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

AMERICAN HONDA FINANCECORPORATION Annual Statement to Certificateholder—Honda AutoReceivables 2003-2 Owner Trust 04/01/04 through 03/31/05

|                                                |  |                   |  |        |        |        |  |  |  |  |
|------------------------------------------------|--|-------------------|--|--------|--------|--------|--|--|--|--|
| I.ORIGINAL DEAL PARAMETER INPUTS               |  |
| (A) TotalPortfolio Balance                     |  | $1,585,414,912.47 |  |   |   |   |
| (B)Total Securities Balance                    |  | $1,585,414,912.47 |  |
| (C) Class A-1 Notes                            |  |
| (i) Class A-1 NotesBalance                     |  | $383,000,000.00   |  |
| (ii) Class A-1Notes Percentage (C(i)/B)        |  | 24.16%            |  |
| (iii) Class A-1 Notes Rate                     |  | 1.23313%          |  |
| (iv) Class A-1 Notes Accrual Basis             |  | Actual/360        |  |
| (D) Class A-2 Notes                            |  |
| (i) Class A-2 Notes Balance                    |  | $430,000,000.00   |  |
| (ii) Class A-2 Notes Percentage(D(i)/B)        |  | 27.12%            |  |
| (iii) Class A-2Notes Rate                      |  | 1.340%            |  |
| (iv) Class A-2Notes Accrual Basis              |  | 30/360            |  |
| (E) ClassA-3 Notes                             |  |
| (i) Class A-3 Notes Balance                    |  | $428,000,000.00   |  |
| (ii) Class A-3 Notes Percentage(E(i)/B)        |  | 27.00%            |  |
| (iii) Class A-3Notes Rate                      |  | 1.690%            |  |
| (iv) Class A-3Notes Accrual Basis              |  | 30/360            |  |
| (F) ClassA-4 Notes                             |  |
| (i) Class A-4 Notes Balance                    |  | $308,740,000.00   |  |
| (ii) Class A-4 Notes Percentage(F(i)/B)        |  | 19.47%            |  |
| (iii) Class A-4Notes Rate                      |  | 2.160%            |  |
| (iv) Class A-4Notes Accrual Basis              |  | 30/360            |  |
| (G)Certificates                                |  |
| (i) Certificates Balance                       |  | $35,674,912.47    |  |
| (ii) Certificates Percentage(G(i)/B)           |  | 2.25%             |  |
| (iii) CertificatesRate                         |  | 2.160%            |  |
| (iv) CertificatesAccrual Basis                 |  | 30/360            |  |
| (H) ServicingFee Rate                          |  | 1.00%             |  |
| (I) PortfolioSummary                           |  |
| (i) Weighted Average Coupon (WAC)              |  | 5.16%             |  |
| (ii) Weighted Average OriginalMaturity (WAOM)  |  | 58.18             |  |   | months |   |
| (iii)Weighted Average Remaining Maturity (WAM) |  | 51.29             |  |   | months |   |
| (iv) Number ofReceivables                      |  | 98,208            |  |
| (J) ReserveFund                                |  |
| (i) Reserve Account Initial DepositPercentage  |  | 0.50%             |  |
| (ii) ReserveAccount Initial Deposit            |  | $7,927,074.56     |  |
| (iii) Specified Reserve AccountPercentage      |  | 0.75%             |  |
| (iv) SpecifiedReserve Account Balance          |  | $11,890,611.84    |  |
|                                                |

