| CREDITSUISSE FIRST BOSTON | PAGE 1 |
|---------------------------|--------|

AMERICAN HONDA FINANCECORPORATION Annual Statement to Certificateholder — HondaAuto Receivables 2004-1 Owner Trust 04/01/04 through 03/31/05

|                                                    |  |                   |  |        |        |        |  |  |  |  |
|----------------------------------------------------|--|-------------------|--|--------|--------|--------|--|--|--|--|
| I.ORIGINAL DEAL PARAMETER INPUTS                   |  |
| (A) TotalPortfolio Balance                         |  | $1,582,514,648.12 |  |   |   |   |
| (B)Total Securities Balance                        |  | $1,582,514,648.12 |  |
| (C) Class A-1 Notes                                |  |
| (i)Class A-1 Notes Balance                         |  | $347,000,000.00   |  |
| (ii) Class A-1 Notes Percentage (C(i)/B)           |  | 21.93%            |  |
| (iii) Class A-1 NotesRate                          |  | 1.13875%          |  |
| (iv) Class A-1Notes Accrual Basis                  |  | Actual/360        |  |
| (D)Class A-2 Notes                                 |  |
| (i) Class A-2 NotesBalance                         |  | $456,000,000.00   |  |
| (ii) ClassA-2 Notes Percentage (D(i)/B)            |  | 28.81%            |  |
| (iii) Class A-2 Notes Rate                         |  | 1.680%            |  |
| (iv) Class A-2 NotesAccrual Basis                  |  | 30/360            |  |
| (E) Class A-3Notes                                 |  |
| (i) Class A-3 Notes Balance                        |  | $431,000,000.00   |  |
| (ii) Class A-3 NotesPercentage (E(i)/B)            |  | 27.24%            |  |
| (iii) Class A-3 Notes Rate                         |  | 2.400%            |  |
| (iv) Class A-3 NotesAccrual Basis                  |  | 30/360            |  |
| (F) Class A-4Notes                                 |  |
| (i) Class A-4 Notes Balance                        |  | $301,000,000.00   |  |
| (ii) Class A-4 NotesPercentage (F(i)/B)            |  | 19.02%            |  |
| (iii) Class A-4 Notes Rate                         |  | 3.060%            |  |
| (iv) Class A-4 NotesAccrual Basis                  |  | 30/360            |  |
| (G)Certificates                                    |  |
| (i) Certificates Balance                           |  | $47,514,648.12    |  |
| (ii) CertificatesPercentage (G(i)/B)               |  | 3.00%             |  |
| (iii) Certificates Rate                            |  | 3.060%            |  |
| (iv) Certificates AccrualBasis                     |  | 30/360            |  |
| (H) Servicing FeeRate                              |  | 1.00%             |  |
| (I) PortfolioSummary                               |  |
| (i) Weighted Average Coupon(WAC)                   |  | 3.87%             |  |
| (ii) WeightedAverage Original Maturity (WAOM)      |  | 58.45             |  |   | months |   |
| (iii) WeightedAverage Remaining Maturity (WAM)     |  | 51.27             |  |   | months |   |
| (iv) Number ofReceivables                          |  | 102,798           |  |
| (J) ReserveFund                                    |  |
| (i) Reserve Account Initial DepositPercentage      |  | 0.50%             |  |
| (ii)Reserve Account Initial Deposit                |  | $7,912,573.24     |  |
| (iii) Specified Reserve AccountPercentage          |  | 0.75%             |  |
| (iv)Specified Reserve Account Balance              |  | $11,868,859.86    |  |
|                                |  |
| (K) Yield Supplement AccountDeposit                |  | $17,047,156.12    |  |
|                                               |  |
| II. INPUTS FROM PREVIOUS MONTHLY SERVICERREPORTS   |  |
| (A) Total Portfolio Balance                        |  | $1,582,514,648.12 |  |
| (B) Total SecuritiesBalance                        |  | $1,582,514,648.12 |  |
| (C)Cumulative Note and Certificate Pool Factor     |  | 1.0000000         |  |
| (D) Class A-1 Notes                                |  |
| (i) Class A-1 Notes Balance                        |  | $347,000,000.00   |  |
| (ii) Class A-1 NotesPool Factor                    |  | 1.0000000         |  |
| (iii) ClassA-1 Notes Interest Carryover Shortfall  |  | $0.00             |  |
| (iv) Class A-1 Notes Principal Carryover Shortfall |  | $0.00             |  |
| (E) Class A-2 Notes                                |  |
| (i) Class A-2 Notes Balance                        |  | $456,000,000.00   |  |
| (ii) Class A-2 NotesPool Factor                    |  | 1.0000000         |  |
| (iii) ClassA-2 Notes Interest Carryover Shortfall  |  | $0.00             |  |
| (iv) Class A-2 Notes Principal Carryover Shortfall |  | $0.00             |  |
| (F) Class A-3 Notes                                |  |
| (i) Class A-3 Notes Balance                        |  | $431,000,000.00   |  |
| (ii) Class A-3 NotesPool Factor                    |  | 1.0000000         |  |
| (iii) ClassA-3 Notes Interest Carryover Shortfall  |  | $0.00             |  |
| (iv) Class A-3 Notes Principal Carryover Shortfall |  | $0.00             |  |
| (G) Class A-4 Notes                                |  |
| (i) Class A-4 Notes Balance                        |  | $301,000,000.00   |  |
| (ii) Class A-4 NotesPool Factor                    |  | 1.0000000         |  |
|                                                    |

