8-K

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   ----------

                                    FORM 8-K

                                   ----------

                                 CURRENT REPORT

                         PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED):
                                NOVEMBER 21, 2005

                                   ----------

                    HONDA AUTO RECEIVABLES 2005-1 OWNER TRUST
               (EXACT NAME OF REGISTRANT SPECIFIED IN ITS CHARTER)

                                   ----------

          DELAWARE                    333-104875               84-6383197
(STATE OR OTHER JURISDICTION   (COMMISSION FILE NUMBER)     (I.R.S EMPLOYER
      OF INCORPORATION)                                   IDENTIFICATION NO.)

    AMERICAN HONDA RECEIVABLES CORP.
          20800 MADRONA AVENUE
              TORRANCE, CA                                               90503
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)                              (ZIP CODE)

       REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (310) 972-2511

- --------------------------------------------------------------------------------

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

[_]  Written communications pursuant to Rule 425 under the Securities Act (17
     CFR 230.425)

[_]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
     240.14a-12)

[_]  Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b))

[_]  Pre-commencement communications pursuant to Rule 13e-4(c) under the
     Exchange Act (17 CFR 240.13e-4(c))

- --------------------------------------------------------------------------------



ITEM 8.01. OTHER EVENTS

On November 21, 2005, the principal and interest collected during the preceding
calendar month, net of certain adjustments as provided for in the Sale and
Servicing Agreement, dated as of January 1, 2005 (the "Agreement"), between
American Honda Receivables Corp., as Seller, American Honda Finance Corporation,
as Servicer, Honda Auto Receivables 2005-1 Owner Trust, a Delaware statutory
trust, as Issuer, Citibank, N.A., as Owner Trustee (the "Owner Trustee"), and
Deutsche Bank Trust Company Americas, as Indenture Trustee (the "Indenture
Trustee") were distributed to holders ("Noteholders") of notes representing
undivided fractional interests in Honda Auto Receivables 2005-1 Owner Trust. In
accordance with the Agreement, the Servicer's Certificate, as defined in the
Agreement, was furnished to the Indenture Trustee for the benefit of the
Noteholders and, as such, was distributed by the Indenture Trustee to the
Noteholders. A copy of the Servicer's Certificate is being filed as Exhibit 20
to this Current Report on Form 8-K.

ITEM 9.01 (C). EXHIBIT 20

                                   SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                       HONDA AUTO RECEIVABLES 2005-1 OWNER TRUST
                                       BY: AMERICAN HONDA FINANCE CORPORATION,
                                           AS SERVICER


                                       By: /s/ John I. Weisickle
                                           -------------------------------------
                                           John I. Weisickle
Date: November 21, 2005                    Vice President, Assistant Secretary


                                       -2-

EX-20

                                                                          page 1

                             SERVICER'S CERTIFICATE
                       AMERICAN HONDA FINANCE CORPORATION
      MONTHLY SERVICER REPORT -- Honda Auto Receivables 2005-1 Owner Trust
                          10/1/2005 through 10/31/2005