----

|                                                    |  |                   |  |        |        |        |  |  |  |  |
|----------------------------------------------------|--|-------------------|--|--------|--------|--------|--|--|--|--|
| (K) Yield Supplement AccountDeposit                |  | $6,519.48         |  |
|                                               |  |
| II. INPUTS FROM PREVIOUS MONTHLYSERVICER REPORTS   |  |
| (A) Total PortfolioBalance                         |  | $1,076,631,145.51 |  |
| (B) TotalSecurities Balance                        |  | $1,076,631,145.51 |  |
| (C) Cumulative Note and Certificate Pool Factor    |  | 0.6790848         |  |
| (D) Class A-1 Notes                                |  |
| (i) Class A-1 Notes Balance                        |  | $0.00             |  |
| (ii) Class A-1 Notes Pool Factor                   |  | 0.0000000         |  |
| (iii) Class A-1 Notes Interest Carryover Shortfall |  | $0.00             |  |
| (iv) Class A-1 Notes Principal CarryoverShortfall  |  | $0.00             |  |
| (E) Class A-2Notes                                 |  |
| (i) Class A-2 Notes Balance                        |  | $306,867,265.99   |  |
| (ii) Class A-2 Notes PoolFactor                    |  | 0.7136448         |  |
| (iii) Class A-2 NotesInterest Carryover Shortfall  |  | $0.00             |  |
| (iv)Class A-2 Notes Principal Carryover Shortfall  |  | $0.00             |  |
| (F) Class A-3 Notes                                |  |
| (i) Class A-3Notes Balance                         |  | $428,000,000.00   |  |
| (ii) ClassA-3 Notes Pool Factor                    |  | 1.0000000         |  |
| (iii)Class A-3 Notes Interest Carryover Shortfall  |  | $0.00             |  |
| (iv) Class A-3 Notes Principal Carryover Shortfall |  | $0.00             |  |
| (G) Class A-4 Notes                                |  |
| (i) Class A-4 Notes Balance                        |  | $308,740,000.00   |  |
| (ii) Class A-4 Notes PoolFactor                    |  | 1.0000000         |  |
| (iii) Class A-4Notes Interest Carryover Shortfall  |  | $0.00             |  |
| (iv) Class A-4 Notes Principal Carryover Shortfall |  | $0.00             |  |
| (H) Certificates                                   |  |
| (i) Certificates Balance                           |  | $33,023,879.52    |  |
| (ii) Certificates PoolFactor                       |  | 0.9256892         |  |
| (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                                |  | $11,890,611.84    |  |
| (ii) Yield SupplementAccount                       |  | $3,246.01         |  |
| (iii) PayaheadAccount                              |  | $0.00             |  |
| (iv) AdvancesOutstanding                           |  | $412,427.97       |  |
| (K) PortfolioSummary as of End of Prior Year       |  |
| (i) WeightedAverage Coupon (WAC)                   |  | 5.09%             |  |
| (ii)Weighted Average Remaining Maturity (WAM)      |  | 40.62             |  |   | months |   |
| (iii) Number ofReceivables                         |  | 83,570            |  |
| (L) Note andCertificate Percentages                |  |
| (i) Note Percentage                                |  | 97.03%            |  |
| (ii) Certificate Percentage                        |  | 2.97%             |  |
|                                                    |

----

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

AMERICAN HONDA FINANCE CORPORATION AnnualStatement to Certificateholder—Honda Auto Receivables 2003-2Owner Trust 04/01/04 through03/31/05

