  |
|----------------------------------------------------|--|-------------------------------------|--|--|--|--|--|--|--|--|
| I.ORIGINAL DEAL PARAMETER INPUTS                   |  |
| (A) TotalPortfolio Balance                         |  | $1,030,000,000.95                   |  |
| (B) Total Securities Balance                       |  | $1,030,000,000.95                   |  |
| (C) Class A-1Notes                                 |  |
| (i) Class A-1 NotesBalance                         |  | $285,500,000.00                     |  |
| (ii) ClassA-1 Notes Percentage (C(i)/B)            |  | 27.72%                              |  |
| (iii) Class A-1 Notes Rate                         |  | 1.823%                              |  |
| (iv) Class A-1 NotesAccrual Basis                  |  | Actual/360                          |  |
| (D) ClassA-2 Notes                                 |  |
| (i) Class A-2 Notes Balance                        |  | $261,000,000.00                     |  |
| (ii) Class A-2 NotesPercentage (D(i)/B)            |  | 25.34%                              |  |
| (iii) Class A-2 Notes Rate                         |  | 2.260%                              |  |
| (iv) Class A-2 NotesAccrual Basis                  |  | 30/360                              |  |
| (E) Class A-3Notes                                 |  |
| (i) Class A-3 Notes Balance                        |  | $290,000,000.00                     |  |
| (ii) Class A-3 NotesPercentage (E(i)/B)            |  | 28.16%                              |  |
| (iii) Class A-3 Notes Rate                         |  | 3.000%                              |  |
| (iv) Class A-3 NotesAccrual Basis                  |  | 30/360                              |  |
| (F) Class A-4Notes                                 |  |
| (i) Class A-4 Notes Balance                        |  | $167,750,000.00                     |  |
| (ii) Class A-4 NotesPercentage (F(i)/B)            |  | 16.29%                              |  |
| (iii) Class A-4 Notes Rate                         |  | 3.610%                              |  |
| (iv) Class A-4 NotesAccrual Basis                  |  | 30/360                              |  |
| (G)Certificates                                    |  |
| (i) Certificates Balance                           |  | $25,750,000.95                      |  |
| (ii) CertificatesPercentage (G(i)/B)               |  | 2.50%                               |  |
| (iii) Certificates Rate                            |  | 3.610%                              |  |
| (iv) Certificates AccrualBasis                     |  | 30/360                              |  |
| (H) Servicing FeeRate                              |  | 1.00%                               |  |
| (I) PortfolioSummary                               |  |
| (i) Weighted Average Coupon(WAC)                   |  | 5.66%                               |  |
| (ii) WeightedAverage Original Maturity (WAOM)      |  | 54.76  months   |
| (iii)Weighted Average Remaining Maturity (WAM)     |  | 47.92  months   |
| (iv)Number of Receivables                          |  | 72,595                              |  |
| (J)Reserve Fund                                    |  |
| (i) Reserve Account InitialDeposit Percentage      |  | 0.50%                               |  |
| (ii) Reserve Account Initial Deposit               |  | $5,150,000.00                       |  |
| (iii) Specified ReserveAccount Percentage          |  | 0.50%                               |  |
| (iv)Specified Reserve Account Balance              |  | $5,150,000.00                       |  |
| (K) Yield Supplement Account Deposit               |  | $3,190,977.35                       |  |
| II. INPUTSFROM PREVIOUS MONTHLY SERVICER REPORTS   |  |
| (A)Total Portfolio Balance                         |  | $401,438,163.76                     |  |
| (B) Total Securities Balance                       |  | $401,438,163.76                     |  |
| (C) Cumulative Note andCertificate Pool Factor     |  | 0.3897458                           |  |
| (D) Class A-1 Notes                                |  |
| (i)Class A-1 Notes Balance                         |  | $0.00                               |  |
| (ii)Class A-1 Notes Pool Factor                    |  | 0.0000000                           |  |
| (iii) Class A-1 Notes Interest Carryover Shortfall |  | $0.00                               |  |
| (iv) Class A-1 Notes PrincipalCarryover Shortfall  |  | $0.00                               |  |
| (E) ClassA-2 Notes                                 |  |
| (i) Class A-2 Notes Balance                        |  | $0.00                               |  |
| (ii) Class A-2 Notes PoolFactor                    |  | 0.0000000                           |  |
| (iii) Class A-2Notes Interest Carryover Shortfall  |  | $0.00                               |  |
| (iv) Class A-2 Notes Principal Carryover Shortfall |  | $0.00                               |  |
| (F) Class A-3 Notes                                |  |
| (i) Class A-3 Notes Balance                        |  | $218,687,897.24                     |  |
| (ii) Class A-3 NotesPool Factor                    |  | 0.7540962                           |  |
| (iii) ClassA-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                        |  | $167,750,000.00                     |  |
| (ii) Class A-4 NotesPool Factor                    |  | 1.0000000                           |  |
|                                                    |