----

|                                                   |  |                |  |        |        |        |  |  |  |  |
|---------------------------------------------------|--|----------------|--|--------|--------|--------|--|--|--|--|
| (iii) Class A-4 Notes InterestCarryover Shortfall |  | $0.00          |  |
| (iv)Class A-4 Notes Principal Carryover Shortfall |  | $0.00          |  |
| (H) Certificates                                  |  |
| (i)Certificates Balance                           |  | $47,514,648.12 |  |
| (ii) Certificates Pool Factor                     |  | 1.0000000      |  |
| (iii) Certificates InterestCarryover Shortfall    |  | $0.00          |  |
| (iv)Certificates Principal Carryover Shortfall    |  | $0.00          |  |
| (I) Servicing Fee                                 |  |
| (i)Servicing Fee Shortfall                        |  | $0.00          |  |
| (J)End of Prior Month Account Balances            |  |
| (i)Reserve Account                                |  | $7,912,573.24  |  |
| (ii)Yield Supplement Account                      |  | $17,047,156.12 |  |
| (iii) Payahead Account                            |  | $0.00          |  |
| (iv) Advances Outstanding                         |  | $0.00          |  |
| (K) Portfolio Summary as of End of PriorYear      |  |
| (i) Weighted Average Coupon (WAC)                 |  | 3.87%          |  |
| (ii) Weighted AverageRemaining Maturity (WAM)     |  | 51.27          |  |   | months |   |
| (iii) Number of Receivables                       |  | 102,798        |  |
| (L) Note and Certificate Percentages              |  |
| (i) Note Percentage                               |  | 100.00%        |  |
| (ii) Certificate Percentage                       |  | 0.00%          |  |
|                                                   |

----

| CREDIT SUISSE FIRSTBOSTON | PAGE 2 |
|---------------------------|--------|

AMERICAN HONDA FINANCE CORPORATIONAnnual Statement to Certificateholder — Honda Auto Receivables2004-1 Owner Trust 04/01/04 through 03/31/05

