UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-K

|X  | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (FEE NOT REQUIRED)   
|-- | ----------------------------------------------------------------------------------------------------------
|   | For the period December 21, 1999 (date of formation) through
March 31, 2000                               
|   | or                                                                                                        
|__ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
|   | For the transition period from ______________ to _____________                                            

Commission file number 333-82763

Nissan Auto Receivables Corporationon behalf of Nissan Auto Receivables 2000-AOwner Trust(Exact name of registrant as specified in its charter)

|DELAWARE                                                        |  | NOT APPLICABLE                      
|--------------------------------------------------------------- |  | ------------------------------------
|(State or other jurisdiction of 
incorporation or organization) |  | (I.R.S. Employer Identification No.)

990 West 190th Street, Torrance, California 90502(Address of principal executive offices)

(310) 719-8013(Registrants telephone number, including area code)

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 whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act 1934 during the preceding 12 months (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.                                                                       | X
      
__ | 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.                                                            | X          
|State the aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant. The aggregate market value shall be computed by reference to the price at which the common
equity was sold, or the average bid and asked prices of such common equity, as of a specified date within 60 days prior to the date of filing. (See definition of affiliate in Rule 405, 17 CFR 230.405.) | $ 0        

This Annual Report on Form 10-K is being filed
by Nissan Auto Receivables Corporation ("NARC"), on behalf of the
Nissan Auto Receivables 2000-A Owner Trust (the "Trust"), a Delaware
business trust formed pursuant to a trust agreement, dated as of December 21,
1999, between NARC, as Seller (the "Seller"), and Wilmington Trust
Company, as owner trustee (the "Owner Trustee"). Reference is further
made to the Indenture, dated as of January 27, 2000, among the Trust, as issuer,
and Norwest Bank Minnesota, National Association, as indenture trustee (the
"Indenture Trustee", together with the Owner Trustee, the
"Trustees"), providing for the issuance by the Trust of notes entitled
"Nissan Auto Receivables 2000-A Owner Trust 6.125% Asset Backed Notes,
Class A-1" (the "Class A-1 Notes"), "Nissan Auto Receivables
2000-A Owner Trust 6.730% Asset Backed Notes, Class A-2" (the "Class
A-2 Notes"), "Nissan Auto Receivables 2000-A Owner Trust 7.010% Asset
Backed Notes, Class A-3" (the "Class A-3 Notes) and "Nissan Auto
Receivables 2000-A Owner Trust 7.170% Asset Backed Notes, Class A-4" (the
"Class A-3 Notes", together with the Class A-1 Notes, the Class A-2
Notes and the Class A-3 Notes, the "Notes"), registered under the
Securities Act of 1933. Certain information that may otherwise have been
required to be included herein pursuant to Form 10-K has been omitted herefrom,
or in certain cases certain information has been included herein in lieu of such
otherwise required information, in accordance with the letter, dated
June 28, 1996 (the "No-Action Letter"), of the staff of the
Office of Chief Counsel of the Division of Corporation Finance of the Securities
and Exchange Commission issued with respect to series of pass-through securities
issued by trusts formed by the Seller or an affiliate thereof, as originator,
including the Notes.

PART I

Item 2. PROPERTIES.

The following table sets forth the aggregate information of
the Trust for the period from December 21, 1999 through March 31, 2000:

|Distributions Allocable to Principal          | $64,990,000.00
|--------------------------------------------- | --------------
|Distributions Allocable to Income             | $10,925,000.00
|Amounts Received from the Yield Supplement    |               
|Account Distributed as Income                 | $241,000.00   
|Servicing Fees Paid to Servicer (NMAC)        | $2,042,000.00 
|Class A-1 Notes Percentage of Servicing Fees  | 19.98%        
|Class A-2 Notes Percentage of Servicing Fees  | 28.03%        
|Class A-3 Notes Percentage of Servicing Fees  | 30.60%        
|Class A-4 Notes Percentage of Servicing Fees  | 11.64%        
|Certificates Percentage of Servicing Fees     | 9.74%         
|Additional Servicing Compensation             |               
|Paid to Servicer (NMAC)                       | $0.00         
|Net Losses                                    | $534,499.00   
|Principal Recoveries of Defaulted Receivables | $56,824.00    