I. ORIGINAL DEAL PARAMETER INPUTS
- ---------------------------------

   (A) Total Portfolio Balance                                                       $1,352,890,312.71
   (B) Total Securities Balance                                                      $1,352,890,312.71
   (C) Class A-1 Notes
      (i)   Class A-1 Notes Balance                                                    $288,000,000.00
      (ii)  Class A-1 Notes Percentage (C(i)/B)                                                  21.29%
      (iii) Class A-1 Notes Rate                                                               2.68600%
      (iv)  Class A-1 Notes Accrual Basis                                                   Actual/360
   (D) Class A-2 Notes
      (i)   Class A-2 Notes Balance                                                    $307,000,000.00
      (ii)  Class A-2 Notes Percentage (D(i)/B)                                                  22.69%
      (iii) Class A-2 Notes Rate                                                                 3.210%
      (iv)  Class A-2 Notes Accrual Basis                                                       30/360
   (E) Class A-3 Notes
      (i)   Class A-3 Notes Balance                                                    $415,000,000.00
      (ii)  Class A-3 Notes Percentage (E(i)/B)                                                  30.68%
      (iii) Class A-3 Notes Rate                                                                 3.530%
      (iv)  Class A-3 Notes Accrual Basis                                                       30/360
   (F) Class A-4 Notes
      (i)   Class A-4 Notes Balance                                                    $298,900,000.00
      (ii)  Class A-4 Notes Percentage (F(i)/B)                                                  22.09%
      (iii) Class A-4 Notes Rate                                                                 3.820%
      (iv)  Class A-4 Notes Accrual Basis                                                       30/360
   (G) Certificates
      (i)   Certificates Balance                                                        $43,990,312.71
      (ii)  Certificates Percentage (G(i)/B)                                                      3.25%
      (iii) Certificates Rate                                                                    3.820%
      (iv)  Certificates Accrual Basis                                                          30/360
   (H) Servicing Fee Rate                                                                         1.00%
   (I) Portfolio Summary
      (i)   Weighted Average Coupon (WAC)                                                         5.02%
      (ii)  Weighted Average Original Maturity (WAOM)                                            58.33 months
      (iii) Weighted Average Remaining Maturity (WAM)                                            52.67 months
      (iv)  Number of Receivables                                                               83,437
   (J) Reserve Fund
      (i)   Reserve Account Initial Deposit Percentage                                            0.50%
      (ii)  Reserve Account Initial Deposit                                              $6,764,451.56
      (iii) Specified Reserve Account Percentage                                                  0.75%
      (iv)  Specified Reserve Account Balance                                           $10,146,677.35
   (K) Yield Supplement Account Deposit                                                 $13,202,261.03

II. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS
- -------------------------------------------------

   (A) Total Portfolio Balance                                                       $1,009,686,191.77
   (B) Total Securities Balance                                                      $1,009,686,191.77
   (C) Cumulative Note and Certificate Pool Factor                                           0.7463179
   (D) Class A-1 Notes
      (i)   Class A-1 Notes Balance                                                              $0.00
      (ii)  Class A-1 Notes Pool Factor                                                      0.0000000
      (iii) Class A-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                                                    $253,347,818.85
      (ii)  Class A-2 Notes Pool Factor                                                      0.8252372
      (iii) Class A-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                                                    $415,000,000.00
      (ii)  Class A-3 Notes Pool Factor                                                      1.0000000
      (iii) Class A-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                                                    $298,900,000.00
      (ii)  Class A-4 Notes Pool Factor                                                      1.0000000
      (iii) Class A-4 Notes Interest Carryover Shortfall                                         $0.00
      (iv)  Class A-4 Notes Principal Carryover Shortfall                                        $0.00
   (H) Certificates
      (i)   Certificates Balance                                                        $42,438,372.92
      (ii)  Certificates Pool Factor                                                         0.9647209
      (iii) Certificates Interest Carryover 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                                                             $10,146,677.35
      (ii)  Yield Supplement Account                                                     $8,292,326.96
      (iii) Payahead Account                                                                     $0.00
      (iv)  Advances Outstanding                                                           $402,381.58
   (K) Portfolio Summary as of End of Prior Month
      (i)   Weighted Average Coupon (WAC)                                                         4.96%
      (ii)  Weighted Average Remaining Maturity (WAM)                                            43.81 months
      (iii) Number of Receivables                                                               73,768
   (L) Note and Certificate Principal Distribution Percentages
      (i)   Note Percentage                                                                      95.87%
      (ii)  Certificate Percentage                                                                4.13%




                                                                          page 2

                       AMERICAN HONDA FINANCE CORPORATION
      MONTHLY SERVICER REPORT -- Honda Auto Receivables 2005-1 Owner Trust
                          10/1/2005 through 10/31/2005



