CREDITSUISSE FIRST BOSTONPAGE 1

AMERICAN HONDA FINANCECORPORATIONAnnual Statement to Certificateholder—Honda AutoReceivables 2004-1 Owner Trust04/01/05 through03/31/06

|                                                   |  |  |                   |  |  |        |
|---------------------------------------------------|--|--|-------------------|--|--|--------|
| I.ORIGINAL DEAL PARAMETERINPUTS                   |  |  |              |  |  |   |
| (A) Total PortfolioBalance                        |  |  | $1,582,514,648.12 |  |  |   |
| (B)Total Securities Balance                       |  |  | $1,582,514,648.12 |  |  |   |
| (C) Class A-1Notes                                |  |  |              |  |  |   |
| (i) Class A-1 NotesBalance                        |  |  | $347,000,000.00   |  |  |   |
| (ii)Class A-1 Notes Percentage (C(i)/B)           |  |  | 21.93%            |  |  |   |
| (iii) Class A-1Notes Rate                         |  |  | 1.13875%          |  |  |   |
| (iv) Class A-1Notes Accrual Basis                 |  |  | Actual/360        |  |  |   |
| (D)Class A-2 Notes                                |  |  |              |  |  |   |
| (i) ClassA-2 Notes Balance                        |  |  | $456,000,000.00   |  |  |   |
| (ii) Class A-2Notes Percentage (D(i)/B)           |  |  | 28.81%            |  |  |   |
| (iii) Class A-2Notes Rate                         |  |  | 1.680%            |  |  |   |
| (iv) Class A-2Notes Accrual Basis                 |  |  | 30/360            |  |  |   |
| (E)Class A-3 Notes                                |  |  |              |  |  |   |
| (i) ClassA-3 Notes Balance                        |  |  | $431,000,000.00   |  |  |   |
| (ii) Class A-3Notes Percentage (E(i)/B)           |  |  | 27.24%            |  |  |   |
| (iii) Class A-3Notes Rate                         |  |  | 2.400%            |  |  |   |
| (iv) Class A-3Notes Accrual Basis                 |  |  | 30/360            |  |  |   |
| (F)Class A-4 Notes                                |  |  |              |  |  |   |
| (i) ClassA-4 Notes Balance                        |  |  | $301,000,000.00   |  |  |   |
| (ii) Class A-4Notes Percentage (F(i)/B)           |  |  | 19.02%            |  |  |   |
| (iii) Class A-4Notes Rate                         |  |  | 3.060%            |  |  |   |
| (iv) Class A-4Notes Accrual Basis                 |  |  | 30/360            |  |  |   |
| (G)Certificates                                   |  |  |              |  |  |   |
| (i)Certificates Balance                           |  |  | $47,514,648.12    |  |  |   |
| (ii) CertificatesPercentage (G(i)/B)              |  |  | 3.00%             |  |  |   |
| (iii) CertificatesRate                            |  |  | 3.060%            |  |  |   |
| (iv)Certificates Accrual Basis                    |  |  | 30/360            |  |  |   |
| (H)Servicing FeeRate                              |  |  | 1.00%             |  |  |   |
| (I)Portfolio Summary                              |  |  |              |  |  |   |
| (i)Weighted Average Coupon (WAC)                  |  |  | 3.87%             |  |  |   |
| (ii) WeightedAverage Original Maturity (WAOM)     |  |  | 58.45             |  |  | months |
| (iii)Weighted Average Remaining Maturity (WAM)    |  |  | 51.27             |  |  | months |
| (iv) Number ofReceivables                         |  |  | 102,798           |  |  |   |
| (J)Reserve Fund                                   |  |  |              |  |  |   |
| (i) ReserveAccount Initial Deposit Percentage     |  |  | 0.50%             |  |  |   |
| (ii) ReserveAccount Initial Deposit               |  |  | $7,912,573.24     |  |  |   |
| (iii) SpecifiedReserve AccountPercentage          |  |  | 0.75%             |  |  |   |
| (iv)Specified Reserve AccountBalance              |  |  | $11,868,859.86    |  |  |   |
| (K)Yield Supplement Account Deposit               |  |  | $17,047,156.12    |  |  |   |
| II.INPUTS FROM PREVIOUS MONTHLY SERVICERREPORTS   |  |  |              |  |  |   |
| (A) Total PortfolioBalance                        |  |  | $1,052,270,878.20 |  |  |   |
| (B) TotalSecurities Balance                       |  |  | $1,052,270,878.20 |  |  |   |
| (C) CumulativeNote and Certificate Pool Factor    |  |  | 0.6649359         |  |  |   |
| (D) Class A-1Notes                                |  |  |              |  |  |   |
| (i) Class A-1 NotesBalance                        |  |  | $0.00             |  |  |   |
| (ii) ClassA-1 Notes Pool Factor                   |  |  | 0.0000000         |  |  |   |
| (iii) Class A-1 NotesInterest Carryover Shortfall |  |  | $0.00             |  |  |   |
| (iv) Class A-1 NotesPrincipal Carryover Shortfall |  |  | $0.00             |  |  |   |
| (E) Class A-2Notes                                |  |  |              |  |  |   |
| (i) Class A-2 NotesBalance                        |  |  | $279,409,877.99   |  |  |   |
| (ii) Class A-2Notes Pool Factor                   |  |  | 0.6127410         |  |  |   |
| (iii) Class A-2 NotesInterest Carryover Shortfall |  |  | $0.00             |  |  |   |
| (iv) Class A-2 NotesPrincipal Carryover Shortfall |  |  | $0.00             |  |  |   |
| (F) Class A-3Notes                                |  |  |              |  |  |   |
| (i) Class A-3 NotesBalance                        |  |  | $431,000,000.00   |  |  |   |
| (ii) Class A-3Notes Pool Factor                   |  |  | 1.0000000         |  |  |   |
| (iii) Class A-3 NotesInterest Carryover Shortfall |  |  | $0.00             |  |  |   |
| (iv) Class A-3 NotesPrincipal Carryover Shortfall |  |  | $0.00             |  |  |   |
| (G) Class A-4Notes                                |  |  |              |  |  |   |
| (i) Class A-4 NotesBalance                        |  |  | $301,000,000.00   |  |  |   |
|                                                   |

