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 August 30, 2001 (commencement of operations) through March 31, 2002                        
|  | 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 333-51224-01

Nissan Auto Receivables Corporation IIon behalf of Nissan Auto Receivables 2001-C Owner 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

(310) 719-8583(Registrant's 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. Yes X No

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (section 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 II ("NARC II"), on behalf of the Nissan Auto Receivables 2001-C Owner Trust (the "Trust"), a Delaware business trust formed pursuant to a trust agreement, dated as of February 20, 2001, between NARC II, as Seller (the "Seller"), and Wilmington Trust Company, as owner trustee (the "Owner Trustee"). Reference is further made to the Indenture, dated as of August 30, 2001, among the Trust, as issuer, and Wells Fargo 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 2001-C Owner Trust 3.4450% Asset Backed Notes, Class A-1" (the "Class A-1 Notes"), "Nissan Auto Receivables 2001-C Owner Trust 3.7700% Asset Backed Notes, Class A-2" (the "Class A-2 Notes"), "Nissan Auto Receivables 2001-C Owner Trust 4.3100% Asset Backed Notes, Class A-3" (the "Class A-3 Notes") and "Nissan Auto Receivables 2001-C Owner Trust 4.8000% Asset Backed Notes, Class A-4" (the "Class A-4 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.

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|PART II 
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|Item 14.
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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.

Date: June 27, 2002



NISSAN AUTO RECEIVABLES CORPORATION II

By:	/s/ Joji TagawaName:	Joji Tagawa
Title:	Treasurer





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EXHIBIT INDEX

|Exhibit No. | Description                                       | Sequentially Numbered Page
|----------- | ------------------------------------------------- | --------------------------
|99.1        | Officer's Certificate, dated as of March 31, 2002 | 7                         



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Exhibit 99.1

NISSAN MOTOR ACCEPTANCE CORPORATION

OFFICER'S CERTIFICATE

The undersigned, Joji Tagawa, 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 August 30, 2001 through March 31, 2002, and of its performance pursuant to that certain Sale and Servicing Agreement, dated as of August 30, 2001 (the "Agreement"), by and among the Company, Nissan Auto Receivables Corporation II, as Seller, and Nissan Auto Receivables 2001-C 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 August 30, 2001 through March 31, 2002.

This Officer's Certificate is being furnished to Wilmington Trust Company, as Owner Trustee, Wells Fargo Bank Minnesota, National Association, as Indenture Trustee, Standard & Poor's Ratings Services and Moody's 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, 2002.

/s/ Joji Tagawa	Joji Tagawa
Treasurer



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NISSAN AUTO RECEIVABLES
2001-C OWNER TRUST

Financial Statements as of
March 31, 2002, and
for the Period August 30, 2001 (commencement of operations)
through March 31, 2002



F-1



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INDEPENDENT AUDITORS' REPORT

Nissan Auto Receivables 2001-C Owner Trust:

We have audited the accompanying balance sheet of Nissan Auto Receivables 2001-C Owner Trust (the "Trust") as of March 31, 2002, and the related statements of income, changes in net assets held in trust, and cash flows for the period August 30, 2001 (commencement of operations) through March 31, 2002. These financial statements are the responsibility of the Trust's 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, 2002, and the results of its operations and its cash flows for the period August 30, 2001 (commencement of operations) through March 31, 2002 in conformity with accounting principles generally accepted in the United States of America.



/s/ Deloitte & Touche LLP



Los Angeles, California
May 31, 2002

F-2



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NISSAN AUTO RECEIVABLES 2001-C OWNER TRUST
BALANCE SHEET
March 31, 2002
(Dollars in Thousands)

