Exhibit 99.3

Report of Independent Accountants

To
the Board of Directors and Shareholder of
Yamaha Motor Corporation, U.S.A.

We
have examined management's assertion, included in the accompanying Management Report, that Yamaha Motor Corporation, U.S.A. has complied in all material respects with the servicing
and administration requirements of Sections 3.1(b), 3.2, 3.4, 3.5, 3.6(b), 3.8, Article IV and Section 8.8 of the Amended and Restated Master Pooling and Servicing Agreement dated
May 1, 1999 and the applicable sections of the related Supplements to the Amended and Restated Master Pooling and Servicing Agreement, between Yamaha Motor Corporation, U.S.A. and Yamaha Motor
Receivables Corporation for the year ended March 31, 2003. Management is responsible for Yamaha Motor Corporation, U.S.A.'s compliance with those requirements. Our responsibility is to express
an opinion on management's assertion about Yamaha Motor Corporation, U.S.A.'s compliance based on our examination.

Our
examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a
test basis, evidence about Yamaha Motor Corporation, U.S.A.'s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that
our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on Yamaha Motor Corporation, U.S.A.'s compliance with the specified requirements.

In
our opinion, management's assertion that Yamaha Motor Corporation, U.S.A. complied with the aforementioned requirements during the year ended March 31, 2003 is fairly stated,
in all material respects.

| |  | /s/ PricewaterhouseCoopers LLP
| |  | ------------------------------

Orange
County, California
May 31, 2003

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Management's Report on Yamaha Motor Corporation, U.S.A.'s Compliance, as Servicer, with the Servicing and Administration Requirements of the Amended and Restated Master Pooling
and Servicing Agreement dated May 1, 1999 and, the related Supplements to the Amended and Restated Master Pooling and Servicing Agreement between Yamaha Motor Corporation, U.S.A. and Yamaha
Motor Receivables Corporation

Management
of Yamaha Motor Corporation, U.S.A. is responsible, as Servicer, for compliance with the servicing and administration requirements of Sections 3.1(b), 3.2, 3.4, 3.5, 3.6, 3.8,
Article IV and Section 8.8 of Amended and Restated Master Pooling and Servicing Agreement dated May 1, 1999 and, the applicable sections of the related Supplements to the Amended
and Restated Master Pooling and Servicing Agreement, between Yamaha Motor Corporation, U.S.A. and Yamaha Motor Receivables Corporation.

Management
has performed an evaluation of Yamaha Motor Corporation, U.S.A.'s compliance with Sections 3.1(b), 3.2, 3.4, 3.5, 3.6(b), 3.8, Article IV and Section 8.8 of the
Master Pooling and Servicing Agreement and the applicable sections of the related Supplements for the year ended March 31, 2003. Based upon this evaluation, management believes that Yamaha
Motor Corporation, U.S.A., as Servicer, has complied in all material respects with the aforementioned sections of the Master Pooling and Servicing Agreement and the applicable sections of the related
Supplements for the year ended March 31, 2003.

|/s/TAKUYA WATANABETakuya Watanabe
Senior Vice President & Secretary/Treasurer
May 31, 2003 |  | 
|------------------------------------------------------------------------------------------ |  | 
|/s/RUSSELL JURARussell Jura
Senior Vice President
May 31, 2003                             |  | 

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