|                                                                    |  |                 |  |        |        |        |  |  |  |  |
|--------------------------------------------------------------------|--|-----------------|--|--------|--------|--------|--|--|--|--|
| III.INPUTS FROM THE MAINFRAME                                      |  |
| (A) PrecomputedContracts Principal                                 |  |            |  |
| (i) ScheduledPrincipal Collections                                 |  | $0.00           |  |   |   |   |
| (ii)Prepayments in Full                                            |  | $0.00           |  |
| (iii)Prepayments in Full due to Repurchases                        |  | $0.00           |  |
| (B) Precomputed Contracts Total Collections                        |  | $0.00           |  |
| (C) Precomputed InterestReceivables Interest (B-A((i)+(ii)+(iii))) |  | $0.00           |  |
| (D) Simple Interest Receivables Principal                          |  |
| (i) Principal Collections                                          |  | $357,119,154.30 |  |
| (ii) Prepayments inFull                                            |  | $164,830,353.97 |  |
| (iii)Repurchased Receivables Related to Principal                  |  | $0.00           |  |
| (E) Simple Interest Receivables Interest                           |  |
| (i) Simple Interest Collections                                    |  | $50,980,732.93  |  |
| (F) Payment Advance forPrecomputes                                 |  |
| (i) Reimbursement of PreviousAdvances                              |  | $0.00           |  |
| (ii) Current AdvanceAmount                                         |  | $0.00           |  |
| (G) Interest Advancefor simple Interest - Net                      |  | $317,259.70     |  |
| (H) Payahead Account                                               |  |
| (i)Payments Applied                                                |  | $0.00           |  |
| (ii)Additional Payaheads                                           |  | $0.00           |  |
| (I)Portfolio Summary as of End of Month                            |  |
| (i)Weighted Average Coupon (WAC)                                   |  | 3.77%           |  |
| (ii) Weighted Average Remaining Maturity (WAM)                     |  | 39.89 months    |  |
| (iii) Remaining Number ofReceivables                               |  | 86,456          |  |
|                                                                    |

|                                                        |  |        |  |               |  |                |  |       |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------|--|--------|--|---------------|--|----------------|--|-------|--|--|--|--|--|--|--|--|--|--|
| (J)DelinquentReceivables                               |  | #Units |  | Dollar Amount |
| (i)30-59 Days Delinquent                               |  | 2,110  |  | 2.44%         |  | $25,982,036.87 |  | 2.47% |
| (ii) 60-89 DaysDelinquent                              |  | 326    |  | 0.38%         |  | $3,986,547.43  |  | 0.38% |
| (ii) 90 Days or More Delinquent                        |  | 28     |  | 0.03%         |  | $411,523.41    |  | 0.04% |
| (K) Vehicles Repossessed During CollectionPeriod       |  | 59     |  | 0.07%         |  | $857,469.69    |  | 0.08% |
| (L) Total AccumulatedRepossessed Vehicles in Inventory |  | 82     |  | 0.09%         |  | $1,211,461.20  |  | 0.12% |
|                                                        |

|                                                                       |  |                 |  |  |  |  |
|-----------------------------------------------------------------------|--|-----------------|--|--|--|--|
| IV.INPUTS DERIVED FROM OTHERSOURCES                                   |  |            |
| (A) Collection AccountInvestmentIncome                                |  | $0.00           |
| (B)Reserve Account Investment Income                                  |  | $166,025.32     |
| (C) Yield Supplement Account InvestmentIncome                         |  | $184,200.61     |
| (D) Trust FeesExpense                                                 |  | $6,000.00       |
| (E) Aggregate NetLosses for Collection Period                         |  | $3,943,999.61   |
| (F) Liquidated ReceivablesInformation                                 |  |
| (i) Gross Principal Balance onLiquidated Receivables                  |  | $8,294,261.65   |
| (ii) Liquidation Proceeds                                             |  | $3,523,990.28   |
| (ii) Recoveries from PriorMonth Charge Offs                           |  | $826,271.76     |
| (G)Days in Accrual Period                                             |  | 366             |
| (H) Dealage                                                           |  | 12              |
| **COLLECTIONS**                                                       |
| V. INTEREST COLLECTIONS                                               |  |
| (A) TotalInterest Collections (III(C+E(i)+G)                          |  | $51,297,992.63  |
| VI. PRINCIPAL COLLECTIONS                                             |  |
| (A)Principal Payments Received (III(A((i)+(ii))+(D(i)+(ii)))          |  | $521,949,508.27 |
| (B) Liquidation Proceeds(IV(H(i)))                                    |  | $3,523,990.28   |
| (C)Repurchased Loan Proceeds Related to Principal(III(A(iii)+D(iii))) |  | $0.00           |
| (D)Recoveries from Prior Charge Offs(IV(H(ii)))                       |  | $826,271.76     |
| (E) TotalPrincipal Collections (A+B+C+D)                              |  | 526,299,770.31  |
| VII. TOTAL INTEREST AND PRINCIPAL COLLECTIONS(V(C)+VI(E))             |  | 577,597,762.94  |
| VIII. YIELDSUPPLEMENT DEPOSIT                                         |  | $7,973,741.23   |
| IX. TOTALAVAILABLE AMOUNT (VII+VIII)                                  |  | 585,571,504.17  |
| **DISTRIBUTIONS**                                                     |  |
| X. FEE DISTRIBUTIONS                                                  |  |
| (A) ServicingFee                                                      |  |
| (i) Servicing Fee Due(I(H)/12)(II(B))+(II(H)(i))                      |  | $13,375,870.20  |
| (ii) Servicing Fee Paid                                               |  | 13,375,870.20   |
| (iii) Servicing FeeShortfall                                          |  | $0.00           |
|                                                                       |