|ASSETS                                                                        |            
|----------------------------------------------------------------------------- | -----------
|Cash and cash equivalents (Note 2)                                            | $ 41,079   
|Restricted cash (Notes 2 and 4)                                               | 17,473     
|Finance receivables -net of allowance for credit losses (Notes 2, 5, 6 and 7) | 1,013,188  
|Interest receivable                                                           | 5,325      
|Other assets (Notes 2 and 4)                                                  | 822        
|Total assets                                                                  | $ 1,077,887
|                                                                              |            
|                                                                              |            
|LIABILITIES                                                                   |            
|Notes payable (Notes 3, 5 and 6)                                              | $ 993,271  
|Servicing fee payable (Notes 2 and 3)                                         | 890        
|Interest payable                                                              | 1,748      
|Reimbursement of unpaid advance to Servicer (Notes 2 and 3)                   | 509        
|Interest advance payable to Seller (Note 5)                                   | 3,457      
|Due to Seller and noteholders (Notes 2 and 4)                                 | 18,270     
|Total liabilities                                                             | 1,018,145  
|                                                                              |            
|NET ASSETS HELD IN TRUST                                                      |            
|Certificates (Notes 1, 3, 5 and 6)                                            | 49,669     
|Retained earnings                                                             | 10,073     
|Total net assets held in trust                                                | 59,742     
|                                                                              |            
|TOTAL LIABILITIES AND NET ASSETS HELD IN TRUST                                | $ 1,077,887

See accompanying notes to financial statements.

F-3



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NISSAN AUTO RECEIVABLES 2001-C OWNER TRUST
STATEMENT OF INCOME
Period from August 30, 2001 (commencement of operations) through March 31, 2002
(Dollars in Thousands)

|INCOME                                                          |         
|--------------------------------------------------------------- | --------
|Interest from finance receivables (Notes 2 and 5)               | $ 44,368
|Interest from yield supplement and collection accounts (Note 4) | 567     
|Total income                                                    | 44,935  
|                                                                |         
|EXPENSES                                                        |         
|Interest on notes (Note 5)                                      | 26,956  
|Servicing fee (Notes 2 and 5)                                   | 7,906   
|Total expenses                                                  | 34,862  
|                                                                |         
|NET INCOME                                                      | $ 10,073

See accompanying notes to financial statements.

F-4



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NISSAN AUTO RECEIVABLES 2001-C OWNER TRUST
STATEMENT OF CHANGES IN NET ASSETS HELD IN TRUST
Period from August 30, 2001 (commencement of operations) through March 31, 2002
(Dollars in Thousands)

|                                           | Certificates | RetainedEarnings | Total   
|------------------------------------------ | ------------ | ---------------- | --------
|                                           |              |                  |         
|Issuance of certificates                   | $ 49,669     | $ -              | $ 49,669
|                                           |              |                  |         
|Net income                                 |              | 10,073           | 10,073  
|                                           |              |                  |         
|Net assets held in Trust at March 31, 2002 | $ 49,669     | $ 10,073         | $ 59,742

See accompanying notes to financial statements.

F-5



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NISSAN AUTO RECEIVABLES 2001-C OWNER TRUST
STATEMENT OF CASH FLOWS
Period from August 30, 2001 (commencement of operations) through March 31, 2002
(Dollars in Thousands)