Average Rate and Percentages for the period from December 21,
1999 through March 31, 2000

|Average Net Loss Ratio (including repossessions) | 0.26%
|------------------------------------------------ | -----





|                           | Number of Delinquency Ratios | Dollar Amount Contracts
|-------------------------- | ---------------------------- | -----------------------
|31-60 Days Delinquent      | 0.33%                        | 0.34%                  
|61-90 Days Delinquent      | 0.02%                        | 0.02%                  
|91 Days or More Delinquent | 0.00%                        | 0.00%                  



|Item 3.  | LEGAL PROCEEDINGS.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|-------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|         | Not applicable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|Item 4.  | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|         | Not applicable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|         | PART II                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|Item 5.  | MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED
      STOCKHOLDER MATTERS.                                                                                                                                                                                                                                                                                                                                                                                                                                 
|         | All Notes issued by the Trust are registered in the name of Cede &
      Co. Within the meaning of the No-Action Letter, the number of
      "holders of record" of the Notes as of March 31, 2000, was 70.
      There is no established public trading market for the Notes.                                                                                                                                                                                                                               
|Item 8.  | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|         | The audited financial statements of the Trust and the related notes are
      included herein on pages F-1 to F-11.                                                                                                                                                                                                                                                                                                                                                                                          
|Item 9.  | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
      FINANCIAL DISCLOSURE.                                                                                                                                                                                                                                                                                                                                                                                                                  
|         | Not applicable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|PART IV 
|Item 14. | EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K.                                                                                                                                                                                                                                                                                                                                                                                                                                             
|(a)      | List of documents filed as part of the Annual Report:                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|         | 1.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|         | 2.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|         | 3.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|(b)      | Reports on Form 8-K:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|         | The Trust filed Current Reports on Form 8-K regarding monthly
      distributions of principal and interest to certificateholders on February
      23, 2000 for the month ended January 31, 2000, on March 29, 2000 for the
      month ended February 29, 2000 and on April 25, 2000 for the month ended
      March 31, 2000. Included in each such Form 8-K report as Exhibit 99.1 is
      the monthly servicing report for each respective month end as provided by
      the Servicer to the Trustees.

SIGNATURES

Pursuant to the requirements of Section 13 of 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.

> Date: June 29, 2000
>     
>     NISSAN AUTO RECEIVABLES CORPORATION
>         By: /s/ Benjamin V. Harwood
>         
>         Name: Benjamin V. Harwood
>         Title: Treasurer



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EXHIBIT INDEX

|Exhibit No. | Description                                       | Sequentially NumberedPage
|----------- | ------------------------------------------------- | -------------------------
|99.1        | Officer's Certificate, dated as of March 31, 2000 | 7                        



---

NISSAN MOTOR ACCEPTANCE CORPORATION

OFFICER'S CERTIFICATE

The undersigned, Benjamin V. Harwood, Vice President,
Treasurer of NISSAN MOTOR ACCEPTANCE CORPORATION, a California corporation (the
"Company"), does hereby certify, in his capacity as such corporate
officer, as follows:

(1) The undersigned has caused a review of the activities of
the Company, in its capacity as Servicer, during the period January 27, 2000
through March 31, 2000, and of its performance pursuant to that certain Sale and
Servicing Agreement, dated as of January 27, 2000 (the "Agreement") by
and among the Company, Nissan Auto Receivables Corporation, as Seller, and
Nissan Auto Receivables 2000-A Owner Trust, as Issuer, to be conducted under his
supervision; and

(2) To the best of the undersigned's knowledge, based upon
such review, the Company has fulfilled all of its obligations under the
Agreement for the period January 27, 2000 through March 31, 2000.

This Officers Certificate is being furnished to Wilmington
Trust Company, as Owner Trustee, Norwest Bank Minnesota, National Association,
as Indenture Trustee, Standard & Poors Ratings Services and Moodys
Investors Service, Inc., as required by Section 4.09(a) of the Agreement.

IN WITNESS WHEREOF, I have set my hand effective as of the
31st day of March, 2000.