----

|                                                   |  |                |  |        |        |        |  |  |  |  |
|---------------------------------------------------|--|----------------|--|--------|--------|--------|--|--|--|--|
| (iii) Class A-4 Notes InterestCarryover Shortfall |  | $0.00          |  |
| (iv)Class A-4 Notes Principal Carryover Shortfall |  | $0.00          |  |
| (H) Certificates                                  |  |
| (i)Certificates Balance                           |  | $15,000,266.52 |  |
| (ii) Certificates Pool Factor                     |  | 0.5825346      |  |
| (iii) Certificates InterestCarryover 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                                |  | $5,150,000.00  |  |
| (ii)Yield Supplement Account                      |  | $312,591.84    |  |
| (iii) Payahead Account                            |  | ($0.00)        |  |
| (iv) AdvancesOutstanding                          |  | $335,897.98    |  |
| (K)Portfolio Summary as of End of Prior Year      |  |
| (i) Weighted Average Coupon (WAC)                 |  | 5.69%          |  |
| (ii) Weighted AverageRemaining Maturity (WAM)     |  | 30.19          |  |   | months |   |
| (iii) Number of Receivables                       |  | 46,481         |  |
| (L) Note and Certificate Percentages              |  |
| (i) Note Percentage                               |  | 96.54%         |  |
| (ii) Certificate Percentage                       |  | 3.46%          |  |
|                                                   |

----

| CREDIT SUISSE FIRSTBOSTON | PAGE 2 |
|---------------------------|--------|

AMERICAN HONDA FINANCE CORPORATIONAnnual Statement to Certificateholder—Honda Auto Receivables2002-3 Owner Trust 04/01/04 through 03/31/05

|                                                                    |  |                          |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------------|--|--------------------------|--|--|--|--|--|--|--|--|
| III.INPUTS FROM THE MAINFRAME                                      |  |
| (A) PrecomputedContracts Principal                                 |  |                     |  |
| (i) ScheduledPrincipal Collections                                 |  | $408,229.07              |  |
| (ii) Prepayments in Full                                           |  | $175,210.81              |  |
| (iii) Prepayments in Fulldue to Repurchases                        |  | $0.00                    |  |
| (B)Precomputed Contracts Total Collections                         |  | $624,863.50              |  |
| (C) Precomputed Interest Receivables Interest(B-A((i)+(ii)+(iii))) |  | $41,423.62               |  |
| (D) Simple Interest Receivables Principal                          |  |
| (i) Principal Collections                                          |  | $154,262,369.79          |  |
| (ii) Prepayments inFull                                            |  | $68,964,063.29           |  |
| (iii)Repurchased Receivables Related to Principal                  |  | $0.00                    |  |
| (E) Simple Interest Receivables Interest                           |  |
| (i) Simple Interest Collections                                    |  | $16,407,197.73           |  |
| (F) Payment Advance forPrecomputes                                 |  |
| (i) Reimbursement of PreviousAdvances                              |  | $27,449.48               |  |
| (ii) CurrentAdvance Amount                                         |  | $21,054.12               |  |
| (G)Interest Advance for simple Interest - Net                      |  | ($127,853.64)            |  |
| (H) PayaheadAccount                                                |  |
| (i) Payments Applied                                               |  | $22,594.32               |  |
| (ii) AdditionalPayaheads                                           |  | $22,594.32               |  |
| (I) PortfolioSummary as of End of Month                            |  |
| (i) WeightedAverage Coupon (WAC)                                   |  | 5.90%                    |  |
| (ii) Weighted Average Remaining Maturity (WAM)                     |  | 21.45   months |
| (iii)Remaining Number of Receivables                               |  | 26,617                   |  |
|                                                                    |

