| | Exhibit 33.2
| | ------------





MANAGEMENT’S REPORT
ON ASSESSMENT OF COMPLIANCE WITH SEC
REGULATION AB SERVICING CRITERIA



MUFG
Union Bank, N.A. (the “Bank”), a wholly-owned subsidiary of MUFG Americas Holdings Corporation, provides
this assessment of compliance with the following applicable servicing criteria set forth in Item 1122(d) of Regulation AB promulgated
by the Securities and Exchange Commission. Management has determined that the servicing criteria are applicable in regards to the
servicing platform for the period as follows:



Platform:
Appendix A identifies the asset-backed securities transactions covered by this report and includesthe
auto retail installment contracts serviced by American Honda Finance Corporation (the
“Platform”).



Applicable
Servicing Criteria: All servicing criteria set forth in Item 1122(d), to the extent required in the related transaction agreements
or required by the Item 1122(d) servicing criteria in regards to the activities performed by the Bank, except for the following
criteria:1122(d) 1(i), 1(ii), 1(iii),1(iv), 1(v), 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 the Bank performs with respect to the Platform (the “Applicable
Servicing Criteria”).



Period:
As of March 31, 2017 and for the period from April
1, 2016 to March 31, 2017 (the “Period”).



With respect to the Platform
and the Period, the Bank provides the following assessment of compliance with respect to the Applicable Servicing Criteria:



| | 1. | The Bank is responsible for assessing its compliance with the Applicable Servicing Criteria.
| | -- | --------------------------------------------------------------------------------------------



| | 2. | The Bank has assessed compliance with the Applicable Servicing Criteria, as described above as
of and for the Period. In performing this assessment, management has used the criteria set by the Securities and Exchange Commission
in paragraph (d) of Item 1122 of Regulation AB.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3. | With respect to servicing criterion 1122(d)(3)(ii), the Bank is not responsible for allocating
amounts due to investors.
| | -- | ------------------------------------------------------------------------------------------------------------------------



| | 4. | The Bank was in compliance with the Applicable Servicing Criteria as of and for the Period in all
material respects.
| | -- | --------------------------------------------------------------------------------------------------------------------



Deloitte & Touche LLP, an independent registered
public accounting firm, has issued an attestation report with respect to the Bank’s foregoing assessment of compliance as
of and for the Period.



MUFG UNION BANK, N.A.



|By:               | /s/ David Ursa | 
|----------------- | -------------- | 
|David Ursa        |               
|Managing Director |               



|By:                        | /s/ Denise Burns | 
|-------------------------- | ---------------- | 
|Denise Burns               |                 
|Vice President and Manager |                 



May 26, 2017



A member of MUFG, a global financial
group











Appendix A



The auto retail installment contracts serviced
by American Honda Finance Corporation include:



HONDA AUTO RECEIVABLES 2013-1 OWNER TRUST
HONDA AUTO RECEIVABLES 2014-2 OWNER TRUST
HONDA AUTO RECEIVABLES 2015-3 OWNER TRUST