|AMERICAN HONDA FINANCE CORPORATION                                                                     
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|Annual Statement to Certificateholder -- Honda Auto Receivables 1999-1 Owner Trust                     
|04/01/2001  through  03/31/2002                                                                        
|                                                                                                       
|                                                                                                       
|I. ORIGINAL DEAL PARAMETER INPUTS                                                                      
|(A) Total Portfolio Balance                                                                            
|(B) Total Securities Balance                                                                           
|(C) Class A-1 Notes                                                                                    
|(i)   Class A-1 Notes Balance                                                                          
|(ii)  Class A-1 Notes Percentage (C(i)/IB)                                                             
|(iii) Class A-1 Notes Rate                                                                             
|(iv) Class A-1 Notes Accrual Basis                                                                     
|(D) Class A-2 Notes                                                                                    
|(i)   Class A-2 Notes Balance                                                                          
|(ii)  Class A-2 Notes Percentage (D(i)/IB)                                                             
|(iii) Class A-2 Notes Rate                                                                             
|(iv) Class A-2 Notes Accrual Basis                                                                     
|(E) Class A-3 Notes                                                                                    
|(i)   Class A-3 Notes Balance                                                                          
|(ii)  Class A-3 Notes Percentage (E(i)/B)                                                              
|(iii) Class A-3 Notes Rate                                                                             
|(iv) Class A-3 Notes Accrual Basis                                                                     
|(F) Class A-4 Notes                                                                                    
|(i)   Class A-4 Notes Balance                                                                          
|(ii)  Class A-4 Notes Percentage (F(i)/B)                                                              
|(iii) Class A-4 Notes Rate                                                                             
|(iv) Class A-4 Notes Accrual Basis                                                                     
|(G) Certificates                                                                                       
|(i)   Certificates Balance                                                                             
|(ii)  Certificates Percentage (G(i)/B)                                                                 
|(iii) Certificates Rate                                                                                
|(iv) Certificates Accrual Basis                                                                        
|(H) Servicing Fee Rate                                                                                 
|(I) Portfolio Summary                                                                                  
|(i)   Weighted Average Coupon (WAC)                                                                    
|(ii)  Weighted Average Original Maturity (WAOM)                                                        
|(iii) Weighted Average Remaining Maturity (WAM)                                                        
|(iv) Number of Receivables                                                                             
|(J) Reserve Account                                                                                    
|(i)   Reserve Account Initial Deposit Percentage                                                       
|(ii)  Reserve Account Initial Deposit                                                                  
|(iii) Specified Reserve Account Balance                                                                
|(a) Percent of Original Securities Balance                                                             
|(b) Trigger Percent of Remaining Securities Balance                                                    
|(c) Remaining Securities Balance                                                                       
|(K) Yield Supplement Account Deposit                                                                   
|                                                                                                       
|II. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS                                                      
|(A) Total Portfolio Balance                                                                            
|(B) Total Securities Balance                                                                           
|(C) Cumulative Note and Certificate Pool Factor                                                        
|(D) Class A-1 Notes                                                                                    
|(i)   Class A-1 Notes Balance                                                                          
|(ii)  Class A-1 Notes Pool Factor                                                                      
|(iii) Class A-1 Notes Interest Carryover Shortfall                                                     
|(iv) Class A-1 Notes Principal Carryover Shortfall                                                     
|(E) Class A-2 Notes                                                                                    
|(i)   Class A-2 Notes Balance                                                                          
|(ii)  Class A-2 Notes Pool Factor                                                                      
|(iii) Class A-2 Notes Interest Carryover Shortfall                                                     
|(iv) Class A-2 Notes Principal Carryover Shortfall                                                     
|(F) Class A-3 Notes                                                                                    
|(i)   Class A-3 Notes Balance                                                                          
|(ii)  Class A-3 Notes Pool Factor                                                                      
|(iii) Class A-3 Notes Interest Carryover Shortfall                                                     
|(iv) Class A-3 Notes Principal Carryover Shortfall                                                     
|(G) Class A-4 Notes                                                                                    
|(i)   Class A-4 Notes Balance                                                                          
|(ii)  Class A-4 Notes Pool Factor                                                                      
|(iii) Class A-4 Notes Interest Carryover Shortfall                                                     
|(iv) Class A-4 Notes Principal Carryover Shortfall                                                     
|(H) Certificates                                                                                       
|(i)   Certificates Balance                                                                             
|(ii)  Certificates Pool Factor                                                                         
|(iii) Certificates Interest Carryover Shortfall                                                        
|(iv) Certificates Principal Carryover Shortfall                                                        
|(I) Servicing Fee                                                                                      
|(i)   Servicing Fee Shortfall                                                                          
|(J) End of Prior Month Account Balances                                                                
|(i)   Reserve Account                                                                                  
|(ii)   Yield Supplement Account                                                                        
|(iii) Payahead Account                                                                                 
|(iv) Advances Outstanding                                                                              
|(K) Portfolio Summary as of End of Prior Year                                                          
|(i)   Weighted Average Coupon (WAC)                                                                    
|(ii)  Weighted Average Remaining Maturity (WAM)                                                        
