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

AMERICAN HONDA FINANCECORPORATION Annual Statement to Certificateholder—Honda AutoReceivables 2004-3 Owner Trust 04/01/04 through 03/31/05

|                                                    |  |                   |  |        |        |        |  |  |  |  |
|----------------------------------------------------|--|-------------------|--|--------|--------|--------|--|--|--|--|
| I.ORIGINAL DEAL PARAMETER INPUTS                   |  |
| (A) TotalPortfolio Balance                         |  | $1,043,550,894.52 |  |   |   |   |
| (B)Total Securities Balance                        |  | $1,043,550,894.52 |  |
| (C) Class A-1 Notes                                |  |
| (i) Class A-1 NotesBalance                         |  | $234,000,000.00   |  |
| (ii) Class A-1Notes Percentage (C(i)/B)            |  | 22.42%            |  |
| (iii) Class A-1 Notes Rate                         |  | 1.14000%          |  |
| (iv) Class A-1 Notes Accrual Basis                 |  | Actual/360        |  |
| (D) Class A-2Notes                                 |  |
| (i) Class A-2 Notes Balance                        |  | $250,000,000.00   |  |
| (ii) Class A-2 Notes Percentage(D(i)/B)            |  | 23.96%            |  |
| (iii) Class A-2Notes Rate                          |  | 1.570%            |  |
| (iv) Class A-2Notes Accrual Basis                  |  | 30/360            |  |
| (E)Class A-3 Notes                                 |  |
| (i) Class A-3 Notes Balance                        |  | $305,000,000.00   |  |
| (ii) Class A-3 Notes Percentage(E(i)/B)            |  | 29.23%            |  |
| (iii) Class A-3Notes Rate                          |  | 2.300%            |  |
| (iv) Class A-3Notes Accrual Basis                  |  | 30/360            |  |
| (F)Class A-4 Notes                                 |  |
| (i) Class A-4 Notes Balance                        |  | $225,853,000.00   |  |
| (ii) Class A-4 Notes Percentage(F(i)/B)            |  | 21.64%            |  |
| (iii) Class A-4Notes Rate                          |  | 2.960%            |  |
| (iv) Class A-4Notes Accrual Basis                  |  | 30/360            |  |
| (G)Certificates                                    |  |
| (i) Certificates Balance                           |  | $28,697,894.52    |  |
| (ii) Certificates Percentage(G(i)/B)               |  | 2.75%             |  |
| (iii) CertificatesRate                             |  | 2.960%            |  |
| (iv) CertificatesAccrual Basis                     |  | 30/360            |  |
| (H) ServicingFee Rate                              |  | 1.00%             |  |
| (I) PortfolioSummary                               |  |
| (i) Weighted Average Coupon (WAC)                  |  | 4.34%             |  |
| (ii) Weighted Average OriginalMaturity (WAOM)      |  | 58.62             |  |   | months |   |
| (iii)Weighted Average Remaining Maturity (WAM)     |  | 53.33             |  |   | months |   |
| (iv) Number ofReceivables                          |  | 58,492            |  |
| (J) ReserveFund                                    |  |
| (i) Reserve Account Initial DepositPercentage      |  | 0.50%             |  |
| (ii) ReserveAccount Initial Deposit                |  | $5,217,754.47     |  |
| (iii) Specified Reserve AccountPercentage          |  | 0.75%             |  |
| (iv) SpecifiedReserve Account Balance              |  | $7,826,631.71     |  |
| (K) Yield Supplement AccountDeposit                |  | $6,003,156.34     |  |
|                                               |  |
| II. INPUTS FROM PREVIOUS MONTHLYSERVICER REPORTS   |  |
| (A) Total PortfolioBalance                         |  | $1,562,279,257.07 |  |
| (B) TotalSecurities Balance                        |  | $1,562,279,257.07 |  |
| (C) Cumulative Note and Certificate Pool Factor    |  | 1.0000000         |  |
| (D) Class A-1 Notes                                |  |
| (i) Class A-1 Notes Balance                        |  | $370,000,000.00   |  |
| (ii) Class A-1 Notes PoolFactor                    |  | 1.0000000         |  |
| (iii) Class A-1 NotesInterest Carryover Shortfall  |  | $0.00             |  |
| (iv)Class A-1 Notes Principal Carryover Shortfall  |  | $0.00             |  |
| (E) Class A-2 Notes                                |  |
| (i) Class A-2Notes Balance                         |  | $420,000,000.00   |  |
| (ii) ClassA-2 Notes Pool Factor                    |  | 1.0000000         |  |
| (iii)Class A-2 Notes 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                        |  | $475,000,000.00   |  |
| (ii) Class A-3 Notes PoolFactor                    |  | 1.0000000         |  |
| (iii) Class A-3 NotesInterest Carryover Shortfall  |  | $0.00             |  |
| (iv)Class A-3 Notes Principal Carryover Shortfall  |  | $0.00             |  |
| (G) Class A-4 Notes                                |  |
| (i) Class A-4Notes Balance                         |  | $246,505,000.00   |  |
|                                                    |

