Document:

Exhibit
      10.3

    Swap
      A

     

    CLASS
      A-2B SWAP TRANSACTION CONFIRMATION

     

    
      	
              Date:

            	 	
              September
                28, 2007

            
	 	 	 
	
              To:

               

            	 	
              Hyundai
                Auto Receivables Trust 2007-A (“Party B”)

              c/o
                Wilmington Trust Company, as Owner Trustee

              Rodney
                Square North

              1100
                North Market Street

              Wilmington,
                Delaware 19890-0001

              Attention:
                Corporate Trust Administration 

            
	 	 	 
	
               

              From:

               

            	 	
              HSBC
                Bank USA, National Association (“Party A”)

              452
                Fifth Avenue

              New
                York, NY 10018

              Attention:
                Legal Department

              Telephone
                No.: 212-525-8119

              Facsimile
                No.: 212-525-6121 

            
	 	 	 
	
              Ref.
                No.

            	 	
              486839HN

            

    

     

    Dear
      Sir
      or Madam:

     

    The
      purpose of this letter (this “Confirmation”) is to confirm the terms and
      conditions of the Transaction entered into between us on the Trade Date
      specified below (the “Transaction”). This Confirmation constitutes a
“Confirmation” as referred to in the ISDA Master Agreement specified
      below.

    

    1.
      The
      definitions and provisions contained in (i) the 2006 ISDA Definitions (the
“ISDA Definitions”), as published by the International Swaps and Derivatives
      Association, Inc, and (ii) the Sale and Servicing Agreement dated as of
      September 28, 2007 (the “Sale and Servicing Agreement”) between Party B, Hyundai
      ABS Funding Corporation, Hyundai Motor Finance Company and Citibank, N.A. as
      Indenture Trustee, relating to the issuance by Party B of certain debt
      obligations, are incorporated into this Confirmation. In the event of any
      inconsistency between the ISDA Definitions and this Confirmation, this
      Confirmation will govern. References herein to a “Transaction” shall be deemed
      to be references to a “Swap Transaction” for purposes of the ISDA Definitions.
      Capitalized terms used but not defined herein have the meanings ascribed to
      them
      in the Sale and Servicing Agreement.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    2.
      The
      terms of the particular Transaction to which the Confirmation relates are as
      follows:

    

      
        	
                Transaction
                  Type:

              	 	
                Interest
                  Rate Swap

              
	 	 	 
	
                Currency
                  for Payments:

              	 	
                U.S.
                  Dollars

              
	 	 	 
	
                Notional
                  Amount:

              	 	
                For
                  the Initial Calculation Period, the Notional Amount shall be equal
                  to
                  USD $79,000,000. For each subsequent Calculation Period, the Notional
                  Amount shall be equal to the aggregate note balance of the Class
                  A-2b
                  Notes on the first day of such Calculation Period. With respect
                  to any
                  Payment Date, the aggregate note balance of the Class A-2b Notes
                  will be
                  determined using the Servicer’s Certificate issued pursuant to the Sale
                  and Servicing Agreement on the Determination Date immediately preceding
                  the Payment Date (giving effect to any reductions of the note balance
                  of
                  the Class A-2b Notes reflected in such Servicer’s
                  Certificate).

              
	 	 	 
	
                Initial
                  Calculation Period:

              	 	
                September
                  28, 2007 to but excluding October 15, 2007. 

              
	 	 	 
	Term:	 	 
	
                Trade
                  Date:

                 

                Effective
                  Date:

              	 	
                September
                  19, 2007

                 

                September
                  28, 2007

              
	 	 	 
	
                Termination
                  Date:

              	 	
                The
                  earlier of (i) December 15, 2008 and (ii) the date on which the
                  note
                  balance of the Class A-2b Notes is reduced to zero.

              
	 	 	 
	
                Business
                  Day:

              	 	
                New
                  York, Delaware, California

              
	 	 	 
	
                Business
                  Day Convention:

              	 	
                Following

              
	 	 	 
	
                Fixed
                  Amounts:

                Fixed
                  Rate Payer:

              	 	
                 

                Party
                  B

              
	 	 	 
	
                Calculation
                  Period End  Dates:

              	 	
                Monthly
                  on the 15th of each month, commencing October 15, 2007, through
                  and
                  including the Termination Date subject to adjustment in accordance
                  with
                  the Business Day Convention.

