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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                               -------------------
                                   FORM 10-K/A
                                (AMENDMENT NO. 1)

                               -------------------

                                  ANNUAL REPORT
                        PURSUANT TO SECTIONS 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

(Mark One)

[X]    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
       EXCHANGE ACT OF 1934

                    For the fiscal year ended March 31, 2006

                                       OR

[ ]    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
       EXCHANGE ACT OF 1934

                 For the transition period from ______ to _____

                               -------------------
                                  333-132320-01
                   (COMMISSION FILE NUMBER OF ISSUING ENTITY)
                    HONDA AUTO RECEIVABLES 2006-1 OWNER TRUST
             (EXACT NAME OF ISSUING ENTITY SPECIFIED IN ITS CHARTER)

                                   333-132320
                      (COMMISSION FILE NUMBER OF DEPOSITOR)
                        AMERICAN HONDA RECEIVABLES CORP.
              (EXACT NAME OF DEPOSITOR AS SPECIFIED IN ITS CHARTER)

                       AMERICAN HONDA FINANCE CORPORATION
               (EXACT NAME OF SPONSOR AS SPECIFIED IN ITS CHARTER)

             DELAWARE                                    20-6860465
 (STATE OR OTHER JURISDICTION  OF            (I.R.S EMPLOYER IDENTIFICATION NO.)
ORGANIZATION OF THE ISSUING ENTITY)

       C/O AMERICAN HONDA RECEIVABLES CORP.
              20800 MADRONA AVENUE
                  TORRANCE, CA                                           90503
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES OF THE                        (ZIP CODE)
             ISSUING ENTITY)

                                 (310) 972-2511
                     (TELEPHONE NUMBER, INCLUDING AREA CODE)

================================================================================

          Securities registered pursuant to Section 12(b) of the Act:

 Title of Each Class                 Name of Each Exchange on Which Registered
 -------------------                 -----------------------------------------
       None                                            None

          Securities registered pursuant to Section 12(g) of the Act:

                                      None

Indicate by check mark if the registrant is a well-known seasoned issuer, as
defined in Rule 405 of the Securities Act. Yes [ ] No [X]

Indicate by check mark if the registrant is not required to file reports
pursuant to Section 13 or Section 15(d) of the Act. Yes [ ] No [X]

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 of 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 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]

Indicate by check mark whether the registrant is a large accelerated filer, an
accelerated filer, or a non-accelerated filer. See definition of "accelerated
filer and large accelerated filer" in Rule 12b-2 of the Exchange Act. (Check
one):

Large Accelerated Filer [ ]    Accelerated Filer [ ]   Non-Accelerated Filer [X]

Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act). Yes [ ] No [X]

Registrant has no voting or non-voting class of common equity outstanding and
held by nonaffiliates as of the date of this report.

                                       2

                                EXPLANATORY NOTE

Honda Auto Receivables 2006-1 Owner Trust is filing this Amendment No. 1 on Form
10-K/A to its Form 10-K for the year ended March 31, 2006 to amend Item 1122 of
Regulation AB and to include as an exhibit the attestation report (the
"Attestation Report") of Ernst & Young LLP ("E&Y"), the accountants representing
FDI Consulting, Inc. dba FDI Collateral Management ("FDI"), with respect to the
assessment of compliance with servicing criteria applicable to FDI (the "FDI
Servicer Report"), prepared by FDI. At the time of filing the Form 10-K on June
29, 2006, E&Y was unable to provide the registrant with a copy of the
Attestation Report. So as not to delay the filing of the Form 10-K, the
registrant filed the Form 10-K without including the Attestation Report (which
exclusion was disclosed in accordance with Item 1122 of Regulation AB).

This Form 10-K/A does not otherwise amend the Form 10-K.

PART III

ITEM 1122 OF REGULATION AB. COMPLIANCE WITH APPLICABLE SERVICING CRITERIA.

The Sponsor (in its role as servicer), the Indenture Trustee and FDI
(collectively, the "Servicing Parties") have each been identified by the
registrant as parties participating in the servicing function with respect to
the asset pool held by the Trust. Each of the Servicing Parties has completed a
report on an assessment of compliance with the servicing criteria applicable to
it (each, a "Servicing Report"), which Servicing Reports are attached as
exhibits to this Form 10-K. In addition, each of the Servicing Parties has
provided an attestation report (each, an "Attestation Report") by one or more
registered public accounting firms, which reports are also attached as exhibits
to this Form 10-K. Neither of the Servicing Reports prepared by the Indenture
Trustee or FDI, or the corresponding Attestation Reports, has identified any
material instance of noncompliance with the servicing criteria applicable to the
respective Servicing Party.

The Servicing Report prepared by the Sponsor and the related Attestation Report
have identified two material instances of noncompliance with the servicing
criteria applicable to the Sponsor. Specifically, the Sponsor had not, as of and
for the four-day period ended March 31, 2006, instituted policies and procedures
to monitor any performance or other triggers and events of default in accordance
with the transaction agreements or to monitor third-party performance and
compliance with servicing activities. Except for these two material instances of
noncompliance, neither the Servicing Report prepared by the Sponsor nor the
related Attestation Report has identified any material instance of noncompliance
with the servicing criteria applicable to the Sponsor.

PART IV

ITEM 15. EXHIBITS.