III. MONTHLY INPUTS FROM THE MAINFRAME
- --------------------------------------

   (A) Precomputed Contracts Principal
      (i)   Scheduled Principal Collections                                                            $0.00
      (ii)  Prepayments in Full                                                                        $0.00
      (iii) Prepayments in Full due to Repurchases                                                     $0.00
   (B) Precomputed Contracts Collections                                                               $0.00
   (C) Precomputed Receivables Interest (B-A((i)+(ii)+(iii)))                                          $0.00
   (D) Simple Interest Receivables Principal
      (i)   Principal Collections                                                             $22,996,473.26
      (ii)  Prepayments in Full                                                               $10,630,818.91
      (iii) Repurchased Receivables Related to Principal                                               $0.00
   (E) Simple Interest Receivables Interest
      (i)   Simple Interest Collections                                                        $4,100,443.23
   (F) Payment Advance for Precomputes
      (i)   Reimbursement of Previous Advances                                                         $0.00
      (ii)  Current Advance Amount                                                                     $0.00
   (G) Interest Advance for simple Interest - Net                                                 $22,945.00
   (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)                                                               4.96%
      (ii)  Weighted Average Remaining Maturity (WAM)                                                  42.85 months
      (iii) Remaining Number of Receivables                                                           72,714
   (J) Delinquent Receivables
                                                          # Units         Dollar Amount
                                                       ------------   ---------------------
      (i)   31-60 Days Delinquent                      1,762   2.42%  $25,110,638.13   2.57%
      (ii)  61-90 Days Delinquent                        275   0.38%   $3,942,499.11   0.40%
      (ii)  91 Days or More Delinquent                    52   0.07%     $705,880.79   0.07%
   (K) Vehicles Repossessed During Collection Period      54   0.07%     $826,702.36   0.08%
   (L) Total Repossessed Vehicles in Inventory            84   0.12%   $1,300,156.10   0.13%

IV. INPUTS DERIVED FROM OTHER SOURCES
- -------------------------------------

   (A) Collection Account Investment Income                                                            $0.00
   (B) Reserve Account Investment Income                                                          $31,826.18
   (C) Yield Supplement Account Investment Income                                                 $26,996.11
   (D) Trust Fees Expense                                                                              $0.00
   (E) Aggregate Net Losses for Collection Period                                                 506,515.94
   (F) Liquidated Receivables Information
      (i)   Gross Principal Balance on Liquidated Receivables                                     878,049.18
      (ii)  Liquidation Proceeds                                                                  250,065.64
      (ii)  Recoveries from Prior Month Charge Offs                                               121,467.60
   (G) Days in Accrual Period                                                                             31
   (H) Deal age                                                                                           10

                                                  MONTHLY COLLECTIONS
                                                  -------------------
V. INTEREST COLLECTIONS
- -----------------------

   (A) Total Interest Collections (III(C)+E(i)-F(i)+F(ii)+G)                                   $4,123,388.23

VI. PRINCIPAL COLLECTIONS
- -------------------------

   (A) Principal Payments Received (III(A((i)+(ii))+(D(i)+(ii)))                              $33,627,292.17
   (B) Liquidation Proceeds (IV(F(i)))                                                            250,065.64
   (C) Repurchased Loan Proceeds Related to Principal (III(A(iii)+D(iii)))                              0.00
   (D) Recoveries from Prior Month Charge Offs (IV(F(ii)))                                        121,467.60
                                                                                              --------------
   (E) Total Principal Collections (A+B+C+D)                                                  $33,998,825.41

VII. TOTAL INTEREST AND PRINCIPAL COLLECTIONS (V(A)+VI(E))                                    $38,122,213.64

VIII. YIELD SUPPLEMENT DEPOSIT                                                                   $475,066.79

IX. TOTAL AVAILABLE AMOUNT (VII+VIII)                                                         $38,597,280.43

                                                   MONTHLY DISTRIBUTIONS
                                                   ---------------------
X. FEE DISTRIBUTIONS
- --------------------

   (A) Servicing Fee
      (i)   Servicing Fee Due (I(H)/12)(II(B))+(II(H)(i))                                        $841,405.16
      (ii)  Servicing Fee Paid                                                                    841,405.16
                                                                                              --------------
      (iii) Servicing Fee Shortfall                                                                    $0.00
   (B) Reserve Account Investment Income (IV(B))                                                  $31,826.18
   (C) Yield Supplement Account Investment Income (IV(C))                                              $0.00
   (D) Trust Fees Expense (IV(D))                                                                      $0.00