----

|                                                   |  |  |                |  |  |        |
|---------------------------------------------------|--|--|----------------|--|--|--------|
| (ii) Class A-4 Notes PoolFactor                   |  |  | 1.0000000      |  |  |   |
| (iii)Class A-4 Notes Interest Carryover Shortfall |  |  | $0.00          |  |  |   |
| (iv) Class A-4 NotesPrincipal Carryover Shortfall |  |  | $0.00          |  |  |   |
| (H)Certificates                                   |  |  |           |  |  |   |
| (i)Certificates Balance                           |  |  | $40,861,000.21 |  |  |   |
| (ii) CertificatesPool Factor                      |  |  | 0.8599664      |  |  |   |
| (iii)Certificates Interest Carryover Shortfall    |  |  | $0.00          |  |  |   |
| (iv) CertificatesPrincipal Carryover Shortfall    |  |  | $0.00          |  |  |   |
| (I) ServicingFee                                  |  |  |           |  |  |   |
| (i) Servicing FeeShortfall                        |  |  | $0.00          |  |  |   |
| (J) End ofPrior Month AccountBalances             |  |  |           |  |  |   |
| (i) ReserveAccount                                |  |  | $11,868,859.86 |  |  |   |
| (ii)Yield Supplement Account                      |  |  | $9,073,414.89  |  |  |   |
| (iii) PayaheadAccount                             |  |  | $0.00          |  |  |   |
| (iv) AdvancesOutstanding                          |  |  | $317,259.70    |  |  |   |
| (K)Portfolio Summary as of End of PriorYear       |  |  |           |  |  |   |
| (i) Weighted AverageCoupon (WAC)                  |  |  | 3.77%          |  |  |   |
| (ii) WeightedAverage Remaining Maturity (WAM)     |  |  | 39.89          |  |  | months |
| (iii) Number ofReceivables                        |  |  | 86,456         |  |  |   |
| (L) Noteand CertificatePercentages                |  |  |           |  |  |   |
| (i) NotePercentage                                |  |  | 96.15%         |  |  |   |
| (ii) CertificatePercentage                        |  |  | 3.85%          |  |  |   |
|                                                   |