|                                                        |  |        |       |               |  |        |      |         |  |               |  |        |      |         |  |  |  |  |
|--------------------------------------------------------|--|--------|-------|---------------|--|--------|------|---------|--|---------------|--|--------|------|---------|--|--|--|--|
| (J)DelinquentReceivables                               |  | #Units |       | Dollar Amount |
| (i)30-59 Days Delinquent                               |  |   | 1,016 |          |  |   | 3.82 | %  |  | $7,078,494.54 |  |   | 4.10 | %  |
| (ii) 60-89 DaysDelinquent                              |  |   | 255   |          |  |   | 0.96 | %  |  | $1,797,394.04 |  |   | 1.04 | %  |
| (ii) 90 Days or More Delinquent                        |  |   | 53    |          |  |   | 0.20 | %  |  | $447,382.47   |  |   | 0.26 | %  |
| (K) Vehicles Repossessed During CollectionPeriod       |  |   | 24    |          |  |   | 0.09 | %  |  | $173,168.59   |  |   | 0.10 | %  |
| (L) Total AccumulatedRepossessed Vehicles in Inventory |  |   | 34    |          |  |   | 0.13 | %  |  | $234,522.73   |  |   | 0.14 | %  |
|                                                        |

|                                                                        |  |                 |  |  |  |  |
|------------------------------------------------------------------------|--|-----------------|--|--|--|--|
| IV.INPUTS DERIVED FROM OTHER SOURCES                                   |  |
| (A)Collection Account InvestmentIncome                                 |  | $0.00           |
| (B) Reserve Account Investment Income                                  |  | $82,470.88      |
| (C) Yield Supplement AccountInvestment Income                          |  | $1,762.06       |
| (D)Trust Fees Expense                                                  |  | $11,500.00      |
| (E)Aggregate Net Losses for Collection Period                          |  | $1,557,769.39   |
| (F) Liquidated ReceivablesInformation                                  |  |
| (i) Gross Principal Balance onLiquidated Receivables                   |  | $5,159,242.15   |
| (ii) Liquidation Proceeds                                              |  | $1,569,424.31   |
| (ii) Recoveries from PriorMonth Charge Offs                            |  | $2,032,048.45   |
| (G)Days in Accrual Period                                              |  | 364             |
| (H) Dealage                                                            |  | 33              |
| **COLLECTIONS**                                                        |
| V. INTEREST COLLECTIONS                                                |  |
| (A) Total Interest Collections(III(C+E(i)+G)                           |  | $16,314,372.35  |
| VI. PRINCIPAL COLLECTIONS                                              |  |
| (A) Principal Payments Received(III(A((i)+(ii))+(D(i)+(ii)))           |  | $223,809,872.96 |
| (B) Liquidation Proceeds (IV(H(i)))                                    |  | $1,569,424.31   |
| (C) Repurchased LoanProceeds Related to Principal (III(A(iii)+D(iii))) |  | $0.00           |
| (D) Recoveries from Prior ChargeOffs (IV(H(ii)))                       |  | $2,032,048.45   |
| (E)Total Principal Collections (A+B+C+D)                               |  | 227,411,345.72  |
| VII.TOTAL INTEREST AND PRINCIPAL COLLECTIONS (V(C)+VI(E))              |  | 243,725,718.07  |
| VIII.YIELD SUPPLEMENT DEPOSIT                                          |  | $297,228.20     |
| IX. TOTAL AVAILABLE AMOUNT(VII+VIII)                                   |  | 244,022,946.27  |
|                                                                        |