----

|                                                   |  |                |  |        |        |        |  |  |  |  |
|---------------------------------------------------|--|----------------|--|--------|--------|--------|--|--|--|--|
| (ii) Class A-4 Notes Pool Factor                  |  | 1.0000000      |  |
| (iii) Class A-4 Notes InterestCarryover Shortfall |  | $0.00          |  |
| (iv) Class A-4Notes Principal Carryover Shortfall |  | $0.00          |  |
| (H) Certificates                                  |  |
| (i) CertificatesBalance                           |  | $50,774,257.07 |  |
| (ii) CertificatesPool Factor                      |  | 1.0000000      |  |
| (iii) CertificatesInterest Carryover Shortfall    |  | $0.00          |  |
| (iv)Certificates Principal Carryover Shortfall    |  | $0.00          |  |
| (I) Servicing Fee                                 |  |
| (i) Servicing FeeShortfall                        |  | $0.00          |  |
| (J) End of PriorMonth Account Balances            |  |
| (i) Reserve Account                               |  | $7,811,396.29  |  |
| (ii) Yield SupplementAccount                      |  | $6,413,601.55  |  |
| (iii) PayaheadAccount                             |  | $0.00          |  |
| (iv) AdvancesOutstanding                          |  | $0.00          |  |
| (K) PortfolioSummary as of End of Prior Year      |  |
| (i) WeightedAverage Coupon (WAC)                  |  | 5.27%          |  |
| (ii)Weighted Average Remaining Maturity (WAM)     |  | 51.28          |  |   | months |   |
| (iii) Number ofReceivables                        |  | 103,811        |  |
| (L) Note andCertificate Percentages               |  |
| (i) Note Percentage                               |  | 100.00%        |  |
| (ii) Certificate Percentage                       |  | 0.00%          |  |
|                                                   |

----

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

AMERICAN HONDA FINANCE CORPORATIONAnnual Statement to Certificateholder—Honda Auto Receivables2004-3 Owner Trust 04/01/04 through 03/31/05

|                                                                    |  |                 |  |        |        |        |  |  |  |  |
|--------------------------------------------------------------------|--|-----------------|--|--------|--------|--------|--|--|--|--|
| III.INPUTS FROM THE MAINFRAME                                      |  |
| (A) PrecomputedContracts Principal                                 |  |            |  |
| (i) Scheduled PrincipalCollections                                 |  | $0.00           |  |
| (ii) Prepayments in Full                                           |  | $0.00           |  |
| (iii) Prepayments in Full due to Repurchases                       |  | $0.00           |  |
| (B) Precomputed Contracts TotalCollections                         |  | $0.00           |  |
| (C) PrecomputedInterest Receivables Interest (B-A((i)+(ii)+(iii))) |  | $0.00           |  |
| (D) Simple Interest ReceivablesPrincipal                           |  |
| (i) Principal Collections                                          |  | $193,375,363.15 |  |
| (ii) Prepayments in Full                                           |  | $88,599,009.57  |  |
| (iii) Repurchased ReceivablesRelated to Principal                  |  | $14,500.35      |  |
| (E)Simple Interest Receivables Interest                            |  |
| (i) SimpleInterest Collections                                     |  | $38,059,813.90  |  |
| (F) Payment Advance for Precomputes                                |  |
| (i) Reimbursement of Previous Advances                             |  | $0.00           |  |
| (ii) Current Advance Amount                                        |  | $0.00           |  |
| (G) Interest Advance for simpleInterest - Net                      |  | $393,264.26     |  |
| (H)Payahead Account                                                |  |
| (i) Payments Applied                                               |  | $0.00           |  |
| (ii) AdditionalPayaheads                                           |  | $0.00           |  |
| (I) PortfolioSummary as of End of Month                            |  |
| (i) Weighted AverageCoupon (WAC)                                   |  | 4.20%           |  |
| (ii) WeightedAverage Remaining Maturity (WAM)                      |  | 37.70           |  |   | months |   |
| (iii) Remaining Number ofReceivables                               |  | 47,967          |  |
|                                                                    |

