Exhibit 33.1

 

Management’s Assessment on Compliancewith SEC Regulation AB Criteria

 

Management of Hyundai Capital America (theCompany) is responsible for assessing compliance with the applicable servicing criteria set forth in Item 1122(d) of RegulationAB of the Securities and Exchange Commission relating to the servicing of auto receivable backed security transactions servicedby the Company and issued on or after January 1, 2006 (the Platform), except for servicing criteria 1122(d)(1)(iii)-(iv), 1122(d)(2)(iv),1122(d)(3)(iii)-(iv), 1122(d)(4)(ix)-(xiii), and 1122(d)(4)(xv), which the Company has determined are not applicable to the activitiesit performs with respect to the Platform (the Applicable Servicing Criteria) as of and for the year ended December 31, 2011 (theReporting Period). With respect to Applicable Servicing Criteria 1122(d)(2)(iii) and 1122(d)(4)(iii), there were no activitiesperformed during the year ended December 31, 2011 with respect to the Platform, because there were no occurrences of the eventsthat would require the Company to perform activities. Appendix A identifies the auto receivable backed security transactions definedby management as constituting the Platform.

 

With respect to servicing criteria1122(d)(2)(i) and 1122(d)(4)(iv), management has engaged various vendors to perform specific, limited or scripted activities requiredby these servicing criteria. The Company’s management has determined that these vendors are not considered a “Servicer”as defined in Item 1101(j) of Regulation AB, and the Company’s management has elected to take responsibility for assessingcompliance with the servicing criteria applicable to the vendors as permitted by Interpretation 17.06 of the SEC Division of CorporationFinance Manual of Publicly Available Telephone Interpretations (“Interpretation 17.06”). Management has policies andprocedures in place designed to provide reasonable assurance that the vendors’ activities comply in all material respectswith the servicing criteria applicable to the vendors. The Company’s management is solely responsible for determining thatit meets the SEC requirements to apply Interpretation 17.06 for the vendors and related criteria.

 

The Company’s management has assessedthe Company’s compliance with the applicable servicing criteria as of and for the year ended December 31, 2011. In makingthis assessment, management used the criteria set forth by the Securities and Exchange Commission in paragraph (d) of Item 1122of Regulation AB.

 

Based on such assessment, management believesthat, as of and for the year ended December 31, 2011, the Company has complied in all material respects with the servicing criteriaset forth in Item 1122(d) of Regulation AB of the Securities and Exchange Commission relating to the servicing of the Platform.

 

KPMG LLP, an independent registered publicaccounting firm, has issued an attestation report with respect to management’s assessment of compliance with the applicableservicing criteria as of and for the year ended December 31, 2011.

 

 

/s/         MINSOK RANDY PARK	              

Min Sok Randy Park

Chief Financial Officer

Date: March 20, 2012

Appendix A:

 

Hyundai Auto Receivables Trusts 2007-A

Hyundai Auto Receivables Trusts 2008-A

Hyundai Auto Receivables Trusts 2009-A

Hyundai Auto Receivables Trusts 2010-A

Hyundai Auto Receivables Trusts 2010-B

Hyundai Auto Receivables Trusts 2011-A

Hyundai Auto Receivables Trusts 2011-B

Hyundai Auto Receivables Trusts 2011-C