UNITED
STATES


SECURITIES
AND EXCHANGE COMMISSION


WASHINGTON,
D.C.  20549






FORM
10-K




(Mark
      One)




xANNUAL REPORT
      PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
      1934




For the
fiscal year ended March 31, 2008




or




oTRANSITION REPORT
      PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
      1934




For the
transition period from __________________ to
_________________________




333-105666-01


(Commission
file number of Issuing Entity)




NISSAN
MASTER OWNER TRUST RECEIVABLES


(Exact
name of issuing entity specified in its charter)




333-105666


(Commission
file number of Depositor)




NISSAN
WHOLESALE RECEIVABLE CORPORATION II


(Exact
name of depositor as specified in its charter)




DELAWARE
            
            Nissan Master Owner Trust
      Receivables 51-6538952
              Nissan Wholesale Receivables
      Corporation 65-1184628(State
      or other jurisdiction of incorporation or organization of the Issuing
      Entity)
            
            (I.R.S.
      Employer
              Identification
      No.)




333 Commerce Street,
Nashville,
Tennessee                                                                                                                              37201


(Address
of principal executive
offices)                                                                                                                         (Zip
Code)




Registrant’s
telephone number, including area
code                                                                                                                     (615)
725-1122




Securities
registered pursuant to Section 12(b) of the Act:  None




Securities
registered pursuant to Section 12(g) of the Act:  None




Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in
Rule 405 of the Securities Act. Yes  No




Indicate
by check mark if the registrant is not required to file reports pursuant to
Section 13 or Section 15(d) of the Act. Yes  No




Indicate
by check mark whether the registrant (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months




28733411.3


(or for
such shorter period that the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days. Yes No




Indicate
by check mark if disclosure of delinquent filers pursuant to Item 405 of
Regulation S-K (§229.405 of this chapter) is not contained herein, and will not
be contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-K
or any amendment to this Form 10-K.




Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting
company.  See definition of “large accelerated filer,” “accelerated
filer” and “smaller reporting company” in Rule 12b-2 of the Exchange
Act.  (Check one):




Large
Accelerated
Filer:                                                                                   Accelerated
Filer:




Non-Accelerated
Filer:                                                                                   Smaller
reporting company:


(Do not
check if a smaller reporting company)




Indicate
by check mark whether the registrant is a shell company (as defined in Rule
12b-2 of the Act). Yes  No




State the
aggregate market value of the voting and non-voting common equity held by
non-affiliates computed by reference to the price at which the common equity was
last sold, or the average bid and asked price of such common equity, as of the
last business day of the registrant’s most recently completed second fiscal
quarter.  Not applicable.




Indicate
the number of shares outstanding of each of the registrant’s classes of common
stock, as of the latest practicable date.  Not
applicable.




DOCUMENTS
INCORPORATED BY REFERENCE




List
hereunder the following documents if incorporated by reference and the Part of
the Form 10-K (e.g., Part I, Part II, etc.) into which the document is
incorporated:  (1) Any annual report to security holder; (2) Any proxy
or information statement; and (3) Any prospectus filed pursuant to Rule 424(b)
or (c) under the Securities Act of 1933.  The listed documents should
be clearly described for identification purposes (e.g., annual report to
security holders for the fiscal year ended December 24,
1980).  None




28733411.3


PART I




Item
      1.
            Business.




Not
applicable.




Item
      1A.
            Risk
      Factors.




Not
applicable.




Item
      1B.
            Unresolved Staff
      Comments.




Not
applicable.




Item
      2.
            Properties.




Not
applicable.




Item
      3.
            Legal
      Proceedings.




Not
applicable.




Item
      4.
            Submission of Matters
      to a Vote of Security
Holders.




No matter
was submitted during the fiscal year covered by this annual report to a vote of
holders of the Nissan Master Owner Trust Receivables, Series 2007-A Notes (the
“Notes”).




