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0000950136-06-005438.txt : 20060629
0000950136-06-005438.hdr.sgml : 20060629
20060629135125
ACCESSION NUMBER: 0000950136-06-005438
CONFORMED SUBMISSION TYPE: 10-K
PUBLIC DOCUMENT COUNT: 7
CONFORMED PERIOD OF REPORT: 20060331
FILED AS OF DATE: 20060629
DATE AS OF CHANGE: 20060629
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: Honda Auto Receivables 2005-1 Owner Trust
CENTRAL INDEX KEY: 0001314293
STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189]
STATE OF INCORPORATION: CA
FISCAL YEAR END: 0331
FILING VALUES:
FORM TYPE: 10-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 333-104875-04
FILM NUMBER: 06932933
BUSINESS ADDRESS:
STREET 1: 700 VAN NESS AVENUE
STREET 2: C/O AMERICAN HONDA RECIEVABLES CORP
CITY: TORRANCE
STATE: CA
ZIP: 90501
BUSINESS PHONE: 3107814318
MAIL ADDRESS:
STREET 1: P O BOX 2295
CITY: TORRANCE
STATE: CA
ZIP: 90509-2295
10-K
1
file1.htm
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
20549
FORM 10-K
ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF
SECURITIES EXCHANGE ACT
OF 1934 [FEE REQUIRED]
For the fiscal year ended
March 31,
2006
OR
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE
ACT OF 1934 [NO FEE REQUIRED]
For the transition period
from to
Commission file number
333-104875-04
Honda Auto Receivables
2005-1 Owner Trust
(Exact name of registrant
as specified in its
charter)
|
|
|
|
Delaware |
|
|
84-6383197 |
(State
or other jurisdiction of
incorporation) |
|
|
(I.R.S
Employer Identification
No.) |
|
|
|
|
|
20800
Madrona Avenue Torrance,
CA |
|
|
90503 |
(Address
of principal executive
offices) |
|
|
(Zip
Code) |
|
Registrant's
telephone number, including area code: (310)
972-2511
Securities registered pursuant to
Section 12(b) of the
Act:
|
|
|
|
Title
of Each Class |
|
|
Name of Each Exchange on Which
Registered |
None |
|
|
None |
|
Securities
registered pursuant to Section 12(g) of the
Act:
None
Indicate by check mark
if the registrant is a well-known seasoned issuer, as defined in Rule
405 of the Securities Act. Yes No
Indicate by check mark if the registrant is not
required to file reports pursuant to Section 13 or Section 15(d) of the
Act. Yes No
Indicate by check
mark whether the registrant (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days. Yes No
Indicate by check mark if disclosure of
delinquent filers pursuant to Item 405 of Regulation S-K is not
contained herein, and will not be contained, to the best of
registrant’s knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or
any amendment to this Form
10-K.
Indicate by check mark whether the
registrant is a large accelerated filer, an accelerated filer, or a
non-accelerated filer. See definition of ‘‘accelerated
filer and large accelerated filer’’ in Rule 12b-2 of the
Exchange Act. (Check one):
Large
Accelerated Filer Accelerated Filer
Non-Accelerated Filer
Indicate by check mark
whether the registrant is a shell company (as defined in Rule 12b-2 of
the Exchange Act). Yes No
Registrant has no voting or non-voting class of
common equity outstanding and held by nonaffiliates as of the date of
this report.
PART I
Item 1.
Business
N/A
Item 1A. Risk Factors
N/A
Item
1B. Unresolved Staff Comments
N/A
Item 2.
Properties
The Honda Auto Receivables 2005-1 Owner Trust (the
‘‘Trust’’) is a statutory trust formed
pursuant to the trust agreement (the
‘‘Agreement’’) between American Honda
Receivables Corp., as Depositor (the
‘‘Depositor’’), and Citibank, N.A., as
Owner Trustee.
The Trust has issued four classes of notes
(‘‘Class A-1 Notes 2.686%’’;
‘‘Class A-2 Notes 3.21%’’;
‘‘Class A-3 Notes 3.53%’’ and
‘‘Class A-4 Notes 3.82%’’;
collectively, the ‘‘Notes’’) and a class of
certificates (the ‘‘Certificates’’). The
Notes are backed by a pledge of the Trust's assets. Interest and
principal collections from the Trust’s assets will be divided
among the various classes of securities in specified
proportions.
The Trust's assets include fixed rate motor
vehicles retail installment sales contracts secured by new and used
Honda and Acura motor vehicles (the
‘‘Receivables’’).
