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UNITEDSTATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C.20549

FORM 10-K

[ X ] ANNUAL REPORTPURSUANT TO SECTION 13 OR 15(d) OFSECURITIES EXCHANGE ACT OF 1934[FEE REQUIRED]For the fiscal year ended March 31,2005

OR

[    ] TRANSITIONREPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGEACT OF 1934 [NO FEE REQUIRED]For the transition periodfrom to

Commission file number 333-104875

Honda Auto Receivables 2004-1 OwnerTrust(Exact name of registrant as specifiedin itscharter)

|                                              |  |                                   |  |  |  |  |
|----------------------------------------------|--|-----------------------------------|--|--|--|--|
| Delaware                                     |  | 43-6910134                        |
| (Stateor other jurisdiction ofincorporation) |  | (I.R.S.EmployerIdentificationNo.) |
|                                              |

|                                         |  |           |  |  |  |  |
|-----------------------------------------|--|-----------|--|--|--|--|
| 20800Madrona AvenueTorrance,CA          |  | 90503     |
| (Addressof principal executive offices) |  | (ZipCode) |
|                                         |

Registrant's telephonenumber, including area code: (310) 972-2511

Securities registered pursuant to Section 12(b) of theAct:

|                    |  |                                         |  |  |  |  |
|--------------------|--|-----------------------------------------|--|--|--|--|
| Titleof each class |  | Name of each exchangeon whichregistered |
| None               |  | None                                    |
|                    |

Securitiesregistered pursuant to section 12(g) of the Act:

**None**(Title of class)

Indicate bycheck mark whether the registrant (1) has filed all reports required tobe filed by Section 13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12 months (or for such shorter period that theregistrant was required to file such reports), and (2) has been subjectto such filing requirements for the past 90 days. YES [ X]         NO[    ]

Indicate by check markif disclosure of delinquent filers pursuant to Item 405 of RegulationS-K is not contained herein, and will not be contained, to the best ofregistrant's knowledge, in definitive proxy or informationstatements incorporated by reference in Part III of this Form 10-K orany amendment to this Form 10-K. [ X ]

Indicate bycheck mark whether the registrant is an accelerated filer (as definedin Exchange Act Rule 12b-2 of the Act).YES[    ]        NO[X]

Registrant hasno voting or non-voting class of common equity outstanding as of thedate of this report.

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PART I

Item 1. Business

N/A

Item 2. Properties

The Honda Auto Receivables 2004-1 Owner Trust (the"Trust") is a statutory trust formed pursuantto the trust agreement (the "Agreement")between American Honda Receivables Corp., as Depositor (the"Depositor"), and U.S. Bank Trust NationalAssociation, as Owner Trustee.

The Trust has issued four classesof notes ("Class A-1 Notes 1.13875%,""Class A-2 Notes 1.68%,""Class A-3 Notes 2.40%" and"Class A-4 Notes 3.06%," collectively,the "Notes") and a class of certificates. TheNotes are backed by a pledge of the Trust's assets. Interest andprincipal collections from the Trust's assets will be dividedamong the various classes of securities in specified proportions. TheTrust's assets include fixed rate motor vehicles retailinstallment sales contracts secured by new and used Honda and Acuramotor vehicles (the "Receivables").

The following tables set forth the number and aggregate principalamount of delinquent receivables, the delinquency rates, and aggregatenet losses of the Honda Auto Receivables 2004-1 Owner Trust as of March31, 2005:

1. DelinquentContracts:

|                             |  |           |  |                |  |  |  |  |  |  |
|-----------------------------|--|-----------|--|----------------|--|--|--|--|--|--|
|                        |  | Contracts |  | Amount($000's) |
| a. 31 - 60 DaysDelinquent   |  | 2110      |  | 25982          |
| b.61 - 90 Days Delinquent   |  | 326       |  | 3987           |
| c.91 Days or MoreDelinquent |  | 28        |  | 412            |
|                             |

2.DelinquentRatio:

|                      |  |        |        |                |  |         |  |  |  |  |
|----------------------|--|--------|--------|----------------|--|---------|--|--|--|--|
|                 |  |   |        | Amount($000's) |
| a. DelinquentBalance |  |   |   |           |  | 30380   |
| b.Total Pool Balance |  |   |   |           |  | 1052271 |
| c.DelinquencyRatio   |  |   |   |           |  | 2.89%   |
|                      |

3.Aggregate NetLosses:

|                         |  |        |        |                |  |         |  |  |  |  |
|-------------------------|--|--------|--------|----------------|--|---------|--|--|--|--|
|                    |  |   |        | Amount($000's) |
| a. Cumulative NetLosses |  |   |   |           |  | 3944    |
| b.Original Portfolio    |  |   |   |           |  | 1582515 |
| c.Aggregate LossRatio   |  |   |   |           |  | 0.25%   |
|                         |

Item 3. Legal Proceedings

N/A

Item 4.  Submissionof Matters to a Vote of Security Holders

No vote or consent ofthe holders of the Notes (the "Noteholders")was solicited for any purpose during the year ended March 31,2005.