|                                                        |  |        |       |               |  |        |      |         |  |                |  |        |      |         |  |  |  |  |
|--------------------------------------------------------|--|--------|-------|---------------|--|--------|------|---------|--|----------------|--|--------|------|---------|--|--|--|--|
| (J)DelinquentReceivables                               |  | #Units |       | Dollar Amount |
| (i)30-59 Days Delinquent                               |  |   | 1,010 |          |  |   | 2.11 | %  |  | $12,618,203.69 |  |   | 0.99 | %  |
| (ii) 60-89 DaysDelinquent                              |  |   | 156   |          |  |   | 0.33 | %  |  | $1,979,517.39  |  |   | 0.16 | %  |
| (ii) 90 Days or More Delinquent                        |  |   | 21    |          |  |   | 0.04 | %  |  | $313,770.66    |  |   | 0.02 | %  |
| (K) Vehicles Repossessed During CollectionPeriod       |  |   | 32    |          |  |   | 0.07 | %  |  | $413,921.49    |  |   | 0.03 | %  |
| (L) Total AccumulatedRepossessed Vehicles in Inventory |  |   | 47    |          |  |   | 0.10 | %  |  | $616,334.52    |  |   | 0.05 | %  |
|                                                        |

|                                                      |  |               |  |  |  |  |
|------------------------------------------------------|--|---------------|--|--|--|--|
| IV.INPUTS DERIVED FROM OTHERSOURCES                  |  |          |
| (A) Collection AccountInvestmentIncome               |  | $0.00         |
| (B) Reserve Account Investment Income                |  | $71,371.05    |
| (C) Yield Supplement AccountInvestment Income        |  | $52,267.08    |
| (D)Trust Fees Expense                                |  | $9,500.00     |
| (E)Aggregate Net Losses for Collection Period        |  | $2,091,868.13 |
| (F) Liquidated ReceivablesInformation                |  |
| (i) Gross Principal Balance onLiquidated Receivables |  | $3,943,843.67 |
| (ii) Liquidation Proceeds                            |  | $1,732,251.35 |
| (ii) Recoveries from PriorMonth Charge Offs          |  | $119,724.19   |
| (G)Days in Accrual Period                            |  | 174           |
| (H) Dealage                                          |  | 31            |
|                                                      |

COLLECTIONS

|                                                                       |  |                 |  |  |  |  |
|-----------------------------------------------------------------------|--|-----------------|--|--|--|--|
| V.INTEREST COLLECTIONS                                                |  |
| (A) Total InterestCollections(III(C+E(i)+G)                           |  | $38,453,078.16  |
| VI. PRINCIPAL COLLECTIONS                                             |  |
| (A)Principal Payments Received (III(A((i)+(ii))+(D(i)+(ii)))          |  | $281,974,372.72 |
| (B) Liquidation Proceeds(IV(H(i)))                                    |  | $1,732,251.35   |
| (C)Repurchased Loan Proceeds Related to Principal(III(A(iii)+D(iii))) |  | $14,500.35      |
| (D)Recoveries from Prior Charge Offs(IV(H(ii)))                       |  | $119,724.19     |
| (E) TotalPrincipal Collections (A+B+C+D)                              |  | 283,840,848.61  |
|                                                   |  |
| VII. TOTAL INTEREST AND PRINCIPALCOLLECTIONS (V(C)+VI(E))             |  | 322,293,926.77  |
|                                                   |  |
| VIII. YIELD SUPPLEMENTDEPOSIT                                         |  | $1,628,150.23   |
|                                                   |  |
| IX. TOTAL AVAILABLE AMOUNT(VII+VIII)                                  |  | 323,922,077.00  |
|                                                                       |