----

|                                                       |  |               |  |  |  |  |
|-------------------------------------------------------|--|---------------|--|--|--|--|
| **DISTRIBUTIONS**                                     |
| X. FEE DISTRIBUTIONS                                  |  |
| (A) Servicing Fee                                     |  |
| (i)Servicing Fee Due(I(H)/12)(II(B))+(II(H)(i))       |  | $2,864,840.31 |
| (ii) Servicing Fee Paid                               |  | 2,864,840.31  |
| (iii) ServicingFee Shortfall                          |  | $0.00         |
| (B) ReserveAccount Investment Income (IV(B))          |  | 82,470.88     |
| (C) Yield Supplement Account Investment Income(IV(C)) |  | 1,762.06      |
| (D) Trust FeesExpense (IV(D))                         |  | 11,500.00     |
| XI. DISTRIBUTIONS TONOTEHOLDERS                       |  |
| (A) Interest                                          |  |
| (i) Class A-1 Notes                                   |  |
| (a)Class A-1 Notes Interest Due                       |  | $0.00         |
| (b) Class A-1 Notes Interest Paid                     |  | 0.00          |
| (c) Class A-1 NotesInterest Shortfall                 |  | $0.00         |
| (ii) ClassA-2 Notes                                   |  |
| (a) Class A-2 Notes InterestDue                       |  | $0.00         |
| (b) Class A-2 NotesInterest Paid                      |  | 0.00          |
| (c)Class A-2 Notes Interest Shortfall                 |  | $0.00         |
| (iii) Class A-3 Notes                                 |  |
| (a)Class A-3 Notes Interest Due                       |  | $3,231,278.47 |
| (b) Class A-3 Notes Interest Paid                     |  | 3,231,278.47  |
| (c) Class A-3Notes Interest Shortfall                 |  | $0.00         |
| (iv)Class A-4 Notes                                   |  |
| (a) Class A-4 Notes InterestDue                       |  | $6,055,775.04 |
| (b) Class A-4Notes Interest Paid                      |  | 6,055,775.04  |
| (c) Class A-4 NotesInterest Shortfall                 |  | $0.00         |
|                                                       |

|                                                                                              |  |                 |  |  |  |  |
|----------------------------------------------------------------------------------------------|--|-----------------|--|--|--|--|
| (v)Total Note Interest                                                                       |  |
| (a) Total Note InterestDue                                                                   |  | $9,287,053.51   |
| (b) Total Note Interest Paid                                                                 |  | 9,287,053.51    |
| (c) Total NoteInterest Shortfall                                                             |  | $0.00           |
| (d)Reserve Fund Withdrawn for Note Interest                                                  |  | $0.00           |
| Amount available for distributions afterFees & Interest(VIII-(IX(A)(ii)-(D))-X(A)(v)(b)) |  | 231,859,552.45  |
| (B) Principal                                                                                |  |
| (i)Noteholders' Principal Distribution Amounts                                               |  | $221,046,783.71 |
| (ii) Class A-1 NotesPrincipal                                                                |  |
| (a) Class A-1 Notes PrincipalDue                                                             |  | —         |
| (b) Class A-1 NotesPrincipal Paid                                                            |  | 0.00            |
| (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                                                            |  | $0.00           |
| (b) Class A-2 Notes PrincipalPaid                                                            |  | 0.00            |
| (c) Class A-2Notes Principal Shortfall                                                       |  | $0.00           |
| (d)Reserve Fund drawn                                                                        |  | $0.00           |
| (iv) ClassA-3 Notes Principal                                                                |  |
| (a) Class A-3 NotesPrincipal Due                                                             |  | $218,687,897.24 |
| (b)Class A-3 Notes Principal Paid                                                            |  | 218,687,897.24  |
| (c) Class A-3Notes Principal Shortfall                                                       |  | $0.00           |
| (d)Reserve Fund drawn                                                                        |  | $0.00           |
| (v) Class A-4Notes Principal                                                                 |  |
| (a) Class A-4 NotesPrincipal Due                                                             |  | $2,358,886.47   |
| (b)Class A-4 Notes Principal Paid                                                            |  | 2,358,886.47    |
| (c) Class A-4Notes Principal Shortfall                                                       |  | $0.00           |
| (d)Reserve Fund drawn                                                                        |  | $0.00           |
| (vi) Total NotesPrincipal                                                                    |  |
| (a) Total Notes Principal Due                                                                |  | $221,046,783.71 |
| (b) Total NotesPrincipal Paid                                                                |  | 221,046,783.71  |
| (c) Total Notes Principal Shortfall                                                          |  | $0.00           |
| (d) Reserve Fund drawn                                                                       |  | $0.00           |
| XII. RESERVE FUNDDEPOSIT                                                                     |  |
| Amount available for deposit into reserveaccount                                             |  | $10,812,768.74  |
| Amount depositedinto reserve account                                                         |  | 0.00            |
|                                                                                              |