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PART II

**Item 5.  MarketFor Registrant**'**s Common Equity, Related StockholderMatters and Issuer Purchases of Equity Securities**

Allholders of records of the Class A Certificates issued by Honda AutoReceivables 2004-1 Owner Trust (except for American Honda ReceivablesCorp.) are registered through Cede & Co. as nominee for TheDepository Trust Company ("DTC"). The recordsof DTC indicate that as of March 31, 2005, there were: (i) fifteen (15)DTC participants holding a position in the Class A-2 Notes1.68%; (ii) twenty-seven (27) DTC participants holding aposition in the Class A-3 Notes 2.40%; and (iii) twenty-three(23) DTC participants holding a position in the Class A-4 Notes3.06%. The other previously issued class is no longeroutstanding.

Item 6.  Selected Financial Data

N/A

Item 7.  Management's Discussion andAnalysis of Financial Condition and Results of Operations

N/A

Item 7A.  Quantitative and Qualitative DisclosuresAbout Market Risk

N/A

Item 8.  FinancialStatements and Supplementary Data

N/A

Item 9. Changes In and Disagreements with Accountants on Accounting andFinancial Disclosure

N/A

Item 9A. Controls andProcedures

N/A

Item 9B. Other Information

N/A

PART III

Item 10.   Directors andExecutive Officers of the Registrant

N/A

Item11.   Executive Compensation

N/A

Item 12.Security Ownership of Certain Beneficial Owners and Management andRelated Stockholder Matters

N/A

Item 13.Certain Relationships and Related Transactions

N/A

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Item 14. Principal Accountant Fees andServices

N/A

PART IV

Item 15. Exhibits andFinancial Statement Schedules

Exhibits required by Item 601 ofRegulation S-K:

|                        |                                 |
|------------------------|---------------------------------|
| Exhibit No.99(A)  | Independent Accountants' Report |

|                         |                                         |
|-------------------------|-----------------------------------------|
| Exhibit No. 99(B)  | Servicer's AnnualCompliance Certificate |

|                        |                                       |
|------------------------|---------------------------------------|
| Exhibit No.99(C)  | Annual Statement to Certificateholder |

SIGNATURES

Pursuant to the requirements of Section13 or 15(d) of the Securities Exchange Act of 1934, the Registrant hasduly caused this report to be signed on its behalf by the undersigned,thereunto duly authorized.

Honda Auto Receivables 2004-1Owner TrustBy: American Honda Finance Corporation, asServicer(Registrant)

By: /s/ John I.Weisickle        John I. Weisickle, VicePresident

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CERTIFICATION

I, JohnI. Weisickle, certify that:

|          |                                                                                                                                                                                                                                                    |
|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1.  | I havereviewed this annual report on Form 10-K, and all reports on Form 8-Kcontaining distribution or servicing reports filed in respect ofperiods included in the year covered by this annual report, of HondaAuto Receivables 2004-1 OwnerTrust; |

|          |                                                                                                                                                                                                                                                                                                                                                           |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.  | Based on my knowledge, theinformation in these reports, taken as a whole, does not contain anyuntrue statement of a material fact or omit to state a material factnecessary to make the statements made, in light of the circumstancesunder which such statements were made, not misleading as of the lastday of the period covered by this annualreport; |

|          |                                                                                                                                                                                                                                   |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.  | Based on my knowledge, thedistribution and servicing information required to be provided to thetrustee by the servicer under the related sale and servicing agreement,for inclusion in these reports is included in thesereports; |

|          |                                                                                                                                                                                                                                                                                                                                       |
|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.  | Based on my knowledge andupon the annual compliance statement included in the report andrequired to be delivered to the trustee in accordance with the terms ofthe related sale and servicing agreement, and except as disclosed inthe reports, the servicer has fulfilled its obligations under the saleand servicing agreement; and |

|          |                                                                                                                                                                                                                                                                                                                                                                                                                 |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 5.  | Thereports disclose all significant deficiencies relating to theservicer's compliance with the minimum servicing standards, basedupon the report provided by an independent public accountant, afterconducting a review in compliance with the Uniform Single AttestationProgram for Mortgage Bankers, or similar procedure as set forth in thesale and servicing agreement, that is included in these reports. |

Date: June 8, 2005

/s/ John I.Weisickle John I. Weisickle Treasurer of American HondaReceivables Corp., as depositor of Honda Auto Receivables2004-1 Owner Trust

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