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 (FEE NOT REQUIRED)

For the period December 7, 2000 (date of formation) through March 31, 2001

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)

For the transition period from __________________ to _________________________

Commission file number 333-51224-01

Nissan Auto Receivables Corporation IIon behalf of Nissan Auto Receivables 2001-A Owner Trust(Exact name of registrant as specified in its charter)



|DELAWARE                                                       |  | NOT APPLICABLE                      
|-------------------------------------------------------------- |  | ------------------------------------
|(State or other jurisdiction of incorporation or organization) |  | (I.R.S. Employer Identification No.)

990 West 190th Street, Torrance, California 90502(Address of principal executive offices)

(310) 719-8583(Registrant's telephone number, including area code)

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 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 if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (Section 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive
proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. X

State the aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant. The aggregate market value shall be computed by reference to the price at which the common equity was sold, or the average bid and
asked prices of such common equity, as of a specified date within 60 days prior to the date of filing. (See definition of affiliate in Rule 405, 17 CFR 230.405.) $ 0

This Annual Report on Form 10-K is being filed by Nissan Auto Receivables Corporation II ("NARC II"), on behalf of the Nissan Auto Receivables 2001-A Owner Trust (the "Trust"), a Delaware business trust formed pursuant to a trust
agreement, dated as of December 7, 2000, between NARC II, as Seller (the "Seller"), and Wilmington Trust Company, as owner trustee (the "Owner Trustee"). Reference is further made to the Indenture, dated as of February 15, 2001, among the Trust, as
issuer, and Wells Fargo Bank Minnesota, National Association, as indenture trustee (the "Indenture Trustee", together with the Owner Trustee, the "Trustees"), providing for the issuance by the Trust of notes entitled "Nissan Auto Receivables 2001-A Owner
Trust 5.5225% Asset Backed Notes, Class A-1" (the "Class A-1 Notes"), "Nissan Auto Receivables 2001-A Owner Trust 5.3400% Asset Backed Notes, Class A-2" (the "Class A-2 Notes"), "Nissan Auto Receivables 2001-A Owner Trust 5.5500% Asset Backed Notes, Class
A-3" (the "Class A-3 Notes") and "Nissan Auto Receivables 2001-A Owner Trust 5.7500% Asset Backed Notes, Class A-4" (the "Class A-4 Notes", together with the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the "Notes"), registered under the
Securities Act of 1933. Certain information that may otherwise have been required to be included herein pursuant to Form 10-K has been omitted herefrom, or in certain cases certain information has been included herein in lieu of such otherwise required
information, in accordance with the letter, dated June 28, 1996 (the "No-Action Letter"), of the staff of the Office of Chief Counsel of the Division of Corporation Finance of the Securities and Exchange Commission issued with respect to series of
pass-through securities issued by trusts formed by the Seller or an affiliate thereof, as originator, including the Notes.



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PART I

|Item 2.                                                                                    | PROPERTIES.                                                                                                                        
|------------------------------------------------------------------------------------------ | -----------------------------------------------------------------------------------------------------------------------------------
|                                                                                           | The following table sets forth the aggregate information of the Trust for the period from February 15, 2001 through March 31, 2001:
|                                                                                           | Distributions Allocable to Principal                                                                                               
|                                                                                           | Distributions Allocable to Income                                                                                                  
|                                                                                           | Amounts Received from the Yield Supplement
Account Distributed as Income                                                           
|                                                                                           | Servicing Fees Paid to Servicer (NMAC)                                                                                             
|                                                                                           | Class A-1 Notes Percentage of Servicing Fees                                                                                       
|                                                                                           | Class A-2 Notes Percentage of Servicing Fees                                                                                       
|                                                                                           | Class A-3 Notes Percentage of Servicing Fees                                                                                       
|                                                                                           | Class A-4 Notes Percentage of Servicing Fees                                                                                       
|                                                                                           | Certificates Percentage of Servicing Fees                                                                                          
|                                                                                           | Net Losses                                                                                                                         
|                                                                                           | Principal Recoveries of Defaulted Receivables                                                                                      
|Average Rate and Percentages for the period from February 15, 2001 through March 31, 2001: |                                                                                                                                    
|                                                                                           | Average Net Loss Ratio (including repossessions)                                                                                   