|CASH FLOWS FROM (USED BY) OPERATING ACTIVITIES                                                                                    |            
|--------------------------------------------------------------------------------------------------------------------------------- | -----------
|Net income                                                                                                                        | $ 10,073   
|Adjustments to reconcile net income to net cash provided by operating activities:                                                 |            
|Changes in operating assets and liabilities:                                                                                      |            
|Increase in servicing fee payable                                                                                                 | 890        
|Increase in interest advance payable to Seller                                                                                    | 3,457      
|Increase in reimbursement of unpaid advance to servicer                                                                           | 509        
|Decrease in due to Seller and noteholders                                                                                         | (10,526)   
|Decrease in other assets                                                                                                          | 4,271      
|Decrease in restricted cash                                                                                                       | 6,230      
|Increase in interest receivable                                                                                                   | (5,325)    
|Increase in interest payable                                                                                                      | 1,748      
|Net cash provided by operating activities                                                                                         | 11,327     
|                                                                                                                                  |            
|CASH FLOWS FROM (USED BY) INVESTING ACTIVITIES                                                                                    |            
|Purchase of finance receivables                                                                                                   | (1,225,250)
|Principal payments received from finance receivables                                                                              | 261,731    
|Net cash used in investing activities                                                                                             | (963,519)  
|                                                                                                                                  |            
|CASH FLOWS FROM (USED BY) FINANCING ACTIVITIES                                                                                    |            
|Principal payments to noteholders                                                                                                 | (231,979)  
|Proceeds from issuance of notes                                                                                                   | 1,225,250  
|Net cash provided by financing activities                                                                                         | 993,271    
|                                                                                                                                  |            
|CASH AND CASH EQUIVALENTS AT MARCH 31, 2002                                                                                       | $ 41,079   
|Supplemental disclosure of cash flow information -                                                                                |            
|Cash paid for interest                                                                                                            | $ 25,208   
|                                                                                                                                  |            
|Supplemental schedule of non-cash investing and financing activities -                                                            |            
|Contribution of finance receivables, restricted cash and other assets by Seller not reflected in cash activities were as follows: |            
|Finance receivables                                                                                                               | $ (74,751) 
|Allowance for credit losses                                                                                                       | 25,082     
|Certificates (principal balance of $74,751)                                                                                       | $ 49,669   
|Restricted cash                                                                                                                   | $ (23,703) 
|Other assets                                                                                                                      | $ (5,093)  
|Due to Seller and noteholders                                                                                                     | $ 28,796   

See accompanying notes to financial statements.

F-6



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NISSAN AUTO RECEIVABLES 2001-C OWNER TRUST
NOTES TO FINANCIAL STATEMENTS
Period from August 30, 2001 (commencement of operations) through March 31, 2002
(Dollars in thousands)

1.	GENERAL INFORMATION

The Nissan Auto Receivables 2001-C Owner Trust (the "Trust"), a Delaware business trust, was created pursuant to the Trust Agreement, dated as of February 20, 2001, as amended by the Amended and Restated Trust Agreement, dated as of August 30, 2001, by and between Nissan Auto Receivables Corporation II ("NARC II"), as depositor, and Wilmington Trust Company, as owner trustee (the "Owner Trustee"). The Trust, NARC II, as seller (the "Seller"), and Nissan Motor Acceptance Corporation ("NMAC" or the "Servicer"), as servicer, entered into a Sale and Servicing Agreement, dated as of August 30, 2001 (the "Sale and Servicing Agreement"), pursuant to which motor vehicle retail installment sales contracts (the "Receivables") and related property were transferred to the Trust.

On August 30, 2001, the Trust, pursuant to the Indenture, dated as of August 30, 2001, between the Trust, as issuer, and Wells Fargo Bank Minnesota, National Association, as indenture trustee, (the "Indenture"), and pursuant to the Sale and Servicing Agreement, issued the following note 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 $1,225,250 were sold to J.P. Morgan Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Salomon Smith Barney Inc., ABN AMRO Incorporated, SG Cowen Securities Corporation and The Williams Capital Group, L.P., as underwriters (the "Underwriters"), pursuant to an Underwriting Agreement, dated August 23, 2001 (the "Underwriting Agreement"), by and among NARC II, NMAC and J.P. Morgan Securities Inc., on behalf of itself and as representative of the Underwriters. The Notes were registered pursuant to the Securities Act of 1933, as amended, under a Registration Statement on Form S-3. The Trust also issued Certificates with an aggregate principal balance of $74,751 that were retained by NARC II. The Certificates represent fractional undivided interests in the Trust. The Trust will not make any distributions on the Certificates until all current interest and principal of the Notes have been paid in full (see notes 3, 5 and 6).

The parent of the Seller, NMAC, services the Receivables pursuant to the Sale and Servicing Agreement and is compensated for acting as the Servicer. In order to facilitate its servicing functions and minimize administrative burdens and expenses, NMAC retains physical possession of the documents relating to the Receivables as custodian for the Trust. NMAC, as the Servicer, or any successor of the Servicer may purchase the Receivables when the Pool Balance has declined to 10% or less of the Original Pool Balance. 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 in accordance with accounting principles generally accepted in the United States of America 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. The cash and cash equivalents in the collection account represent payments received by the Servicer during March 2002.