----

|                                                       |  |               |  |  |  |  |
|-------------------------------------------------------|--|---------------|--|--|--|--|
|                                                  |  |
| **DISTRIBUTIONS**                                     |
| X. FEE DISTRIBUTIONS                                  |  |
| (A) ServicingFee                                      |  |
| (i) Servicing Fee Due(I(H)/12)(II(B))+(II(H)(i))      |  | $7,223,352.64 |
| (ii) Servicing Fee Paid                               |  | 7,223,352.64  |
| (iii)Servicing Fee Shortfall                          |  | $0.00         |
| (B)Reserve Account Investment Income (IV(B))          |  | 71,371.05     |
| (C) Yield Supplement Account Investment Income(IV(C)) |  | 52,267.08     |
| (D) Trust FeesExpense (IV(D))                         |  | 9,500.00      |
| XI. DISTRIBUTIONSTO NOTEHOLDERS                       |  |
| (A) Interest                                          |  |
| (i) Class A-1 Notes                                   |  |
| (a)Class A-1 Notes Interest Due                       |  | $2,511,780.08 |
| (b) Class A-1 Notes Interest Paid                     |  | 2,511,780.08  |
| (c) Class A-1Notes Interest Shortfall                 |  | $0.00         |
| (ii)Class A-2 Notes                                   |  |
| (a) Class A-2 Notes InterestDue                       |  | $4,976,533.33 |
| (b) Class A-2Notes Interest Paid                      |  | 4,976,533.33  |
| (c) Class A-2 Notes Interest Shortfall                |  | $0.00         |
| (iii) Class A-3 Notes                                 |  |
| (a) Class A-3 Notes Interest Due                      |  | $6,604,083.33 |
| (b) Class A-3 NotesInterest Paid                      |  | 6,604,083.33  |
| (c) Class A-3 Notes Interest Shortfall                |  | $0.00         |
| (iv) Class A-4 Notes                                  |  |
| (a) Class A-4 Notes Interest Due                      |  | $3,863,007.23 |
| (b) Class A-4 NotesInterest Paid                      |  | 3,863,007.23  |
| (c) Class A-4 Notes Interest Shortfall                |  | $0.00         |
|                                                       |

----

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

AMERICAN HONDA FINANCE CORPORATIONAnnual Statement to Certificateholder—Honda Auto Receivables2004-3 Owner Trust 04/01/04 through 03/31/05