|                           | Number of Delinquency Ratios | Dollar Amount Contracts
|-------------------------- | ---------------------------- | -----------------------
|31-60 Days Delinquent      | 0.42%                        | 0.45%                  
|61-90 Days Delinquent      | 0.02%                        | 0.02%                  
|91 Days or More Delinquent | 0.00%                        | 0.00%                  
|                           |                              |                        



|Item 3. | LEGAL PROCEEDINGS.                                  
|------- | ----------------------------------------------------
|        | Not applicable                                      
|Item 4. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
|        | Not applicable                                      





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PART II

|Item 5. | MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.                                                                                                                                                                                      
|------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        | All Notes issued by the Trust are registered in the name of Cede & Co. Within the meaning of the No-Action Letter, the number of "holders of record" of the Notes as of March 31, 2001, was 60.
There is no established public trading market for the Notes.
|Item 8. | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.                                                                                                                                                                                                                
|        | The audited financial statements of the Trust and the related notes are included herein on pages F-1 to F-10.                                                                                                                                               
|Item 9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.                                                                                                                                                                       
|        | Not applicable                                                                                                                                                                                                                                              





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PART IV

|Item 14. | EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K.
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|         | (b)                                                             
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SIGNATURES

Pursuant to the requirements of Section 13 of 15(d) 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.

Date: June 26, 2001



| | NISSAN AUTO RECEIVABLES CORPORATION II
| | --------------------------------------
| | By:                                   
| | Name:                                 
| | Title:                                







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EXHIBIT INDEX

|Exhibit No. | Description                                       | Sequentially Numbered Page
|----------- | ------------------------------------------------- | --------------------------
|99.1        | Officer's Certificate, dated as of March 31, 2001 | 7                         







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NISSAN MOTOR ACCEPTANCE CORPORATION

OFFICER'S CERTIFICATE

The undersigned, Joji Tagawa, Treasurer of NISSAN MOTOR ACCEPTANCE CORPORATION, a California corporation (the "Company"), does hereby certify, in his capacity as such corporate officer, as follows:

(1)	The undersigned has caused a review of the activities of the Company, in its capacity as Servicer, during the period February 1, 2001 through March 31, 2001, and of its performance pursuant to that certain Sale and Servicing
Agreement, dated as of February 1, 2001 (the "Agreement"), by and among the Company, Nissan Auto Receivables Corporation II, as Seller, and Nissan Auto Receivables 2001-A Owner Trust, as Issuer, to be conducted under his supervision; and

(2)	To the best of the undersigned's knowledge, based upon such review, the Company has fulfilled all of its obligations under the Agreement for the period February 1, 2001 through March 31, 2001.

This Officer's Certificate is being furnished to Wilmington Trust Company, as Owner Trustee, Wells Fargo Bank Minnesota, National Association, as Indenture Trustee, Standard & Poor's Ratings Services and Moody's Investors Service,
Inc., as required by Section 4.09(a) of the Agreement.

IN WITNESS WHEREOF, I have set my hand effective as of the 31st day of March, 2001.

| |       
| | ------
| | By:   
| | Name: 
| | Title:









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NISSAN AUTO RECEIVABLES
2001-A OWNER TRUST





Financial Statements as of
March 31, 2001, and
for the Period December 7, 2000
(date of formation) through March 31, 2001







---

INDEPENDENT AUDITORS' REPORT

Nissan Auto Receivables 2001-A Owner Trust:

We have audited the accompanying balance sheet of Nissan Auto Receivables 2001-A Owner Trust (the "Trust") as of March 31, 2001, and the related statements of income, changes in net assets held in trust, and cash flows for the period December 7, 2000
(date of formation) through March 31, 2001. These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in the United States of America. 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, such financial statements present fairly, in all material respects, the financial position of Nissan Auto Receivables 2001-A Owner Trust as of March 31, 2001, and the results of its operations and its cash flows for the period December
7, 2000 (date of formation) through March 31, 2001 in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Los Angeles, California

