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):
                                 MARCH 21, 2006

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

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

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


          DELAWARE                   333-104875-04               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 March 21, 2006, 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: March 21, 2006                       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
                                                     2/1/2006 through 2/28/2006


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                                                                                $871,558,906.01
   (B) Total Securities Balance                                                                               $871,558,906.01
   (C) Cumulative Note and Certificate Pool Factor                                                                  0.6442199
   (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                                                                          $120,925,190.00
       (ii)  Class A-2 Notes Pool Factor                                                                            0.3938931
       (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                                                                              $36,733,716.01
       (ii)  Certificates Pool Factor                                                                               0.8350410
       (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                                                                           $6,556,054.17
       (iii) Payahead Account                                                                                           $0.00
       (iv)  Advances Outstanding                                                                                 $358,429.68
   (K) Portfolio Summary as of End of Prior Month
       (i)   Weighted Average Coupon (WAC)                                                                              4.93%
       (ii)  Weighted Average Remaining Maturity (WAM)                                                                  39.97 months
       (iii) Number of Receivables                                                                                     69,438
   (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
                                                     2/1/2006 through 2/28/2006


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                                                                             $21,530,811.80
       (ii)  Prepayments in Full                                                                                $9,639,365.62
       (iii) Repurchased Receivables Related to Principal                                                               $0.00
   (E) Simple Interest Receivables Interest
       (i)   Simple Interest Collections                                                                        $3,450,449.83
   (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                                                                  $70,004.22
   (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)                                                                              4.93%
       (ii)  Weighted Average Remaining Maturity (WAM)                                                                  39.02 months
       (iii) Remaining Number of Receivables                                                                           68,411
   (J) Delinquent Receivables                                 # Units                   Dollar Amount
                                                         ------------------       --------------------------
       (i)   31-60 Days Delinquent                        1,844      2.70%         $23,993,380.40     2.86%
       (ii)  61-90 Days Delinquent                          364      0.53%          $4,862,932.39     0.58%
       (ii)  91 Days or More Delinquent                      57      0.08%            $798,823.39     0.10%
   (K) Vehicles Repossessed During Collection Period         34      0.05%            $486,861.09     0.06%
   (L) Total Repossessed Vehicles in Inventory               67      0.10%            $935,358.52     0.11%

IV. INPUTS DERIVED FROM OTHER SOURCES
- -------------------------------------
   (A) Collection Account Investment Income                                                                             $0.00
   (B) Reserve Account Investment Income                                                                           $33,983.19
   (C) Yield Supplement Account Investment Income                                                                  $22,984.64
   (D) Trust Fees Expense                                                                                           $2,500.00
   (E) Aggregate Net Losses for Collection Period                                                                  138,577.67
   (F) Liquidated Receivables Information
       (i)   Gross Principal Balance on Liquidated Receivables                                                     703,859.85
       (ii)  Liquidation Proceeds                                                                                  330,917.21
       (ii)  Recoveries from Prior Month Charge Offs                                                               234,364.97
   (G) Days in Accrual Period                                                                                              28
   (H) Deal age                                                                                                            14

                                                         MONTHLY COLLECTIONS
                                                         -------------------

V. INTEREST COLLECTIONS
- -----------------------
   (A) Total Interest Collections (III(C)+E(i)-F(i)+F(ii)+G)                                                    $3,520,454.05

VI. PRINCIPAL COLLECTIONS
- -------------------------
   (A) Principal Payments Received (III(A((i)+(ii))+(D(i)+(ii)))                                               $31,170,177.42
   (B) Liquidation Proceeds (IV(F(i)))                                                                             330,917.21
   (C) Repurchased Loan Proceeds Related to Principal (III(A(iii)+D(iii)))                                               0.00
   (D) Recoveries from Prior Month Charge Offs (IV(F(ii)))                                                         234,364.97
                                                                                                           ------------------
   (E) Total Principal Collections (A+B+C+D)                                                                   $31,735,459.60

VII. TOTAL INTEREST AND PRINCIPAL COLLECTIONS (V(A)+VI(E))                                                     $35,255,913.65
- ----------------------------------------------------------