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CREDIT SUISSE FIRSTBOSTONPAGE 2

AMERICAN HONDA FINANCE CORPORATIONAnnualStatement to Certificateholder—Honda Auto Receivables 2004-1Owner Trust04/01/05 through 03/31/06

|                                                                    |  |  |                 |  |  |        |
|--------------------------------------------------------------------|--|--|-----------------|--|--|--------|
| III.INPUTS FROM THEMAINFRAME                                       |  |  |            |  |  |   |
| (A) PrecomputedContracts Principal                                 |  |  |            |  |  |   |
| (i)Scheduled Principal Collections                                 |  |  | $0.00           |  |  |   |
| (ii)Prepayments in Full                                            |  |  | $0.00           |  |  |   |
| (iii) Prepayments in Fulldue to Repurchases                        |  |  | $0.00           |  |  |   |
| (B) Precomputed ContractsTotal Collections                         |  |  | $0.00           |  |  |   |
| (C)Precomputed Interest Receivables Interest (B-A((i)+(ii)+(iii))) |  |  | $0.00           |  |  |   |
| (D) Simple InterestReceivables Principal                           |  |  |            |  |  |   |
| (i)Principal Collections                                           |  |  | $296,535,825.57 |  |  |   |
| (ii) Prepaymentsin Full                                            |  |  | $142,612,878.94 |  |  |   |
| (iii)Repurchased Receivables Related to Principal                  |  |  | $0.00           |  |  |   |
| (E) Simple InterestReceivables Interest                            |  |  |            |  |  |   |
| (i)Simple Interest Collections                                     |  |  | $31,302,710.66  |  |  |   |
| (F) PaymentAdvance for Precomputes                                 |  |  |            |  |  |   |
| (i)Reimbursement of Previous Advances                              |  |  | $0.00           |  |  |   |
| (ii) Current AdvanceAmount                                         |  |  | $0.00           |  |  |   |
| (G) InterestAdvance for simple Interest − Net                |  |  | ($118,403.02)   |  |  |   |
| (H) PayaheadAccount                                                |  |  |            |  |  |   |
| (i) PaymentsApplied                                                |  |  | $0.00           |  |  |   |
| (ii)AdditionalPayaheads                                            |  |  | $0.00           |  |  |   |
| (I)Portfolio Summary as of End ofMonth                             |  |  |            |  |  |   |
| (i) Weighted AverageCoupon (WAC)                                   |  |  | 3.71%           |  |  |   |
| (ii) WeightedAverage Remaining Maturity (WAM)                      |  |  | 28.59           |  |  | months |
| (iii)Remaining Number of Receivables                               |  |  | 69,030          |  |  |   |
|                                                                    |

|                                                       |  |  |        |  |       |              |  |  |  |  |      |   |  |  |                |  |  |  |  |      |   |
|-------------------------------------------------------|--|--|--------|--|-------|--------------|--|--|--|--|------|---|--|--|----------------|--|--|--|--|------|---|
| (J)DelinquentReceivables                              |  |  | #Units |  |       | DollarAmount |
| (i) 30-59 Days Delinquent                             |  |  |        |  | 1,990 |              |  |  |  |  | 2.88 | % |  |  | $18,257,507.57 |  |  |  |  | 3.02 | % |
| (ii)60-89 Days Delinquent                             |  |  |        |  | 413   |              |  |  |  |  | 0.60 | % |  |  | $4,150,353.57  |  |  |  |  | 0.69 | % |
| (ii)90 Days or More Delinquent                        |  |  |        |  | 75    |              |  |  |  |  | 0.11 | % |  |  | $838,867.59    |  |  |  |  | 0.14 | % |
| (K)Vehicles Repossessed During CollectionPeriod       |  |  |        |  | 36    |              |  |  |  |  | 0.05 | % |  |  | $396,723.48    |  |  |  |  | 0.07 | % |
| (L)Total Accumulated Repossessed Vehicles inInventory |  |  |        |  | 56    |              |  |  |  |  | 0.08 | % |  |  | $629,658.02    |  |  |  |  | 0.10 | % |
|                                                       |