Restricted cash - Restricted cash consists of amounts that are held for the benefit of Class A noteholders by the Trust to adjust the yield of the Receivables to the Trust (see note 4).

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 6.28% and a weighted-average maturity of 46 months at March 31, 2002. An allowance for credit losses on finance receivables is established based primarily on historical losses experience and is maintained in an amount considered by management to be appropriate in relation to the amount of the receivables outstanding. Recoveries are credited to the allowance for credit losses. The portion of the receivable considered to be uncollectible is charged to the allowance when the uncollectible amount has been determined.

Other assets - Other assets consist of the present value of all monthly base rent payments from certain vehicle lease contracts that were pledged by NARC II (see note 4).

Servicing fee - The servicing fee is calculated as one-twelfth of 1% of the aggregate principal balance of the Receivables as of the close of business on the last day of the immediately preceding calendar month and is recorded on a monthly basis. The amount of servicing fee for the period ended March 31, 2002 amounted to $7,906, of which $890 is included in servicing fee payable at March 31, 2002.

Advance - The Servicer is required to advance payment amounts that are delinquent but deemed collectible.

Due to Seller and noteholders - The balance due to Seller and noteholders consists of amount due to noteholders and the Seller resulting from the initial contribution of the yield supplement account and other assets by the Seller (see Note 4).

Fair value of financial instruments - Cash and cash equivalents, restricted cash, interest receivable, other assets, and all payables approximate fair value due to the short-term maturities of these instruments. The fair value of the finance receivables was $1,019,028 and was estimated by discounting the future cash flows using current market discount rates, historical prepayment and credit loss history. The combined fair value of the notes payable was $997,801 and was determined from third party quotes.

3.	PRIORITIES OF DISTRIBUTIONS

The total collections received by the Trust are distributed in the following priority:

Reimbursement of unpaid advance
Servicing fee to Seller
Class A-1, Class A-2, Class A-3 and Class A-4 interest on a pro rata basis
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 (until the amount on deposit in the reserve account equals a specified reserve account 
balance as set forth in the Sale and Servicing Agreement) 
Certificate Class principal
Excess amounts to Seller

If 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.

4.	RESTRICTED CASH AND OTHER ASSETS

The Sale and Servicing Agreement requires the Owner Trustee to set up a Yield Supplement Account ("YSA"), 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 interest rate on the Class A-4 Note of 4.8000%, plus the 1% servicing rate (the "Required Rate"). Amounts in the YSA, which are released to the Trust on a monthly basis, are calculated as one-twelfth times the difference between the yield of the Receivables and the Required Rate.

On the closing date, the Seller made a contribution to the Trust by depositing $23,703 in cash into the YSA. This contribution was the amount that was estimated to be required to be withdrawn from the YSA on subsequent distribution dates in accordance with the provisions of the preceding paragraph. The amount in the YSA at March 31, 2002 was $17,449 and is included in "Restricted cash" in the accompanying balance sheet. The total amount of interest earned on the YSA amounted to $272 for the period ended March 31, 2002.

In addition, the Seller assigned all monthly base payments from a number of vehicle lease contracts to the Trust, and such rental payments have been deposited into the YSA on each distribution date. The total of such deposits was $4,271 for the period ended March 31, 2002. The remaining value of the rental payments from these assigned vehicle lease contracts at March 31, 2002 was $822, and is included in "Other assets" in the accompanying balance sheet.

1. NOTES PAYABLE

Principal (including prepayments) is passed through on each distribution date, commencing on September 17, 2001. 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 prospectus supplement, commencing on September 17, 2001, at a rate of 3.4450% per annum for the Class A-1 Notes, at a rate of 3.7700% for the Class A-2 Notes, at a rate of 4.3100% per annum for the Class A-3 Notes and at a rate of 4.8000% per annum for the Class A-4 Notes. 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 Sale and Servicing Agreement.

The "as-of" date of the finance receivables was July 31, 2001. Principal payments passed through on September 17, 2001 included principal payments for the period August 1, 2001 to August 31, 2001. Interest collected for the period prior to August 1, 2001 was distributed to the Seller.

