Document:

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                                                                    EXHIBIT 4.10

PARAGRAPH 13. ELECTIONS AND VARIABLES

(a)   SECURITY INTEREST FOR "OBLIGATIONS". The term "OBLIGATIONS" as used in
this Annex does not include any additional obligations with respect to Party A
or Party B.

(b)   CREDIT SUPPORT OBLIGATIONS.

      (i)   DELIVERY AMOUNT, RETURN AMOUNT AND CREDIT SUPPORT AMOUNT.

            (A)   "DELIVERY AMOUNT" has the meaning specified in Paragraph 3(a).

            (B)   "RETURN AMOUNT" has the meaning specified in Paragraph 3(b).

            (C)   "CREDIT SUPPORT AMOUNT" has the meaning specified in Paragraph
                  3.

      (ii)  ELIGIBLE COLLATERAL. The following items will qualify as "ELIGIBLE
            COLLATERAL":

<TABLE>
<CAPTION>
                                                                                         VALUATION
                                                                                         PERCENTAGE
                                                                                         ----------
<S>     <C>                                                                              <C>
(A)     USD cash                                                                             100%

(B)     Negotiable debt obligations issued by the U.S.                                      98.8%
        Treasury Department having a remaining life of
        not more than one year

(C)     Negotiable debt obligations issued by the U.S. Treasury                             95.1%
        Department having a remaining life of more than one year but not more
        than five years
</TABLE>

      (iii) OTHER ELIGIBLE SUPPORT. The following items will quality as "OTHER
      ELIGIBLE SUPPORT": As determined from time to time in the sole discretion
      of the Secured Party.

      (iv)  THRESHOLDS.

            (A)   "INDEPENDENT AMOUNT" not applicable.

            (B)   The "THRESHOLD" shall not apply to Party B, and with respect
            to for Party A shall mean the amounts determined on the basis of the
            lowest of the ratings set forth below assigned to Party A by Moody's
            Investor Services, Inc. or any successor thereto ("Moody's") and
            Standard & Poor's Rating Services, Inc., a division of The McGraw
            Hill Companies, Inc. or any successor thereto ("S&P"); provided
            further that if Party A shall have no such ratings or if an Event of
            Default has occurred and is continuing then the Threshold with
            respect to Party A shall be zero.
<TABLE>
<CAPTION>
  CREDIT RATING                                                                     THRESHOLD
  (S&P/Moody's)                                                                      Party A
  -------------                                                                     ---------
<S>                                                                                 <C>
S&P: (long-term senior unsecured debt of Party A) A+ or above                        Infinity
Moody's: (long-term senior unsecured debt of Party A) A1 or above                    Infinity
S&P: (short-term senior unsecured debt of Party A) A-1 or above                      Infinity
Moody's: (short-term senior unsecured debt of Party A) P-1 or above                  Infinity
S&P: (long-term senior unsecured debt of Party A) lower than A+                         0
Moody's: (long-term senior unsecured debt of Party A) lower than A1                     0
S&P: (short-term senior unsecured debt of Party A) lower than A-1                       0
Moody's: (short-term senior unsecured debt of Party A) lower than P-1                   0
</TABLE>

            (C)   "MINIMUM TRANSFER AMOUNT" means with respect to Party A and
            Party B: USD $25,000.

                                       11
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            (D)   ROUNDING. The Delivery Amount will, if a positive number but
            not an integral multiple of USD 100,000, be rounded up to the
            nearest integral multiple of USD 100,000, and the Return Amount, if
            a positive number but not an integral multiple of USD 100,000, will
            be rounded down to the nearest integral multiple of USD 100,000 or
            to zero, if the Return Amount is less than USD 100,000.

(c)   VALUATION AND TIMING.

      (i)   "VALUATION AGENT" means Party A. The Value of Post Credit Support
      other than Cash or of any Transfer of Eligible Credit Support or Posted
      Credit Support (other than Cash), as the case may be, will be calculated
      by the Valuation Agent in accordance with standard market practice.

      (ii)  "VALUATION DATE" means each Local Business Day.

      (iii) "VALUATION TIME" means the close of business on the Local Business
      Day before the Valuation Date or date of calculation, as applicable,
      provided that the calculation of Value and Exposure will be made as of
      approximately the same time on the same date.