April 24, 2001



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NISSAN AUTO RECEIVABLES 2001-A OWNER TRUST
BALANCE SHEET
March 31, 2001
(Dollars in Thousands)



|ASSETS:                                                    |  |            
|---------------------------------------------------------- |  | -----------
|Cash and cash equivalents in collection account (Note 2)   |  | $ 38,287   
|Finance receivables (Notes 2, 4, 6 and 8)                  |  | 965,495    
|Receivable from yield supplement account (Note 5)          |  | 636        
|                                                           |  |            
|TOTAL ASSETS                                               |  | $ 1,004,418
|                                                           |  |            
|                                                           |  |            
|LIABILITIES:                                               |  |            
|Collections payable to Servicer (Note 2)                   |  | $ 508      
|Servicing fee payable (Notes 2 and 3)                      |  | 831        
|Distributions payable - Class A-1 (Notes 3 and 4)          |  | 32,580     
|Distributions payable - Class A-2 (Notes 3 and 4)          |  | 1,557      
|Distributions payable - Class A-3 (Notes 3 and 4)          |  | 1,152      
|Distributions payable - Class A-4 (Notes 3 and 4)          |  | 872        
|Excess amounts payable to Seller (Notes 3 and 4)           |  | 1,423      
|Total liabilities                                          |  | 38,923     
|                                                           |  |            
|                                                           |  |            
|NET ASSETS HELD IN TRUST:                                  |  |            
|Asset backed notes, Class A-1 (Notes 3, 4 and 6)           |  | 113,277    
|Asset backed notes, Class A-2 (Notes 3, 4 and 6)           |  | 350,000    
|Asset backed notes, Class A-3 (Notes 3, 4 and 6)           |  | 249,000    
|Asset backed notes, Class A-4 (Notes 3, 4 and 6)           |  | 182,072    
|Asset backed certificates, Certificates (Notes 3, 4 and 6) |  | 71,146     
|Total net assets held in trust                             |  | 965,495    
|                                                           |  |            
|TOTAL LIABILITIES AND NET ASSETS HELD IN TRUST             |  | $ 1,004,418
|                                                           |  |            

See accompanying notes to financial statements.







---

NISSAN AUTO RECEIVABLES 2001-A OWNER TRUST
STATEMENT OF INCOME
Period December 7, 2000 (date of formation) through March 31, 2001
(Dollars in Thousands)



|INCOME:                                                         |  |         
|--------------------------------------------------------------- |  | --------
|Interest income on finance receivables (Notes 2 and 4)          |  | $ 21,324
|Interest income from yield supplement account (Note 5)          |  | 63      
|Total income                                                    |  | 21,387  
|                                                                |  |         
|EXPENSES:                                                       |  |         
|                                                                |  |         
|Servicing fee (Notes 2 and 4)                                   |  | 2,563   
|Excess amounts allocated to reimburse principal losses (Note 3) |  | 547     
|Excess amounts paid to Seller (Notes 3 and 4)                   |  | 7,558   
|Total expense                                                   |  | 10,668  
|                                                                |  |         
|NET INCOME                                                      |  | $ 10,719
|                                                                |  |         

See accompanying notes to financial statements.







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NISSAN AUTO RECEIVABLES 2001-A OWNER TRUST
STATEMENT OF CHANGES IN NET ASSETS HELD IN TRUST
Period December 7, 2000 (date of formation) through March 31, 2001
(Dollars in Thousands)



|                                             | Class A-1 | Class A-2 | Class A-3 | Class A-4 | Certificates | Total
|-------------------------------------------- | --------- | --------- | --------- | --------- | ------------ | -----
|Issuance of asset backed securities (Note 1) | $ 201,800 |           | $ 350,000 |           | $ 249,000    |      
|Net income                                   | 1,886     |           | 3,841     |           | 2,841        |      
|Interest distributions (Notes 3 and 4)       | (1,886)   |           | (3,841)   |           | (2,841)      |      
|Principal distributions (Notes 3 and 4)      | (88,523)  |           |           |           |              |      
|                                             |           |           |           |           |              |      
|Net assets held in Trust at March 31, 2001   | $ 113,277 |           | $ 350,000 |           | $ 249,000    |      

See accompanying notes to financial statements.