> /s/ Benjamin V. HarwoodBenjamin V. Harwood
>           Treasurer



---

> NISSAN AUTO RECEIVABLES
>         2000-A OWNER TRUST
>         
>         Financial Statements as of
>         March 31, 2000, and
>         for the Period December 21, 1999
>         (date of formation) through March 31, 2000



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INDEPENDENT AUDITORS REPORT

Nissan Auto Receivables 2000-A Owner Trust:

We have audited the accompanying balance sheet of Nissan Auto
Receivables 2000-A Owner Trust (the "Trust") as of March 31, 2000, and
the related statements of income, changes in net assets held in trust, and cash
flows for the period December 21, 1999 (date of formation) through March 31,
2000. These financial statements are the responsibility of the Trusts
management. Our responsibility is to express an opinion on these financial
statements based on our audit.

We conducted our audit in accordance with auditing standards
generally accepted in the United States of America. Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.

In our opinion, such financial statements present fairly, in
all material respects, the financial position of the Trust as of March 31, 2000,
and the results of its operations and its cash flows for the period December 21,
1999 (date of formation) through March 31, 2000 in conformity with accounting
principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

April 28, 2000
Los Angeles, California



---

NISSAN AUTO RECEIVABLES 2000-A OWNER TRUST
BALANCE SHEET
March 31, 2000
(Dollars in Thousands)

|ASSETS:                                                    |         
|---------------------------------------------------------- | --------
|Cash and cash equivalents in collection account (Note 2)   | $ 27,840
|Finance receivables (Notes 2, 4, 6 and 8)                  | 772,196 
|Collections receivable from Servicer (Note 2)              | 905     
|Receivable from yield supplement account (Note 5)          | 1,380   
|TOTAL ASSETS                                               | $802,321
|                                                           |         
|LIABILITIES:                                               |         
|Servicing fee payable (Notes 2 and 3)                      | $ 664   
|Distributions payable  Class A-1 (Notes 3 and 4)           | 24,910  
|Distributions payable  Class A-2 (Notes 3 and 4)           | 1,284   
|Distributions payable  Class A-3 (Notes 3 and 4)           | 1,460   
|Distributions payable  Class A-4 (Notes 3 and 4)           | 568     
|Excess amounts payable to seller (Notes 3 and 4)           | 1,046   
|Reimbursement of advance (Note 3)                          | 193     
|Total liabilities                                          | 30,125  
|                                                           |         
|NET ASSETS HELD IN TRUST:                                  |         
|Asset backed certificates, Class A-1 (Notes 3, 4 and 6)    | 118,475 
|Asset backed certificates, Class A-2 (Notes 3, 4 and 6)    | 229,000 
|Asset backed certificates, Class A-3 (Notes 3, 4 and 6)    | 250,000 
|Asset backed certificates, Class A-4 (Notes 3, 4 and 6)    | 95,130  
|Asset backed certificates, Certificates (Notes 3, 4 and 6) | 79,591  
|Total net assets held in trust                             | 772,196 
|TOTAL LIABILITIES AND NET ASSETS HELD IN TRUST             | $802,321

See accompanying notes to financial statements.



---

NISSAN AUTO RECEIVABLES 2000-A OWNER TRUST
STATEMENT OF INCOME
Period December 21, 1999 (date of formation) through March 31, 2000
(Dollars in Thousands)

|INCOME:                                                             |  |        
|------------------------------------------------------------------- |  | -------
|Interest income on finance receivables (Notes 2 and 4)              |  | $17,442
|Interest income from yield supplement account (Note 5)              |  | 241    
|Total income                                                        |  | 17,683 
|                                                                    |  |        
|EXPENSE:                                                            |  |        
|Servicing fee (Notes 2 and 4)                                       |  | 2,042  
|Reimbursement of advance (Note 2)                                   |  | 246    
|Excess amounts allocated to reimburse for principal losses (Note 3) |  | 535    
|Excess amounts paid to Seller (Notes 3 and 4)                       |  | 3,935  
|Total expense                                                       |  | 6,758  
|NET INCOME                                                          |  | $10,925

See accompanying notes to financial statements.