VIII. YIELD SUPPLEMENT DEPOSIT                                                                                    $412,298.33
- ------------------------------

IX. TOTAL AVAILABLE AMOUNT (VII+VIII)                                                                          $35,668,211.98
- -------------------------------------


                                                        MONTHLY DISTRIBUTIONS
                                                        ---------------------

X. FEE DISTRIBUTIONS
- --------------------
   (A) Servicing Fee
       (i)   Servicing Fee Due (I(H)/12)(II(B))+(II(H)(i))                                                        $726,299.09
       (ii)  Servicing Fee Paid                                                                                    726,299.09
                                                                                                           ------------------
       (iii) Servicing Fee Shortfall                                                                                    $0.00
   (B) Reserve Account Investment Income (IV(B))                                                                   $33,983.19
   (C) Yield Supplement Account Investment Income (IV(C))                                                               $0.00
   (D) Trust Fees Expense (IV(D))                                                                                   $2,500.00


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                                                                     $323,474.88
             (b) Class A-2 Notes Interest Paid                                                                     323,474.88
                                                                                                           ------------------
             (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







                                                                                                                              page 3

                                                 AMERICAN HONDA FINANCE CORPORATION
                                MONTHLY SERVICER REPORT -- Honda Auto Receivables 2005-1 Owner Trust
                                                     2/1/2006 through 2/28/2006


       (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
       (v)   Total Note Interest
             (a) Total Note Interest Due                                                                        $2,495,764.88
             (b) Total Note Interest Paid                                                                        2,495,764.88
                                                                                                           ------------------
             (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))                       $32,443,648.01
   (B) Principal
       (i)   Noteholders' Principal Distribution Amounts                                                       $30,557,639.53
       (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                                                                 $30,557,639.53
             (b) Class A-2 Notes Principal Paid                                                                 30,557,639.53
                                                                                                           ------------------
             (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                                                                      30,557,639.53
             (b) Total Notes Principal Paid                                                                     30,557,639.53
                                                                                                           ------------------
             (c) Total Notes Principal Shortfall                                                                        $0.00
             (d) Reserve Account Withdrawal                                                                             $0.00

XII. RESERVE FUND DEPOSIT
- -------------------------
   Amount available for deposit into reserve account                                                            $1,886,008.48
   Amount deposited into reserve account                                                                                 0.00
   Excess Amount Released from Reserve Account                                                                           0.00
                                                                                                           ------------------
   Excess funds available to Certificateholders                                                                  1,886,008.48
                                                                                                           ------------------

XIII. DISTRIBUTIONS TO CERTIFICATEHOLDERS
- -----------------------------------------
   (A) Interest
       (i)   Certificate Monthly Interest Due                                                                     $116,935.66
       (ii)  Certificate Interest Shortfall Beginning Balance                                                           $0.00
                                                                                                           ------------------
       (iii) Total Certificate Interest Due                                                                       $116,935.66
       (iv)  Certificate Interest Paid                                                                             116,935.66
                                                                                                           ------------------
       (v)   Certificate Interest Shortfall Ending Balance                                                              $0.00
   (B) Principal
       (i)   Certificate Monthly Principal Due                                                                  $1,316,397.74
       (ii)  Certificate Principal Shortfall Beginning Balance                                                          $0.00
                                                                                                           ------------------
       (iii) Total Certificate Principal Due                                                                    $1,316,397.74
       (iv)  Certificate Principal Paid                                                                          1,316,397.74
                                                                                                           ------------------
       (v)   Certificate Principal Shortfall Ending Balance                                                             $0.00
   (C) Release to Seller                                                                                          $452,675.08

                                                        DISTRIBUTIONS SUMMARY
                                                        ---------------------

   (A) Total Collections                                                                                       $35,668,211.98
   (B) Service Fee                                                                                                $726,299.09
   (C) Trustee Fees                                                                                                  2,500.00
   (D) Class A1 Amount                                                                                                  $0.00
   (E) Class A2 Amount                                                                                         $30,881,114.41
   (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                                                                                       $1,433,333.40
   (J) Release to seller                                                                                          $452,675.08
   (K) Total amount distributed                                                                                $35,668,211.98
   (L) Amount of Draw from Reserve Account                                                                               0.00
   (M) Excess Amount Released from Reserve Account                                                                       0.00