|                                                                    |  |                 |  |        |        |        |  |  |  |  |
|--------------------------------------------------------------------|--|-----------------|--|--------|--------|--------|--|--|--|--|
| III.INPUTS FROM THE MAINFRAME                                      |  |
| (A) PrecomputedContracts Principal                                 |  |            |  |
| (i) ScheduledPrincipal Collections                                 |  | $0.00           |  |   |   |   |
| (ii)Prepayments in Full                                            |  | $0.00           |  |
| (iii)Prepayments in Full due to Repurchases                        |  | $0.00           |  |
| (B) Precomputed Contracts Total Collections                        |  | $0.00           |  |
| (C) Precomputed InterestReceivables Interest (B-A((i)+(ii)+(iii))) |  | $0.00           |  |
| (D) Simple Interest Receivables Principal                          |  |
| (i) Principal Collections                                          |  | $293,125,158.55 |  |
| (ii) Prepayments inFull                                            |  | $168,296,196.05 |  |
| (iii)Repurchased Receivables Related to Principal                  |  | $0.00           |  |
| (E) Simple Interest Receivables Interest                           |  |
| (i) Simple Interest Collections                                    |  | $42,914,235.03  |  |
| (F) Payment Advance forPrecomputes                                 |  |
| (i) Reimbursement of PreviousAdvances                              |  | $0.00           |  |
| (ii) Current AdvanceAmount                                         |  | $0.00           |  |
| (G) Interest Advancefor simple Interest - Net                      |  | ($141,874.87)   |  |
| (H) Payahead Account                                               |  |
| (i)Payments Applied                                                |  | $0.00           |  |
| (ii)Additional Payaheads                                           |  | $0.00           |  |
| (I)Portfolio Summary as of End of Month                            |  |
| (i)Weighted Average Coupon (WAC)                                   |  | 5.02%           |  |
| (ii) Weighted Average Remaining Maturity (WAM)                     |  | 29.54           |  |   | months |   |
| (iii) RemainingNumber of Receivables                               |  | 65,199          |  |
|                                                                    |

|                                                        |  |        |  |               |  |                |  |       |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------|--|--------|--|---------------|--|----------------|--|-------|--|--|--|--|--|--|--|--|--|--|
| (J)DelinquentReceivables                               |  | #Units |  | Dollar Amount |
| (i) 30-59Days Delinquent                               |  | 1,862  |  | 2.86%         |  | $17,548,160.51 |  | 2.89% |
| (ii) 60-89 DaysDelinquent                              |  | 339    |  | 0.52%         |  | $3,318,682.64  |  | 0.55% |
| (ii) 90 Days or More Delinquent                        |  | 37     |  | 0.06%         |  | $446,372.73    |  | 0.07% |
| (K) Vehicles Repossessed During CollectionPeriod       |  | 42     |  | 0.06%         |  | $440,519.90    |  | 0.07% |
| (L) Total AccumulatedRepossessed Vehicles in Inventory |  | 65     |  | 0.10%         |  | $672,052.08    |  | 0.11% |
|                                                        |

|                                                                        |  |                 |  |        |        |        |
|------------------------------------------------------------------------|--|-----------------|--|--------|--------|--------|
| IV.INPUTS DERIVED FROM OTHER SOURCES                                   |  |
| (A)Collection Account InvestmentIncome                                 |  | $0.00           |
| (B) Reserve Account Investment Income                                  |  | $187,444.04     |  |   |   |   |
| (C) Yield SupplementAccount Investment Income                          |  | $35.18          |
| (D)Trust Fees Expense                                                  |  | $9,000.00       |
| (E)Aggregate Net Losses for Collection Period                          |  | $3,381,008.78   |
| (F) Liquidated ReceivablesInformation                                  |  |
| (i) Gross Principal Balance onLiquidated Receivables                   |  | $7,478,276.53   |
| (ii) Liquidation Proceeds                                              |  | $2,562,751.67   |
| (ii) Recoveries from PriorMonth Charge Offs                            |  | $1,534,516.08   |
| (G)Days in Accrual Period                                              |  | 365             |
| (H) Dealage                                                            |  | 23              |
|                                                                   |  |
| **COLLECTIONS**                                                        |  |
|                                                                   |  |
| V. INTERESTCOLLECTIONS                                                 |  |
| (A) Total Interest Collections(III(C+E(i)+G)                           |  | $42,772,360.16  |
|                                                                   |  |
| VI. PRINCIPAL COLLECTIONS                                              |  |
| (A) Principal Payments Received(III(A((i)+(ii))+(D(i)+(ii)))           |  | $461,421,354.60 |
| (B) Liquidation Proceeds (IV(H(i)))                                    |  | $2,562,751.67   |
| (C) Repurchased LoanProceeds Related to Principal (III(A(iii)+D(iii))) |  | $0.00           |
| (D) Recoveries from Prior ChargeOffs (IV(H(ii)))                       |  | $1,534,516.08   |
| (E)Total Principal Collections (A+B+C+D)                               |  | 465,518,622.35  |
| VII.TOTAL INTEREST AND PRINCIPAL COLLECTIONS (V(C)+VI(E))              |  | 508,290,982.51  |
| VIII.YIELD SUPPLEMENT DEPOSIT                                          |  | $1,789.62       |
| IX. TOTAL AVAILABLE AMOUNT(VII+VIII)                                   |  | 508,292,772.13  |
|                                                                        |