XI. DISTRIBUTIONS TO NOTEHOLDERS
- --------------------------------

   (A) Interest
      (i)   Class A-1 Notes
            (a) Class A-1 Notes Interest Due                                                           $0.00
            (b) Class A-1 Notes Interest Paid                                                           0.00
                                                                                              --------------
            (c) Class A-1 Notes Interest Shortfall                                                     $0.00
      (ii)  Class A-2 Notes
            (a) Class A-2 Notes Interest Due                                                     $677,705.42
            (b) Class A-2 Notes Interest Paid                                                     677,705.42
                                                                                              --------------
            (c) Class A-2 Notes Interest Shortfall                                                     $0.00
      (iii) Class A-3 Notes
            (a) Class A-3 Notes Interest Due                                                   $1,220,791.67
            (b) Class A-3 Notes Interest Paid                                                   1,220,791.67
                                                                                              --------------
            (c) Class A-3 Notes Interest Shortfall                                                     $0.00
      (iv)  Class A-4 Notes
            (a) Class A-4 Notes Interest Due                                                     $951,498.33
            (b) Class A-4 Notes Interest Paid                                                     951,498.33
                                                                                              --------------
            (c) Class A-4 Notes Interest Shortfall                                                     $0.00




                                                                          page 3

                       AMERICAN HONDA FINANCE CORPORATION
      MONTHLY SERVICER REPORT -- Honda Auto Receivables 2005-1 Owner Trust
                          10/1/2005 through 10/31/2005



      (v)   Total Note Interest
            (a) Total Note Interest Due                                                        $2,849,995.42
            (b) Total Note Interest Paid                                                        2,849,995.42
                                                                                             ---------------
            (c) Total Note Interest Shortfall                                                          $0.00
            (d) Reserve Account Withdrawal for Note Interest                                           $0.00

Amount available for distributions after Fees & Interest
(IX-(X(A)(ii)-(D))-XI(A)(v)(b))                                                               $34,905,879.85
   (B) Principal
      (i)   Noteholders' Principal Distribution Amounts                                       $33,080,270.75
      (ii)  Class A-1 Notes Principal
            (a) Class A-1 Notes Principal Due                                                          $0.00
            (b) Class A-1 Notes Principal Paid                                                          0.00
                                                                                             ---------------
            (c) Class A-1 Notes Principal Shortfall                                                    $0.00
            (d) Reserve Account Withdrawal                                                             $0.00
      (iii) Class A-2 Notes Principal
            (a) Class A-2 Notes Principal Due                                                 $33,080,270.75
            (b) Class A-2 Notes Principal Paid                                                 33,080,270.75
                                                                                             ---------------
            (c) Class A-2 Notes Principal Shortfall                                                    $0.00
            (d) Reserve Account Withdrawal                                                             $0.00
      (iv)  Class A-3 Notes Principal
            (a) Class A-3 Notes Principal Due                                                          $0.00
            (b) Class A-3 Notes Principal Paid                                                          0.00
                                                                                             ---------------
            (c) Class A-3 Notes Principal Shortfall                                                    $0.00
            (d) Reserve Account Withdrawal                                                             $0.00
      (v)   Class A-4 Notes Principal
            (a) Class A-4 Notes Principal Due                                                          $0.00
            (b) Class A-4 Notes Principal Paid                                                          0.00
                                                                                             ---------------
            (c) Class A-4 Notes Principal Shortfall                                                    $0.00
            (d) Reserve Account Withdrawal                                                             $0.00
      (vi) Total Notes Principal
            (a) Total Notes Principal Due                                                      33,080,270.75
            (b) Total Notes Principal Paid                                                     33,080,270.75
                                                                                             ---------------
            (c) Total Notes Principal Shortfall                                                        $0.00
            (d) Reserve Account Withdrawal                                                             $0.00