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NISSAN AUTO RECEIVABLES 2001-A OWNER TRUST
STATEMENT OF CASH FLOWS
Period December 7, 2000 (date of formation) through March 31, 2001
(Dollars in Thousands)



|CASH FLOWS FROM OPERATING ACTIVITIES:                                             |            
|--------------------------------------------------------------------------------- | -----------
|Net income                                                                        | $ 10,719   
|Adjustments to reconcile net income to net cash provided by operating activities: |            
|Changes in operating assets and liabilities:                                      |            
|Increase in collections payable to Servicer                                       | 508        
|Increase in receivable from yield supplement account                              | (636)      
|Increase in servicing fee payable                                                 | 831        
|Increase in payable to Seller                                                     | 1,423      
|                                                                                  |            
|Net cash provided by operating activities                                         | 12,845     
|                                                                                  |            
|CASH PROVIDED BY INVESTING ACTIVITIES                                             |            
|Principal payments received from finance receivables                              | 88,523     
|                                                                                  |            
|CASH FLOWS FROM FINANCING ACTIVITIES:                                             |            
|Trust distributions:                                                              |            
|Class A-1 noteholders                                                             | (57,829)   
|Class A-2 noteholders                                                             | (2,284)    
|Class A-3 noteholders                                                             | (1,689)    
|Class A-4 noteholders                                                             | (1,279)    
|                                                                                  |            
|Net cash used in financing activities                                             | (63,081)   
|                                                                                  |            
|CASH AND CASH EQUIVALENTS AT MARCH 31, 2001                                       | $ 38,287   
|                                                                                  |            
|Supplemental disclosure of cash flow information -                                |            
|Non-cash investing activities:                                                    |            
|Purchase of finance receivables in exchange for asset backed certificates         | $ 1,054,018
|                                                                                  |            

See accompanying notes to financial statements.









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NISSAN AUTO RECEIVABLES 2001-A OWNER TRUST
NOTES TO FINANCIAL STATEMENTS
PERIOD DECEMBER 7, 2000 (DATE OF FORMATION) THROUGH MARCH 31, 2001



|1. | GENERAL INFORMATION                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   | The Nissan Auto Receivable 2001-A Owner Trust (the "Trust"), a Delaware business trust, was created pursuant to that certain Trust Agreement, dated as of December 7, 2000, as amended by the Amended and Restated Trust Agreement, dated
as of February 1, 2001, by and between Nissan Auto Receivables Corporation II ("NARC II"), as depositor, and Wilmington Trust Company, as owner trustee (the "Owner Trustee"). The Trust, NARC II, as seller (the "Seller"), and Nissan Motor Acceptance
Corporation ("NMAC" or the "Servicer"), as servicer, entered into a Sale and Servicing Agreement, dated as of February 1, 2001 (the "Sale and Servicing Agreement"), pursuant to which motor vehicle retail installment sales contracts (the "Receivables") and
related property were transferred to the Trust. Also on February 1, 2001, the Trust caused the issuance, pursuant to an Indenture, dated as of February 1, 2001 (the "Indenture"), by and between the Trust, as issuer, and Wells Fargo Bank Minnesota,
National Association, as indenture trustee, and pursuant to the Sale and Servicing Agreement, of the Notes, issued in the following classes: Class A-1, Class A-2, Class A-3 and Class A-4 (collectively, the "Notes"). The Notes with an aggregate principal
balance of $982,872,000 were sold to Chase Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Salomon Smith Barney Inc., as underwriters (the "Underwriters"), pursuant to an Underwriting Agreement, dated January 23, 2001 (the
"Underwriting Agreement"), by and among NARC II, NMAC and Chase Securities Inc., on behalf of itself and as representative of the Underwriters. The Notes have been registered pursuant to the Securities Act of 1933, as amended, under a Registration
Statement on Form S-3. The Certificates with an aggregate principal balance of $71,146,000 were retained by NARC II.
|   | The parent of the Seller, NMAC, services the Receivables pursuant to the Sale and Servicing Agreement and is compensated for acting as the Servicer. In order to facilitate its servicing functions and minimize administrative burdens and
expenses, the Company retains physical possession of the documents relating to the Receivables as custodian for the Trust. The Trust has no employees.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   | Basis of Presentation - The financial statements have been prepared on an accrual basis of accounting. The preparation of these financial statements in accordance with accounting principles generally accepted in the United
States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual
results could differ from those estimates.
Cash and cash equivalents - The Trust considers investments purchased with a maturity of three months or less to be cash equivalents. Cash and cash equivalents in the collection account as of March 31, 2001 amounted to
$38,287,000, which represents payments received by the Servicer during March 2001.
Finance Receivables - Interest income on the Receivables is calculated using the simple interest method and is recorded as earned. The finance receivables had a weighted average coupon rate of 7.48% and a weighted average
maturity of 47 months at March 31, 2001.
Collections payable to Servicer - Collections payable to the Servicer amounted to $508,000 and are substantially comprised of excess collections deposited in a collection account on April 2, 2001.
Servicing Fee - The servicing fee is calculated as one-twelfth of 1% of the beginning balance of finance receivables and is recorded on a monthly basis. The amount of servicing fee for the period ended March 31, 2001 amounted to
$2,563,000, of which $831,000 is included in servicing fee payable at March 31, 2001.
Advance - The Servicer is required to advance payment amounts that are delinquent but deemed collectible.                                                                                                                                                    
|3. | PRIORITIES OF DISTRIBUTIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | The total collections received by the Trust are distributed in the following priority:

Unpaid Advance reimbursement
Servicing fee to Seller
Class A-1 interest
Class A-2 interest
Class A-3 interest
Class A-4 interest
Class A-1 principal (all principal until paid in full, then Class A-2)
Class A-2 principal (all principal until paid in full, then Class A-3)
Class A-3 principal (all principal until paid in full, then Class A-4)
Class A-4 principal (all principal until paid in full, then Certificate Class)
Reserve account
Certificate Class principal
Excess amounts to SellerIf losses are greater than the excess amounts to Seller, the principal shortfall is carried over to future periods and is reduced by excess collections from future periods, if any.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|4. | PRINCIPAL AND INTEREST PAYMENTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | Principal (including prepayments) is passed through on each distribution date, commencing February 15, 2001. Principal consists of payments on the Receivables that are allocable to the repayment of the amount financed. Interest is
passed through to noteholders on each distribution date, as defined in the Agreement, commencing February 15, 2001, at a rate of 5.5225% per annum for Class A-1, at a rate of 5.3400% for Class A-2, at a rate of 5.5500% per annum for Class A-3 and at a
rate of 5.7500% per annum for Class A-4. Excess amounts, if any, which are the difference between the yield of the finance receivables and the sum of the servicing fee, note rates, principal payments, and losses, are distributed to the Seller in
accordance with the terms of the Sale and Servicing Agreement.
The "as-of" date of the finance receivables was December 31, 2000. Principal payments passed through on February 15, 2001 included principal payments for the period January 1, 2001 to January 31, 2001. Interest collected for the period
prior to January 1, 2001 was distributed to the Seller.
Payments to the Servicer, Class A noteholders and the Seller for the period ended March 31, 2001 are summarized as follows (dollars in thousands):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              