The following
tables set forth the number and aggregate principal amount of
delinquent receivables, the delinquency rates, and aggregate net losses
of the Honda Auto Receivables 2005-1 Owner Trust as of March
31, 2006:
1. Delinquent
Contracts:
|
|
|
|
|
|
|
|
|
|
Contracts |
|
|
Amount
($000's) |
a. 30 – 59 Days
Delinquent |
|
|
1506 |
|
|
19364 |
b.
60 – 89 Days
Delinquent |
|
|
282 |
|
|
3693 |
c. 90 Days or
More Delinquent |
|
|
56 |
|
|
773 |
|
2.
Delinquent
Ratio:
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount
($000's) |
a. Delinquent
Balance |
|
|
|
|
|
23830 |
b.
Total Pool Balance |
|
|
|
|
|
803830 |
c.
Delinquency
Ratio |
|
|
|
|
|
2.96% |
|
3.
Aggregate Net
Losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount
($000's) |
a. Cumulative Net
Losses |
|
|
|
|
|
5079 |
b.
Original Portfolio |
|
|
|
|
|
1352890 |
c.
Aggregate Loss
Ratio |
|
|
|
|
|
0.38% |
|
Item 3. Legal
Proceedings
N/A
Item 4. Submission of Matters to a Vote
of Security Holders
No vote or consent of the holders of the
Notes (the ‘‘Noteholders’’) was solicited
for any purpose during the year ended March 31,
2006.
PART II
Item 5. Market For
Registrant's Common Equity, Related Stockholder Matters and
Issuer Purchases of Equity Securities
All Certificates issued by
Honda Auto Receivables 2005-1 Owner Trust are held by American Honda
Receivables Corp. All holders of record of the Notes issued by Honda
Auto Receivables 2005-1 Owner Trust are registered through Cede &
Co. as nominee for The Depository Trust Company
(‘‘DTC’’). The records of DTC indicate that
as of March 31, 2006, there were: (i) sixteen (16) DTC
participants holding a position in the Class A-2 Notes 3.21%;
(ii) thirty (30) DTC participants holding a position in the Class A-3
Notes 3.53%; and (iii) twenty-seven (27) DTC participants
holding a position in the Class A-4 Notes 3.82%. The other
previously issued class is no longer outstanding.
Item
6. Selected Financial Data
N/A
Item 7.
Management's Discussion and Analysis of Financial Condition and
Results of Operations
N/A
Item 7A. Quantitative
and Qualitative Disclosures About Market Risk
N/A
Item 8.
Financial Statements and Supplementary Data
N/A
Item 9.
Changes In and Disagreements with Accountants on Accounting and
Financial Disclosure
N/A
Item 9A. Controls and
Procedures
N/A
Item 9B. Other
Information
N/A
PART III
Item
10. Directors and Executive Officers of the
Registrant
N/A
Item 11. Executive
Compensation
N/A
Item 12. Security Ownership of
Certain Beneficial Owners and Management and Related Stockholder
Matters
N/A
Item 13. Certain Relationships and
Related Transactions
N/A
Item 14. Principal Accountant
Fees and Services
N/A
PART IV
Item 15. Exhibits
and Financial Statement Schedules
Exhibits required by Item 601
of Regulation
S-K:
|
|
|
|
Exhibit
No. 99(A) |
|
|
Independent Accountants’
Report |
Exhibit No. 99(B) |
|
|
Servicer’s
Annual Compliance Certificate |
Exhibit No.
99(C) |
|
|
Annual Statement to
Certificateholders |
|
SIGNATURES
Pursuant
to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly
authorized.
Honda Auto Receivables 2005-1 Owner
Trust
By: American Honda Finance Corporation, as
Servicer
(Registrant)
By: /s/ Paul C.