XII. RESERVE FUND DEPOSIT
- -------------------------

   Amount available for deposit into reserve account                                           $1,825,609.10
   Amount deposited into reserve account                                                                0.00
   Excess Amount Released from Reserve Account                                                          0.00
                                                                                             ---------------
   Excess funds available to Certificateholders                                                 1,825,609.10
                                                                                             ---------------

XIII. DISTRIBUTIONS TO CERTIFICATEHOLDERS
- -----------------------------------------

   (A) Interest
      (i)   Certificate Monthly Interest Due                                                    $135,095.49
      (ii)  Certificate Interest Shortfall Beginning Balance                                          $0.00
                                                                                            ---------------
      (iii) Total Certificate Interest Due                                                      $135,095.49
      (iv)  Certificate Interest Paid                                                            135,095.49
                                                                                            ---------------
      (v)   Certificate Interest Shortfall Ending Balance                                             $0.00
   (B) Principal
      (i)   Certificate Monthly Principal Due                                                 $1,425,070.60
      (ii)  Certificate Principal Shortfall Beginning Balance                                         $0.00
                                                                                            ---------------
      (iii) Total Certificate Principal Due                                                   $1,425,070.60
      (iv)  Certificate Principal Paid                                                         1,425,070.60
                                                                                            ---------------
      (v)   Certificate Principal Shortfall Ending Balance                                            $0.00
   (C) Release to Seller                                                                        $265,443.01

                                               DISTRIBUTIONS SUMMARY
                                               ---------------------
   (A) Total Collections                                                                     $38,597,280.43
   (B) Service Fee                                                                              $841,405.16
   (C) Trustee Fees                                                                                    0.00
   (D) Class A1 Amount                                                                                $0.00
   (E) Class A2 Amount                                                                       $33,757,976.17
   (F) Class A3 Amount                                                                        $1,220,791.67
   (G) Class A4 Amount                                                                          $951,498.33
   (H) Amount Deposited into Reserve Account                                                          $0.00
   (I) Certificateholders                                                                     $1,560,166.09
   (J) Release to seller                                                                        $265,443.01
   (K) Total amount distributed                                                              $38,597,280.43
   (L) Amount of Draw from Reserve Account                                                             0.00
   (M) Excess Amount Released from Reserve Account                                                     0.00

                                            PORTFOLIO AND SECURITY SUMMARY
                                            ------------------------------

XIV. POOL BALANCES AND PORTFOLIO INFORMATION
- --------------------------------------------

   (A) Balances and Principal Factors
                                                                     Beginning                    End
                                                                     of Period                 of Period
                                                                 -----------------          ---------------
      (i)    Aggregate Balance of Notes                            $967,247,818.85          $934,167,548.10
      (ii)   Note Pool Factor                                            0.7389776                0.7137043
      (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                                253,347,818.85           220,267,548.10
      (vi)   Class A-2 Notes Pool Factor                                 0.8252372                0.7174839
      (vii)  Class A-3 Notes Balance                                415,000,000.00           415,000,000.00
      (viii) Class A-3 Notes Pool Factor                                 1.0000000                1.0000000
      (ix)   Class A-4 Notes Balance                                298,900,000.00           298,900,000.00
      (x)    Class A-4 Notes Pool Factor                                 1.0000000                1.0000000
      (xi)   Certificates Balance                                    42,438,372.92            41,013,302.32
      (xii)  Certificates Pool Factor                                    0.9647209                0.9323258
      (xiii) Total Principal Balance of Notes and Certificates    1,009,686,191.77           975,180,850.42
   (B) Portfolio Information
      (i)   Weighted Average Coupon (WAC)                                     4.96%                    4.96%
      (ii)  Weighted Average Remaining Maturity (WAM)                        43.81 months             42.85 months
      (iii) Remaining Number of Receivables                                 73,768                   72,714
      (iv)  Portfolio Receivable Balance                         $1,009,686,191.77          $975,180,850.42
   (C) Outstanding Advance Amount                                      $402,381.58              $425,326.58
   (D) Outstanding Payahead Balance                                          $0.00                    $0.00