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

                                                                                 Beginning                         End
XIV. POOL BALANCES AND PORTFOLIO INFORMATION                                     of Period                      of Period
- --------------------------------------------                                 -----------------              -----------------
   (A) Balances and Principal Factors
       (i)    Aggregate Balance of Notes                                       $834,825,190.00                $804,267,550.47
       (ii)   Note Pool Factor                                                       0.6378067                      0.6144607
       (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                                           120,925,190.00                  90,367,550.47
       (vi)   Class A-2 Notes Pool Factor                                            0.3938931                      0.2943568
       (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







                                                                                                                              page 4

                                                 AMERICAN HONDA FINANCE CORPORATION
                                MONTHLY SERVICER REPORT -- Honda Auto Receivables 2005-1 Owner Trust
                                                     2/1/2006 through 2/28/2006


       (xi)   Certificates Balance                                               36,733,716.01                  35,417,318.27
       (xii)  Certificates Pool Factor                                               0.8350410                      0.8051163
       (xiii) Total Principal Balance of Notes and Certificates                 871,558,906.01                 839,684,868.74
   (B) Portfolio Information
       (i)    Weighted Average Coupon (WAC)                                               4.93%                          4.93%
       (ii)   Weighted Average Remaining Maturity (WAM)                                  39.97 months                   39.02 months
       (iii)  Remaining Number of Receivables                                           69,438                         68,411
       (iv)   Portfolio Receivable Balance                                     $871,558,906.01                $839,684,868.74
   (C) Outstanding Advance Amount                                                  $358,429.68                    $428,433.90
   (D) Outstanding Payahead Balance                                                      $0.00                          $0.00


                                                         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                                                                6,556,054.17
   (B) Investment Earnings                                                                                          22,984.64
   (C) Investment Earnings Withdraw                                                                                      0.00
   (D) Additional Yield Supplement Amounts                                                                               0.00
   (E) Yield Supplement Deposit Amount                                                                             412,298.33
   (F) Release of Yield Deposit Account Balance to Seller                                                                0.00
                                                                                                           ------------------
   (G) Ending Yield Supplement Account Balance                                                                   6,166,740.48


XVII. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
- -----------------------------------------------
   (A) Liquidated Contracts
       (i)   Liquidation Proceeds                                                                                 $330,917.21
       (ii)  Recoveries on Previously Liquidated Contracts                                                         234,364.97
   (B) Aggregate Net Losses for Collection Period                                                                  138,577.67
   (C) Net Loss Rate for Collection Period (annualized)                                                                  0.19%
   (D) Cumulative Net Losses for all Periods                                                                     5,021,891.53
   (E) Delinquent Receivables                                 # Units                    Dollar Amount
                                                         ------------------       --------------------------
         (i)   30-59 Days Delinquent                       1,844      2.70%        $23,993,380.40      2.86%
         (ii)  60-89 Days Delinquent                         364      0.53%         $4,862,932.39      0.58%
         (iii) 90 Days or More Delinquent                     57      0.08%           $798,823.39      0.10%


XVIII. REPOSSESSION ACTIVITY                                  # Units                   Dollar Amount
- ----------------------------                             ------------------       --------------------------
   (A) Vehicles Repossessed During Collection Period         34      0.05%           $486,861.09      0.06%
   (B) Total Repossessed Vehicles in Inventory               67      0.10%           $935,358.52      0.11%


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                                                                          0.84%
       (ii)  Preceding Collection Period                                                                                 0.60%
       (iii) Current Collection Period                                                                                   0.19%
       (iv)  Three Month Average (Avg(i,ii,iii))                                                                         0.55%
   (B) Ratio of Balance of Contracts Delinquent 61 Days or More to the Outstanding Balance of Receivables.
       (i)   Second Preceding Collection Period                                                                          0.77%
       (ii)  Preceding Collection Period                                                                                 0.90%
       (iii) Current Collection Period                                                                                   0.71%
       (iv)  Three Month Average (Avg(i,ii,iii))                                                                         0.79%
   (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 Weisickle
   -----------------------
   Mr. John Weisickle
   Vice President