**Exhibit 99.3**

 

**INDEPENDENTACCOUNTANTS’ REPORT**

 

To the Board of Directors ofJohn Deere Capital Corporation

 

We have examined management’s assertion that John Deere CapitalCorporation (the Company) has complied as of and for the year ended October 31,2003, with its established minimum servicing standards described in theaccompanying Management’s Assertion dated January 9, 2004.  Management is responsible for the Company’scompliance with those minimum servicing standards.  Our responsibility is to express an opinion on management’sassertion about the Company’s compliance based on our examination.

 

Our examination was conducted in accordance with attestation standardsestablished by the American Institute of Certified Public Accountants and,accordingly, included examining, on a test basis, evidence about the Company’scompliance with its minimum servicing standards and performing such otherprocedures as we considered necessary in the circumstances.  We believe that our examination provides areasonable basis for our opinion.  Ourexamination does not provide a legal determination on the Company’s compliancewith its minimum servicing standards.

 

In our opinion, management’s assertion that the Company complied withthe aforementioned minimum servicing standards as of and for the year endedOctober 31, 2003, is fairly stated in all material respects based on thecriteria set forth in Appendix I.

 

 
| */s/ Deloitte & Touche LLP* |   |
|---------------------------------|--------|
|                            |
|                            |
| January 9, 2004                 |

 

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**Management’sAssertion**

 

*January 9, 2004*

 

Deloitte & Touche LLP*Chicago,Illinois*

 

As of and for the year ended October 31, 2003, John Deere Capital Corporation**(the “Company”) hascomplied, in all material respects, with the Company’s established minimumservicing standards for the receivables in John Deere Owner Trust 2003**asset forth in Appendix I**(the “Standards”).  The Standards are based on the MortgageBanker’s Association of America’s Uniform Single Attestation Program forMortgage Bankers, modified to address the unique characteristics of servicingagricultural and construction equipment loans.

 

 
| */s/ Jon D.  Volkert*         |   |
|-------------------------------|--------|
| Jon D. Volkert                |
| President                     |
|                          |
|                          |
| */s/ Charles G. Dahl*         |   |
| Charles G. Dahl               |
| Vice President and Controller |

 

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**APPENDIX I**

 

*John Deere CapitalCorporation Minimum Servicing Standards – JDOT 2003*

 

I.                                         CUSTODIALBANK ACCOUNTS

 

1.               Reconciliations shall be prepared on amonthly basis for all custodial bank accounts and related bank clearingaccounts.  These reconciliations shall:

 

•                  bemathematically accurate;

•                  be preparedwithin forty-five (45) calendar days after the cutoff date;

•                  bereceived and approved by someone other than the person who prepared thereconciliation; and

•                  documentexplanations for reconciling items. These reconciling items shall be resolved within ninety (90) calendardays of their original identification.

 

2.               Funds of the servicing entity shall beadvanced in cases where there is an overdraft in an investor’s or debtor’saccount and an advance is specified in the investor’s servicing agreement.

 

3.               Each custodial account shall bemaintained at a federally insured depository institution in trust for theapplicable investor.

 

II.                                     PAYMENTS

 

1.               Payments shall be deposited into thecustodial bank accounts and related bank clearing accounts within two businessdays of receipt*.*

 

2.               Payments made in accordance with thedebtor’s loan documents shall be posted to the applicable account recordswithin two business days of receipt*.*

 

3.               Payments shall be allocated toprincipal, interest, insurance or other escrow items (e.g., replacementreserves) in accordance with the loan documents.

 

4.               Payments identified as payoffs (orsatisfaction of the obligation) shall be allocated in accordance with the loandocuments*.*

 

III.                                 DISBURSEMENTS

 

1.               Disbursements made via wire transfer onbehalf of a debtor**orinvestor shall be made only by authorized personnel.

 

2.               Disbursements made on behalf of a debtor**or investor shall be postedwithin two business days to the account or investor’s records maintained by theservicing entity.

 

3.               Amounts remitted to investors per theservicer’s investor reports shall agree with cancelled checks, or other formsof payment, or custodial bank statements.

 

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IV.                                 INVESTORACCOUNTING AND REPORTING

 

1.               The servicing entity’s investor reportsshall agree with, or reconcile to, investor’s records on a monthly basis as tothe total unpaid principal balance. Monthly investor reports are sent listing the total unpaid principalbalance.  Annual investor reports aresent listing the number of loans serviced.

 

V.                                     RECEIVABLEACCOUNTING

 

1.               The servicing entity’s receivablerecords shall agree with, or reconcile to, the records of the debtor with respectto the unpaid principal balance on a monthly basis.

 

2.               Adjustments on variable rate receivablesshall be computed based on the related contract terms and any variable raterider.

 

VI.                                 DELINQUENCIES

 

1.               Records documenting collection effortsshall be maintained during the period a loan is in default and shall be updatedat least monthly.  Such records shalldescribe the entity’s activities in monitoring delinquent contracts including,for example, phone calls, letters and payment rescheduling plans in cases wherethe delinquency is deemed temporary.

 

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