----

|                                                       |  |                 |  |  |  |  |
|-------------------------------------------------------|--|-----------------|--|--|--|--|
| Excess Amount Released from ReserveAccount            |  | 0.00            |
| Excess fundsavailable toCertificateholders            |  | 10,812,768.74   |
| XIII. DISTRIBUTIONS TOCERTIFICATEHOLDERS              |  |
| (A) Interest                                          |  |
| (i) Certificate Monthly Interest Due                  |  | $397,993.42     |
| (ii) Certificate InterestShortfall Beginning Balance  |  | $0.00           |
| (iii) Total Certificate InterestDue                   |  | $397,993.42     |
| (iv) CertificateInterest Paid                         |  | 397,993.42      |
| (v)Certificate Interest Shortfall Ending Balance      |  | $0.00           |
| (B) Principal                                         |  |
| (i)Certificate Monthly Principal Due                  |  | $7,922,331.40   |
| (ii) Certificate Principal Shortfall BeginningBalance |  | $0.00           |
| (iii) TotalCertificate Principal Due                  |  | $7,922,331.40   |
| (iv) Certificate Principal Paid                       |  | 7,922,331.40    |
| (v) Certificate PrincipalShortfall Ending Balance     |  | $0.00           |
| (C)Release to Seller                                  |  | $2,492,443.92   |
| **DISTRIBUTIONSSUMMARY**                              |
| (A) TotalCollections                                  |  | $244,022,946.27 |
| (B)Service Fee                                        |  | $2,864,840.31   |
| (C)Trustee Fees                                       |  | 11,500.00       |
| (D) Class A1Amount                                    |  | $0.00           |
| (E) Class A2Amount                                    |  | $0.00           |
| (F) Class A3Amount                                    |  | $221,919,175.71 |
| (G) Class A4Amount                                    |  | $8,414,661.51   |
| (H) AmountDeposited into Reserve Account              |  | $0.00           |
| (I) Certificateholders                                |  | $8,320,324.82   |
| (J) Release to seller                                 |  | $2,492,443.92   |
| (K) Total amountdistributed                           |  | $244,022,946.27 |
| (L)Amount of Draw from Reserve Account                |  | 0.00            |
| (M) Excess Amount Released from Reserve Account       |  | 0.00            |
| **PORTFOLIO ANDSECURITYSUMMARY**                      |
|                                                       |