      (iv)  "NOTIFICATION TIME" means 1:00 p.m. New York time on a Local
      Business Day.

(d)   CONDITIONS PRECEDENT. For Party A, any Termination Event for which Party B
is the Affected Party will be a "SPECIFIED CONDITION".

(e)   SUBSTITUTION.

      (i)   "SUBSTITUTION DATE" has the meaning specified in Paragraph 4(d)(ii).

      (ii)  CONSENT. If specified here as applicable, then Pledgor must obtain
      the Secured Party's consent for any substitution pursuant to Paragraph
      4(d): Not applicable to Party A.

(f)   DISPUTE RESOLUTION.

      (i)   "RESOLUTION TIME" means 1:00 p.m., New York time, on the Local
      Business Day following the date on which the notice of the dispute is
      given pursuant to Paragraph 13(f)(iii) below.

      (ii)  VALUE. For the purpose of Paragraphs 5(i)(C) and 5(ii), in the event
      of a dispute involving the Value of any Posted Credit Support and/or
      Transfer of Eligible Credit Support or Posted Credit Support, Value shall
      be calculated as provided in Paragraph 5; provided however that the
      references in Paragraph 5(i)(B) to four mid-market quotations shall be
      deemed to be replaced (for purposes of this subparagraph (ii) only) with
      references to three bid quotations.

      (iii) ALTERNATIVE. The provisions of Paragraph 5 will apply.

(g)   HOLDING AND USING POSTED COLLATERAL.

      (i)   ELIGIBILITY TO HOLD POSTED COLLATERAL; CUSTODIANS. The Secured Party
      and its Custodian will be entitled to hold Posted Collateral pursuant to
      Paragraph 6(b); provided that the following conditions applicable to it
      are satisfied:

            (A)   The Secured Party is not a Defaulting Party or an Affected
            Party in connection with a Termination Event, and neither a
            Specified Condition nor an Event of Default with respect to the
            Secured Party has led to the occurrence or effective designation of
            an Early Termination Date.

            (B)   Posted Collateral may be held only in the following
            jurisdictions: United States of America.

                                       12
<PAGE>

            (C)   Any Custodian for the Secured Party must (i) be appointed
            pursuant to a written custodial agreement between the Secured Party
            and the Custodian, (ii) be a trust company or commercial bank with
            trust powers, (iii) have a combined capital and surplus of at least
            USD 500,000,000 and (iv) have unsecured, unguaranteed general
            short-term obligations rated at least "P-1" by Moody's or "A-1" by
            S & P.

      Initially, the Custodian for Party A is:   The Bank of New York.

      Initially, the Custodian for Party B is:   Wells Fargo Bank National
                                                 Association.

      (ii)  USE OF POSTED COLLATERAL. The provisions of Paragraph 6(c) are
      applicable; provided, however, that, if (and for so long as) a Secured
      Party is a Defaulting Party or an Affected Party in connection with a
      Termination Event, the provisions of Paragraph 6(c) shall not be
      applicable to such Secured Party.

(h)   DISTRIBUTION OF INTEREST AMOUNT.

      (i)   INTEREST RATE. The "Interest Rate" will be the federal funds
            overnight rate as published by the Board of Governors of the Federal
            Reserve System in H.15 (519) or its successor publication, or such
            other rate as the parties may agree from time to time.

      (ii)  TRANSFER OF INTEREST AMOUNT. The Interest Amount on any Cash
            Transferred pursuant to Paragraph 3(b) shall be paid only on the
            first Local Business Day of each calendar month for the preceding
            month and on any Local Business Day that a Return Amount consisting
            wholly or partially of Cash is Transferred to the Pledgor pursuant
            to Paragraph 3(b) and (i) only on the amount of Cash so Transferred
            and (ii) only to the extent that the Secured Party has received
            interest on such Cash.

      (iii) ALTERNATIVE TO INTEREST AMOUNT. The provisions of Paragraph 6(d)(ii)
            will apply.

(i)   OTHER ELIGIBLE SUPPORT AND OTHER POSTED SUPPORT.

      (i)   "VALUE" with respect to Other Eligible Support and Other Posted
            Support means: Not Applicable.

      (ii)  "TRANSFER" with respect to Other Eligible Support and Other Posted
            Support means: Not Applicable.

(j)   DEMANDS AND NOTICES.