----

|                                                      |  |                |  |  |  |  |
|------------------------------------------------------|--|----------------|--|--|--|--|
| (B) Reserve Account InvestmentIncome (IV(B))         |  | 166,025.32     |
| (C) YieldSupplement Account Investment Income(IV(C)) |  | 184,200.61     |
| (D) Trust FeesExpense (IV(D))                        |  | 6,000.00       |
| XI. DISTRIBUTIONSTO NOTEHOLDERS                      |  |
| (A) Interest                                         |  |
| (i) Class A-1 Notes                                  |  |
| (a) Class A-1Notes Interest Due                      |  | $1,487,623.54  |
| (b) Class A-1 Notes Interest Paid                    |  | 1,487,623.54   |
| (c) Class A-1Notes Interest Shortfall                |  | $0.00          |
| (ii) ClassA-2 Notes                                  |  |
| (a) Class A-2 Notes InterestDue                      |  | $7,274,224.21  |
| (b) Class A-2Notes Interest Paid                     |  | 7,274,224.21   |
| (c) Class A-2 Notes Interest Shortfall               |  | $0.00          |
| (iii) Class A-3 Notes                                |  |
| (a) Class A-3 Notes Interest Due                     |  | $10,372,733.33 |
| (b) Class A-3 NotesInterest Paid                     |  | 10,372,733.33  |
| (c) Class A-3 Notes Interest Shortfall               |  | $0.00          |
| (iv) Class A-4 Notes                                 |  |
| (a) Class A-4 Notes Interest Due                     |  | $9,236,185.00  |
| (b) Class A-4 NotesInterest Paid                     |  | 9,236,185.00   |
| (c) Class A-4 Notes Interest Shortfall               |  | $0.00          |
|                                                      |

----

| CREDIT SUISSE FIRSTBOSTON | PAGE 3 |
|---------------------------|--------|

AMERICAN HONDA FINANCE CORPORATIONAnnual Statement to Certificateholder — Honda Auto Receivables2004-1 Owner Trust 04/01/04 through 03/31/05