|                                                                                              |  |                 |  |  |  |  |
|----------------------------------------------------------------------------------------------|--|-----------------|--|--|--|--|
| (v)Total Note Interest                                                                       |  |
| (a) Total Note InterestDue                                                                   |  | $17,955,403.97  |
| (b) Total Note Interest Paid                                                                 |  | 17,955,403.97   |
| (c) Total NoteInterest Shortfall                                                             |  | $0.00           |
| (d)Reserve Fund Withdrawn for Note Interest                                                  |  | $0.00           |
| Amount available for distributions after Fees &Interest(VIII-(IX(A)(ii)-(D))-X(A)(v)(b)) |  | 298,733,820.39  |
| (B) Principal                                                                                |  |
| (i)Noteholders' Principal Distribution Amounts                                               |  | $285,932,716.74 |
| (ii) Class A-1 NotesPrincipal                                                                |  |
| (a) Class A-1Notes Principal Due                                                             |  | 285,932,716.74  |
| (b)Class A-1 Notes Principal Paid                                                            |  | 285,932,716.74  |
| (c) Class A-1 NotesPrincipal Shortfall                                                       |  | $0.00           |
| (d) Reserve Funddrawn                                                                        |  | $0.00           |
| (iii) Class A-2 NotesPrincipal                                                               |  |
| (a) Class A-2 Notes Principal Due                                                            |  | $0.00           |
| (b) Class A-2 Notes Principal Paid                                                           |  | 0.00            |
| (c) Class A-2 Notes PrincipalShortfall                                                       |  | $0.00           |
| (d) Reserve Funddrawn                                                                        |  | $0.00           |
| (iv) Class A-3 NotesPrincipal                                                                |  |
| (a) Class A-3 Notes Principal Due                                                            |  | $0.00           |
| (b) Class A-3 Notes Principal Paid                                                           |  | 0.00            |
| (c) Class A-3 Notes PrincipalShortfall                                                       |  | $0.00           |
| (d) Reserve Funddrawn                                                                        |  | $0.00           |
| (v) Class A-4 NotesPrincipal                                                                 |  |
| (a) Class A-4 Notes Principal Due                                                            |  | $0.00           |
| (b) Class A-4 Notes Principal Paid                                                           |  | 0.00            |
| (c) Class A-4 Notes PrincipalShortfall                                                       |  | $0.00           |
| (d) Reserve Funddrawn                                                                        |  | $0.00           |
| (vi) Total NotesPrincipal                                                                    |  |
| (a) Total Notes Principal Due                                                                |  | $285,932,716.74 |
| (b) Total Notes PrincipalPaid                                                                |  | 285,932,716.74  |
| (c) TotalNotes Principal Shortfall                                                           |  | $0.00           |
| (d)Reserve Fund drawn                                                                        |  | $0.00           |
| XII.RESERVE FUND DEPOSIT                                                                     |  |
| Amount available fordeposit into reserve account                                             |  | $12,801,103.65  |
| Amount deposited into reserveaccount                                                         |  | 15,235.42       |
| Excess AmountReleased from Reserve Account                                                   |  | 0.00            |
| Excess funds available toCertificateholders                                                  |  | 12,785,868.23   |
| XIII. DISTRIBUTIONS TO CERTIFICATEHOLDERS                                                    |  |
| (A) Interest                                                                                 |  |
| (i) Certificate Monthly InterestDue                                                          |  | $795,689.03     |
| (ii) Certificate InterestShortfall Beginning Balance                                         |  | $0.00           |
| (iii)Total Certificate Interest Due                                                          |  | $795,689.03     |
| (iv) Certificate Interest Paid                                                               |  | 795,689.03      |
| (v) Certificate InterestShortfall Ending Balance                                             |  | $0.00           |
| (B)Principal                                                                                 |  |
| (i) Certificate Monthly PrincipalDue                                                         |  | $0.00           |
| (ii) Certificate PrincipalShortfall Beginning Balance                                        |  | $0.00           |
| (iii)Total Certificate Principal Due                                                         |  | $0.00           |
| (iv)Certificate Principal Paid                                                               |  | 0.00            |
| (v) Certificate Principal Shortfall EndingBalance                                            |  | $0.00           |
| (C) Release toSeller                                                                         |  | $11,990,179.20  |
|                                                                                         |  |
|                                                                                              |

----

|                                                 |  |                 |  |  |  |  |
|-------------------------------------------------|--|-----------------|--|--|--|--|
| **DISTRIBUTIONSSUMMARY**                        |  |
| (A) Total Collections                           |  | $323,922,077.00 |
| (B) ServiceFee                                  |  | $7,223,352.64   |
| (C) TrusteeFees                                 |  | 9,500.00        |
| (D) Class A1Amount                              |  | $288,444,496.82 |
| (E) Class A2Amount                              |  | $4,976,533.33   |
| (F) Class A3Amount                              |  | $6,604,083.33   |
| (G) Class A4Amount                              |  | $3,863,007.23   |
| (H) AmountDeposited into Reserve Account        |  | $15,235.42      |
| (I) Certificateholders                          |  | $795,689.03     |
| (J) Release to seller                           |  | $11,990,179.20  |
| (K) Total amountdistributed                     |  | $323,922,077.00 |
| (L)Amount of Draw from Reserve Account          |  | 0.00            |
| (M) Excess Amount Released from Reserve Account |  | 0.00            |
|                                                 |