              
	 	 	 
	
                Payment
                  Dates:

              	 	
                Monthly
                  on the 15th of each month, commencing October 15, 2007, through
                  and
                  including the Termination Date, subject
                  to adjustment in accordance with the Business Day
                  Convention.

              

      

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      
        	 	 	 
	
                Fixed
                  Rate:

              	 	
                4.938%

              
	 	 	 
	
                Fixed
                  Rate Day Count 

                Fraction:

              	 	
                Actual/360

              
	 	 	 
	
                Floating
                  Amounts:

              	 	 
	 	 	 
	
                Floating
                  Rate Payer:

              	 	
                Party
                  A

              
	 	 	 
	
                Calculation
                  Period End  Dates:

                 

              	 	
                Monthly
                  on the 15th
                  of
                  each month, commencing October 15, 2007, through and including
                  the
                  Termination Date, subject to adjustment in accordance with the
                  Business
                  Day Convention.

              
	 	 	 
	
                Payment
                  Dates:

                 

              	 	
                Monthly
                  on the 15th
                  of
                  each month, commencing October 15, 2007, through and including
                  the
                  Termination Date, subject to adjustment in accordance with the
                  Business
                  Day Convention.

              
	 	 	 
	
                Floating
                  Rate Option:

              	 	
                USD-LIBOR-BBA

              
	 	 	 
	
                Designated
                  Maturity:

              	 	
                1
                  Month

              
	 	 	 
	
                Spread:

              	 	
                Plus
                  0.35%

              
	 	 	 
	
                Floating
                  Rate Day Count Fraction:

              	 	
                Actual/360

              
	 	 	 
	
                Reset
                  Dates:

              	 	
                The
                  first day of each Calculation Period

              
	 	 	 
	
                Compounding:

              	 	
                Inapplicable

              

      

    

     

    3.
      The
      additional provisions of this Confirmation are as follows:

    

      
        	
                Calculation
                  Agent:

              	 	
                As
                  specified in the Agreement

              
	 	 	 
	
                Payments
                  to Party A:

              	 	
                HSBC
                  Bank USA, National Association

                ABA
                  # 021-001-088

                For
                  Credit to Department 299

                A/C:
                  000-04929-8

                HSBC
                  Derivative Products Group

              

      

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      
        	 	 	 
	
                Payments
                  to Party B:

              	 	
                Citibank
                  NA 

                ABA#
                  021-000-089

                Acct
                  Nam: Structured Finance Incoming Wire

                Acct.#:
                  3617-2242

                Ref:
                  HART 2007-A Coll Acct./
                  106980

              

      

    

     

    4.
      Documentation

     

    This
      Confirmation supplements, forms a part of, and is subject to, the 1992 ISDA
      Master Agreement dated as of September 28, 2007 (including the Schedule thereto)
      as amended and supplemented from time to time (the “Agreement”) between you and
      us. All provisions contained in the Agreement govern this Confirmation except
      as
      expressly modified herein.

    

    Unless
      otherwise provided in the Agreement, this Confirmation is governed by the laws
      of the State of New York.

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

       

    

    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.

     

    
      	
              Very
                truly yours,

            	 	 	 
	 	 	 	 	 
	HSBC BANK USA,
              NATIONAL
              ASSOCIATION	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	/s/ Dennis
              J.
              Nevins	 	 	
            
	 	
              
Name:
              Dennis J. Nevins	 	 	
            
	 	Title: Officer ID # 15157	 	 	 

    

     

    
      
        	 	 	 	 	 
	By:	/s/ Tiffany
                Moncrieffe	 	 	
              
	 	
                
Name:
                Tiffany Moncrieffe	 	 	
              
	 	Title: Officer ID # 15343	 	 	 

      

       

    

    
      
        	
                Accepted
                  and confirmed as of the date first above written:

              	 	 	 
	 	 	 	 
	HYUNDAI AUTO
                RECEIVABLES
                TRUST 2007-A	 	 	 
	 	 	 	 	 
	By:	
                Wilmington Trust Company,

                not in its individual capacity but solely

                in its capacity as Owner Trustee

              	 	 	
              

      

       

    

    
      
        	 	 	 	 	 
	By:	/s/ W.
                Chris
                Sponenberg	 	 	
              
	 	
                