|                                                         |  |                                     |        |                                     |  |                 |        |        |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------|--|-------------------------------------|--------|-------------------------------------|--|-----------------|--------|--------|--|--|--|--|--|--|--|--|--|--|
| XIV. POOL BALANCES AND PORTFOLIOINFORMATION             |  | Beginningof Period                  |        |                                |  | End ofPeriod    |        |
| (A) Balances and PrincipalFactors                       |  |                                |   |                                |  |            |   |   |  |
| (i) AggregateBalance of Notes                           |  | $386,437,897.24                     |        |                                |  | $165,391,113.53 |        |
| (ii) Note Pool Factor                                   |  | 0.3848025                           |        |                                |  | 0.1646912       |        |
| (iii) Class A-1 Notes Balance                           |  | 0.00                                |        |                                |  | 0.00            |        |
| (iv) ClassA-1 Notes Pool Factor                         |  | 0.0000000                           |        |                                |  | 0.0000000       |        |
| (v) Class A-2 Notes Balance                             |  | 0.00                                |        |                                |  | 0.00            |        |
| (vi) Class A-2 NotesPool Factor                         |  | 0.0000000                           |        |                                |  | 0.0000000       |        |
| (vii) Class A-3 Notes Balance                           |  | 218,687,897.24                      |        |                                |  | 0.00            |        |
| (viii)Class A-3 Notes Pool Factor                       |  | 0.7540962                           |        |                                |  | 0.0000000       |        |
| (ix) ClassA-4 Notes Balance                             |  | 167,750,000.00                      |        |                                |  | 165,391,113.53  |        |
| (x) Class A-4 Notes Pool Factor                         |  | 1.0000000                           |        |                                |  | 0.9859381       |        |
| (xi)Certificates Balance                                |  | 15,000,266.52                       |        |                                |  | 7,077,935.12    |        |
| (xii) Certificates Pool Factor                          |  | 0.5825346                           |        |                                |  | 0.2748713       |        |
| (xiii)Total Principal Balance of Notes and Certificates |  | 401,438,163.76                      |        |                                |  | 172,469,048.65  |        |
| (B) Portfolio Information                               |  |
| (i) Weighted Average Coupon (WAC)                       |  | 5.69%                               |        |                                |  | 5.90%           |        |
| (ii) Weighted Average Remaining Maturity (WAM)          |  | 30.19months     |        | 21.45months     |
| (iii) Remaining Numberof Receivables                    |  | 46,481                              |        |                                |  | 26,617          |        |
| (iv) Portfolio Receivable Balance                       |  | $401,438,163.76                     |        |                                |  | $172,469,048.65 |        |
| (C) Outstanding AdvanceAmount                           |  | $335,897.98                         |        |                                |  | $201,648.98     |        |
| (D) Outstanding PayaheadBalance                         |  | ($0.00)                             |        |                                |  | ($0.00)         |        |
|                                                         |

----

| CREDIT SUISSE FIRSTBOSTON | PAGE 3 |
|---------------------------|--------|

AMERICAN HONDA FINANCE CORPORATIONAnnual Statement to Certificateholder—Honda Auto Receivables2002-3 Owner Trust 04/01/04 through 03/31/05

|                                                       |  |               |  |  |  |  |
|-------------------------------------------------------|--|---------------|--|--|--|--|
| **SUMMARYOF ACCOUNTS**                                |
| XV.RECONCILIATION OF RESERVE ACCOUNT                  |  |
| (A)Beginning Reserve Account Balance                  |  | $5,150,000.00 |
| (B) Draws                                             |  |
| (i) Draw forServicing Fee                             |  | 0.00          |
| (ii) Draw forInterest                                 |  | 0.00          |
| (iii) Draw forRealized Losses                         |  | 0.00          |
| (C) ExcessInterest Deposited into the Reserve Account |  | 0.00          |
| (D) Reserve Account Balance Prior to Release          |  | 5,150,000.00  |
| (E) Reserve AccountRequired Amount                    |  | 5,150,000.00  |
| (F)Final Reserve Account Required Amount              |  | 5,150,000.00  |
| (G) Excess Reserve Account Amount                     |  | 0.00          |
| (H) Ending Reserve AccountBalance                     |  | 5,150,000.00  |
| XVI. RECONCILIATION OF YIELD SUPPLEMENTACCOUNT        |  |
| (A) Beginning Yield SupplementAccount Balance         |  | 312,591.84    |
| (B)Investment Earnings                                |  | 1,762.06      |
| (C)Investment Earnings Withdraw                       |  | 1,762.06      |
| (D) Additional Yield SupplementAmounts                |  | 0.00          |
| (E) Yield SupplementDeposit Amount                    |  | $297,228.20   |
| (F)Ending Yield Supplement Account Balance            |  | 15,363.64     |
| XVII. NET LOSS AND DELINQUENCY ACCOUNTACTIVITY        |  |
| (A) Liquidated Contracts                              |  |
| (i) LiquidationProceeds                               |  | $1,569,424.31 |
| (ii)Recoveries on Previously Liquidated Contracts     |  | 2,032,048.45  |
| (B) Aggregate Net Lossesfor Collection Period         |  | 1,557,769.39  |
| (C) Net Loss Rate for Collection Period(annualized)   |  | 0.54%         |
| (D)Cumulative Net Losses for all Periods              |  | 10,089,702.54 |
|                                                       |

