**Exhibit 99.1**
| "Regular" Distribution Period: |       |                             |   |                                |
|------------------------------------------|------------|----------------------------------|--------|-------------------------------------|
| May 15, 2004 to January 15, 2005         | ** ** | **Yamaha  Motor Master Trust**   |   | Annual Collection  Period :         |
| "Actual" Distribution Period:  | ** ** | **Aggregate  Servicer's Report** |   | April 1, 2004 to  December 31, 2004 |
| May 17, 2004 to January 15, 2005         |       |                             |   |                                |
|                                     |       |                             |   |                                |

 
| ** **                                                                           | ** ** | ** **       | ** ** |
|--------------------------------------------------------------------------------------|------------|------------------|------------|
| **(i)Aggregate  Pool Balance**                                                       | ** ** | ** **       | ** ** |
|                                                                                 |       |             |       |
| Aggregate Pool  Balance as of the beginning of the nine Preceding Collection Periods |       | 856,743,984.55   |       |
| Collections other  than finance charges, cash Adjustment Payments                    |       | 2,067,586,481.75 |       |
| Other Reductions  to Pool Balance                                                    |       | 6,363,353.23     |       |
| Additional  Receivables                                                              |       | 2,016,793,453.83 |       |
| Aggregate Pool  Balance as of the end of the nine Preceding Collection Periods       |       | 799,587,603.40   |       |

 
| ** **                                                          | ** ** | ** **       | ** ** |
|---------------------------------------------------------------------|------------|------------------|------------|
| **(ii)Aggregate  Trust Collections**                                | ** ** | ** **       | ** ** |
|                                                                |       |             |       |
| Collections other  than finance charges, cash Adjustment Payments . |       | 2,067,586,481.75 |       |
| Yield Collections                                                   |       | 104,557,119.56   |       |
| Principal  Collections...                                           |       | 1,963,029,362.19 |       |

 
| **(iii)Total  Amount Distributed to Investors**                                          | ** ** | ** **         | ** ** | ** **         | ** ** | ** **         | ** ** | ** **     | ** ** |
|------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|----------------|------------|
|                                                                                     |       | **Series  1999-1** | ** ** | **Series  2000-1** | ** ** | **Series  1998-1** |       | **Aggregate**  |       |
|                                                                                     |       |               |       |               |       |               |       |           |       |
| Class A amount  distributed to Investors                                                 |       | 67,124,166.66      |       | 2,489,748.13       |       | 2,943,722.39       |       | 72,557,637.18  |       |
| Class B amount  distributed to Investors                                                 |       | 14,092,677.03      |       | 215,492.51         |       | 523,819.22         |       | 14,831,988.76  |       |
| Class C amount  distributed to Investors                                                 |       | 19,964,750.63      |       | 305,281.04         |       | 0.00               |       | 20,270,031.67  |       |
|                                                                                     |       |               |       |               |       |               |       |           |       |
| **(iv)Total  Principal Distributed to Investors**                                        | ** ** | ** **         | ** ** | ** **         | ** ** | ** **         | ** ** | ** **     | ** ** |
| ** **                                                                               | ** ** | **Series  1999-1** | ** ** | **Series  2000-1** | ** ** | **Series  1998-1** | ** ** | **Aggregate**  | ** ** |
|                                                                                     |       |               |       |               |       |               |       |           |       |
| Class A amount  distributed to Investors                                                 |       | 66,666,666.66      |       | 0.00               |       | 0.00               |       | 66,666,666.66  |       |
| Class B amount  distributed to Investors                                                 |       | 14,035,000.00      |       | 0.00               |       | 0.00               |       | 14,035,000.00  |       |
| Class C amount  distributed to Investors                                                 |       | 19,883,041.00      |       | 0.00               |       | 0.00               |       | 19,883,041.00  |       |