Payments to the Servicer, Class A noteholders and the Seller for the period from September 17, 2001 through April 15, 2002 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
|--------------------------------------------- | ------------- | ----------------------------- | --------------------------- | ------------------------------------------------------ | --------------------------
|Servicer                                      |               |                               |                             |                                                        |                           
|Distributed                                   | $ 7,016       |                               |                             |                                                        |                           
|Distribution to be paid                       | 890           |                               |                             |                                                        |                           
|                                              |               |                               |                             |                                                        |                           
|Class A-1 noteholders                         |               |                               |                             |                                                        |                           
|Distributed                                   |               | $ 3,622                       | $ 226,151                   | $ 5,827                                                |                           
|Distribution to be paid                       |               | 187                           | 35,580                      | 714                                                    |                           
|                                              |               |                               |                             |                                                        |                           
|Class A-2 noteholders                         |               |                               |                             |                                                        |                           
|Distributed                                   |               | 6,629                         |                             |                                                        |                           
|Distribution to be paid                       |               | 1,015                         |                             |                                                        |                           
|Class A-3 noteholders                         |               |                               |                             |                                                        |                           
|Distributed                                   |               | 8,049                         |                             |                                                        |                           
|Distribution to be paid                       |               | 1,232                         |                             |                                                        |                           
|                                              |               |                               |                             |                                                        |                           
|Class A-4 noteholders                         |               |                               |                             |                                                        |                           
|Distributed                                   |               | 6,906                         |                             |                                                        |                           
|Distribution to be paid                       |               | 1,057                         |                             |                                                        |                           
|                                              |               |                               |                             |                                                        |                           
|Seller                                        |               |                               |                             |                                                        |                           
|Amounts distributed to Seller                 |               |                               |                             |                                                        | $ 10,525                  
|Interest advance amounts reimbursed to Seller |               |                               |                             |                                                        | 6,757                     
|Amounts to be paid to Seller                  |               |                               |                             |                                                        | 1,103                     
|Total amounts distributed
and to be paid      | $ 7,906       | $ 28,697                      | $ 261,731                   | $ 6,541                                                | $ 18,385                  

Notes payable consist of the following as of March 31, 2002:

|Class A-1 notes bearing interest at 3.4455% due September 16, 2003 | $63,021  
|------------------------------------------------------------------ | ---------
|Class A-2 notes bearing interest at 3.7700% due February 17, 2004  | 323,000  
|Class A-3 notes bearing interest at 4.3100% due May 16, 2005       | 343,000  
|Class A-4 notes bearing interest at 4.8000% due February 15, 2007  | 264,250  
|Total notes payable                                                | $ 993,271

As of March 31, 2002, scheduled maturities of notes payable in fiscal years ending March 31 are as follows: $63,021 (2003), $323,000 (2004), $0 (2005), $343,000 (2006), and $264,250 (2007).

6.	CREDIT ENHANCEMENT

To protect all Class A noteholders, the Sale and Servicing Agreement requires the Seller to set up a reserve account, which is a separate account for the benefit of the Class A noteholders. The initial deposit required and made by the Seller amounted to $9,750. Additionally, if certain loss and/or delinquency ratios rise above set limits, the amount required to be deposited in the reserve will be increased to a level specified in the Sale and Servicing Agreement. The reserve amount at March 31, 2002 was $9,750. Such reserve account is held by the Seller as a restricted cash balance.

The Seller will receive no distributions in the event the loss and/or delinquency ratios are above the previously established limits for three consecutive months and the amount held in the reserve account is below the level specified in the prospectus supplement. At March 31, 2002, such loss and delinquency ratios were below such limits.

7.	ALLOWANCE FOR CREDIT LOSSES

The following is a summary of the allowance for credit losses on the finance receivables for the period ended March 31, 2002:

|Beginning Balance | 25,082  
|----------------- | --------
|Less: Write-offs  | (10,123)
|Add: Recoveries   | 3,582   
|Ending Balance    | 18,541  

8.	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 holder of a pro rata portion of the indebtedness of the Trust. The certificateholder is treated as the holder of an undivided ownership interest in the Trust.



F-7

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