                                                                          page 4

                       AMERICAN HONDA FINANCE CORPORATION
      MONTHLY SERVICER REPORT -- Honda Auto Receivables 2005-1 Owner Trust
                          10/1/2005 through 10/31/2005




                                                  SUMMARY OF ACCOUNTS
                                                  -------------------

XV. RECONCILIATION OF RESERVE ACCOUNT
- -------------------------------------

   (A) Beginning Reserve Account Balance                                                      $10,146,677.35
   (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 into the Reserve Account                                              0.00
   (D) Reserve Account Balance Prior to Release                                               10,146,677.35
   (E) Reserve Account Required Amount                                                        10,146,677.35
   (F) Final Reserve Account Required Amount                                                  10,146,677.35
   (G) Excess Reserve Account Amount                                                                   0.00
   (H) Release of Reserve Account Balance to Seller                                                    0.00
   (I) Ending Reserve Account Balance                                                         10,146,677.35

XVI. RECONCILIATION OF YIELD SUPPLEMENT ACCOUNT
- -----------------------------------------------

   (A) Beginning Yield Supplement Account Balance                                              8,292,326.96
   (B) Investment Earnings                                                                        26,996.11
   (C) Investment Earnings Withdraw                                                                    0.00
   (D) Additional Yield Supplement Amounts                                                             0.00
   (E) Yield Supplement Deposit Amount                                                           475,066.79
   (F) Release of Yield Deposit Account Balance to Seller                                              0.00
                                                                                            ---------------
   (G) Ending Yield Supplement Account Balance                                                 7,844,256.28

XVII. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
- -----------------------------------------------

   (A) Liquidated Contracts
      (i) Liquidation Proceeds                                                                  $250,065.64
      (ii) Recoveries on Previously Liquidated Contracts                                         121,467.60
   (B) Aggregate Net Losses for Collection Period                                                506,515.94
   (C) Net Loss Rate for Collection Period (annualized)                                                0.61%
   (D) Cumulative Net Losses for all Periods                                                   3,120,175.19
   (E) Delinquent Receivables
                                                        # Units        Dollar Amount
                                                      -----------  --------------------
      (i)   30-59 Days Delinquent                     1,762  2.42% $25,110,638.13  2.57%
      (ii)  60-89 Days Delinquent                       275  0.38%  $3,942,499.11  0.40%
      (ii)  90 Days or More Delinquent                   52  0.07%    $705,880.79  0.07%

XVIII. REPOSSESSION ACTIVITY
- ----------------------------
                                                          # Units     Dollar Amount
                                                         --------  -------------------
   (A) Vehicles Repossessed During Collection Period     54  0.07%   $826,702.36  0.08%
   (B) Total Repossessed Vehicles in Inventory           84  0.12% $1,300,156.10  0.13%

XIX.  TESTS FOR INCREASE IN SPECIFIED RESERVE ACCOUNT BALANCE
- -------------------------------------------------------------

   (A) Ratio of Net Losses to the Pool Balance as of Each Collection Period
      (i)   Second Preceding Collection Period                                                         0.65%
      (ii)  Preceding Collection Period                                                                0.75%
      (iii) Current Collection Period                                                                  0.61%
      (iv)  Three Month Average (Avg(i,ii,iii))                                                        0.67%
   (B) Ratio of Balance of Contracts Delinquent 61 Days or More to the
       Outstanding Balance of Receivables.
      (i)   Second Preceding Collection Period                                                         0.59%
      (ii)  Preceding Collection Period                                                                0.47%
      (iii) Current Collection Period                                                                  0.57%
      (iv)  Three Month Average (Avg(i,ii,iii))                                                        0.54%

   (C) Loss and Delinquency Trigger Indicator                                          Trigger was not hit.


I hereby certify that the servicing report provided is true and accurate to the
best of my knowledge.


/s/ John I. Weisickle
- ---------------------------
Mr. John Weisickle
Vice President