Honda
Paul C. Honda, Assistant Vice
President,
Assistant Secretary and Compliance
Officer
SERVICER
CERTIFICATION
I, Paul C. Honda, certify
that:
|
|
1. |
I have reviewed this annual report on Form
10-K, and all reports on Form 8-K containing distribution or servicing
reports filed in respect of periods included in the year covered by
this annual report, of Honda Auto Receivables 2005-1 Owner
Trust; |
|
|
2. |
Based on my knowledge, the information in
these reports, taken as a whole, does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such
statements were made, not misleading as of the last day of the period
covered by this annual report; |
|
|
3. |
Based on my
knowledge, the distribution or servicing information required to be
provided to the trustee by the servicer under the sale and servicing
agreement, for inclusion in these reports is included in these
reports; |
|
|
4. |
Based on my knowledge and upon the
annual compliance statement included in the report and required to be
delivered to the trustee in accordance with the terms of the sale and
servicing agreement, and except as disclosed in the reports, the
servicer has fulfilled its obligations under the sale and servicing
agreement; and |
|
|
5. |
The reports disclose all
significant deficiencies relating to the servicer's compliance
with the minimum servicing standards, based upon the report provided by
an independent public accountant, after conducting a review in
compliance with the Uniform Single Attestation Program for Mortgage
Bankers or similar procedure, as set forth in the sale and servicing
agreement, that is included in these reports. |
Date:
May 26,
2006
|
/s/
Paul C. Honda |
Paul C. Honda Assistant Vice
President, Assistant Secretary and Compliance Officer of American Honda
Finance Corporation, as servicer of Honda Auto Receivables
2005-1 Owner Trust |
|
EX-99.(A)
2
file2.htm
INDEPENDENT ACCOUNTANTS REPORT
Exhibit
99(A)
KPMG LLP
Suite 2000
355 South Grand
Avenue
Los Angeles, CA 90071-1568
Independent
Accountants’ Report
The Board of
Directors
American Honda Finance Corporation
Members
of the Board:
We have examined management’s
assertion about American Honda Finance Corporation’s (the
Company) compliance with the minimum servicing standards set forth in
the Mortgage Bankers Association of America Uniform Single
Attestation Program for Mortgage Bankers, as they relate to the
servicing of retail automobile loan contracts, as of and for the year
ended March 31, 2006 included in the accompanying
management’s assertion. The minimum servicing standards not
considered by the Company to be applicable to the servicing of retail
automobile loans include procedures 2, 3, and 4 of Section I
– Custodial Bank Accounts, procedures 1, 2, 3, and 4
of Section III – Disbursements, and procedures 2, 3, and 4 of
Section V – Mortgage Loan Accounting. Management is responsible
for the Company’s compliance with the applicable minimum
servicing standards. Our responsibility is to express an opinion on
management’s assertion about the Company’s compliance
based on our examination.
Our examination was made in
accordance with standards established by the American Institute of
Certified Public Accountants and, accordingly, including examining, on
a test basis, evidence about the Company’s compliance with the
minimum servicing standards and performing such other procedures as we
considered necessary in the circumstances. We believe that our
examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the
Company’s compliance with the minimum servicing
standards.
In our opinion, American Honda Finance
Corporation has complied, in all material respects, with the
aforementioned minimum servicing standards as of and for the year ended
March 31, 2006.
This report is intended
solely for the information and use of management and the board of
directors, the Trustee, and the related beneficiaries and holders (as
defined in the Agreement of Definitions Relating to the Trust and
Servicing Agreement dated April 1,
1998).
/s/ KPMG LLP
June
9, 2006
HONDA FINANCIAL
SERVICES
MANAGEMENT ASSERTION
As of and for the
year ended March 31, 2006, American Honda Finance
Corporation has complied in all material respects with the minimum
servicing standards set forth in the Mortgage Bankers Association of
America’s Uniform Single Attestation Program for Mortgage
Bankers.
The minimum servicing standards not considered
applicable to the servicing of automobile loan contracts include
procedures 2, 3 and 4 of section I – Custodial Bank Accounts,
procedures 1, 2, 3 and 4 of section III – Disbursements, and
procedures 2, 3 and 4 of section V – Mortgage Loan
Accounting.
As of and for the same period, American Honda
Finance Corporation had in effect a fidelity bond in the amount of
$20,000,000 and errors and omissions policy in the amount of
$1,000,000.