Name:
                W. Chris Sponenberg	 	 	
              
	 	Title: Vice President	 	 	 

      

       

      
        2007-A
          Class A-2b Trust Swap Confirmation

         

        
          
            
            

          

          
            S-1Exhibit
      10.4

    Swap
      A

     

    CLASS
      A-3B SWAP TRANSACTION CONFIRMATION

     

    
      	
              Date:

            	 	
              September
                28, 2007

            
	 	 	 
	
              To:

            	 	
              Hyundai
                Auto Receivables Trust 2007-A (“Party B”)

              c/o
                Wilmington Trust Company, as Owner Trustee

              Rodney
                Square North

              1100
                North Market Street

              Wilmington,
                Delaware 19890-0001

              Attention:
                Corporate Trust Administration 

            
	 	 	 
	
              From:

            	 	
              HSBC
                Bank USA, National Association (“Party A”)

              452
                Fifth Avenue

              New
                York, NY 10018

              Attention:
                Legal Department

              Telephone
                No.: 212-525-8119

              Facsimile
                No.: 212-525-6121 

            
	 	 	 
	
              Ref.
                No.

            	 	
              486842HN

            

    

     

    Dear
      Sir
      or Madam:

     

    The
      purpose of this letter (this “Confirmation”) is to confirm the terms and
      conditions of the Transaction entered into between us on the Trade Date
      specified below (the “Transaction”). This Confirmation constitutes a
“Confirmation” as referred to in the ISDA Master Agreement specified
      below.

    

    1.
      The
      definitions and provisions contained in (i) the 2006 ISDA Definitions (the
“ISDA Definitions”), as published by the International Swaps and Derivatives
      Association, Inc, and (ii) the Sale and Servicing Agreement dated as of
      September 28, 2007 (the “Sale and Servicing Agreement”) between Party B, Hyundai
      ABS Funding Corporation, Hyundai Motor Finance Company and Citibank, N.A. as
      Indenture Trustee, relating to the issuance by Party B of certain debt
      obligations, are incorporated into this Confirmation. In the event of any
      inconsistency between the ISDA Definitions and this Confirmation, this
      Confirmation will govern. References herein to a “Transaction” shall be deemed
      to be references to a “Swap Transaction” for purposes of the ISDA Definitions.
      Capitalized terms used but not defined herein have the meanings ascribed to
      them
      in the Sale and Servicing Agreement.

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    2.
      The
      terms of the particular Transaction to which the Confirmation relates are as
      follows:

     

    
      	
              Transaction
                Type:

            	 	
              Interest
                Rate Swap

            
	 	 	 
	
              Currency
                for Payments:

            	 	
              U.S.
                Dollars

            
	 	 	 
	
              Notional
                Amount:

            	 	
              For
                the Initial Calculation Period, the Notional Amount shall be equal
                to
                USD $71,000,000. For each subsequent Calculation Period, the Notional
                Amount shall be equal to the aggregate note balance of the Class
                A-3b
                Notes on the first day of such Calculation Period. With respect to
                any
                Payment Date, the aggregate note balance of the Class A-3b Notes
                will be
                determined using the Servicer’s Certificate issued pursuant to the Sale
                and Servicing Agreement on the Determination Date immediately preceding
                the Payment Date (giving effect to any reductions of the note balance
                of
                the Class A-3b Notes reflected in such Servicer’s
                Certificate).

            
	 	 	 
	
              Initial
                Calculation Period:

            	 	
              September
                28, 2007 to but excluding October 15, 2007. 

            
	 	 	 
	Term:	 	 
	 	 	 
	
              Trade
                Date:

               

              Effective
                Date:

            	 	
              September
                19, 2007

               

              September
                28, 2007

            
	 	 	 
	
              Termination
                Date:

            	 	
              The
                earlier of (i) July 15, 2010 and (ii) the date on which the note
                balance
                of the Class A-3b Notes is reduced to zero.

            
	 	 	 
	
              Business
                Day:

            	 	
              New
                York, Delaware, California

            
	 	 	 
	
              Business
                Day Convention:

            	 	
              Following

            
	 	 	 
	Fixed
              Amounts:	 	 
	 	 	 
	
              Fixed
                Rate Payer:

            	 	
              Party
                B

            
	 	 	 
	
              Calculation
                Period End  Dates:

            	 	
              Monthly
                on the 15th of each month, commencing October 15, 2007, through and
                including the Termination Date subject to adjustment in accordance
                with
                the Business Day Convention.