|                                                                       |  |  |                 |
|-----------------------------------------------------------------------|--|--|-----------------|
| IV.INPUTS DERIVED FROM OTHERSOURCES                                   |  |  |            |
| (A) Collection AccountInvestmentIncome                                |  |  | $0.00           |
| (B)Reserve Account Investment Income                                  |  |  | $432,961.88     |
| (C) Yield Supplement AccountInvestment Income                         |  |  | $230,590.93     |
| (D)Trust Fees Expense                                                 |  |  | $6,000.00       |
| (E)Aggregate Net Losses for Collection Period                         |  |  | $3,014,957.76   |
| (F) Liquidated ReceivablesInformation                                 |  |  |            |
| (i) Gross PrincipalBalance on LiquidatedReceivables                   |  |  | $8,533,391.72   |
| (ii)Liquidation Proceeds                                              |  |  | $3,397,272.20   |
| (ii) Recoveries from PriorMonth Charge Offs                           |  |  | $2,121,161.76   |
| (G)Days in Accrual Period                                             |  |  | 365             |
| (H) Dealage                                                           |  |  | 24              |
| COLLECTIONS                                                           |
| V.INTEREST COLLECTIONS                                                |  |  |            |
| (A) TotalInterest Collections(III(C+E(i)+G)                           |  |  | $31,184,307.64  |
| VI. PRINCIPALCOLLECTIONS                                              |  |  |            |
| (A) Principal PaymentsReceived (III(A((i)+(ii))+(D(i)+(ii)))          |  |  | $439,148,704.51 |
| (B) Liquidation Proceeds(IV(H(i)))                                    |  |  | $3,397,272.20   |
| (C)Repurchased Loan Proceeds Related to Principal(III(A(iii)+D(iii))) |  |  | $0.00           |
| (D)Recoveries from Prior Charge Offs(IV(H(ii)))                       |  |  | $2,121,161.76   |
| (E) TotalPrincipal Collections (A+B+C+D)                              |  |  | 444,667,138.47  |
| VII. TOTAL INTEREST AND PRINCIPALCOLLECTIONS (V(C)+VI(E))             |  |  | 475,851,446.11  |
| VIII. YIELD SUPPLEMENTDEPOSIT                                         |  |  | $5,495,594.83   |
| IX. TOTAL AVAILABLEAMOUNT (VII+VIII)                                  |  |  | 481,347,040.94  |
|                                                                       |

----

|                                                       |  |  |  |   |              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------|--|--|--|---|--------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| DISTRIBUTIONS                                         |
| X.FEE DISTRIBUTIONS                                   |  |  |  |   |         |  |
| (A) ServicingFee                                      |  |  |  |   |         |  |
| (i) Servicing Fee Due(I(H)/12)(II(B))+(II(H)(i))      |  |  |  | $ | 8,373,861.38 |  |
| (ii)Servicing Fee Paid                                |  |  |  |   | 8,373,861.38 |  |
| (iii)Servicing Fee Shortfall                          |  |  |  | $ | 0.00         |  |
| (B)Reserve Account Investment Income (IV(B))          |  |  |  |   | 432,961.88   |  |
| (C) Yield Supplement AccountInvestment Income (IV(C)) |  |  |  | $ | 0.00         |  |
| (D)Trust Fees Expense (IV(D))                         |  |  |  |   | 6,000.00     |  |
| XI.DISTRIBUTIONS TO NOTEHOLDERS                       |  |  |  |   |         |  |
| (A)Interest                                           |  |  |  |   |         |  |
| (i) Class A-1Notes                                    |  |  |  |   |         |  |
| (a) Class A-1 Notes InterestDue                       |  |  |  | $ | 0.00         |  |
| (b) Class A-1 NotesInterest Paid                      |  |  |  |   | 0.00         |  |
| (c) Class A-1Notes Interest Shortfall                 |  |  |  | $ | 0.00         |  |
| (ii)Class A-2 Notes                                   |  |  |  |   |         |  |
| (a) Class A-2 NotesInterest Due                       |  |  |  | $ | 1,610,176.48 |  |
| (b) ClassA-2 Notes Interest Paid                      |  |  |  |   | 1,610,176.48 |  |
| (c)Class A-2 Notes Interest Shortfall                 |  |  |  | $ | 0.00         |  |
| (iii) Class A-3Notes                                  |  |  |  |   |         |  |
| (a) Class A-3 Notes InterestDue                       |  |  |  | $ | 9,790,904.71 |  |
| (b) Class A-3Notes Interest Paid                      |  |  |  |   | 9,790,904.71 |  |
| (c)Class A-3 Notes Interest Shortfall                 |  |  |  | $ | 0.00         |  |
| (iv) Class A-4Notes                                   |  |  |  |   |         |  |
| (a) Class A-4 Notes InterestDue                       |  |  |  | $ | 9,210,600.00 |  |
| (b) Class A-4Notes Interest Paid                      |  |  |  |   | 9,210,600.00 |  |
| (c)Class A-4 Notes Interest Shortfall                 |  |  |  | $ | 0.00         |  |
|                                                       |