|                                         |                                     | Servicing fee | Interest at
pass-through
Rate | Principal
payments
received | Excess amounts
allocated to reimburse
principal losses | Excess amounts
distributed
|---------------------------------------- | ----------------------------------- | ------------- | ----------------------------- | --------------------------- | ------------------------------------------------------ | --------------------------
|Servicer                                 |                                     |               |                               |                             |                                                       
|                                         | Distributed                         | $ 1,732       |                               |                             |                                                        |                           
|                                         | Distribution to be paid             | 831           |                               |                             |                                                        |                           
|Class A-1 noteholders                    |                                     |               |                               |                             |                                                       
|                                         | Distributed                         |               | $ 1,174                       | $ 56,480                    | $ 175                                                  |                           
|                                         | Distribution to be paid             |               | 712                           | 31,496                      | 372                                                    |                           
|Class A-2 noteholders                    |                                     |               |                               |                             |                                                       
|                                         | Distributed                         |               | 2,284                         |                             |                                                        |                           
|                                         | Distribution to be paid             |               | 1,557                         |                             |                                                        |                           
|Class A-3 noteholders                    |                                     |               |                               |                             |                                                       
|                                         | Distributed                         |               | 1,689                         |                             |                                                        |                           
|                                         | Distribution to be paid             |               | 1,152                         |                             |                                                        |                           
|Class A-4 noteholders                    |                                     |               |                               |                             |                                                       
|                                         | Distributed                         |               | 1,279                         |                             |                                                        |                           
|                                         | Distribution to be paid             |               | 872                           |                             |                                                        |                           
|Seller                                   |                                     |               |                               |                             |                                                       
|                                         | Excess amounts paid to Seller       |               |                               |                             |                                                        | $ 6,135                   
|                                         | Excess amounts to be paid to Seller |               |                               |                             |                                                        | 1,423                     
|Total amounts distributed and to be paid | $ 2,563                             | $ 10,719      | $ 87,976                      | $ 547                       | $ 7,558                                               



|5. | YIELD SUPPLEMENT ACCOUNT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   | The Sale and Servicing Agreement requires the Owner Trustee to set up a Yield Supplement Account ("YSA Account"), which is a separate trust account for the benefit of all Class A noteholders. This account is used to adjust the yield to
the Trust for all Receivables purchased by the Trust with a yield less than the A-4 rate of 5.7500%, plus the 1% Servicing Rate (the "Required Rate"). Amounts in the YSA Account, which are released to the Trust on a monthly basis, are calculated as
one-twelfth times the difference between the yield of the Receivables and the Required Rate. The amount in the YSA Account at March 31, 2001 was $7,534,000, which included $636,000 which is payable to the Trust. The total amount of interest earned on the
YSA Account amounted to $63,000 for the period ended March 31, 2001. Such account is held by the seller as a restricted cash balance.
In addition, the seller assigned a number of vehicle lease contracts to the Trust, and all monthly base payments received for the vehicle lease contracts have been deposited into the YSA Account on each distribution date. The total of
such deposits was $264,000.
|6. | CREDIT ENHANCEMENT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   | To protect all Class A noteholders, the Sale and Servicing Agreement requires the Seller to set up a reserve account, which is a separate trust account for the benefit of the Class A noteholders. The initial deposit required and made
by the Seller amounted to $7,905,000. Additionally, if certain loss and/or delinquency ratios rise above set limits, the Seller is required to deposit in the reserve account all amounts otherwise distributable to the Seller, until the reserve account
reaches the level specified in the Sale and Servicing Agreement. The required amount at March 31, 2001 was $7,905,000. The reserve account amounted to $7,905,000 at March 31, 2001. Such reserve account is held by the Seller as a restricted cash balance.
The Seller will receive no distributions while the loss and/or delinquency ratios continue to be above the set limits for three consecutive months and until the reserve account reaches the level specified.
Management believes that future receipts of excess servicing amounts will be adequate to repay all amounts due. As such, no allowance for bad debts has been established.                      
|7. | FEDERAL INCOME TAXES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   | The Trust is classified as an owner trust, and therefore is not taxable as a corporation for federal income tax purposes. Each noteholder is treated as the owner of a pro rata undivided interest in each of the Receivables in the Trust.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|8. | ESTIMATED FAIR VALUE OF FINANCE RECEIVABLES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   | The estimated fair value of the finance receivables was $969,051,000 at March 31, 2001. Cash and cash equivalents in collection account, collections receivable from Servicer, receivable from yield supplement account, and all payables
approximate fair value due to the short-term maturities of these instruments. The fair value of the finance receivables was estimated by discounting the future cash flows using current market discount rates, historical prepayment and credit loss history.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        

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