      All demands, specifications and notices under this Annex will be made
      pursuant to the Notices Section of this Agreement, unless otherwise
      specified here:

      Party A:   ABN AMRO Bank N.V., Chicago Branch
                 181 W. Madison Street, 32nd Floor
                 Chicago, IL 60602
                 Attention:  Global Collateral Management
                 Telephone:  312-904-1348
                 Facsimile:  312-904-4359

      Party B:   Nissan Auto Receivables 2004-C Owner Trust
                 c/o Wilmington Trust Company
                 Rodney Square North, 1100 North Market Street
                 Wilmington, Delaware 19890, Attention: Nissan Auto Receivables
                 2004-C Owner Trust with a copy to Nissan Motor Acceptance
                 Corporation
                 990 West 190th Street, Torrance, California 90502, Attention:
                 Treasury

(k)   ADDRESSES FOR TRANSFERS.

      Party A:   Securities:

                 BANK OF NYC/AASECLDN

                                       13
<PAGE>

                 ABA #021000018

                 Payments:

                 ABN AMRO Bank, NY
                 ABA 026009580
                 A/C 674054501541
                 F/A ABN AMRO Bank NV London Branch

      Party B:   Wells Fargo Bank National Association
                 ABA:   121000248
                 ABA No: 0001038377
                 Account No.: Wells Fargo Corporate Trust
                 For further credit: Acct #16470301 NAROT 04-C Collection Acct
                 Attn:  Julia Helkenn (612) 316-2599

(l)   OTHER PROVISIONS.

      (i)   TRANSFER. Without limiting the generality of the definition of
            "Transfer" in Paragraph 12, any Transfer to a party to this
            Agreement of an interest in securities required to be effected under
            this Annex will be deemed to be effective only if such Transfer
            constitutes a "transfer" of such interest to such party within the
            meaning of the New York Uniform Commercial Code.

      (ii)  TAXES IN CONNECTION WITH INTEREST AMOUNTS. Notwithstanding anything
            to the contrary in this Agreement, neither party makes any Payer Tax
            Representation referred to in Section 3(e) of this Agreement with
            respect to any Interest Amount it is required to Transfer under this
            Annex, and neither party will be entitled to designate an Early
            Termination Date by reason of any Tax Event resulting from such
            party's obligation to pay additional amounts in respect of
            Indemnifiable Taxes imposed with respect to any Interest Amount it
            is required to Transfer under this Annex

      (iii) PARTIES. Paragraph 1(b) of the Annex is hereby amended to provide
            that all references in this Annex to "Secured Party" mean Party B
            and all corresponding references to the Pledgor mean Party A.

                                       14
<PAGE>

      IN WITNESS WHEREOF the parties have executed this Credit Support Annex on
the respective dates specified below with effect from the date specified on the
first page of this Credit Support Annex.

PARTY A:                                 PARTY B:
ABN AMRO BANK N.V.                       NISSAN AUTO RECEIVABLES 2004-C OWNER
                                         TRUST
                                         BY: WILMINGTON TRUST COMPANY, AS OWNER
                                         TRUSTEE

By: /s/ Frederick P. Engler              By: /s/ Kathleen A. Pedelini
    --------------------------------         -------------------------------
Name: Frederick P. Engler                Name: Kathleen A. Pedelini
Title: Senior Vice President             Title: Financial Services Officer

By: /s/ Daniel H. Bley
    --------------------------------
Name: Daniel H. Bley
Title: Senior Vice President

                                       15<PAGE>

                                                                   EXHIBIT 4.11

                                 Cap Transaction

We refer to the Transaction, as evidenced by the Confirmation as described
below, between:

                               ABN AMRO BANK N.V.
                                  ("ABN AMRO")

                                       and

                   NISSAN AUTO RECEIVABLES 2004-C OWNER TRUST
                                ("Counterparty")

The purpose of this letter is to confirm the terms and conditions of the
Transaction entered into between you and us on the Trade Date below. It
constitutes a "Confirmation" as referred to in the ISDA Master Agreement
described below.

The definitions and provisions contained in the 2000 ISDA Definitions, as
published by the International Swaps and Derivatives Association, Inc. ("ISDA"),
are incorporated into this Confirmation. In the event of any inconsistency
between those definitions and provisions and this Confirmation, this
Confirmation will govern. Each party represents and warrants to the other that
(i) it is duly authorized to enter into the Transaction to which this
Confirmation relates and to perform its obligations hereunder and (ii) the
person(s) executing this Confirmation is(are) duly authorized to execute and
deliver it.