|(iii) Number of Receivables                                                                            
|(L) Note and Certificate Percentages                                                                   
|(i)   Note Percentage                                                                                  
|(ii)  Certificate Percentage                                                                           
|                                                                                                       
|III. INPUTS FROM THE MAINFRAME                                                                         
|(A) Precomputed Contracts Principal                                                                    
|(i)   Scheduled Principal Collections                                                                  
|(ii)  Prepayments in Full                                                                              
|(iii) Prepayments in Full due to Repurchases                                                           
|(B) Precomputed Contracts Total Collections                                                            
|(C) Precomputed Interest Receivables Interest (B-A((i)+(ii)+(iii)))                                    
|(D) Simple Interest Receivables Principal                                                              
|(i)   Principal Collections                                                                            
|(ii)  Prepayments in Full                                                                              
|(iii) Repurchased Receivables Related to Principal                                                     
|(E) Simple Interest Receivables Interest                                                               
|(i)   Simple Interest Collections                                                                      
|(F) Payment Advance for Precomputes                                                                    
|(i) Reimbursement of Previous Advances                                                                 
|(ii) Current Advance Amount                                                                            
|(G) Interest Advance for simple Interest - Net                                                         
|(H) Payahead Account                                                                                   
|(i)  Payments Applied                                                                                  
|(ii) Additional Payaheads                                                                              
|(I) Portfolio Summary as of End of Month                                                               
|(i)   Weighted Average Coupon (WAC)                                                                    
|(ii)  Weighted Average Remaining Maturity (WAM)                                                        
|(iii) Remaining Number of Receivables                                                                  
|                                                                                                       
|                                                                                                       
|(J) Delinquent Receivables                                                                             
|(i)  30-59 Days Delinquent                                                                             
|(ii)  60-89 Days Delinquent                                                                            
|(ii) 90 Days or More Delinquent                                                                        
|(K) Vehicles Repossessed During Collection Period                                                      
|(L) Total Accumulated Repossessed Vehicles in Inventory                                                
|                                                                                                       
|                                                                                                       
|IV. INPUTS DERIVED FROM OTHER SOURCES                                                                  
|(A) Collection Account Investment Income                                                               
|(B) Reserve Account Investment Income                                                                  
|(C) Yield Supplement Account Investment Income                                                         
|(D) Trust Fees Expense                                                                                 
|(E) Aggregate Net Losses for Collection Period                                                         
|(F) Liquidated Receivables Information                                                                 
|(i) Gross Principal Balance on Liquidated Receivables                                                  
|(ii) Liquidation Proceeds                                                                              
|(ii) Recoveries from Prior Month Charge Offs                                                           
|(G) Days in Accrual Period                                                                             
|(H) Deal age                                                                                           
|                                                                                                       
|                                                                                                       
|COLLECTIONS                                                                                            
|                                                                                                       
|V. INTEREST COLLECTIONS                                                                                
|(A) Total Interest Collections  (III(C+E(i)-F(i)+F(ii)+G)                                              
|                                                                                                       
|VI. PRINCIPAL COLLECTIONS                                                                              
|(A) Principal Payments Received  (III(A((i)+(ii))+(D(i)+(ii)))                                         
|(B) Liquidation Proceeds  (IV(F(i)))                                                                   
|(C) Repurchased Loan Proceeds Related to Principal (III(A(iii)+D(iii)))                                
|(D) Recoveries from Prior Month Charge Offs (IV(F(ii)))                                                
|(E) Total Principal Collections   (A+B+C+D)                                                            
|                                                                                                       
|VII. TOTAL INTEREST AND PRINCIPAL COLLECTIONS  (V(A)+VI(E))                                            
|                                                                                                       
|VIII. YIELD SUPPLEMENT DEPOSIT                                                                         
|                                                                                                       
|IX. TOTAL AVAILABLE AMOUNT (VII+VIII)                                                                  
|                                                                                                       
|                                                                                                       
|DISTRIBUTIONS                                                                                          
|                                                                                                       
|X. FEE DISTRIBUTIONS                                                                                   
|(A) Servicing Fee                                                                                      
|(i)   Servicing Fee Due  (I(H)/12)(II(B))+(II(H)(i))                                                   
|(ii)  Servicing Fee Paid                                                                               
|(iii) Servicing Fee Shortfall                                                                          
|(B) Reserve Account Investment Income (IV(B))                                                          
|(C) Yield Supplement Account Investment Income (IV(C))                                                 
|(D) Trust Fees Expense (IV(D))                                                                         
|                                                                                                       
|                                                                                                       
|XI. DISTRIBUTIONS TO NOTEHOLDERS                                                                       
|(A) Interest                                                                                           
|(i) Class A-1 Notes                                                                                    