----

CREDIT SUISSE FIRSTBOSTONPAGE 3

AMERICAN HONDA FINANCE CORPORATIONAnnualStatement to Certificateholder—Honda Auto Receivables 2004-1Owner Trust04/01/05 through 03/31/06

|                                                                                              |  |  |                 |
|----------------------------------------------------------------------------------------------|--|--|-----------------|
| (v)Total Note Interest                                                                       |
| (a) Total Note InterestDue                                                                   |  |  | $20,611,681.19  |
| (b)Total Note Interest Paid                                                                  |  |  | 20,611,681.19   |
| (c)Total Note Interest Shortfall                                                             |  |  | $0.00           |
| (d) Reserve Fund Withdrawn for NoteInterest                                                  |  |  | $0.00           |
| Amount available fordistributions after Fees & Interest(VIII-(IX(A)(ii)-(D))-X(A)(v)(b)) |  |  | 452,355,498.37  |
| (B)Principal                                                                                 |  |  |            |
| (i) Noteholders'Principal Distribution Amounts                                               |  |  | $430,446,335.53 |
| (ii) Class A-1 NotesPrincipal                                                                |  |  |            |
| (a) Class A-1 NotesPrincipal Due                                                             |  |  | —         |
| (b) Class A-1Notes Principal Paid                                                            |  |  | 0.00            |
| (c) Class A-1Notes Principal Shortfall                                                       |  |  | $0.00           |
| (d)Reserve Fund drawn                                                                        |  |  | $0.00           |
| (iii) ClassA-2 Notes Principal                                                               |  |  |            |
| (a) Class A-2Notes Principal Due                                                             |  |  | $279,409,877.99 |
| (b) Class A-2 NotesPrincipal Paid                                                            |  |  | 279,409,877.99  |
| (c)Class A-2 Notes Principal Shortfall                                                       |  |  | $0.00           |
| (d) Reserve Fund drawn                                                                       |  |  | $0.00           |
| (iv) Class A-3 NotesPrincipal                                                                |  |  |            |
| (a) Class A-3 NotesPrincipal Due                                                             |  |  | $151,036,457.54 |
| (b)Class A-3 Notes Principal Paid                                                            |  |  | 151,036,457.54  |
| (c)Class A-3 Notes Principal Shortfall                                                       |  |  | $0.00           |
| (d) Reserve Fund drawn                                                                       |  |  | $0.00           |
| (v) Class A-4 NotesPrincipal                                                                 |  |  |            |
| (a) Class A-4 NotesPrincipal Due                                                             |  |  | $0.00           |
| (b) Class A-4Notes Principal Paid                                                            |  |  | 0.00            |
| (c) Class A-4Notes Principal Shortfall                                                       |  |  | $0.00           |
| (d)Reserve Fund drawn                                                                        |  |  | $0.00           |
| (vi) TotalNotes Principal                                                                    |  |  |            |
| (a) Total NotesPrincipal Due                                                                 |  |  | $430,446,335.53 |
| (b)Total Notes Principal Paid                                                                |  |  | 430,446,335.53  |
| (c)Total Notes Principal Shortfall                                                           |  |  | $0.00           |
| (d) Reserve Fund drawn                                                                       |  |  | $0.00           |
| XII. RESERVE FUNDDEPOSIT                                                                     |  |  |            |
| Amount available for depositinto reserveaccount                                              |  |  | $21,909,162.84  |
| Amountdeposited into reserveaccount                                                          |  |  | 0.00            |
| Excess Amount Releasedfrom ReserveAccount                                                    |  |  | 0.00            |
| Excessfunds available toCertificateholders                                                   |  |  | 21,909,162.84   |
| XIII.DISTRIBUTIONS TOCERTIFICATEHOLDERS                                                      |  |  |            |
| (A)Interest                                                                                  |  |  |            |
| (i) Certificate MonthlyInterest Due                                                          |  |  | $997,190.89     |
| (ii)Certificate Interest Shortfall BeginningBalance                                          |  |  | $0.00           |
| (iii) Total CertificateInterest Due                                                          |  |  | $997,190.89     |
| (iv)Certificate Interest Paid                                                                |  |  | 997,190.89      |
| (v)Certificate Interest Shortfall EndingBalance                                              |  |  | $0.00           |
| (B)Principal                                                                                 |  |  |            |
| (i) Certificate MonthlyPrincipal Due                                                         |  |  | $17,235,760.70  |
| (ii)Certificate Principal Shortfall BeginningBalance                                         |  |  | $0.00           |
| (iii) Total CertificatePrincipal Due                                                         |  |  | $17,235,760.70  |
|                                                                                              |