|
/s/
Y. Takahashi |
Y. Takahashi President |
/s/ Jon
Nomura |
Jon Nomura Director of
Securitization |
June
9, 2006 |
|
EX-99.(B)
3
file3.htm
SERVICER'S ANNUAL COMPLIANCE CERTIFICATE
Exhibit
99(B)
AMERICAN HONDA FINANCE CORPORATION
ANNUAL
COMPLIANCE CERTIFICATE
PURSUANT TO SECTION 3.11(a) OF THE SALE AND
SERVICING AGREEMENT
I, Paul Honda, do hereby certify that I am
the Assistant Vice President, Assistant Secretary and Compliance
Officer of American Honda Finance Corporation, a California corporation
(the ‘‘Company’’), and further certify on
behalf of the Company in its capacity as servicer (the
‘‘Servicer’’) under the Sale and Servicing
Agreement (the ‘‘Agreement’’) dated as of
January 1, 2005 among the Servicer, American Honda
Receivables Corp., as Seller and Honda Auto Receivables 2005-1 Owner
Trust as follows:
|
|
|
|
(i) |
A review of the
activities of the Servicer during the 12-month period ended March 31,
2006, and of its performance under the Agreement has been made under my
supervision; |
|
|
|
|
(ii) |
To the best of my
knowledge and information, based upon such review, the Servicer has
fulfilled all its obligations under the Agreement throughout such
period; and |
|
|
|
|
(iii) |
To the best of my
knowledge and information, no event of default nor any event which with
the giving of notice or lapse of time, or both, would become an event
of default under the Agreement, has occurred or is
continuing. |
This certificate is being delivered to the Trustee
pursuant to Section 3.11 of the Sale and Servicing Agreement effective
January 1, 2005, which terms and conditions are
incorporated in the Agreement.
IN WITNESS WHEREOF, I have
hereunto set my hand this 26th day of May, 2006
|
/s/ Paul C. Honda |
Paul
C. Honda Assistant Vice President, Assistant Secretary
and Compliance
Officer |
|
EX-99.(C)
4
file4.htm
ANNUAL STATEMENT TO CERTIFICATEHOLDER
CREDIT
SUISSE FIRST BOSTON |
PAGE 1 |
AMERICAN HONDA FINANCE
CORPORATION
Annual Statement to Certificateholder—Honda Auto
Receivables 2005-1 Owner Trust
04/01/05 through
03/31/06
|
|
|
|
|
|
|
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 |
|
|
$1,238,897,325.93 |
|
|
|
(B) Total
Securities Balance |
|
|
$1,238,897,325.93 |
|
|
|
(C) Cumulative
Note and Certificate Pool Factor |
|
|
0.9157411 |
|
|
|
(D) Class
A-1 Notes |
|
|
|
|
|
|
(i) Class A-1 Notes
Balance |
|
|
$174,007,013.22 |
|
|
|
(ii) Class
A-1 Notes Pool Factor |
|
|
0.6041910 |
|
|
|
(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 |
|
|
$307,000,000.00 |
|
|
|
(ii) Class
A-2 Notes Pool Factor |
|
|
1.0000000 |
|
|
|
(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 |
|
|
$43,990,312.71 |
|
|
|
(ii)
Certificates Pool Factor |
|
|
1.0000000 |
|
|
|
(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 |
|
|
$11,410,937.83 |
|
|
|
(iii) Payahead
Account |
|
|
$0.00 |
|
|
|
(iv) Advances
Outstanding |
|
|
$330,989.14 |
|
|
|
(K)
Portfolio Summary as of End of Prior
Year |
|
|
|
|
|
|
(i) Weighted Average Coupon
(WAC) |
|
|
5.00% |
|
|
|
(ii) Weighted
Average Remaining Maturity (WAM) |
|
|
49.59 |
|
|
months |
(iii) Number of
Receivables |
|
|
80,838 |
|
|
|
(L) Note and
Certificate Percentages |
|
|
|
|
|
|
(i) Note
Percentage |
|
|
100.00% |
|
|
|
(ii)
Certificate Percentage |
|
|
0.00% |
|
|
|
|
CREDIT SUISSE FIRST
BOSTON |
PAGE 2 |
AMERICAN HONDA FINANCE
CORPORATION
Annual Statement to Certificateholder—Honda Auto
Receivables 2005-1 Owner Trust
04/01/05 through 03/31/06