----

|                                                       |  |               |  |  |  |  |
|-------------------------------------------------------|--|---------------|--|--|--|--|
|                                                  |  |
| **DISTRIBUTIONS**                                     |  |
| X. FEE DISTRIBUTIONS                                  |  |
| (A) ServicingFee                                      |  |
| (i) Servicing Fee Due(I(H)/12)(II(B))+(II(H)(i))      |  | $8,515,513.50 |
| (ii) Servicing Fee Paid                               |  | 8,515,513.50  |
| (iii) Servicing FeeShortfall                          |  | $0.00         |
| (B) Reserve AccountInvestment Income (IV(B))          |  | 187,444.04    |
| (C) Yield Supplement Account Investment Income(IV(C)) |  | 35.18         |
| (D) Trust Fees Expense(IV(D))                         |  | 9,000.00      |
|                                                  |  |
| XI.DISTRIBUTIONS TO NOTEHOLDERS                       |  |
| (A)Interest                                           |  |
| (i) Class A-1 Notes                                   |  |
| (a) Class A-1 Notes Interest Due                      |  | $0.00         |
| (b) Class A-1 Notes InterestPaid                      |  | 0.00          |
| (c) Class A-1Notes Interest Shortfall                 |  | $0.00         |
| (ii)Class A-2 Notes                                   |  |
| (a) Class A-2 Notes InterestDue                       |  | $1,462,414.08 |
| (b) Class A-2Notes Interest Paid                      |  | 1,462,414.08  |
| (c) Class A-2 Notes Interest Shortfall                |  | $0.00         |
| (iii) Class A-3 Notes                                 |  |
| (a) Class A-3 Notes Interest Due                      |  | $6,883,994.68 |
| (b) Class A-3 NotesInterest Paid                      |  | 6,883,994.68  |
| (c) Class A-3 Notes Interest Shortfall                |  | $0.00         |
| (iv) Class A-4 Notes                                  |  |
| (a) Class A-4 Notes Interest Due                      |  | $6,668,784.00 |
| (b) Class A-4 NotesInterest Paid                      |  | 6,668,784.00  |
| (c) Class A-4 Notes Interest Shortfall                |  | $0.00         |
|                                                       |

----

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

AMERICAN HONDA FINANCE CORPORATION AnnualStatement to Certificateholder—Honda Auto Receivables 2003-2Owner Trust 04/01/04 through03/31/05