----

|                                                  |  |  |                 |
|--------------------------------------------------|--|--|-----------------|
| (iv) Certificate PrincipalPaid                   |  |  | 17,235,760.70   |
| (v)Certificate Principal Shortfall EndingBalance |  |  | $0.00           |
| (C) Release toSeller                             |  |  | $3,676,211.25   |
| DISTRIBUTIONSSUMMARY                             |
| (A) Total Collections                            |  |  | $481,347,040.94 |
| (B) ServiceFee                                   |  |  | $8,373,861.38   |
| (C) TrusteeFees                                  |  |  | 6,000.00        |
| (D) Class A1Amount                               |  |  | $0.00           |
| (E) Class A2Amount                               |  |  | $281,020,054.47 |
| (F) Class A3Amount                               |  |  | $160,827,362.25 |
| (G) Class A4Amount                               |  |  | $9,210,600.00   |
| (H) AmountDeposited into Reserve Account         |  |  | $0.00           |
| (I)Certificateholders                            |  |  | $18,232,951.59  |
| (J)Release to seller                             |  |  | $3,676,211.25   |
| (K)Total amountdistributed                       |  |  | $481,347,040.94 |
| (L)Amount of Draw from Reserve Account           |  |  | 0.00            |
| (M) Excess Amount Released fromReserve Account   |  |  | 0.00            |
|                                                  |

