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| 1. | Nissan      Motor Acceptance Corporation (“NMAC”) is responsible for assessing      compliance with the servicing criteria applicable to it under paragraph      (d) of Item 1122 of Regulation AB, as of and for the 12-month period ended      March 31, 2008 (the “Reporting Period”).  The transactions      covered by this report include asset-backed securities transactions      involving revolving pools of receivables included in public      securitizations sponsored by NMAC starting in 2007 and serviced by NMAC      and its subsidiaries arising from time to time in connection with the      purchase and financing by retail motor vehicle dealers of their new,      pre-owned and used inventory (the“Platform”); |
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| 2. | NMAC      has engaged certain vendors (the “Vendors”) to perform specific, limited      or scripted activities, and NMAC elects to take responsibility for      assessing compliance with the servicing criteria or portion of the      servicing criteria applicable to such Vendors’ activities and NMAC      represents that such Vendors are not servicers as defined in paragraph (j)      of Item 1101 of Regulation AB; |
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| 3. | Presented      in Appendix A hereto are the servicing criteria (and portions thereof)      impacted by the Vendors’ activities and for which NMAC is assuming      responsibility; |
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| 4. | Except      as set forth in paragraphs 5 and 6 below, NMAC used the criteria set forth      in paragraph (d) of Item 1122 of Regulation AB to assess compliance with      the applicable servicing criteria; |
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| 5. | NMAC      has determined that criteria 1122(d)(1)(iii), (d)(1)(iv), (d)(2)(iii),      (d)(2)(vi),  (d)(4)(vi), (d)(4)(x), (d)(4)(xi), (d)(4)(xii) and      (d)(4)(xv) are not applicable to NMAC based on the activities it performs,      directly or through its Vendors or subsidiaries, with respect to the      Platform; |
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| 6. | NMAC      has determined that (a) criteria 1122(d)(2)(ii) and (d)(3)(ii)-(iii)      pertaining to the actual disbursement or remittance of funds to investors      and (b) aspects of criteria (d)(2)(iv) and (d)(3)(iv) do not apply to NMAC      since performance of activities in connection with such criteria are the      responsibility of a different party participating in the servicing      function; |
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| 7. | NMAC      has complied, in all material respects, with the applicable servicing      criteria as of March 31, 2008 and for the Reporting Period with respect to      the Platform taken as a whole, except for certain instances of      non-compliance described in Appendix Bhereto; |
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| 8. | NMAC      has not identified and is not aware of any material instance of      noncompliance by the Vendors with the applicable servicing criteria as of      March 31, 2008 and for the Reporting Period with respect to the Platform      taken as a whole; |
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| 9. | NMAC      has not identified any material deficiency in its policies and procedures      to monitor the compliance by the Vendors with the applicable servicing      criteria as of March 31, 2008 and for the Reporting Period with respect to      the Platform taken as a whole; and |
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|   | 10. |
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|   | NISSAN      MOTOR ACCEPTANCE CORPORATION |
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|   | By: | /s/ Steven R.      Lambert |   |
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| Reference       | Servicing      Criteria                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
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|            | Cash      Collection and Administration                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| 1122(d)(2)(i)   | Payments      on pool assets are deposited into the appropriate custodial bank accounts      and related bank clearing accounts no more than two business days      following receipt, or such other number of days specified in the      transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 1122(d)(2)(vii) | Reconciliations      are prepared on a monthly basis for all asset-backed securities related      bank accounts, including custodial accounts and related bank clearing      accounts. These reconciliations are (A) mathematically accurate; (B)      prepared within 30 calendar days after the bank statement cutoff date, or      such other number of days specified in the transaction agreements; (C)      reviewed and approved by someone other than the person who prepared the      reconciliation; and (D) contain explanations for reconciling items. These      reconciling items are resolved within 90 calendar days of their original      identification, or such other number of days specified in the transaction      agreements. |
|            | Pool      Asset Administration                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 1122(d)(4)(i)   | Collateral      or security on pool assets is maintained as required by the transaction      agreements or related mortgage loandocuments.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |

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| 1. | Criteria      (d)(2)(i):  “Payments on pool assets are deposited into the      appropriate custodial bank accounts and related bank clearing accounts... in      such... number of days specified in the transaction    agreements.” |
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