|                                                                                               |  |                 |  |  |  |  |
|-----------------------------------------------------------------------------------------------|--|-----------------|--|--|--|--|
| (v)Total Note Interest                                                                        |  |
| (a) Total Note InterestDue                                                                    |  | $15,015,192.76  |
| (b) Total Note Interest Paid                                                                  |  | 15,015,192.76   |
| (c) Total NoteInterest Shortfall                                                              |  | $0.00           |
| (d) ReserveFund Withdrawn for Note Interest                                                   |  | $0.00           |
| Amount available for distributions after Fees & Interest(VIII-(IX(A)(ii)-(D))-X(A)(v)(b)) |  | 484,753,065.87  |
| (B) Principal                                                                                 |  |
| (i)Noteholders' Principal Distribution Amounts                                                |  | $454,973,312.10 |
| (ii) Class A-1 NotesPrincipal                                                                 |  |
| (a) Class A-1 NotesPrincipal Due                                                              |  | —         |
| (b) Class A-1 NotesPrincipal Paid                                                             |  | 0.00            |
| (c) Class A-1Notes Principal Shortfall                                                        |  | $0.00           |
| (d)Reserve Fund drawn                                                                         |  | $0.00           |
| (iii) ClassA-2 Notes Principal                                                                |  |
| (a) Class A-2 Notes PrincipalDue                                                              |  | $306,867,265.99 |
| (b) Class A-2 NotesPrincipal Paid                                                             |  | 306,867,265.99  |
| (c)Class A-2 Notes Principal Shortfall                                                        |  | $0.00           |
| (d) Reserve Fund drawn                                                                        |  | $0.00           |
| (iv) Class A-3 Notes Principal                                                                |  |
| (a)Class A-3 Notes Principal Due                                                              |  | $148,106,046.11 |
| (b) Class A-3 Notes Principal Paid                                                            |  | 148,106,046.11  |
| (c) Class A-3 NotesPrincipal Shortfall                                                        |  | $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                                                                 |  | $454,973,312.10 |
| (b) Total Notes PrincipalPaid                                                                 |  | 454,973,312.10  |
| (c) TotalNotes Principal Shortfall                                                            |  | $0.00           |
| (d)Reserve Fund drawn                                                                         |  | $0.00           |
| XII. RESERVE FUNDDEPOSIT                                                                      |  |
| Amount available for deposit intoreserve account                                              |  | $29,779,753.77  |
| Amountdeposited into reserve account                                                          |  | 0.00            |
| Excess Amount Released from ReserveAccount                                                    |  | 0.00            |
| Excess fundsavailable toCertificateholders                                                    |  | 29,779,753.77   |
| XIII. DISTRIBUTIONS TOCERTIFICATEHOLDERS                                                      |  |
| (A) Interest                                                                                  |  |
| (i) Certificate Monthly InterestDue                                                           |  | $568,922.62     |
| (ii) Certificate InterestShortfall Beginning Balance                                          |  | $0.00           |
| (iii)Total Certificate Interest Due                                                           |  | $568,922.62     |
| (iv) Certificate Interest Paid                                                                |  | 568,922.62      |
| (v) Certificate InterestShortfall Ending Balance                                              |  | $0.00           |
| (B)Principal                                                                                  |  |
| (i) Certificate Monthly PrincipalDue                                                          |  | $13,926,319.03  |
| (ii) CertificatePrincipal Shortfall Beginning Balance                                         |  | $0.00           |
| (iii) Total Certificate Principal Due                                                         |  | $13,926,319.03  |
| (iv) Certificate PrincipalPaid                                                                |  | 13,926,319.03   |
| (v)Certificate Principal Shortfall Ending Balance                                             |  | $0.00           |
| (C) Release to Seller                                                                         |  | $15,284,512.12  |
|                                                                                               |

----

|                                          |  |                 |  |  |  |  |
|------------------------------------------|--|-----------------|--|--|--|--|
| **DISTRIBUTIONSSUMMARY**                 |  |
| (A) Total Collections                    |  | $508,292,772.13 |
| (B) ServiceFee                           |  | $8,515,513.50   |
| (C) TrusteeFees                          |  | $9,000.00       |
| (D) Class A1Amount                       |  | $0.00           |
| (E) Class A2Amount                       |  | $308,329,680.07 |
| (F) Class A3Amount                       |  | $154,990,040.79 |
| (G) Class A4Amount                       |  | $6,668,784.00   |
| (H) AmountDeposited into Reserve Account |  | $0.00           |
| (I) Certificateholders                   |  | $14,495,241.65  |
| (J) Release to seller                    |  | $15,284,512.12  |
| (K) Total amountdistributed              |  | $508,292,772.13 |
| (L)Amount of Draw from Reserve Account   |  | 0.00            |
|                                          |