PORTFOLIO ANDSECURITYSUMMARY

|                                                         |  |  |                    |  |  |        |  |  |                 |  |  |        |
|---------------------------------------------------------|--|--|--------------------|--|--|--------|--|--|-----------------|--|--|--------|
|                                                    |  |  | Beginningof Period |  |  |   |  |  | End ofPeriod    |  |  |   |
| XIV. POOL BALANCES AND PORTFOLIOINFORMATION             |  |  |               |  |  |   |  |  |            |  |  |   |
| (A) Balancesand PrincipalFactors                        |  |  |               |  |  |   |  |  |            |  |  |   |
| (i)Aggregate Balance of Notes                           |  |  | $1,011,409,877.99  |  |  |   |  |  | $580,963,542.46 |  |  |   |
| (ii)Note Pool Factor                                    |  |  | 0.6588989          |  |  |   |  |  | 0.3784779       |  |  |   |
| (iii)Class A-1 Notes Balance                            |  |  | 0.00               |  |  |   |  |  | 0.00            |  |  |   |
| (iv)Class A-1 Notes Pool Factor                         |  |  | 0.0000000          |  |  |   |  |  | 0.0000000       |  |  |   |
| (v)Class A-2 Notes Balance                              |  |  | 279,409,877.99     |  |  |   |  |  | 0.00            |  |  |   |
| (vi)Class A-2 Notes Pool Factor                         |  |  | 0.6127410          |  |  |   |  |  | 0.0000000       |  |  |   |
| (vii)Class A-3 Notes Balance                            |  |  | 431,000,000.00     |  |  |   |  |  | 279,963,542.46  |  |  |   |
| (viii)Class A-3 Notes Pool Factor                       |  |  | 1.0000000          |  |  |   |  |  | 0.6495674       |  |  |   |
| (ix)Class A-4 Notes Balance                             |  |  | 301,000,000.00     |  |  |   |  |  | 301,000,000.00  |  |  |   |
| (x)Class A-4 Notes Pool Factor                          |  |  | 1.0000000          |  |  |   |  |  | 1.0000000       |  |  |   |
| (xi)Certificates Balance                                |  |  | 40,861,000.21      |  |  |   |  |  | 23,625,239.51   |  |  |   |
| (xii)Certificates Pool Factor                           |  |  | 0.8599664          |  |  |   |  |  | 0.4972201       |  |  |   |
| (xiii)Total Principal Balance of Notes and Certificates |  |  | 1,052,270,878.20   |  |  |   |  |  | 604,588,781.97  |  |  |   |
| (B)PortfolioInformation                                 |  |  |               |  |  |   |  |  |            |  |  |   |
| (i)Weighted Average Coupon (WAC)                        |  |  | 3.77%              |  |  |   |  |  | 3.71%           |  |  |   |
| (ii)Weighted Average Remaining Maturity (WAM)           |  |  | 39.89              |  |  | months |  |  | 28.59           |  |  | months |
| (iii)Remaining Number of Receivables                    |  |  | 86,456             |  |  |   |  |  | 69,030          |  |  |   |
| (iv)Portfolio Receivable Balance                        |  |  | $1,052,270,878.20  |  |  |   |  |  | $604,588,781.97 |  |  |   |
| (C)Outstanding AdvanceAmount                            |  |  | $317,259.70        |  |  |   |  |  | $198,856.68     |  |  |   |
| (D)Outstanding PayaheadBalance                          |  |  | $0.00              |  |  |   |  |  | $0.00           |  |  |   |
|                                                         |

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CREDIT SUISSE FIRSTBOSTONPAGE 4

AMERICAN HONDA FINANCE CORPORATIONAnnual Statement toCertificateholder—Honda Auto Receivables 2004-1 OwnerTrust04/01/05 through 03/31/06

SUMMARY OFACCOUNTS

|                                                       |  |  |                |
|-------------------------------------------------------|--|--|----------------|
| XV.RECONCILIATION OF RESERVEACCOUNT                   |  |  |           |
| (A) Beginning ReserveAccount Balance                  |  |  | $11,868,859.86 |
| (B)Draws                                              |  |  |           |
| (i) Draw for ServicingFee                             |  |  | 0.00           |
| (ii) Draw for Interest                                |  |  | 0.00           |
| (iii) Draw for Realized Losses                        |  |  | 0.00           |
| (C) Excess Interest Deposited intothe Reserve Account |  |  | 0.00           |
| (D) ReserveAccount Balance Prior to Release           |  |  | 11,868,859.86  |
| (E) Reserve AccountRequired Amount                    |  |  | 11,868,859.86  |
| (F)Final Reserve Account Required Amount              |  |  | 11,868,859.86  |
| (G) Excess Reserve AccountAmount                      |  |  | 0.00           |
| (H) Ending ReserveAccount Balance                     |  |  | 11,868,859.86  |
| XVI.RECONCILIATION OF YIELD SUPPLEMENTACCOUNT         |  |  |           |
| (A) Beginning YieldSupplement AccountBalance          |  |  | 9,073,414.89   |
| (B) InvestmentEarnings                                |  |  | 230,590.93     |
| (C) InvestmentEarnings Withdraw                       |  |  | 0.00           |
| (D) AdditionalYield Supplement Amounts                |  |  | 0.00           |
| (E)Yield Supplement DepositAmount                     |  |  | 5,495,594.83   |
| (F) Release ofYield Deposit Account Balance toSeller  |  |  | 0.00           |
| (G) Ending YieldSupplement AccountBalance             |  |  | 3,808,410.99   |
| XVII. NET LOSS ANDDELINQUENCY ACCOUNT ACTIVITY        |  |  |           |
| (A)Liquidated Contracts                               |  |  |           |
| (i) LiquidationProceeds                               |  |  | $3,397,272.20  |
| (ii)Recoveries on Previously Liquidated Contracts     |  |  | 2,121,161.76   |
| (B) Aggregate Net Losses forCollection Period         |  |  | 3,014,957.76   |
| (C)Net Loss Rate for Collection Period (annualized)   |  |  | 0.36%          |
| (D) Cumulative Net Lossesfor all Periods              |  |  | 6,958,957.37   |
|                                                       |