            
	 	 	 
	
              Payment
                Dates:

            	 	
              Monthly
                on the 15th of each month, commencing October 15, 2007, through and
                including the Termination Date, subject
                to adjustment in accordance with the Business Day
                Convention.

            

    

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    
      	
              Fixed
                Rate:

            	 	
              4.861%

            
	 	 	 
	
              Fixed
                Rate Day Count 

              Fraction:

            	 	
              Actual/360

            
	 	 	 
	
              Floating
                Amounts:

            	 	 
	 	 	 
	
              Floating
                Rate Payer:

            	 	
              Party
                A

            
	 	 	 
	
              Calculation
                Period End  Dates:

               

            	 	
              Monthly
                on the 15th
                of
                each month, commencing October 15, 2007, through and including the
                Termination Date, subject to adjustment in accordance with the Business
                Day Convention.

            
	 	 	 
	
              Payment
                Dates:

               

            	 	
              Monthly
                on the 15th
                of
                each month, commencing October 15, 2007, through and including the
                Termination Date, subject to adjustment in accordance with the Business
                Day Convention.

            
	 	 	 
	
              Floating
                Rate Option:

            	 	
              USD-LIBOR-BBA

            
	 	 	 
	
              Designated
                Maturity:

            	 	
              1
                Month

            
	 	 	 
	
              Spread:

            	 	
              Plus
                0.40%

            
	 	 	 
	
              Floating
                Rate Day Count Fraction:

            	 	
              Actual/360

            
	 	 	 
	
              Reset
                Dates:

            	 	
              The
                first day of each Calculation Period

            
	 	 	 
	
              Compounding:

            	 	
              Inapplicable

            

    

     

    3.
      The
      additional provisions of this Confirmation are as follows:

     

    
      	
              Calculation
                Agent:

            	 	
              As
                specified in the Agreement

            
	 	 	 
	
              Payments
                to Party A:

            	 	
              HSBC
                Bank USA, National Association

              ABA
                # 021-001-088

              For
                Credit to Department 299

              A/C:
                000-04929-8

              HSBC
                Derivative Products Group

            

    

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    
      	
              Payments
                to Party B:

            	 	
              Citibank
                NA 

              ABA#
                021-000-089

              Acct
                Nam: Structured Finance Incoming Wire

              Acct.#:
                3617-2242

              Ref:
                HART 2007-A Coll Acct./ 106980

            

    

     

    4.
      Documentation

     

    This
      Confirmation supplements, forms a part of, and is subject to, the 1992 ISDA
      Master Agreement dated as of September 28, 2007 (including the Schedule thereto)
      as amended and supplemented from time to time (the “Agreement”) between you and
      us. All provisions contained in the Agreement govern this Confirmation except
      as
      expressly modified herein.

    

    Unless
      otherwise provided in the Agreement, this Confirmation is governed by the laws
      of the State of New York.

    

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    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.

    

    
      	Very truly yours,	 	 	 
	 	 	 	 
	HSBC BANK USA,
              NATIONAL
              ASSOCIATION	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	/s/ Dennis J. Nevins	 	 	
            
	 	
              
Name:
              Dennis J. Nevins	 	 	
            
	 	Title: Officer ID # 15157	 	 	
            

    

     

    
      
        	 	 	 	 	 
	By:	/s/ Tiffany Moncrieffe	 	 	
              
	 	
                
Name:
                Tiffany Moncrieffe	 	 	
              
	 	Title: Officer ID # 15343	 	 	
              

      

       

    

    Accepted
      and confirmed as of the date first above written: 

    
      

      
        	HYUNDAI AUTO
                RECEIVABLES
                TRUST 2007-A	 	 	 
	 	 	 	 	 
	By:	Wilmington Trust Company,
                not
                  in its individual capacity but

                solely
                  in its capacity as Owner Trustee

              	 	 	
              

      

       

    

    
      
        	 	 	 	 	 
	By:	/s/ W. Chris Sponenberg	 	 	
              
	 	
                
Name:
                W. Chris Sponenberg	 	 	
              
	 	Title: Vice President	 	 	
              

      

       

      
        2007-A
          Class A-3b Trust Swap Confirmation

         

      

      
        
           

        

        
          S-1

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