|
|
|
|
|
|
|
III. 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
Total Collections |
|
|
$0.00 |
|
|
|
(C)
Precomputed Interest Receivables Interest (B-A((i)+(ii)+(iii))) |
|
|
$0.00 |
|
|
|
(D) Simple
Interest Receivables Principal |
|
|
|
|
|
|
(i)
Principal Collections |
|
|
$279,642,276.71 |
|
|
|
(ii) Prepayments in
Full |
|
|
$144,462,900.56 |
|
|
|
(iii)
Repurchased Receivables Related to Principal |
|
|
$0.00 |
|
|
|
(E) Simple
Interest Receivables Interest |
|
|
|
|
|
|
(i)
Simple Interest Collections |
|
|
$51,185,177.87 |
|
|
|
(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 |
|
|
$8,535.10 |
|
|
|
(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) |
|
|
4.92% |
|
|
|
(ii) Weighted
Average Remaining Maturity (WAM) |
|
|
38.03 |
|
|
months |
(iii)
Remaining Number of Receivables |
|
|
67,179 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(J)
Delinquent
Receivables |
|
|
#
Units |
|
|
Dollar
Amount |
(i) 30-59 Days Delinquent |
|
|
|
|
1,506 |
|
|
|
|
|
2.24 |
|
|
|
$19,363,944.35 |
|
|
|
|
2.41 |
|
(ii)
60-89 Days Delinquent |
|
|
|
|
282 |
|
|
|
|
|
0.42 |
|
|
|
$3,693,201.70 |
|
|
|
|
0.46 |
|
(ii)
90 Days or More Delinquent |
|
|
|
|
56 |
|
|
|
|
|
0.08 |
|
|
|
$772,582.10 |
|
|
|
|
0.10 |
|
(K)
Vehicles Repossessed During Collection
Period |
|
|
|
|
31 |
|
|
|
|
|
0.05 |
|
|
|
$444,796.61 |
|
|
|
|
0.06 |
|
(L)
Total Accumulated Repossessed Vehicles in
Inventory |
|
|
|
|
57 |
|
|
|
|
|
0.08 |
|
|
|
$820,677.52 |
|
|
|
|
0.10 |
|
|
|
|
|
|
|
|
|
IV.
INPUTS DERIVED FROM OTHER SOURCES |
|
|
|
|
|
|
(A)
Collection Account Investment
Income |
|
|
$0.00 |
|
|
|
(B)
Reserve Account Investment Income |
|
|
$368,513.67 |
|
|
|
(C) Yield Supplement Account
Investment Income |
|
|
$316,808.51 |
|
|
|
(D)
Trust Fees Expense |
|
|
$12,500.00 |
|
|
|
(E)
Aggregate Net Losses for Collection Period |
|
|
$5,036,121.90 |
|
|
|
(F) Liquidated
Receivables Information |
|
|
|
|
|
|
(i) Gross
Principal Balance on Liquidated
Receivables |
|
|
$10,961,946.70 |
|
|
|
(ii)
Liquidation Proceeds |
|
|
$4,645,841.45 |
|
|
|
(ii) Recoveries from Prior
Month Charge Offs |
|
|
$1,279,983.35 |
|
|
|
(G)
Days in Accrual Period |
|
|
365 |
|
|
|
(H) Deal
age |
|
|
15 |
|
|
|
COLLECTIONS |
V.
INTEREST COLLECTIONS |
|
|
|
|
|
|
(A) Total
Interest Collections
(III(C+E(i)+G) |
|
|
$51,193,712.97 |
|
|
|
VI.
PRINCIPAL COLLECTIONS |
|
|
|
|
|
|
(A) Principal
Payments Received (III(A((i)+(ii))+(D(i)+(ii))) |
|
|
$424,105,177.27 |
|
|
|
(B) Liquidation Proceeds
(IV(H(i))) |
|
|
$4,645,841.45 |
|
|
|
(C)
Repurchased Loan Proceeds Related to Principal
(III(A(iii)+D(iii))) |
|
|
$0.00 |
|
|
|
(D)
Recoveries from Prior Charge Offs
(IV(H(ii))) |
|
|
$1,279,983.35 |
|
|
|
(E) Total
Principal Collections (A+B+C+D) |
|
|
430,031,002.07 |
|
|
|
VII. TOTAL
INTEREST AND PRINCIPAL COLLECTIONS (V(C)+VI(E)) |
|
|
481,224,715.04 |
|
|
|
VIII. YIELD
SUPPLEMENT
DEPOSIT |
|
|
$5,974,339.02 |
|
|
|
IX.
TOTAL AVAILABLE AMOUNT (VII+VIII) |
|
|
487,199,054.06 |
|
|
|
|
|
|
|
|
|
|
|
|
DISTRIBUTIONS |
X. FEE
DISTRIBUTIONS |
|
|
|
(A) Servicing
Fee |
|
|
|
(i) Servicing Fee Due
(I(H)/12)(II(B))+(II(H)(i)) |
|
|
$10,341,577.47 |
(ii)
Servicing Fee Paid |
|
|
10,341,577.47 |
(iii)
Servicing Fee Shortfall |
|
|
$0.00 |
(B)
Reserve Account Investment Income (IV(B)) |
|
|
368,513.67 |
(C) Yield Supplement Account
Investment Income (IV(C)) |
|
|
0.00 |
(D)
Trust Fees Expense
(IV(D)) |
|
|
12,500.00 |
XI.