|                                                                                              |  |                 |  |  |  |  |
|----------------------------------------------------------------------------------------------|--|-----------------|--|--|--|--|
| (v)Total Note Interest                                                                       |  |
| (a) Total NoteInterest Due                                                                   |  | $28,370,766.08  |
| (b)Total Note Interest Paid                                                                  |  | 28,370,766.08   |
| (c) Total Note Interest Shortfall                                                            |  | $0.00           |
| (d) Reserve Fund Withdrawn forNote Interest                                                  |  | $0.00           |
| Amount available fordistributions after Fees & Interest(VIII-(IX(A)(ii)-(D))-X(A)(v)(b)) |  | 543,818,867.89  |
| (B) Principal                                                                                |  |
| (i)Noteholders' Principal Distribution Amounts                                               |  | $523,590,122.01 |
| (ii) Class A-1 NotesPrincipal                                                                |  |
| (a) Class A-1 Notes PrincipalDue                                                             |  | 347,000,000.00  |
| (b) Class A-1Notes Principal Paid                                                            |  | 347,000,000.00  |
| (c) Class A-1 Notes Principal Shortfall                                                      |  | $0.00           |
| (d) Reserve Fund drawn                                                                       |  | $0.00           |
| (iii) Class A-2 NotesPrincipal                                                               |  |
| (a) Class A-2 Notes PrincipalDue                                                             |  | $176,590,122.01 |
| (b) Class A-2Notes Principal Paid                                                            |  | 176,590,122.01  |
| (c) Class A-2 Notes Principal Shortfall                                                      |  | $0.00           |
| (d) Reserve Fund drawn                                                                       |  | $0.00           |
| (iv) Class A-3 Notes Principal                                                               |  |
| (a) Class A-3 Notes Principal Due                                                            |  | $0.00           |
| (b) Class A-3 Notes PrincipalPaid                                                            |  | 0.00            |
| (c) Class A-3Notes Principal Shortfall                                                       |  | $0.00           |
| (d)Reserve Fund drawn                                                                        |  | $0.00           |
| (v) Class A-4Notes Principal                                                                 |  |
| (a) Class A-4 NotesPrincipal Due                                                             |  | $0.00           |
| (b) Class A-4Notes Principal Paid                                                            |  | 0.00            |
| (c) Class A-4 Notes Principal Shortfall                                                      |  | $0.00           |
| (d) Reserve Fund drawn                                                                       |  | $0.00           |
| (vi) Total Notes Principal                                                                   |  |
| (a) Total Notes Principal Due                                                                |  | $523,590,122.01 |
| (b) Total NotesPrincipal Paid                                                                |  | 523,590,122.01  |
| (c) Total Notes Principal Shortfall                                                          |  | $0.00           |
| (d) Reserve Fund drawn                                                                       |  | $0.00           |
| XII. RESERVE FUNDDEPOSIT                                                                     |  |
| Amount available for deposit intoreserve account                                             |  | $20,228,745.88  |
| Amount deposited into reserveaccount                                                         |  | 3,956,286.62    |
| Excess AmountReleased from Reserve Account                                                   |  | 0.00            |
| Excess funds available toCertificateholders                                                  |  | 16,272,459.26   |
| XIII. DISTRIBUTIONS TO CERTIFICATEHOLDERS                                                    |  |
| (A) Interest                                                                                 |  |
| (i) CertificateMonthly Interest Due                                                          |  | $1,433,445.65   |
| (ii)Certificate Interest Shortfall BeginningBalance                                          |  | $371,883.82     |
| (iii) Total CertificateInterest Due                                                          |  | $1,805,329.47   |
| (iv) CertificateInterest Paid                                                                |  | 1,433,445.65    |
| (v)Certificate Interest Shortfall Ending Balance                                             |  | $0.00           |
| (B) Principal                                                                                |  |
| (i) CertificateMonthly Principal Due                                                         |  | $6,653,647.91   |
| (ii)Certificate Principal Shortfall BeginningBalance                                         |  | $0.00           |
| (iii) Total CertificatePrincipal Due                                                         |  | $6,653,647.91   |
| (iv)Certificate Principal Paid                                                               |  | 6,653,647.91    |
| (v) Certificate Principal Shortfall EndingBalance                                            |  | $0.00           |
| (C) Release toSeller                                                                         |  | $8,185,365.70   |
| **DISTRIBUTIONSSUMMARY**                                                                     |  |
| (A) Total Collections                                                                        |  | $585,571,504.17 |
| (B) ServiceFee                                                                               |  | $13,375,870.20  |
| (C) TrusteeFees                                                                              |  | 6,000.00        |
| (D) Class A1Amount                                                                           |  | $348,487,623.54 |
| (E) Class A2Amount                                                                           |  | $183,864,346.22 |
| (F) Class A3Amount                                                                           |  | $10,372,733.33  |
| (G) Class A4Amount                                                                           |  | $9,236,185.00   |
|                                                                                              |