SUBSTITUTE
INFORMATION PROVIDED IN ACCORDANCE WITH GENERAL INSTRUCTION J TO FORM
10-K:




Item 1112(b) of Regulation
AB, Significant Obligors of Pool Assets (Financial
Information).




Not
applicable.




Items 1114(b)(2) of
Regulation AB, Credit Enhancement and Other Support, Except for Certain
Derivatives Instruments (Information Regarding Significant Enhancement Providers–Financial
Information).




Not
applicable.




Items 1115(b) of Regulation
AB, Certain Derivatives Instruments (Financial Information).




Not
applicable.




Item 1117 of Regulation AB,
Legal Proceedings.




There are
no legal proceedings pending, or any proceedings known to be contemplated by
governmental authorities, against Nissan Motor Acceptance Corporation (“NMAC” or
the “Servicer” and “Sponsor”), Nissan Wholesale Receivables Corporation II (the
“Depositor”), The Bank of New York Mellon, as successor-in-interest to the
corporate trust business of JPMorgan Chase Bank, National Association (the
“Indenture Trustee”), Wilmington Trust Company (the “Owner Trustee”), Nissan
Master Owner Trust Receivables (the “Issuing Entity”), or any property thereof,
that are or would be material to holders of the Notes.




PART II




28733411.3


Item
5.                      Market
for Registrant's Common Equity and Related Stockholder Matters.




(a)
            Not
      applicable.




(b)
            Not
      applicable.




Item
      6.
            Selected Financial
      Data.




Not
applicable.




Item
      7.
            Management’s
      Discussion and Analysis of Financial Condition and Results of
      Operations.




Not
applicable.




Item
      7A.
            Quantitative and
      Qualitative Disclosures About Market
  Risk.




Not
applicable.




Item
      8.
            Financial Statements
      and Supplementary Data.




Not
applicable.




Item
      9.
            Changes in and
      Disagreements with Accountants on Accounting and Financial
      Disclosure.




Nothing
to report.




Item
      9A.
            Controls and
      Procedures.




Not
applicable.




Item
      9A.(T)
            Controls and
      Procedures.




Not
applicable.




Item
      9B.
            Other
      Information.




No other
information.




PART III




Item
      10.
            Directors and
      Executive Officers of the
Registrant.




Item not
applicable due to no directors or executive officers.




Item
      11.
            Executive
      Compensation.




Not
applicable.




Item
      12.
            Security Ownership of
      Certain Beneficial Owners and Management and Related Stockholder
      Matters.




Not
applicable.




28733411.3


Item
13.                      Certain
Relationships and Related Transactions.




Not
applicable.




Item
      14.
            Principal Accountant
      Fees and Services.




Not
applicable.




SUBSTITUTE
INFORMATION PROVIDED IN ACCORDANCE WITH GENERAL INSTRUCTION J TO FORM
10-K:




Item 1119 of Regulation AB,
Affiliations and Certain Relationships and Related
Transactions




The
Sponsor originates all of the pool assets (in such capacity, the “Originator”)
owned by the Issuing Entity and services the pool assets.  The
Depositor is a wholly-owned subsidiary of NMAC (including in its role as
originator, servicer and sponsor).  The Depositor is the sole holder
of the residual interest in the Issuing Entity, which represents the sole
ownership and beneficial interest in the Issuing Entity.  Accordingly,
the Sponsor, the Depositor and the Issuing Entity are affiliates of each
other.




The
Indenture Trustee is not affiliated with any of the Sponsor (including in its
role as originator and servicer), the Depositor or the Issuing
Entity.




There are
no significant obligors, external enhancement or support providers, or other
material parties related to the Notes.




In
addition, there are no business relationships, agreements, arrangements,
transactions or understandings outside the ordinary course of business or on
terms other than would be obtained in an arm’s length transaction with an
unrelated party, apart from this asset-backed securities transaction involving
the issuance of the Notes by the Issuing Entity, between the Sponsor, the
Depositor or the Issuing Entity and any of the parties, or affiliates of such
parties, mentioned in this Item.




Item 1122 of Regulation AB,
Compliance with applicable Servicing Criteria




(a)
            The
      following documents are filed as part of this
  report.