|                                                         |  |                                     |        |                                     |  |                 |        |        |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------|--|-------------------------------------|--------|-------------------------------------|--|-----------------|--------|--------|--|--|--|--|--|--|--|--|--|--|
| **PORTFOLIOAND SECURITY SUMMARY**                       |  |
|                                                    |  | BeginningofPeriod                   |        |                                |  | EndofPeriod     |        |   |
| XIV. POOL BALANCES ANDPORTFOLIO INFORMATION             |  |
| (A) Balances andPrincipal Factors                       |  |                                |   |                                |  |            |   |   |  |
| (i) AggregateBalance of Notes                           |  | $1,043,607,265.99                   |        |                                |  | $588,633,953.89 |        |   |
| (ii)Note PoolFactor                                     |  | 0.6734080                           |        |                                |  | 0.3798276       |        |   |
| (iii)Class A-1 NotesBalance                             |  | 0.00                                |        |                                |  | 0.00            |        |   |
| (iv)Class A-1 Notes Pool Factor                         |  | 0.0000000                           |        |                                |  | 0.0000000       |        |   |
| (v)Class A-2 Notes Balance                              |  | 306,867,265.99                      |        |                                |  | 0.00            |        |   |
| (vi)Class A-2 Notes Pool Factor                         |  | 0.7136448                           |        |                                |  | 0.0000000       |        |   |
| (vii)Class A-3 Notes Balance                            |  | 428,000,000.00                      |        |                                |  | 279,893,953.89  |        |   |
| (viii)Class A-3 Notes Pool Factor                       |  | 1.0000000                           |        |                                |  | 0.6539578       |        |   |
| (ix)Class A-4 Notes Balance                             |  | 308,740,000.00                      |        |                                |  | 308,740,000.00  |        |   |
| (x)Class A-4 Notes Pool Factor                          |  | 1.0000000                           |        |                                |  | 1.0000000       |        |   |
| (xi)Certificates Balance                                |  | 33,023,879.52                       |        |                                |  | 19,097,560.49   |        |   |
| (xii)Certificates Pool Factor                           |  | 0.9256892                           |        |                                |  | 0.5353219       |        |   |
| (xiii)Total Principal Balance of Notes and Certificates |  | 1,076,631,145.51                    |        |                                |  | 607,731,514.38  |        |   |
| (B)Portfolio Information                                |  |
| (i) Weighted Average Coupon(WAC)                        |  | 5.09%                               |        |                                |  | 5.02%           |        |   |
| (ii)Weighted Average Remaining Maturity (WAM)           |  | 40.62months     |        | 29.54months     |
| (iii) Remaining Number ofReceivables                    |  | 83,570                              |        |                                |  | 65,199          |        |   |
| (iv)Portfolio Receivable Balance                        |  | $1,076,631,145.51                   |        |                                |  | $607,731,514.38 |        |   |
| (C)Outstanding AdvanceAmount                            |  | $412,427.97                         |        |                                |  | $270,553.10     |        |   |
| (D)Outstanding PayaheadBalance                          |  | $0.00                               |        |                                |  | $0.00           |        |   |
|                                                         |

----

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

AMERICAN HONDA FINANCE CORPORATION AnnualStatement to Certificateholder—Honda Auto Receivables 2003-2Owner Trust 04/01/04 through03/31/05