1.       This Confirmation evidences a complete and binding agreement between
you and us as to the terms of the Transaction to which this Confirmation
relates. This Confirmation shall supplement form a part of, and be subject to
the ISDA Master Agreement, dated as of September 16, 2004, between ABN AMRO and
the Counterparty (the "ISDA Master Agreement"). In the event of any
inconsistency between a provision set forth in the ISDA Master Agreement and
this Confirmation, this Confirmation will prevail for the purpose of the
Transaction to which this Confirmation relates.

The parties to this Transaction are ABN AMRO and Nissan Auto Receivables 2004-C
Owner Trust (the "Counterparty").

The terms of the particular Swap Transaction to which this Confirmation to which
this Confirmation relates are as follows:

<PAGE>

A.  TRANSACTION DETAILS:

    ABN AMRO Deal Number:                       #734543

    Notional Amount:                            With respect to a Calculation
                                                Period, an amount in USD equal
                                                to the aggregate principal
                                                balance of the Class A-4 Notes
                                                (as defined in the Indenture) on
                                                the first day of such
                                                Calculation Period, as notified
                                                by the Indenture Trustee to ABN
                                                AMRO and the Counterparty. With
                                                respect to the Calculation
                                                Period that commences on, and
                                                includes, the Effective Date,
                                                the Notional Amount shall be USD
                                                318,220,000.

    Trade Date:                                 September 16, 2004

    Effective Date:                             September 16, 2004

    Termination Date:                           The earlier of (i) May 15, 2009
                                                and (ii) the date on which the
                                                aggregate principal balance of
                                                the Class A-4 Notes equals zero.
                                                The Termination Date shall be
                                                subject to adjustment in
                                                accordance with the Modified
                                                Following Business Day
                                                Convention.

    Fixed Amounts:

      Fixed Rate Payer:                         Counterparty

      Fixed Rate Payer Payment Date:            September 20, 2004

      Fixed Amount:                             USD 4,952,000

    Floating Amounts:

      Floating Rate Payer:                      ABN AMRO

      Cap Rate:                                 3.56%

      Floating Rate Payer Payment Dates:        Monthly, on the 15th day of each
                                                month, commencing on October 15,
                                                2004, and ending on, and
                                                including the Termination Date.
                                                Floating Rate Payer Payment
                                                Dates shall be subject to
                                                adjustment in accordance with
                                                the Modified Following Business
                                                Day Convention.

                                      -2-
<PAGE>

      Floating Rate Option:                     USD-LIBOR-BBA

      Designated Maturity:                      One month

      Spread:                                   Not applicable

      Floating Rate Day Count Fraction:         Actual/360

      Reset Dates:                              With respect to a Calculation
                                                Period, the first day of such
                                                Calculation Period.

      Compounding:                              Not applicable

    Business Days:                              Any day other than a Saturday,
                                                Sunday or a day on which banking
                                                institutions in London, England
                                                or the state of New York are
                                                authorized or obligated by law,
                                                executive order or government
                                                decree to be closed.

    Calculation Agent:                          Wells Fargo Bank National
                                                Association

B.  ACCOUNT DETAILS:

    Payments to ABN AMRO in USD:                To be Advised

    Payments to Counterparty in USD:            To be Advised

C.  OFFICES:

    ABN AMRO:                                   London

    Counterparty:                               N/A

                                      -3-
<PAGE>

Please confirm that the foregoing correctly sets forth the terms of our
agreement by executing a copy of this Confirmation and returning it to us.

ABN AMRO Bank N.V.

By: /s/ Denis Viskovich
    ----------------------------
Name:  Denis Viskovich
Title: Authorized Signatory

By: /s/ Douglas Scott
    ----------------------------
Name:  Douglas Scott
Title: Authorized Signatory

Accepted and confirmed as of the date first written:

Nissan Auto Receivables 2004-C Owner Trust
By: Wilmington Trust Company, not in its
individual capacity, but solely as Owner Trustee

By: /s/ Kathleen A. Pedelini
    ----------------------------
Name:  Kathleen A. Pedelini
Title: Financial Services Officer

                                      -4-

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