----

|                                                |  |                 |  |  |  |  |
|------------------------------------------------|--|-----------------|--|--|--|--|
| (H) Amount Deposited intoReserve Account       |  | $3,956,286.62   |
| (I)Certificateholders                          |  | $8,087,093.56   |
| (J)Release to seller                           |  | $8,185,365.70   |
| (K)Total amount distributed                    |  | $585,571,504.17 |
| (L) Amount of Draw from Reserve Account        |  | 0.00            |
| (M) Excess Amount Released fromReserve Account |  | 0.00            |
|                                                |

|                                                         |  |                   |        |                   |  |        |        |        |  |  |
|---------------------------------------------------------|--|-------------------|--------|-------------------|--|--------|--------|--------|--|--|
| **PORTFOLIOAND SECURITY SUMMARY**                       |  |
|                                                    |  | BeginningofPeriod |        | Endof Period      |
| XIV. POOL BALANCESAND PORTFOLIO INFORMATION             |  |
| (A) Balances andPrincipal Factors                       |  |              |   |              |  |   |   |   |
| (i) AggregateBalance of Notes                           |  | $1,535,000,000.00 |        | $1,011,409,877.99 |
| (ii) Note Pool Factor                                   |  | 1.0000000         |        | 0.6588989         |
| (iii) Class A-1Notes Balance                            |  | 347,000,000.00    |        | 0.00              |
| (iv) Class A-1 Notes Pool Factor                        |  | 1.0000000         |        | 0.0000000         |
| (v) Class A-2 Notes Balance                             |  | 456,000,000.00    |        | 279,409,877.99    |
| (vi)Class A-2 Notes Pool Factor                         |  | 1.0000000         |        | 0.6127410         |
| (vii) Class A-3 Notes Balance                           |  | 431,000,000.00    |        | 431,000,000.00    |
| (viii)Class A-3 Notes Pool Factor                       |  | 1.0000000         |        | 1.0000000         |
| (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                               |  | 47,514,648.12     |        | 40,861,000.21     |
| (xii)Certificates Pool Factor                           |  | 1.0000000         |        | 0.8599664         |
| (xiii) Total Principal Balance ofNotes and Certificates |  | 1,582,514,648.12  |        | 1,052,270,878.20  |
| (B) PortfolioInformation                                |  |
| (i) Weighted Average Coupon (WAC)                       |  | 3.87%             |        | 3.77%             |
| (ii) WeightedAverage Remaining Maturity (WAM)           |  | 51.27 months      |        | 39.89months       |
| (iii) Remaining Number of Receivables                   |  | 102,798           |        | 86,456            |
| (iv) PortfolioReceivable Balance                        |  | $1,582,514,648.12 |        | $1,052,270,878.20 |
| (C) OutstandingAdvance Amount                           |  | $0.00             |        | $317,259.70       |
| (D) Outstanding Payahead Balance                        |  | $0.00             |        | $0.00             |
|                                                         |

----

| CREDIT SUISSE FIRSTBOSTON | PAGE 4 |
|---------------------------|--------|

AMERICAN HONDA FINANCE CORPORATIONAnnual Statement to Certificateholder — Honda Auto Receivables2004-1 Owner Trust 04/01/04 through 03/31/05