| Class A amount  funded by Investors                                                      |       | 0.00               |       | 0.00               |       | (74,500,000.00     | )          | (74,500,000.00 | )          |
| Class B amount  funded by Investors                                                      |       | 0.00               |       | 0.00               |       | (9,680,790.96      | )          | (9,680,790.96  | )          |
| Class C amount  funded by Investors                                                      |       | 0.00               |       | 0.00               |       | 0.00               |       | 0.00           |       |
| Total Principal  Distributed to / (Funded by) Investors.                                 |       | 100,584,707.66     |       | 0.00               |       | (84,180,790.96     | )          | 16,403,916.70  |       |
|                                                                                     |       |               |       |               |       |               |       |           |       |
| **(v)Total  Interest Distributed to Investors**                                          |       |               |       |               |       |               |       |           |       |
|                                                                                     |       | **Series  1999-1** | ** ** | **Series  2000-1** | ** ** | **Series  1998-1** |       | **Aggregate**  |       |
|                                                                                     |       |               |       |               |       |               |       |           |       |
| Class A amount  distributed to Investors                                                 |       | 457,500.00         |       | 2,489,748.13       |       | 2,943,722.39       |       | 5,890,970.52   |       |
| Class B amount  distributed to Investors                                                 |       | 57,677.03          |       | 215,492.51         |       | 523,819.22         |       | 796,988.76     |       |
| Class C amount  distributed to Investors                                                 |       | 81,709.63          |       | 305,281.04         |       | 0.00               |       | 386,990.67     |       |
| Total Interest  Distributed to Investors.                                                |       | 596,886.66         |       | 3,010,521.68       |       | 3,467,541.61       |       | 7,074,949.95   |       |
|                                                                                     |       |               |       |               |       |               |       |           |       |
| **(vi)Investor  Default Amount Allocated during the period 4/1/04 through 12/31/04**     | ** ** | ** **         | ** ** | ** **         | ** ** | ** **         | ** ** | ** **     | ** ** |
| ** **                                                                               | ** ** | **Series  1999-1** | ** ** | **Series  2000-1** | ** ** | **Series  1998-1** | ** ** | **Aggregate**  | ** ** |
|                                                                                     |       |               |       |               |       |               |       |           |       |
| Aggregate Monthly  Defaulted Receivables                                                 |       | 890.85             |       | 60,910.39          |       | 86,031.62          |       | 147,832.86     |       |
| Aggregate Monthly  Recoveries                                                            |       | (767.72            | )          | (31,407.89         | )          | (44,360.78         | )          | (76,536.39     | )          |
|                                                                                     |       |               |       |               |       |               |       |           |       |
| Aggregate  Defaulted Receivables net of Recoveries                                       |       | 123.13             |       | 29,502.50          |       | 41,670.84          |       | 71,296.47      |       |
|                                                                                     |       |               |       |               |       |               |       |           |       |
| **(vii)Aggregate  Monthly Servicing Fee Paid during the period 4/1/04 through 12/31/04** | ** ** | ** **         | ** ** | ** **         | ** ** | ** **         | ** ** | ** **     | ** ** |
| ** **                                                                               | ** ** | **Series  1999-1** | ** ** | **Series  2000-1** | ** ** | **Series  1998-1** | ** ** | **Aggregate**  | ** ** |
|                                                                                     |       |               |       |               |       |               |       |           |       |
| Aggregate Monthly  Servicing Fee Due                                                     |       | 836,256.87         |       | 2,999,999.97       |       | 4,096,986.79       |       | 7,933,243.63   |       |