DISTRIBUTIONS TO
NOTEHOLDERS |
|
|
|
(A)
Interest |
|
|
|
(i) Class A-1
Notes |
|
|
|
(a) Class A-1 Notes Interest
Due |
|
|
$1,130,069.02 |
(b) Class A-1
Notes Interest Paid |
|
|
1,130,069.02 |
(c)
Class A-1 Notes Interest Shortfall |
|
|
$0.00 |
(ii) Class A-2
Notes |
|
|
|
(a) Class A-2 Notes Interest
Due |
|
|
$7,629,001.27 |
(b) Class A-2
Notes Interest Paid |
|
|
7,629,001.27 |
(c)
Class A-2 Notes Interest Shortfall |
|
|
$0.00 |
(iii) Class A-3
Notes |
|
|
|
(a) Class A-3 Notes Interest
Due |
|
|
$14,649,500.04 |
(b) Class A-3
Notes Interest Paid |
|
|
14,649,500.04 |
(c)
Class A-3 Notes Interest Shortfall |
|
|
$0.00 |
(iv) Class A-4
Notes |
|
|
|
(a) Class A-4 Notes Interest
Due |
|
|
$11,417,979.96 |
(b) Class A-4
Notes Interest Paid |
|
|
11,417,979.96 |
(c)
Class A-4 Notes Interest Shortfall |
|
|
$0.00 |
|
CREDIT SUISSE FIRST
BOSTON |
PAGE 3 |
AMERICAN HONDA FINANCE
CORPORATION
Annual Statement to Certificateholder—Honda Auto
Receivables 2005-1 Owner Trust
04/01/05 through 03/31/06
|
|
|
|
(v)
Total Note Interest |
|
|
|
(a) Total Note
Interest Due |
|
|
$34,826,550.29 |
(b)
Total Note Interest Paid |
|
|
34,826,550.29 |
(c)
Total Note Interest Shortfall |
|
|
$0.00 |
(d) Reserve Fund Withdrawn for Note
Interest |
|
|
$0.00 |
Amount available for
distributions after Fees & Interest
(VIII-(IX(A)(ii)-(D))-X(A)(v)(b)) |
|
|
442,018,426.30 |
(B)
Principal |
|
|
|
(i) Noteholders'
Principal Distribution Amounts |
|
|
$425,013,331.79 |
(ii) Class A-1 Notes
Principal |
|
|
|
(a) Class A-1 Notes
Principal Due |
|
|
174,007,013.22 |
(b)
Class A-1 Notes Principal Paid |
|
|
174,007,013.22 |
(c)
Class A-1 Notes Principal Shortfall |
|
|
$0.00 |
(d) Reserve Fund drawn |
|
|
$0.00 |
(iii) Class A-2 Notes
Principal |
|
|
|
(a) Class A-2 Notes
Principal Due |
|
|
$251,006,318.57 |
(b)
Class A-2 Notes Principal Paid |
|
|
251,006,318.57 |
(c)
Class A-2 Notes Principal Shortfall |
|
|
$0.00 |
(d) Reserve Fund drawn |
|
|
$0.00 |
(iv) Class A-3 Notes
Principal |
|
|
|
(a) Class A-3 Notes
Principal Due |
|
|
$0.00 |
(b) Class A-3
Notes Principal Paid |
|
|
0.00 |
(c) Class A-3
Notes Principal Shortfall |
|
|
$0.00 |
(d)
Reserve Fund drawn |
|
|
$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 Fund drawn |
|
|
$0.00 |
(vi) Total
Notes Principal |
|
|
|
(a) Total Notes
Principal Due |
|
|
$425,013,331.79 |
(b)
Total Notes Principal Paid |
|
|
425,013,331.79 |
(c)
Total Notes Principal Shortfall |
|
|
$0.00 |
(d) Reserve Fund drawn |
|
|
$0.00 |
XII.
RESERVE FUND DEPOSIT |
|
|
|
Amount available
for deposit into reserve
account |
|
|
$17,005,094.51 |
Amount
deposited into reserve
account |
|
|
0.00 |
Excess Amount Released
from Reserve
Account |
|
|
0.00 |
Excess
funds available to
Certificateholders |
|
|
17,005,094.51 |
XIII.