|(a)   Class A-1 Notes Interest Due                                                                     
|(b)  Class A-1 Notes Interest Paid                                                                     
|(c) Class A-1 Notes Interest Shortfall                                                                 
|(ii) Class A-2 Notes                                                                                   
|(a)   Class A-2 Notes Interest Due                                                                     
|(b)  Class A-2 Notes Interest Paid                                                                     
|(c) Class A-2 Notes Interest Shortfall                                                                 
|(iii) Class A-3 Notes                                                                                  
|(a)   Class A-3 Notes Interest Due                                                                     
|(b)  Class A-3 Notes Interest Paid                                                                     
|(c) Class A-3 Notes Interest Shortfall                                                                 
|(iv) Class A-4 Notes                                                                                   
|(a)   Class A-4 Notes Interest Due                                                                     
|(b)  Class A-4 Notes Interest Paid                                                                     
|(c) Class A-4 Notes Interest Shortfall                                                                 
|(v) Total Note Interest                                                                                
|(a)   Total Note Interest Due                                                                          
|(b)  Total Note Interest Paid                                                                          
|(c) Total Note Interest Shortfall                                                                      
|(d) Reserve Fund Withdrawn for Note Interest                                                           
|Amount available for distributions after Fees & Interest (IX-(X(A)(ii)-(D))-XI(A)(v)(b))               
|(B) Principal                                                                                          
|(i) Noteholders' Principal Distribution Amounts                                                        
|(ii) Class A-1 Notes Principal                                                                         
|(a)   Class A-1 Notes Principal Due                                                                    
|(b)  Class A-1 Notes Principal Paid                                                                    
|(c) Class A-1 Notes Principal Shortfall                                                                
|(d) Reserve Fund drawn                                                                                 
|(iii) Class A-2 Notes Principal                                                                        
|(a)   Class A-2 Notes Principal Due                                                                    
|(b)  Class A-2 Notes Principal Paid                                                                    
|(c) Class A-2 Notes Principal Shortfall                                                                
|(d) Reserve Fund drawn                                                                                 
|(iv) Class A-3 Notes Principal                                                                         
|(a)   Class A-3 Notes Principal Due                                                                    
|(b)  Class A-3 Notes Principal Paid                                                                    
|(c) Class A-3 Notes Principal Shortfall                                                                
|(d) Reserve Fund drawn                                                                                 
|(v) Class A-4 Notes Principal                                                                          
|(a)   Class A-4 Notes Principal Due                                                                    
|(b)  Class A-4 Notes Principal Paid                                                                    
|(c) Class A-4 Notes Principal Shortfall                                                                
|(d) Reserve Fund drawn                                                                                 
|(vi) Total Notes Principal                                                                             
|(a)   Total Notes Principal Due                                                                        
|(b)  Total Notes Principal Paid                                                                        
|(c) Total Notes Principal Shortfall                                                                    
|(d) Reserve Fund drawn                                                                                 
|                                                                                                       
|XII. RESERVE FUND DEPOSIT                                                                              
|Amount available for deposit into reserve fund                                                         
|Amount deposited into reserve fund                                                                     
|Excess fund available to Certificateholders                                                            
|                                                                                                       
|XIII. DISTRIBUTIONS TO CERTIFICATEHOLDERS                                                              
|(A) Interest                                                                                           
|(i)   Certificates Interest Due                                                                        
|(ii)  Certificates Interest Paid                                                                       
|(iii) Certificates Interest Shortfall                                                                  
|(B) Principal                                                                                          
|(i)   Certificates Principal Due                                                                       
|(ii)  Certificates Principal Paid                                                                      
|(iii) Certificates Principal Shortfall                                                                 
|(C) Release to Seller                                                                                  
|                                                                                                       
|                                                                                                       
|DISTRIBUTIONS SUMMARY                                                                                  
|                                                                                                       
|(A) Total Collections                                                                                  
|(B) Service Fee                                                                                        
|(C) Class A1 Amount                                                                                    
|(D) Class A2 Amount                                                                                    
|(E) Class A3 Amount                                                                                    
|(F) Class A4 Amount                                                                                    
|(G) Amount of Deposit  into Reserve Account                                                            
|(H) Certificateholders                                                                                 
|(I) Release to seller                                                                                  
|(J) Total amount distributed                                                                           
|(K) Amount of Draw from Reserve Account                                                                
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|PORTFOLIO AND SECURITY SUMMARY                                                                         
|                                                                                                       
|                                                                                                       
|XIV. POOL BALANCES AND PORTFOLIO INFORMATION                                                           
|(A) Balances and Principal Factors                                                                     
|(i)    Aggregate Balance of Notes                                                                      
|(ii)   Note Pool Factor                                                                                
|(iii)  Class A-1 Notes Balance                                                                         
