Exhibit 34.3







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REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM



To the Audit and Finance Committee
of the Board of Directors
UnionBanCal Corporation
San Francisco, California



We have examined management’s assertion, included in the
accompanying Management’s Report on Assessment of Compliance with SEC Regulation AB Servicing Criteria, that Union Bank, N.A.
(the “Bank”), a wholly-owned subsidiary of UnionBanCal Corporation, complied with the servicing criteria set forth
in Item 1122(d) of the Securities and Exchange Commission’s Regulation AB for the servicing of certain retail installment
contracts for American Honda Finance Corporation (the “Platform”) as of March 31, 2012 and for the period from
October 21, 2011 (inception) to March 31, 2012, excluding criteria 1122(d) 1(i), 1(ii), 1(iii), 1(iv), 2(i), 2(iii),
2(iv), 2(v), 2(vi), 2(vii), 3(i), 4(i), 4(ii), 4(iii), 4(iv), 4(v), 4(vi), 4(vii), 4(viii), 4(ix), 4(x), 4(xi), 4(xii), 4(xiii),
4(xiv) and 4(xv), which management has determined are not applicable to the activities performed by the Bank with respect
to the Platform. Management’s assertion identifies the individual asset-backed transactions defined by management as constituting
the Platform. Management is responsible for the Bank’s compliance with the servicing criteria. Our responsibility is to express
an opinion on management’s assertion about the Bank’s compliance with the servicing criteria based on our examination.



Our examination was conducted in accordance with attestation
standards established by the American Institute of Certified Public Accountants, as adopted by the Public Company Accounting Oversight
Board (United States), and, accordingly, included examining, on a test basis, evidence about the Bank’s compliance with the
applicable servicing criteria, including tests on a sample basis of the servicing activities related to the Platform, determining
whether the Bank performed those selected activities in compliance with the servicing criteria during the specified period, and
performing such other procedures as we considered necessary in the circumstances. Our procedures were limited to selected servicing
activities performed by the Bank during the period covered by this report and, accordingly, such samples may not have included
servicing activities related to each asset-backed transaction included in the Platform. Further, an examination is not designed
to detect noncompliance arising from errors that may have occurred prior to the period specified above that may have affected the
balances or amounts calculated or reported by the Bank during the period covered by this report. We believe that our examination
provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Bank’s compliance
with the servicing criteria.



In our opinion, management’s assertion that the Bank complied
with the aforementioned applicable servicing criteria as of March 31, 2012 and for the period from October 21, 2011 (inception)
to March 31, 2012 for certain retail installment contracts for American Honda Finance Corporation, is fairly stated, in all
material respects.



/s/ Deloitte & Touche LLP



San Francisco, California
May 22, 2012