|                                                       |  |               |  |  |  |  |
|-------------------------------------------------------|--|---------------|--|--|--|--|
| **SUMMARYOF ACCOUNTS**                                |  |
| XV. RECONCILIATION OF RESERVEACCOUNT                  |  |
| (A) Beginning Reserve AccountBalance                  |  | $7,912,573.24 |
| (B) Draws                                             |  | 0.00          |
| (i) Draw for Servicing Fee                            |  | 0.00          |
| (ii) Draw for Interest                                |  | 0.00          |
| (iii) Draw for Realized Losses                        |  | 0.00          |
| (C) Excess Interest Deposited intothe Reserve Account |  | 3,956,286.62  |
| (D) Reserve Account 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 Account Amount                     |  | 0.00          |
| (H) Ending Reserve AccountBalance                     |  | 11,868,859.86 |
| XVI.RECONCILIATION OF YIELD SUPPLEMENT ACCOUNT        |  |
| (A) Beginning Yield Supplement AccountBalance         |  | 17,047,156.12 |
| (B) InvestmentEarnings                                |  | 184,200.61    |
| (C) InvestmentEarnings Withdraw                       |  | 184,200.61    |
| (D)Additional Yield Supplement Amounts                |  | 0.00          |
| (E) Yield Supplement DepositAmount                    |  | 7,973,741.23  |
| (F) Release ofYield Deposit Account Balance toSeller  |  | 0.00          |
| (G) EndingYield Supplement Account Balance            |  | 9,073,414.89  |
| XVII. NET LOSS AND DELINQUENCY ACCOUNTACTIVITY        |  |
| (A) Liquidated Contracts                              |  |
| (i) Liquidation Proceeds                              |  | $3,523,990.28 |
| (ii) Recoveries on Previously Liquidated Contracts    |  | 826,271.76    |
| (B) Aggregate Net Losses forCollection Period         |  | 3,943,999.61  |
| (C)Net Loss Rate for Collection Period (annualized)   |  | 0.30%         |
| (D) Cumulative Net Lossesfor all Periods              |  | 3,943,999.61  |
|                                                       |

|                                |  |        |  |               |  |                |  |       |  |  |  |  |  |  |  |  |  |  |
|--------------------------------|--|--------|--|---------------|--|----------------|--|-------|--|--|--|--|--|--|--|--|--|--|
| (J)DelinquentReceivables       |  | #Units |  | Dollar Amount |
| (i) 30-59 Days Delinquent      |  | 2,110  |  | 2.44%         |  | $25,982,036.87 |  | 2.47% |
| (ii) 60-89 Days Delinquent     |  | 326    |  | 0.38%         |  | $3,986,547.43  |  | 0.38% |
| (ii) 90 Days or MoreDelinquent |  | 28     |  | 0.03%         |  | $411,523.41    |  | 0.04% |
|                                |

|                                                        |  |        |  |               |  |               |  |       |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------|--|--------|--|---------------|--|---------------|--|-------|--|--|--|--|--|--|--|--|--|--|
| XVIII.REPOSSESSIONACTIVITY                             |  | #Units |  | Dollar Amount |
| (A)Vehicles Repossessed During CollectionPeriod        |  | 59     |  | 0.07%         |  | $857,469.69   |  | 0.08% |
| (B) Total Accumulated Repossessed Vehicles inInventory |  | 82     |  | 0.09%         |  | $1,211,461.20 |  | 0.12% |
|                                                        |

|                                                                                                        |  |                     |  |  |  |  |
|--------------------------------------------------------------------------------------------------------|--|---------------------|--|--|--|--|
| XIX.TESTS FOR INCREASE IN SPECIFIED RESERVE ACCOUNT BALANCE                                            |  |
| (A) Ratio of Net Losses to the Pool Balance as of EachCollection Period                                |  |
| (i) SecondPreceding Collection Period                                                                  |  | 0.33%               |
| (ii) Preceding Collection Period                                                                       |  | 0.38%               |
| (iii) Current CollectionPeriod                                                                         |  | 0.28%               |
| (iv) Three MonthAverage (Avg(i,ii,iii))                                                                |  | 0.33%               |
| (B) Ratio of Balance of Contracts Delinquent 60 Days orMore to the Outstanding Balance of Receivables. |  |
| (i)Second Preceding Collection Period                                                                  |  | 0.79%               |
| (ii) Preceding Collection Period                                                                       |  | 0.56%               |
| (iii) Current CollectionPeriod                                                                         |  | 0.50%               |
| (iv) Three MonthAverage (Avg(i,ii,iii))                                                                |  | 0.62%               |
|                                                                                                   |  |
| (C) Loss and Delinquency TriggerIndicator                                                              |  | Trigger was nothit. |
|                                                                                                        |

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

By: /s/ JohnWeisickle Mr. John Weisickle VicePresident

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