|(iv)   Class A-1 Notes Pool Factor                                                                     
|(v)    Class A-2 Notes Balance                                                                         
|(vi)   Class A-2 Notes Pool Factor                                                                     
|(vii)  Class A-3 Notes Balance                                                                         
|(viii) Class A-3 Notes Pool Factor                                                                     
|(ix)  Class A-4 Notes Balance                                                                          
|(x) Class A-4 Notes Pool Factor                                                                        
|(xi)   Certificates Balance                                                                            
|(xii)    Certificates Pool Factor                                                                      
|(xiii)   Total Principal Balance of Notes and Certificates                                             
|                                                                                                       
|(B) Portfolio Information                                                                              
|(i)   Weighted Average Coupon (WAC)                                                                    
|(ii)  Weighted Average Remaining Maturity (WAM)                                                        
|(iii) Remaining Number of Receivables                                                                  
|(iv)  Portfolio Receivable Balance                                                                     
|(C) Outstanding Advance Amount                                                                         
|(D) Outstanding Payahead Balance                                                                       
|                                                                                                       
|                                                                                                       
|SUMMARY OF ACCOUNTS                                                                                    
|                                                                                                       
|XV. RECONCILIATION OF RESERVE ACCOUNT                                                                  
|(A) Beginning Reserve Account Balance                                                                  
|(B) Draws                                                                                              
|(i)   Draw for Servicing Fee                                                                           
|(ii)  Draw for Interest                                                                                
|(iii) Draw for Realized Losses                                                                         
|(C) Excess Interest Deposited into the Reserve Account                                                 
|(D) Reserve Account Balance Prior to Release                                                           
|(E) Reserve Account Required Amount                                                                    
|(F) Final Reserve Account Required Amount                                                              
|(G) Excess Reserve Account Amount                                                                      
|(H) Ending Reserve Account Balance                                                                     
|                                                                                                       
|XVI. RECONCILIATION OF YIELD SUPPLEMENT ACCOUNT                                                        
|(A) Beginning Yield Supplement Account Balance                                                         
|(B) Investment Earnings                                                                                
|(C) Investment Earnings Withdraw                                                                       
|(D) Additional Yield Supplement Amounts                                                                
|(E) Yield Supplement Deposit Amount                                                                    
|(F) Ending Yield Supplement Account Balance                                                            
|                                                                                                       
|XVII. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY                                                        
|(A) Liquidated Contracts                                                                               
|(i)   Liquidation Proceeds                                                                             
|(ii) Recoveries on Previously Liquidated Contracts                                                     
|(B) Aggregate Net Losses for Collection Period                                                         
|(C) Net Loss Rate for Collection Period (annualized)                                                   
|(D) Cumulative Net Losses for all Periods                                                              
|                                                                                                       
|                                                                                                       
|(E) Delinquent Receivables                                                                             
|(i)  30-59 Days Delinquent                                                                             
|(ii)  60-89 Days Delinquent                                                                            
|(iii) 90 Days or More Delinquent                                                                       
|                                                                                                       
|                                                                                                       
|XVIII. REPOSSESSION ACTIVITY                                                                           
|(A) Vehicles Repossessed During Collection Period                                                      
|(B) Total Accumulated Repossessed Vehicles in Inventory                                                
|                                                                                                       
|                                                                                                       
|                                                                                                       
|XIX. TESTS FOR INCREASE IN SPECIFIED RESERVE ACCOUNT BALANCE                                           
|(A) Ratio of Net Losses to the Pool Balance as of Each Collection Period                               
|(i) Second Preceding Collection Period                                                                 
|(ii) Preceding Collection Period                                                                       
|(iii) Current Collection Period                                                                        
|(iv) Three Month Average (Avg(i,ii,iii))                                                               
|(B) Ratio of Balance of Contracts Delinquent 60 Days or More to the Outstanding Balance of Receivables.
|(i) Second Preceding Collection Period                                                                 
|(ii) Preceding Collection Period                                                                       
|(iii) Current Collection Period                                                                        
|(iv) Three Month Average (Avg(i,ii,iii))                                                               
|                                                                                                       
|                                                                                                       
|(C) Loss and Delinquency Trigger Indicator                                                             
|                                                                                                       
|                                                                                                       
|                                                                                                       
|I hereby certify that the servicing report provided is true                                            
|And accurate to the best of my knowledge.                                                              
|                                                                                                       
|By:                                                                                                    
|/s/ John I. Weisickle                                                                                  
|John I. Weisickle, Vice President                                                                      
|