---

NISSAN AUTO RECEIVABLES 2000-A OWNER TRUST
STATEMENT OF CHANGES IN NET ASSETS HELD IN TRUST
Period December 21, 1999 (date of formation) through March 31, 2000
(Dollars in Thousands)

|                                             | Class A-1 | Class A-2 | Class A-3 | Class A-4 | Certificates | Total   
|-------------------------------------------- | --------- | --------- | --------- | --------- | ------------ | --------
|Issuance of asset backed securities (Note 1) | $ 184,000 | $ 229,000 | $ 250,000 | $ 95,130  | $ 79,591     | 837,721 
|Net Income                                   | 2,200     | 3,382     | 3,846     | 1,497     |              | 10,925  
|Interest distributions (Notes 3 and 4)       | (2,200)   | (3,382)   | (3,846)   | (1,497)   |              | (10,925)
|Principal distributions (Notes 3 and 4)      | (65,525)  |           |           |           |              | (65,525)
|Net assets held in Trust at March 31, 2000   | 118,475   | 229,000   | 250,000   | 95,130    | 79,591       | 772,196 

See accompanying notes to financial statements.



---

NISSAN AUTO RECEIVABLES 2000-A OWNER TRUST
STATEMENT OF CASH FLOWS
Period December 21, 1999 (date of formation) through March 31, 2000
(Dollars in Thousands)

|CASH FLOWS FROM OPERATING ACTIVITIES:                                                              |                                             
|-------------------------------------------------------------------------------------------------- | --------------------------------------------
|Net income                                                                                         | $ 10,925                                    
|Adjustments to reconcile net income to net cash provided by operating
      activities:            |                                             
|                                                                                                   | Changes in operating assets and liabilities:
|                                                                                                   |                                             
|                                                                                                   |                                             
|                                                                                                   |                                             
|                                                                                                   |                                             
|                                                                                                   |                                             
|Net cash provided by operating activities                                                          | 10,543                                      
|CASH PROVIDED BY INVESTING ACTIVITIES - principal payments received
      from finance receivables | 65,525                                      
|CASH FLOWS FROM FINANCING ACTIVITIES:                                                              |                                             
|Trust distributions:                                                                               |                                             
|Class A-1 noteholders                                                                              | (42,815)                                    
|Class A-2 noteholders                                                                              | (2,098)                                     
|Class A-3 noteholders                                                                              | (2,386)                                     
|Class A-4 noteholders                                                                              | (929)                                       
|Net cash used in financing activities                                                              | (48,228)                                    
|CASH AND CASH EQUIVALENTS AT MARCH 31, 2000                                                        | $27,840                                     
|Supplemental disclosure of cash flow information 
      Non-cash investing activities:             |                                             
|Purchase of finance receivables in exchange for asset backed
          certificates                | $837,721                                    

See accompanying notes to financial statements.



---

NISSAN AUTO RECEIVABLES 2000-A OWNER TRUST
NOTES TO FINANCIAL STATEMENTS
PERIOD DECEMBER 21, 1999 (DATE OF FORMATION) THROUGH MARCH 31, 2000

1. GENERAL INFORMATION

> The Nissan Auto Receivable 2000-A Owner Trust (the
>   "Trust"), a Delaware business trust, was created pursuant to that
>   certain Trust Agreement, dated as of December 21, 1999, as amended by the
>   Amended and Restated Trust Agreement, dated as of January 27, 2000, by
>   and between Nissan Auto Receivables Corporation ("NARC"), as
>   depositor, and Wilmington Trust Company, as owner trustee. The Trust, NARC, as
>   seller and Nissan Motor Acceptance Corporation ("NMAC" or the "Servicer"),
>   as servicer, entered into a Sale and Servicing Agreement, dated as of January
>   27, 2000 (the "Sale and Servicing Agreement"), pursuant to which the
>   motor vehicles retail installment sales contracts ("Receivables")
>   and related property were transferred to the Trust. Also on January 27, 2000,
>   the Trust caused the issuance, pursuant to an Indenture, dated January 27,
>   2000 (the "Indenture"), by and between the Trust, as issuer, and
>   Norwest Bank Minnesota, National Association, as indenture trustee, and
>   pursuant to the Sale and Servicing Agreement, of the Notes, issued in the
>   following classes: Class A-1, Class A-2, Class A-3 and Class A-4
>   (collectively, the "Notes"). The Notes with an aggregate principal
>   balance of $758,130,000 were sold to Chase Securities Inc., Merrill Lynch,
>   Pierce, Fenner & Smith Incorporated, and J.P. Morgan Securities Inc., as
>   underwriters (the "Underwriters"), pursuant to an Underwriting
>   Agreement, dated January 19, 2000 (the "Underwriting Agreement"), by
>   and among NARC, NMAC, Chase Securities Inc., on behalf of itself and as
>   representative of the Underwriters. The Notes have been registered pursuant to
>   the Securities Act of 1933, as amended, under a Registration Statement on Form
>   S-3.
>   The parent of the Seller, NMAC, services the Receivables
>   pursuant to the Sale and Servicing Agreement, dated as of January 27, 2000,
>   and is compensated for acting as the Servicer. In order to facilitate its
>   servicing functions and minimize administrative burdens and expenses, the
>   Company retains physical possession of the documents relating to the
>   Receivables as custodian for the Trustee. The Trust has no employees.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