The exhibits listed below are either included or incorporated by reference as
indicated:

Exhibit 3.1 - Articles of Incorporation of the Depositor, as last amended on
July 31, 2003 and filed with the secretary of state of California on August 12,
2003.*

Exhibit 3.2 - Amended and Restated By-laws of the Depositor, in effect since
April 1, 2004.*

Exhibit 4.1 - Indenture, dated as of March 1, 2006, between Honda Auto
Receivables 2006-1 Owner Trust and JPMorgan Chase Bank, N.A., as indenture
trustee, incorporated by reference to exhibit 4.1 to Form 8-K dated March 28,
2006, and filed by the registrant on March 28, 2006.

Exhibit 4.2 - Amended and Restated Trust Agreement, dated March 28, 2006, among
American Honda Receivables Corp., Citibank, N.A., as owner trustee, and
Wilmington Trust Company, as Delaware Trustee, incorporated by reference to
exhibit 4.2 to Form 8-K dated March 28, 2006, and filed by the registrant on
March 28, 2006.

                                       3

Exhibit 31.1 - Certification of senior officer in charge of the servicing
function of the servicer pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.

Exhibit 33.1 - Report on Assessment of Compliance with Servicing Criteria for
Asset-Backed Securities of American Honda Finance Corporation.*

Exhibit 33.2 - Report on Assessment of Compliance with Servicing Criteria for
Asset-Backed Securities of JPMorgan Chase Bank, N.A.*

Exhibit 33.3 - Report on Assessment of Compliance with Servicing Criteria for
Asset-Backed Securities of FDI Computer Consulting, Inc., dba FDI Collateral
Management.*

Exhibit 34.1 - Attestation Report on Assessment of Compliance with Servicing
Criteria for Asset-Backed Securities of KPMG LLP, on behalf of American Honda
Finance Corporation.*

Exhibit 34.2 -Attestation Report on Assessment of Compliance with Servicing
Criteria for Asset-Backed Securities of PricewaterhouseCoopers LLP, on behalf of
JPMorgan Chase Bank, N.A.*

Exhibit 34.3 -Attestation Report on Assessment of Compliance with Servicing
Criteria for Asset-Backed Securities of Ernst & Young LLP, on behalf of FDI
Computer Consulting, Inc. dba FDI Collateral Management.

Exhibit 35.1 - Servicing Compliance Statement of American Honda Finance
Corporation.*

Exhibit 35.2 - Servicing Compliance Statement of FDI Computer Consulting, Inc.,
dba FDI Collateral Management.*

Exhibit 99.1 - Annual Servicer Report provided American Honda Finance
Corporation to holders of Notes and Certificates.*

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* Previously filed

                                       4

                                   SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                 HONDA AUTO RECEIVABLES 2006-1 OWNER TRUST

                                 BY:
                                 AMERICAN HONDA FINANCE CORPORATION, AS SERVICER

                                 By: /s/ Paul C. Honda
                                     -----------------------------------
                                     Paul C. Honda
                                     Assistant Vice President, Assistant
Date: June 30, 2006                  Secretary and Compliance Officer

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EXHIBIT INDEX

EXHIBIT          DESCRIPTION
-------          -----------

Exhibit 3.1      Articles of Incorporation of the Depositor, as last amended
                 on July 31, 2003 and filed with the secretary of state of
                 California on August 12, 2003.*

Exhibit 3.2      Amended and Restated By-laws of the Depositor, in effect since
                 April 1, 2004.*

Exhibit 4.1      Indenture, dated as of March 1, 2006, between Honda Auto
                 Receivables 2006-1 Owner Trust and JPMorgan Chase Bank, N.A.,
                 as indenture trustee, incorporated by reference to exhibit 4.1
                 to Form 8-K dated March 28, 2006, and filed by the registrant
                 on March 28, 2006.

Exhibit 4.2      Amended and Restated Trust Agreement, dated March 28, 2006,
                 among American Honda Receivables Corp., Citibank, N.A., as
                 owner trustee, and Wilmington Trust Company, as Delaware
                 Trustee, incorporated by reference to exhibit 4.2 to Form 8-K
                 dated March 28, 2006, and filed by the registrant on March 28,
                 2006.

Exhibit 31.1     Certification of senior officer in charge of the servicing
                 function of the servicer pursuant to Section 302 of the
                 Sarbanes-Oxley Act of 2002.

Exhibit 33.1     Report on Assessment of Compliance with Servicing Criteria for
                 Asset-Backed Securities of American Honda Finance Corporation.*

Exhibit 33.2     Report on Assessment of Compliance with Servicing Criteria for
                 Asset-Backed Securities of JPMorgan Chase Bank, N.A.*

Exhibit 33.3     Report on Assessment of Compliance with Servicing Criteria for
                 Asset-Backed Securities of FDI Computer Consulting, Inc., dba
                 FDI Collateral Management.*

Exhibit 34.1     Attestation Report on Assessment of Compliance with Servicing
                 Criteria for Asset-Backed Securities of KPMG LLP, on behalf of
                 American Honda Finance Corporation.*

Exhibit 34.2     Attestation Report on Assessment of Compliance with Servicing
                 Criteria for Asset-Backed Securities of PricewaterhouseCoopers
                 LLP.*

Exhibit 34.3     Attestation Report on Assessment of Compliance with Servicing
                 Criteria for Asset-Backed Securities of Ernst & Young LLP, on
                 behalf of FDI Computer Consulting, Inc. dba FDI Collateral
                 Management.

Exhibit 35.1     Servicing Compliance Statement of American Honda Finance
                 Corporation.*

                                       5

Exhibit 35.2     Servicing Compliance Statement of FDI Computer Consulting,
                 Inc., dba FDI Collateral Management.*

Exhibit 99.1     Annual Servicer Report provided American Honda Finance
                 Corporation to holders of Notes and Certificates.*

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* Previously filed
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