EXHIBIT 20.2



Report on Managements Assertion on Compliance with Specified

Minimum Servicing Standards



Report of Independent Accountants



Board of Directors and Shareholders

United PanAm Financial Corp.



We have examined managements assertion, included in the accompanying report titled
Report of Management, that United PanAm Financial Corp. (the Company) complied with the specified minimum servicing standards identified in Exhibit A (the specified minimum servicing standards) to the Report of Management as
of and for the period from September 22, 2004 (inception of the Trust) through December 31, 2004. Management is responsible for the Companys compliance with the specified minimum servicing standards. Our responsibility is to express an opinion
on managements assertion based on our examination.



Our examination was
made in accordance with standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Companys compliance with the specified minimum servicing
standards and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Companys
compliance with the specified minimum servicing standards.



In our opinion,
managements assertion that the Company complied with the aforementioned specified minimum servicing standards during the period from September 22, 2004 (inception of the Trust) through December 31, 2004 is fairly stated, in all material
respects.



/s/ SQUAR, MILNER, REEHL & WILLIAMSON, LLP

Newport Beach, California

March 29, 2005







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Managements Assertion on Compliance with Specified Minimum

Servicing Standards



Report of Management



We,
as members of management of United PanAm Financial Corp.(the Company) are responsible for complying with the specified minimum servicing standards set forth in Exhibit A. We are also responsible for establishing and maintaining effective
internal control over compliance with these standards. We have performed an evaluation of the Companys compliance with the specified minimum servicing standards set forth in Exhibit A as of December 31, 2004 and for the period September 22,
2004 through December 31, 2004. Based on this evaluation, we assert that during the period September 22, 2004 through December 31, 2004, the Company complied, in all material respects, with the specified minimum servicing standards set forth in
Exhibit A.



As of December 31, 2004 and for the period September 22, 2004
through December 31, 2004. the Company had in effect a fidelity bond in the amount of $5,000,000 and an errors and omissions policy in the amount of $10,000,000.



|                                                   |  | 
|-------------------------------------------------- |  | 
|                                                  
|/s/ RAY THOUSAND                                  
|Ray Thousand President and Chief Executive
Officer



|                                                               |  | 
|-------------------------------------------------------------- |  | 
|                                                              
|/s/ GARLAND KOCH                                              
|Garland Koch Executive Vice
President, Chief Financial Officer







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EXHIBIT A

SPECIFIED MINIMUM
SERVICING STANDARDS



I. CONTRACT PRINCIPAL, INTEREST AND AMORTIZATION



1. Reconciliations shall be prepared on a monthly basis for all servicer bank
accounts and related bank clearing accounts. These reconciliations shall



a.
be mathematically accurate;



b. be prepared within forty-five (45) calendar
days after the cutoff date;



c. be reviewed and approved by someone other than
the person who prepared the reconciliation; and



d. document explanations for
reconciling items. These reconciling items shall be resolved within ninety (90) calendar days of their original identification.



2. Funds of the servicing entity shall be advanced in accordance with the Pooling and Servicing Agreements.



3. Each servicer account shall be maintained at a federally insured depository institution in trust for the applicable investor.



II. CONTRACT PAYMENTS



1. Contract payments shall be deposited into the servicers bank accounts within two (2) business days of receipt.



2. Contract payments made in accordance with the lenders loan documents shall be posted
to the applicable borrower records within two (2) business days.



3. Contract
payments shall be allocated to principal, interest, insurance, taxes and other items in accordance with the lenders loan documents.



4. Contract payments identified as loan payoffs shall be allocated in accordance with the lenders loan documents.







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III. DISBURSEMENTS



1. Disbursements made via wire on behalf of a borrower or investor shall be made only by authorized personnel.



2. Disbursements made on behalf of a borrower or investor shall be posted within the Contract
Period, as defined, to the borrowers or investors records maintained by the servicing entity.



3. Amounts remitted to investors per the servicers investor reports shall agree with the cancelled checks, or other form of payment, or bank statement.



4. Unissued checks shall be safeguarded so as to prevent unauthorized access.







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EXHIBIT A

SPECIFIED MINIMUM
SERVICING STANDARDS (CONTINUED)



IV. INVESTOR ACCOUNTING AND REPORTING

1. The servicing entitys shall agree with, or reconcile to, investors records on a monthly basis as to the total unpaid principal and number of
loans serviced by the servicing entity.



V. CONTRACT ACCOUNTING

1. The servicing entitys Contract records shall agree with, or reconcile to, the records of borrowers with respect to the unpaid principal balance on a monthly
basis.



VI. DELINQUENCIES

1. Records documenting collection efforts shall be maintained during the period the Contract is in default and shall be undated at least monthly. Such records shall
describe the entitys activities in monitoring delinquent Contracts including, for example, phone calls, letters and Contract payment rescheduling plans in cases where the delinquency is deemed temporary (i.e., illness or unemployment).



VII. INSURANCE POLICIES

1. A fidelity bond and errors and omissions policy shall be in effect on the servicing entity throughout the reporting period in an amount of coverage represented to
investors in managements assertion.