> Basis of Presentation - The financial statements have
>   been prepared on an accrual basis of accounting. The preparation of these
>   financial statements requires management to make estimates and assumptions
>   that affect the reported amounts of assets and liabilities at the date of the
>   financial statements and the reported amounts of revenue and expenses during
>   the reporting period. Actual results could differ from those estimates.
>   Cash and cash equivalents - The Trust considers
>   investments purchased with a maturity of three months or less to be cash
>   equivalents. Cash and cash equivalents in the collection account as of March
>   31, 2000 amounted to $27,840,000, which represents payments received by the
>   Servicer during March 2000.
>   Collections receivable from Servicer - Collections
>   receivable from the Servicer amounted to $905,000 and are substantially
>   comprised of collections received by the Servicer from the Receivables on
>   March 31, 2000 and deposited in a collection account on April 3, 2000.
>   Finance Receivables - Interest income on the
>   Receivables is calculated using the simple interest method and is recorded as
>   earned. The finance receivables had a weighted average coupon rate of 7.20%
>   and a weighted average maturity of 50 months at March 31, 2000.
>   Servicing Fee - The servicing fee is calculated as 1%
>   of the beginning balance of finance receivables and is recorded on a monthly
>   basis. The amount of servicing fee for the period ended March 31, 2000
>   amounted to $2,042,000, of which $664,000 is included in servicing fee payable
>   at March 31, 2000.
>   Advance - The Servicer is required to advance payment
>   amounts that are delinquent but deemed collectable.

3. PRIORITIES OF DISTRIBUTIONS

> The total collections received by the Trust are distributed
>   in the following priority:
>   Unpaid Advance Reimbursement
>     Servicing fee to Seller
>     Class A-1 interest
>     Class A-2 interest
>     Class A-3 interest
>     Class A-4 interest
>     Class A-1 principal (all principal until paid in full,
>       then Class A-2)
>     Class A-2 principal (all principal until paid in full,
>       then Class A-3)
>     Class A-3 principal (all principal until paid in full,
>       then Class A-4)
>     Class A-4 principal (all principal until paid in full,
>       then Certificate Class)
>     Reserve account
>     Certificate Class principal
>     Excess amounts to SellerIf losses are greater than the excess amounts to Seller,
>   the principal shortfall is carried over to future periods and is reduced by
>   excess collections from future periods, if any.