|                                                        |  |        |       |               |  |        |      |         |  |               |  |        |      |         |  |  |  |  |
|--------------------------------------------------------|--|--------|-------|---------------|--|--------|------|---------|--|---------------|--|--------|------|---------|--|--|--|--|
| (E)Delinquent Receivables                              |  | #Units |       | DollarAmount  |
| (i) 30-59 Days Delinquent                              |  |   | 1,016 |          |  |   | 3.82 | %  |  | $7,078,494.54 |  |   | 4.10 | %  |
| (ii) 60-89 DaysDelinquent                              |  |   | 255   |          |  |   | 0.96 | %  |  | $1,797,394.04 |  |   | 1.04 | %  |
| (ii) 90 Days or More Delinquent                        |  |   | 53    |          |  |   | 0.20 | %  |  | $447,382.47   |  |   | 0.26 | %  |
| XVIII. REPOSSESSIONACTIVITY                            |  | #Units |       | Dollar Amount |
| (A)Vehicles Repossessed During Collection Period       |  |   | 24    |          |  |   | 0.09 | %  |  | $173,168.59   |  |   | 0.10 | %  |
| (B) Total AccumulatedRepossessed Vehicles in Inventory |  |   | 34    |          |  |   | 0.13 | %  |  | $234,522.73   |  |   | 0.14 | %  |
|                                                        |

|                                                                                                        |  |                     |       |         |  |  |
|--------------------------------------------------------------------------------------------------------|--|---------------------|-------|---------|--|--|
| XIX.TESTS FOR INCREASE IN SPECIFIED RESERVE ACCOUNT BALANCE                                            |  |
| (A) Ratio of Net Losses to the Pool Balance as of EachCollection Period                                |  |
| (i) Second PrecedingCollection Period                                                                  |  |                | 0.70  | %  |
| (ii) Preceding Collection Period                                                                       |  |                | 0.21  | %  |
| (iii) Current CollectionPeriod                                                                         |  |                | -0.48 | %  |
| (iv) ThreeMonth Average (Avg(i,ii,iii))                                                                |  |                | 0.15  | %  |
| (B) Ratio of Balance of Contracts Delinquent 60 Days orMore to the Outstanding Balance of Receivables. |  |
| (i) Second Preceding Collection Period                                                                 |  |                | 1.48  | %  |
| (ii) Preceding CollectionPeriod                                                                        |  |                | 1.32  | %  |
| (iii) CurrentCollection Period                                                                         |  |                | 1.28  | %  |
| (iv)Three Month Average (Avg(i,ii,iii))                                                                |  |                | 1.36  | %  |
| (C) Loss and Delinquency TriggerIndicator                                                              |  | Trigger was nothit. |
|                                                                                                   |  |
|                                                                                                        |

Ihereby certify that the servicing report provided is true and accurateto the best of my knowledge.

By: /s/ JohnWeisickle Mr. John Weisickle VicePresident

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