|                                                       |  |                |  |  |  |  |
|-------------------------------------------------------|--|----------------|--|--|--|--|
| **SUMMARY OFACCOUNTS**                                |  |
| XV. RECONCILIATION OF RESERVEACCOUNT                  |  |
| (A) Beginning Reserve AccountBalance                  |  | $11,890,611.84 |
| (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 |  | 0.00           |
| (D) Reserve AccountBalance Prior to Release           |  | 11,890,611.84  |
| (E)Reserve Account Required Amount                    |  | 11,890,611.84  |
| (F) Final Reserve Account Required Amount             |  | 11,890,611.84  |
| (G) Excess Reserve AccountAmount                      |  | 0.00           |
| (H) Ending Reserve AccountBalance                     |  | 11,890,611.84  |
| XVI. RECONCILIATION OF YIELDSUPPLEMENT ACCOUNT        |  |
| (A) Beginning Yield SupplementAccount Balance         |  | 3,246.01       |
| (B) InvestmentEarnings                                |  | 35.18          |
| (C) Investment EarningsWithdraw                       |  | 35.18          |
| (D) Additional YieldSupplement Amounts                |  | 0.00           |
| (E) YieldSupplement Deposit Amount                    |  | $1,789.62      |
| (F)Ending Yield Supplement Account Balance            |  | 1,456.39       |
|                                                  |  |
| XVII. NET LOSS AND DELINQUENCYACCOUNT ACTIVITY        |  |
| (A) LiquidatedContracts                               |  |
| (i) LiquidationProceeds                               |  | $2,562,751.67  |
| (ii)Recoveries on Previously Liquidated Contracts     |  | 1,534,516.08   |
| (B) Aggregate Net Losses forCollection Period         |  | 3,381,008.78   |
| (C) NetLoss Rate for Collection Period (annualized)   |  | 0.40%          |
| (D) Cumulative Net Losses for allPeriods              |  | 6,634,072.09   |
|                                                       |

|                                                        |  |        |  |               |  |                |  |       |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------|--|--------|--|---------------|--|----------------|--|-------|--|--|--|--|--|--|--|--|--|--|
| (E) Delinquent Receivables                             |  | #Units |  | Dollar Amount |
| (i) 30-59Days Delinquent                               |  | 1,862  |  | 2.86%         |  | $17,548,160.51 |  | 2.89% |
| (ii) 60-89 DaysDelinquent                              |  | 339    |  | 0.52%         |  | $3,318,682.64  |  | 0.55% |
| (ii) 90 Days or More Delinquent                        |  | 37     |  | 0.06%         |  | $446,372.73    |  | 0.07% |
|                                                   |  |
| XVIII. REPOSSESSIONACTIVITY                            |  | #Units |  | Dollar Amount |
| (A)Vehicles Repossessed During Collection Period       |  | 42     |  | 0.06%         |  | $440,519.90    |  | 0.07% |
| (B) Total Accumulated Repossessed Vehicles inInventory |  | 65     |  | 0.10%         |  | $672,052.08    |  | 0.11% |
|                                                        |

|                                                                                                        |  |                     |  |  |  |  |
|--------------------------------------------------------------------------------------------------------|--|---------------------|--|--|--|--|
| XIX. TESTS FOR INCREASE IN SPECIFIEDRESERVE ACCOUNT BALANCE                                            |  |
| (A) Ratio of NetLosses to the Pool Balance as of Each Collection Period                                |  |
| (i) Second Preceding Collection Period                                                                 |  | 0.44%               |
| (ii) Preceding Collection Period                                                                       |  | 0.20%               |
| (iii) Current CollectionPeriod                                                                         |  | 0.06%               |
| (iv) Three MonthAverage (Avg(i,ii,iii))                                                                |  | 0.23%               |
| (B) Ratio of Balance of Contracts Delinquent 60 Days orMore to the Outstanding Balance of Receivables. |  |
| (i) Second Preceding Collection Period                                                                 |  | 1.01%               |
| (ii) Preceding CollectionPeriod                                                                        |  | 0.78%               |
| (iii) CurrentCollection Period                                                                         |  | 0.68%               |
| (iv)Three Month Average (Avg(i,ii,iii))                                                                |  | 0.82%               |
| (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/ John WeisickleMr. John Weisickle VicePresident

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