Exhibit
No.




33.1
            Report
      on Assessment of Compliance with Applicable Servicing Criteria for
      Asset-Backed Securities of Nissan Motor Acceptance
    Corporation


33.2
            Assertion
      of Compliance with Applicable Servicing Criteria (The Bank of New York
      Mellon)


34.1
            Report
      of Independent Registered Public Accounting Firm (Deloitte & Touche
      LLP)


34.2
            Report
      of Independent Registered Public Accounting Firm (KPMG
  LLP)




The
Servicer has complied, in all material respects, with the Applicable Servicing
Criteria, except for certain instances of technical non-compliance described
below:




On
numerous days each month, the Servicer did not remit to the applicable
collection account a sufficient amount to cover all payments received in respect
of the related pool assets.  On such days, however, it did timely
deposit an estimated (but insufficient) amount, determined in good faith, and
remitted the difference no later than the




28733411.3


next
record date. The Servicer believes that no material impact to the
securityholders resulted from these errors and has implemented system changes
that will enable it to achieve full compliance with this requirement going
forward.




Item 1123 of Regulation AB,
Servicer Compliance Statement




(a)
            The
      following documents are filed as part of this
  report.




Exhibit
No.




35.1
            Servicer
      Compliance Statement of Nissan Motor Acceptance
  Corporation




PART IV




Item
      15.
            Exhibits and Financial
      Statement Schedules.




(a)(1)
            Not
      applicable.




(a)(2)
            Not
      applicable.




(a)(3)
            The
      exhibits filed in response to Item 601 of Regulation S-K are listed in the
      Exhibit Index.




(b)
            The
      exhibits filed in response to Item 601 of Regulation S-K are listed in the
      Exhibit Index.




(c)
            Not
      applicable.




Supplemental
information to be furnished with Reports Filed Pursuant to Section 15(d) of the
Act by Registrants which have not Registered Securities Pursuant to Section 12
of the Act.




No annual
report, proxy statement, form of proxy or other proxy soliciting material has
been sent to certificateholders, and the registrant does not presently
contemplate sending any such materials subsequent to the filing of this
report.




28733411.3




SIGNATURES




Pursuant
to the requirements of Section 13 or 15(d) of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.






NISSAN
MASTER OWNER TRUST RECEIVABLES




By:                 Nissan
Motor Acceptance Corporation,


as servicer






By:/s/ Steven R.
Lambert


Steven R.
Lambert


President
and Chief Executive Officer


(senior
officer in charge of the servicing function)




Date:                      June
26, 2008


28733411.3


EXHIBIT
INDEX




The
following exhibits are filed as part of this annual report or, where indicated,
were heretofore filed and are hereby incorporated by reference.




Exhibit No.3.1
            Restated
      Certificate of Incorporation of NWRC II3.2
            Bylaws
      of NWRC II4.1
            Series
      2007-A Indenture Supplement, dated as of May 30, 2007, by and between the
      Issuing Entity, and the Indenture Trustee (incorporated by reference to
      Exhibit 4.1 of Form 8-K, dated June 4, 2007, File No.
      333-105666-01)31.1
            Certification
      of Senior Officer in Charge of the Servicing Function of the Servicer
      Pursuant to Rule 15d-14(d)33.1
            Report
      on Assessment of Compliance With Applicable Servicing Criteria for
      Asset-Backed Securities of Nissan Motor Acceptance
    Corporation33.2
            Assertion
      of Compliance With Applicable Servicing Criteria (The Bank of New York
      Mellon)34.1
            Report
      of Independent Registered Public Accounting Firm (Deloitte & Touche
      LLP)34.2
            Report
      of Independent Registered Public Accounting Firm (KPMG
  LLP)35.1
            Servicer
      Compliance Statement of Nissan Motor Acceptance
  Corporation99.1
            Annual
      Servicer’s Certificate Provided by Nissan Motor Acceptance Corporation to
      Holders of Notes


28733411.3