 

----

 
| **(viii)Invested  Amount as of 4/1/04**                                                                                                     | ** ** | ** **         | ** ** | ** **         | ** ** | ** **         | ** ** | ** **     | ** ** |
|---------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------|------------|--------------------|------------|--------------------|------------|----------------|------------|
| ** **                                                                                                                                  | ** ** | **Series  1999-1** | ** ** | **Series  2000-1** | ** ** | **Series  1998-1** | ** ** | **Aggregate**  | ** ** |
|                                                                                                                                        |       |               |       |               |       |               |       |           |       |
| Class A Invested  Amount                                                                                                                    |       | 200,000,000.00     |       | 171,000,000.00     |       | 175,500,000.00     |       | 546,500,000.00 |       |
| Class B Invested  Amount                                                                                                                    |       | 14,035,000.00      |       | 12,000,000.00      |       | 22,805,084.75      |       | 48,840,084.75  |       |
| Class C Invested  Amount                                                                                                                    |       | 19,883,041.00      |       | 17,000,000.00      |       | —             |       | 36,883,041.00  |       |
| Aggregate  Invested Amount                                                                                                                  |       | 233,918,041.00     |       | 200,000,000.00     |       | 198,305,084.75     |       | 632,223,125.75 |       |
|                                                                                                                                        |       |               |       |               |       |               |       |           |       |
| Class A Principal  Funding Account or Capitalized Interest Account (series 1998-A)                                                          |       | 133,333,333.33     |       | 0.00               |       | 1,166,667.00       |       | 134,500,000.33 |       |
|                                                                                                                                        |       |               |       |               |       |               |       |           |       |
| Adjusted Invested  Amount                                                                                                                   |       | 100,584,707.67     |       | 200,000,000.00     |       | 197,138,417.75     |       | 497,723,125.42 |       |
|                                                                                                                                        |       |               |       |               |       |               |       |           |       |
| **(ix)Invested  Amount as of 12/31/04**                                                                                                     | ** ** | ** **         | ** ** | ** **         | ** ** | ** **         | ** ** | ** **     | ** ** |
| ** **                                                                                                                                  | ** ** | **Series  1999-1** | ** ** | **Series  2000-1** | ** ** | **Series  1998-1** | ** ** | **Aggregate**  | ** ** |
|                                                                                                                                        |       |               |       |               |       |               |       |           |       |
| Class A Invested  Amount                                                                                                                    |       | 0.00               |       | 171,000,000.00     |       | 250,000,000.00     |       | 421,000,000.00 |       |
| Class B Invested  Amount                                                                                                                    |       | 0.00               |       | 12,000,000.00      |       | 32,485,875.71      |       | 44,485,875.71  |       |
| Class C Invested  Amount                                                                                                                    |       | 0.00               |       | 17,000,000.00      |       | —             |       | 17,000,000.00  |       |
| Aggregate  Invested Amount                                                                                                                  |       | 0.00               |       | 200,000,000.00     |       | 282,485,875.71     |       | 482,485,875.71 |       |
|                                                                                                                                        |       |               |       |               |       |               |       |           |       |
| Class A Principal  Funding Account or Capitalized Interest Account (series 1998-A)                                                          |       | 0.00               |       | 0.00               |       | 1,666,666.67       |       | 1,666,666.67   |       |
|                                                                                                                                        |       |               |       |               |       |               |       |           |       |
| Adjusted Invested  Amount                                                                                                                   |       | 0.00               |       | 200,000,000.00     |       | 280,819,209.04     |       | 480,819,209.04 |       |
| Note that the  Series 1999-1, Class A, B and C were paid off in full on June 15, 2004, July  15, 2004 and July 15, 2004, respectively. |       |               |       |               |       |               |       |           |
|                                                                                                                                        |       |               |       |               |       |               |       |           |
| **(x)Series  Factor as of 4/1/04**                                                                                                          | ** ** | ** **         | ** ** | ** **         | ** ** | ** **         | ** ** |           |
| ** **                                                                                                                                  | ** ** | **Series  1999-1** | ** ** | **Series  2000-1** | ** ** | **Series  1998-1** | ** ** |           |
|                                                                                                                                        |       |               |       |               |       |               |       |           |
| Class A Pool  Factor.                                                                                                                       |       | 1.000000           |       | 1.000000           |       | —             |       |           |
| Class B Pool  Factor.                                                                                                                       |       | 1.000000           |       | 1.000000           |       | —             |       |           |
| Class C Pool  Factor                                                                                                                        |       | 1.000000           |       | 1.000000           |       | —             |       |           |
|                                                                                                                                        |       |               |       |               |       |               |       |           |
| **Series  Factor as of 12/31/04**                                                                                                           | ** ** | ** **         | ** ** | ** **         | ** ** | ** **         | ** ** |           |
| ** **                                                                                                                                  | ** ** | **Series  1999-1** | ** ** | **Series  2000-1** | ** ** | **Series  1998-1** | ** ** |           |
|                                                                                                                                        |       |               |       |               |       |               |       |           |
| Class A Pool  Factor.                                                                                                                       |       | —             |       | 1.000000           |       | —             |       |           |
| Class B Pool  Factor.                                                                                                                       |       | —             |       | 1.000000           |       | —             |       |           |
| Class C Pool  Factor                                                                                                                        |       | —             |       | 1.000000           |       | —             |       |           |
|                                                                                                                                        |       |               |       |               |       |               |       |           |
| **(xi)Yield  Factor applicable with Respect to Collection Periods**                                                                         | ** ** | ** **         | ** ** |               |
| During the period  April 1, 2004 to June 30, 2004                                                                                           |       | 1.75               | %          |               |
| During the period  July 1, 2004 to December 31, 2004                                                                                        |       | 1.50               | %          |               |
|                                                                                                                                        |       |               |       |               |
| **(xii)Aggregate  Collections of Receivables Comprised of Interest, Fees and**                                                              | ** ** | ** **         | ** ** |               |
| **Service  Charges collected from Dealers**                                                                                                 |       | 22,877,408.95      |       |               |
|                                                                                                                                        |       |               |       |               |
| **(xiii)Early  Amortization Event ?**                                                                                                       | ** ** | ** **         | ** ** |               |
|                                                                                                                                        |       |               |       |               |
| Series 2000-1                                                                                                                               |       | NO                 |       |               |
|                                                                                                                                        |       |               |       |               |
| **(xiv)Dealers  with Receivables exceeding 1% of the Pool Balance as of**                                                                   | ** ** | ** **         | ** ** |               |
| **12/31/04**                                                                                                                                |       | 0.00               |       |               |
|                                                                                                                                        |       |               |       |               |

 

 

| NAME:  |   | /S/ Takuya Watanabe                             |
|--------|--------|-------------------------------------------------|
|   |   |                                            |
| TITLE: |   | Senior Vice President & Secretary/Treasurer |

 

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