|                                                         |  |                   |        |        |  |                   |        |        |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------|--|-------------------|--------|--------|--|-------------------|--------|--------|--|--|--|--|--|--|--|--|--|--|
| **PORTFOLIOAND SECURITY SUMMARY**                       |  |
|                                                    |  | BeginningofPeriod |        |   |  | Endof Period      |        |
| XIV. POOL BALANCES AND PORTFOLIOINFORMATION             |  |              |   |   |  |              |   |   |  |
| (A) Balancesand Principal Factors                       |  |              |   |   |  |              |   |   |  |
| (i) AggregateBalance of Notes                           |  | $1,511,505,000.00 |        |   |  | $1,225,572,283.26 |        |   |
| (ii)Note Pool Factor                                    |  | 1.4893832         |        |   |  | 1.2076353         |        |   |
| (iii)Class A-1 Notes Balance                            |  | 370,000,000.00    |        |   |  | 84,067,283.26     |        |   |
| (iv)Class A-1 Notes Pool Factor                         |  | 1.0000000         |        |   |  | 0.3592619         |        |   |
| (v)Class A-2 Notes Balance                              |  | 420,000,000.00    |        |   |  | 420,000,000.00    |        |   |
| (vi)Class A-2 Notes Pool Factor                         |  | 1.0000000         |        |   |  | 1.6800000         |        |   |
| (vii)Class A-3 Notes Balance                            |  | 475,000,000.00    |        |   |  | 475,000,000.00    |        |   |
| (viii)Class A-3 Notes Pool Factor                       |  | 1.0000000         |        |   |  | 1.5573770         |        |   |
| (ix)Class A-4 Notes Balance                             |  | 246,505,000.00    |        |   |  | 246,505,000.00    |        |   |
| (x)Class A-4 Notes Pool Factor                          |  | 1.0000000         |        |   |  | 1.0914400         |        |   |
| (xi)Certificates Balance                                |  | 50,774,257.07     |        |   |  | 50,774,257.07     |        |   |
| (xii)Certificates Pool Factor                           |  | 1.0000000         |        |   |  | 1.7692677         |        |   |
| (xiii)Total Principal Balance of Notes and Certificates |  | 1,562,279,257.07  |        |   |  | 1,276,346,540.33  |        |   |
| (B)Portfolio Information                                |  |
| (i) Weighted Average Coupon(WAC)                        |  | 5.27%             |        |   |  | 4.20%             |        |   |
| (ii)Weighted Average Remaining Maturity (WAM)           |  | 51.28             |        | months |  | 37.70             |        | months |
| (iii) Remaining Number of Receivables                   |  | 103,811           |        |   |  | 47,967            |        |   |
| (iv)Portfolio Receivable Balance                        |  | $1,562,279,257.07 |        |   |  | $1,276,346,540.33 |        |   |
| (C)Outstanding AdvanceAmount                            |  | $0.00             |        |   |  | $393,264.26       |        |   |
| (D)Outstanding PayaheadBalance                          |  | $0.00             |        |   |  | $0.00             |        |   |
|                                                         |

----

| CREDIT SUISSE FIRSTBOSTON | PAGE 4 |
|---------------------------|--------|

AMERICAN HONDA FINANCE CORPORATIONAnnual Statement to Certificateholder—Honda Auto Receivables2004-3 Owner Trust 04/01/04 through 03/31/05