|                                                       |  |  |        |  |       |              |  |  |  |  |      |   |  |  |                |  |  |  |  |      |   |
|-------------------------------------------------------|--|--|--------|--|-------|--------------|--|--|--|--|------|---|--|--|----------------|--|--|--|--|------|---|
| (E)Delinquent Receivables                             |  |  | #Units |  |       | DollarAmount |
| (i) 30-59 Days Delinquent                             |  |  |        |  | 1,990 |              |  |  |  |  | 2.88 | % |  |  | $18,257,507.57 |  |  |  |  | 3.02 | % |
| (ii)60-89 Days Delinquent                             |  |  |        |  | 413   |              |  |  |  |  | 0.60 | % |  |  | $4,150,353.57  |  |  |  |  | 0.69 | % |
| (ii)90 Days or More Delinquent                        |  |  |        |  | 75    |              |  |  |  |  | 0.11 | % |  |  | $838,867.59    |  |  |  |  | 0.14 | % |
| XVIII.REPOSSESSIONACTIVITY                            |  |  | #Units |  |       | DollarAmount |
| (A) Vehicles Repossessed DuringCollectionPeriod       |  |  |        |  | 36    |              |  |  |  |  | 0.05 | % |  |  | $396,723.48    |  |  |  |  | 0.07 | % |
| (B)Total Accumulated Repossessed Vehicles inInventory |  |  |        |  | 56    |              |  |  |  |  | 0.08 | % |  |  | $629,658.02    |  |  |  |  | 0.10 | % |
|                                                       |

|                                                                                                       |  |  |                     |
|-------------------------------------------------------------------------------------------------------|--|--|---------------------|
| XIX.TESTS FOR INCREASE IN SPECIFIED RESERVE ACCOUNTBALANCE                                            |  |  |                |
| (A) Ratio of Net Losses tothe Pool Balance as of Each CollectionPeriod                                |  |  |                |
| (i) Second PrecedingCollection Period                                                                 |  |  | 0.42%               |
| (ii)Preceding Collection Period                                                                       |  |  | 0.22%               |
| (iii) Current CollectionPeriod                                                                        |  |  | -0.20%              |
| (iv) ThreeMonth Average (Avg(i,ii,iii))                                                               |  |  | 0.15%               |
| (B) Ratio of Balance ofContracts Delinquent 60 Days or More to the Outstanding Balance ofReceivables. |  |  |                |
| (i) Second PrecedingCollection Period                                                                 |  |  | 1.15%               |
| (ii)Preceding Collection Period                                                                       |  |  | 0.94%               |
| (iii) Current CollectionPeriod                                                                        |  |  | 0.79%               |
| (iv) Three MonthAverage (Avg(i,ii,iii))                                                               |  |  | 0.96%               |
| (C) Loss and DelinquencyTrigger Indicator                                                             |  |  | Trigger was nothit. |
|                                                                                                       |

I hereby certify that theservicing report provided is trueand accurate to the best of myknowledge.

/s/ Paul C. HondaPaul C.HondaAssistant Vice President, Assistant Secretary and ComplianceOfficer

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