DISTRIBUTIONS TO
CERTIFICATEHOLDERS |
|
|
|
(A)
Interest |
|
|
|
(i) Certificate Monthly
Interest Due |
|
|
$1,583,249.16 |
(ii)
Certificate Interest Shortfall Beginning
Balance |
|
|
$0.00 |
(iii) Total Certificate
Interest Due |
|
|
$1,583,249.16 |
(iv)
Certificate Interest Paid |
|
|
1,583,249.16 |
(v)
Certificate Interest Shortfall Ending
Balance |
|
|
$0.00 |
(B)
Principal |
|
|
|
(i) Certificate Monthly
Principal Due |
|
|
$10,053,792.18 |
(ii)
Certificate Principal Shortfall Beginning
Balance |
|
|
$0.00 |
(iii) Total Certificate
Principal Due |
|
|
$10,053,792.18 |
(iv)
Certificate Principal Paid |
|
|
10,053,792.18 |
(v)
Certificate Principal Shortfall Ending
Balance |
|
|
$0.00 |
(C) Release to
Seller |
|
|
$5,368,053.17 |
|
|
|
|
|
DISTRIBUTIONS
SUMMARY |
(A) Total
Collections |
|
|
$487,199,054.06 |
(B)
Service Fee |
|
|
$10,341,577.47 |
(C) Trustee
Fees |
|
|
12,500.00 |
(D) Class A1
Amount |
|
|
$175,137,082.24 |
(E) Class A2
Amount |
|
|
$258,635,319.84 |
(F) Class A3
Amount |
|
|
$14,649,500.04 |
(G) Class A4
Amount |
|
|
$11,417,979.96 |
(H) Amount Deposited
into Reserve Account |
|
|
$0.00 |
(I)
Certificateholders |
|
|
$11,637,041.34 |
(J)
Release to seller |
|
|
$5,368,053.17 |
(K) Total
amount distributed |
|
|
$487,199,054.06 |
(L)
Amount of Draw from Reserve Account |
|
|
0.00 |
(M) Excess Amount Released from Reserve
Account |
|
|
0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PORTFOLIO
AND SECURITY
SUMMARY |
|
|
|
Beginning
of Period |
|
|
|
|
|
|
|
|
End
of Period |
|
|
|
|
|
|
XIV. POOL BALANCES AND PORTFOLIO
INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) Balances
and Principal
Factors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(i)
Aggregate Balance of Notes |
|
|
$1,194,907,013.22 |
|
|
|
|
|
|
|
|
$769,893,681.43 |
|
|
|
|
|
|
(ii)
Note Pool Factor |
|
|
0.9129093 |
|
|
|
|
|
|
|
|
0.5881990 |
|
|
|
|
|
|
(iii)
Class A-1 Notes Balance |
|
|
174,007,013.22 |
|
|
|
|
|
|
|
|
0.00 |
|
|
|
|
|
|
(iv)
Class A-1 Notes Pool Factor |
|
|
0.6041910 |
|
|
|
|
|
|
|
|
0.0000000 |
|
|
|
|
|
|
(v)
Class A-2 Notes Balance |
|
|
307,000,000.00 |
|
|
|
|
|
|
|
|
55,993,681.43 |
|
|
|
|
|
|
(vi)
Class A-2 Notes Pool Factor |
|
|
1.0000000 |
|
|
|
|
|
|
|
|
0.1823898 |
|
|
|
|
|
|
(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 |
|
|
43,990,312.71 |
|
|
|
|
|
|
|
|
33,936,520.53 |
|
|
|
|
|
|
(xii)
Certificates Pool Factor |
|
|
1.0000000 |
|
|
|
|
|
|
|
|
0.7714544 |
|
|
|
|
|
|
(xiii)
Total Principal Balance of Notes and Certificates |
|
|
1,238,897,325.93 |
|
|
|
|
|
|
|
|
803,830,201.96 |
|
|
|
|
|
|
(B)
Portfolio
Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(i)
Weighted Average Coupon (WAC) |
|
|
5.00% |
|
|
|
|
|
|
|
|
4.92% |
|
|
|
|
|
|
(ii)
Weighted Average Remaining Maturity (WAM) |
|
|
49.59 |
|
|
|
|
months |
|
|
|
38.03 |
|
|
|
|
months |
|
(iii)
Remaining Number of Receivables |
|
|
80,838 |
|
|
|
|
|
|
|
|
67,179 |
|
|
|
|
|
|
(iv)
Portfolio Receivable Balance |
|
|
$1,238,897,325.93 |
|
|
|
|
|
|
|
|
$803,830,201.96 |
|
|
|
|
|
|
(C)
Outstanding Advance
Amount |
|
|
$330,989.14 |
|
|
|
|
|
|
|
|
$339,524.24 |
|
|
|
|
|
|
(D)
Outstanding Payahead
Balance |
|
|
$0.00 |
|
|
|
|
|
|
|
|
$0.00 |
|
|
|
|
|
|
|
CREDIT SUISSE FIRST
BOSTON |
PAGE 4 |
AMERICAN HONDA FINANCE CORPORATION
Annual Statement to Certificateholder—Honda Auto Receivables
2005-1 Owner Trust
04/01/05 through 03/31/06
|
|
|
|
SUMMARY
OF ACCOUNTS |
XV. RECONCILIATION OF RESERVE
ACCOUNT |
|
|
|
(A) Beginning
Reserve Account Balance |
|
|
$10,146,677.35 |
(B)
Draws |
|
|
|
(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 |
|
|
10,146,677.35 |
(I) Ending Reserve
Account
Balance |
|
|
|
XVI.