|                                                       |  |               |  |  |  |  |
|-------------------------------------------------------|--|---------------|--|--|--|--|
| **SUMMARYOF ACCOUNTS**                                |  |
| XV. RECONCILIATION OF RESERVEACCOUNT                  |  |
| (A) Beginning Reserve AccountBalance                  |  | $7,811,396.29 |
| (B) Draws                                             |  | 0.00          |
| (i)Draw for Servicing Fee                             |  | 0.00          |
| (ii)Draw for Interest                                 |  | 0.00          |
| (iii) Drawfor Realized Losses                         |  | 0.00          |
| (C) Excess Interest Deposited into theReserve Account |  | 15,235.42     |
| (D) ReserveAccount Balance Prior to Release           |  | 7,826,631.71  |
| (E) Reserve Account Required Amount                   |  | 7,826,631.71  |
| (F) Final Reserve Account RequiredAmount              |  | 7,826,631.71  |
| (G) Excess ReserveAccount Amount                      |  | 0.00          |
| (H) Ending ReserveAccount Balance                     |  | 7,826,631.71  |
|                                                  |  |
| XVI. RECONCILIATION OF YIELDSUPPLEMENT ACCOUNT        |  |
| (A) Beginning Yield SupplementAccount Balance         |  | 6,413,601.55  |
| (B) InvestmentEarnings                                |  | 52,267.08     |
| (C) Investment EarningsWithdraw                       |  | 52,267.08     |
| (D) Additional YieldSupplement Amounts                |  | 0.00          |
| (E) YieldSupplement Deposit Amount                    |  | 6,413,601.55  |
| (F)Release of Yield Deposit Account Balance toSeller  |  | 0.00          |
| (G) Ending YieldSupplement Account Balance            |  | 0.00          |
|                                                  |  |
| XVII. NET LOSS AND DELINQUENCYACCOUNT ACTIVITY        |  |
| (A) LiquidatedContracts                               |  |
| (i) LiquidationProceeds                               |  | $1,732,251.35 |
| (ii)Recoveries on Previously Liquidated Contracts     |  | 119,724.19    |
| (B) Aggregate Net Losses forCollection Period         |  | 2,091,868.13  |
| (C) NetLoss Rate for Collection Period (annualized)   |  | 0.15%         |
| (D) Cumulative Net Losses for allPeriods              |  | 0.43%         |
|                                                       |

|                                                        |  |        |       |               |  |        |      |         |  |                |  |        |      |         |  |  |  |  |
|--------------------------------------------------------|--|--------|-------|---------------|--|--------|------|---------|--|----------------|--|--------|------|---------|--|--|--|--|
| (E)Delinquent Receivables                              |  | #Units |       | Dollar Amount |
| (i)30-59 Days Delinquent                               |  |   | 1,010 |          |  |   | 2.11 | %  |  | $12,618,203.69 |  |   | 0.99 | %  |
| (ii) 60-89 DaysDelinquent                              |  |   | 156   |          |  |   | 0.33 | %  |  | $1,979,517.39  |  |   | 0.16 | %  |
| (ii) 90 Days or More Delinquent                        |  |   | 21    |          |  |   | 0.04 | %  |  | $313,770.66    |  |   | 0.02 | %  |
|                                                   |  |
| XVIII. REPOSSESSIONACTIVITY                            |  | #Units |       | Dollar Amount |
| (A)Vehicles Repossessed During Collection Period       |  |   | 32    |          |  |   | 0.07 | %  |  | $413,921.49    |  |   | 0.03 | %  |
| (B) Total AccumulatedRepossessed Vehicles in Inventory |  |   | 47    |          |  |   | 0.10 | %  |  | $616,334.52    |  |   | 0.05 | %  |
|                                                        |

|                                                                                                        |  |                     |  |  |  |  |
|--------------------------------------------------------------------------------------------------------|--|---------------------|--|--|--|--|
| 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                                                                  |  | 0.22%               |
| (ii) Preceding Collection Period                                                                       |  | 0.45%               |
| (iii) Current CollectionPeriod                                                                         |  | 0.43%               |
| (iv) ThreeMonth Average (Avg(i,ii,iii))                                                                |  | 0.37%               |
| (B) Ratio of Balance of Contracts Delinquent 60 Days orMore to the Outstanding Balance of Receivables. |  |
| (i) Second Preceding Collection Period                                                                 |  | 0.70%               |
| (ii) Preceding CollectionPeriod                                                                        |  | 0.55%               |
| (iii) CurrentCollection Period                                                                         |  | 0.47%               |
| (iv)Three Month Average (Avg(i,ii,iii))                                                                |  | 0.57%               |
| (C) Loss and Delinquency TriggerIndicator                                                              |  | Trigger was nothit. |
|                                                                                                        |

I hereby certify that theservicing report provided is true and accurate to the best of myknowledge.

By: /s/ JohnWeisickle Mr. John Weisickle VicePresident

----