Exhibit 99.5



                       [Letterhead of Ernst & Young LLP]



                       Report of Independent Accountants


Board of Directors, Regions Bank
Owner Trustee, Regions Auto Receivables Trust 2003-1
Indenture Trustee, Regions Auto Receivables Trust 2003-1

We have examined management's assertions, included in the accompanying
Officer's Certificate of Master Servicer that Regions Bank (the Company), as
Master Servicer, a wholly owned subsidiary of Regions Financial Corporation,
has fulfilled its obligations in all material respects under Sections 4.01
through 4.09, 5.01 (a) through (d), and 5.02 through 5.08 of the Sale and
Servicing Agreement dated March 1, 2003, as of December 31, 2003 and for the
period from March 1, 2003 to December 31, 2003. Management is responsible for
the Company's compliance with those requirements. Our responsibility is to
express an opinion on management's assertion about the Company's compliance
based on our examination.

Our examination was conducted in accordance with attestation 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 those requirements 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 specified requirements.

In our opinion, management's assertion that the Company complied with the
aforementioned requirements for the period from March 1, 2003 to December 31,
2003 is fairly stated, in all material respects.

We are independent auditors with respect to the Company within the meaning of
the Securities Act of 1933 (the "Act") and the applicable rules and regulations
thereunder adopted by the SEC.

This report is intended solely for the information and use of the board of
directors and management of the Company and should not be referred to or
distributed for any other purpose to anyone who is not authorized to receive
such information as specified in the Agreement or in the Exhibits attached.
However, this report is a matter of public record as a result of being included
as an exhibit to the annual report on Form 10-K prepared by the Company and
filed with the Securities and Exchange Commission on behalf of Regions
Acceptance, LLC and its distribution is not limited.



                                                        /s/ Ernst & Young LLP


Birmingham, Alabama
March 26, 2004


<PAGE>

                                REGIONS BANK

                     Annual Master Servicer's Certificate

     The undersigned hereby certifies that he is a Responsible Officer of
Regions Bank, an Alabama banking corporation (the "Master Servicer"), and that
as such he is authorized to execute and deliver this certificate in the name
and on behalf of the Master Servicer and, as required by Section 4.10 of the
Sale and Servicing Agreement, dated as of March 1, 2003 (the "Sale and
Servicing Agreement"), among Wachovia Bank of Delaware, National Association,
acting not in its individual capacity but solely as owner trustee of Regions
Auto Receivables Trust 2003-1, as Issuer, Regions Acceptance LLC, as
Depositor, Regions Bank, as Seller, Master Servicer, Administrator and
Custodian, and The Bank of New York, as Indenture Trustee, represents,
warrants and further certifies in his official capacity, in the name of and
behalf of the Master Servicer, that:

          1. I am responsible for reviewing the performance of the activities
     of the Master Servicer under the Sale and Servicing Agreement and I have
     made a review of the performance of the activities of the Master Servicer
     and the performance of its obligations under the Sale and Servicing
     Agreement during the period from March 1, 2003 through December 31, 2003
     (the "Period"); and

          2. To the best of my knowledge, based on my review, the Master
     Servicer has fulfilled all of its obligations, including but not limited
     to the obligations specified under Sections 4.01 through 4.09, 5.01(a)
     through (d) and 5.02 through 5.08, under the Sale and Servicing Agreement
     throughout the Period.

     Capitalized terms used herein and not defined herein shall have the
meanings specified therefor in the Sale and Servicing Agreement.

IN WITNESS WHEREOF, I have hereunto set my hand this 30th day of March 2004.

                                          REGIONS BANK


                                          By:/s/ Michael R. Holley
                                             --------------------------------
                                             Name:   Michael R. Holley
                                             Title:  Vice President

<PAGE>


                [Letterhead of Ernst & Young LLP]


            Independent Auditors' Report on Compliance


Board of Directors, Regions Bank
Owner Trustee, Regions Auto Receivables Trust 2003-1
Indenture Trustee, Regions Auto Receivables Trust 2003-1

We have audited, in accordance with auditing standards generally accepted in
the United States, the consolidated statement of condition of Regions Financial
Corporation and subsidiaries (the Company) as of December 31, 2003, and the
related consolidated statement of income, changes in stockholders' equity and
cash flows for the period ended December 31, 2003, and have issued our report
thereon dated February 27, 2004.

In connection with our audit, nothing came to our attention that caused us to
believe that the Company failed to comply with the terms, covenants,
provisions, or conditions of Sections 4.01 through 4.09, 5.01(a) through (d),
and 5.02 through 5.08 of the Sale and Servicing Agreement dated March 1, 2003,
insofar as they relate to accounting matters. However, our audit was not
directed primarily toward obtaining knowledge of such noncompliance.

In addition, the scope of our examination procedures was not designed to
provide a basis for expressing an opinion, on a stand-alone basis, on the
information shown in the Master Servicer's Certificates relating to 2003,
including the delinquency, default and loss statistics required to be
specified therein and, accordingly, we do not express such an opinion on it.
However, the information has been subjected to review procedures in accordance
with generally accepted auditing standards and no exceptions or errors in the
Master Servicer's Certificates were noted when comparing the numbers from the
Master Servicer's Certificates to the records of the Company.

This report is intended solely for the information and use of the Board of
Directors and management of Regions Bank, The Bank of New York, as Indenture
Trustee, Wachovia Bank of Delaware, National Association, as Owner Trustee, and
is not intended to be and should not be used for anyone other than the
specified parties.



                                                        /s/ Ernst & Young LLP

March 26, 2004