RECONCILIATION OF YIELD SUPPLEMENT
ACCOUNT |
|
|
|
(A) Beginning Yield Supplement
Account Balance |
|
|
11,410,937.83 |
(B) Investment
Earnings |
|
|
316,808.51 |
(C) Investment Earnings
Withdraw |
|
|
0.00 |
(D) Additional Yield
Supplement Amounts |
|
|
0.00 |
(E) Yield Supplement
Deposit Amount |
|
|
5,974,339.02 |
(F) Release of
Yield Deposit Account Balance to
Seller |
|
|
0.00 |
(G) Ending
Yield Supplement Account
Balance |
|
|
5,753,407.32 |
XVII.
NET LOSS AND DELINQUENCY ACCOUNT
ACTIVITY |
|
|
|
(A) Liquidated
Contracts |
|
|
|
(i) Liquidation
Proceeds |
|
|
$4,645,841.45 |
(ii)
Recoveries on Previously Liquidated Contracts |
|
|
1,279,983.35 |
(B) Aggregate Net Losses for
Collection Period |
|
|
5,036,121.90 |
(C) Net Loss
Rate for Collection Period (annualized) |
|
|
0.49% |
(D) Cumulative Net Losses for all
Periods |
|
|
$5,078,976.51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(E)
Delinquent Receivables |
|
|
#
Units |
|
|
Dollar
Amount |
(i) 30-59 Days
Delinquent |
|
|
|
|
1,506 |
|
|
|
|
|
2.24 |
|
|
|
$19,363,944.35 |
|
|
|
|
2.41 |
|
(ii)
60-89 Days Delinquent |
|
|
|
|
282 |
|
|
|
|
|
0.42 |
|
|
|
$3,693,201.70 |
|
|
|
|
0.46 |
|
(ii)
90 Days or More Delinquent |
|
|
|
|
56 |
|
|
|
|
|
0.08 |
|
|
|
$772,582.10 |
|
|
|
|
0.10 |
|
XVIII. REPOSSESSION
ACTIVITY |
|
|
#
Units |
|
|
Dollar
Amount |
(A) Vehicles Repossessed During
Collection
Period |
|
|
31 |
|
|
|
|
0.05 |
|
|
|
$444,796.61 |
|
|
|
|
0.06 |
|
(B)
Total Accumulated Repossessed Vehicles in
Inventory |
|
|
57 |
|
|
|
|
0.08 |
|
|
|
$820,677.52 |
|
|
|
|
0.10 |
|
|
|
|
|
|
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 |
|
|
0.60% |
(ii)
Preceding Collection Period |
|
|
0.19% |
(iii) Current Collection
Period |
|
|
0.08% |
(iv) Three Month
Average (Avg(i,ii,iii)) |
|
|
0.29% |
(B) Ratio of
Balance of Contracts Delinquent 60 Days or More to the Outstanding
Balance of Receivables. |
|
|
|
(i) Second
Preceding Collection Period |
|
|
0.90% |
(ii) Preceding Collection
Period |
|
|
0.71% |
(iii) Current
Collection Period |
|
|
0.59% |
(iv)
Three Month Average (Avg(i,ii,iii)) |
|
|
0.73% |
(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/ Paul C. Honda
Paul
C. Honda
Assistant Vice President, Assistant Secretary and
Compliance Officer
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