1. PRINCIPAL AND INTEREST PAYMENTS

> Principal (including prepayments) is passed through on
>     each distribution date commencing February 15, 2000, as defined in the Sales
>     and Servicing Agreement. Principal consists of payments on the Receivables
>     that are allocable to the repayment of the amount financed. Interest is
>     passed through to noteholders on each distribution date, as defined in the
>     Agreement, commencing February 15, 2000, at a rate of 6.125% per annum for
>     Class A-1, at a rate of 6.730% for Class A-2, at a rate of 7.010% per annum
>     for Class A-3 and at a rate of 7.170% per annum for Class A-4. Excess
>     amounts, if any, which are the difference between the yield of the finance
>     receivables and the sum of the servicing fee, note rates, principal
>     payments, and losses, are distributed to the Seller in accordance with the
>     terms of the Agreement.
>     The "as-of" date of the finance receivables was
>     December 31, 1999. Principal payments passed through on February 15, 2000
>     included principal payments for the period January 1, 2000 to January 31,
>     2000. Interest collected for the period prior to the date of formation of
>     the Trust was distributed to the Seller.
>     Payments to the Servicer, Class A noteholders and Seller
>     for the period ended March 31, 2000 are summarized as follows (dollars in
>     thousands):
>     `Servicing Fee`
>     `Interest at pass-through rate`
>     `Principal payments received`
>     `Excess amounts allocated to reimburse principal losses`
>     `Excess amounts distributed`ServicerDistributed
>     `$
>       1,378`Distribution to be paid
>     `$
>       664`Class A-1 noteholdersDistributed
>     
>     `$
>       1,400`
>     `$
>       41,207`
>     `$
>       208`Distribution to be paid
>     
>     `$
>       800`
>     `$
>       23,783`
>     `$
>       327`Class A-2 noteholdersDistributed
>     
>     `$
>       2,098`Distribution to be paid
>     
>     `$
>       1,284`Class A-3 noteholdersDistributed
>     
>     `$
>       2,386`Distribution to be paid
>     
>     `$
>       1,460`Class
>       A-4 noteholdersDistributed
>     
>     `$
>       929`Distribution to be paid
>     
>     `$
>       568`SellerExcess amounts paid to Seller
>     
>     
>     
>     
>     `$
>       2,889`Excess amounts to be paid to Seller
>     
>     
>     
>     
>     `$
>       1,046`Total amounts distributed 
>       and to be paid
>     `$
>       2,042`
>     `$
>       10,925`
>     `$
>       64,990`
>     `$
>       535`
>     `$
>       3,935`

5. YIELD SUPPLEMENT ACCOUNT

> The Sales and Servicing Agreement requires the Seller to
>     set up a Yield Supplement Account ("YSA Account"), which is a
>     separate trust account for the benefit of all Class A noteholders. This
>     account is used to adjust the yield to the Trust for all Receivables
>     purchased by the Trust with a yield less than the A-4 rate of 7.170%, plus
>     1% Servicing Rate (the "Required Rate"). Amounts in the YSA
>     Account, which are released to the Trust on a monthly basis, are calculated
>     as one-twelfth times the difference between the yield of these receivables
>     and the Required Rate. The amount in the YSA Account at March 31, 2000 was
>     $25,941,000, which included $1,380,000 which is payable to the Trust. The
>     total amount of interest received from the YSA Account amounted to $241,000
>     for the period ended March 31, 2000.

6. CREDIT ENHANCEMENT

> To protect all Class A noteholders, the Sales and Servicing
>   Agreement requires the Seller to set up a reserve account, which is a separate
>   trust account for the benefit of the Class A noteholders. The initial deposit
>   required and made by the Seller amounted to $6,283,000. Additionally, if
>   certain loss and/or delinquency ratios rise above set limits, the Seller is
>   required to deposit in the reserve account all amounts otherwise distributable
>   to the Seller, until the reserve account reaches the level specified in the
>   Sales and Servicing Agreement. The required amount at March 31, 2000 was
>   $6,283,000. The reserve account amounted to $6,283,000 at March 31, 2000. Such
>   reserve account is held by the Seller as a restricted cash balance.
>   The Seller will receive no distributions while the loss
>   and/or delinquency ratios continue to be above the set limits for three
>   consecutive months and until the reserve account reaches the level specified.
>   As of March 31, 2000, the anticipated credit losses on the
>   Receivables based on historical loss experience are estimated to be
>   $13,931,000. Management believes that future receipts of excess servicing
>   amounts will be adequate to repay all amounts due, as such, no allowance for
>   bad debts has been established.

7. FEDERAL INCOME TAXES

> The Trust is classified as an owner trust, and therefore is
>   not taxable as a corporation for federal income tax purposes. Each noteholder
>   is treated as the owner of a pro rata undivided interest in each of the
>   Receivables in the Trust.

8. ESTIMATED FAIR VALUE OF FINANCE RECEIVABLES

> As of March 31, 2000, the estimated fair value of the
>   finance receivables was $745,590,000. Cash and cash equivalents in collection
>   account, collections receivable from Servicer, receivable from yield
>   supplement account, and all payables approximate fair value due to the
>   short-term maturities of these instruments. The fair value of the finance
>   receivables was estimated by discounting the future cash flows using current
>   market discount rates, historical prepayment and credit loss history.
>   ************