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 2005-4 OWNER TRUST
               (EXACT NAME OF REGISTRANT SPECIFIED IN ITS CHARTER)

                                   ----------

          DELAWARE                      333-125676                20-6601824
(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 April 1, 2005 (the "Agreement"), between
American Honda Receivables Corp., as Seller, American Honda Finance Corporation,
as Servicer, Honda Auto Receivables 2005-4 Owner Trust, a Delaware statutory
trust, as Issuer, U.S. Bank National Association, 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 2005-4
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 2005-4 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 2005-4 Owner Trust
                          10/1/2005 through 10/31/2005



I. ORIGINAL DEAL PARAMETER INPUTS
- ---------------------------------
   (A) Total Portfolio Balance                                                                              $1,547,814,477.92
   (B) Total Securities Balance                                                                             $1,547,814,477.92
   (C) Class A-1 Notes
      (i)   Class A-1 Notes Balance                                                                           $347,000,000.00
      (ii)  Class A-1 Notes Percentage (C(i)/B)                                                                         22.42%
      (iii) Class A-1 Notes Rate                                                                                      3.82720%
      (iv)  Class A-1 Notes Accrual Basis                                                                          Actual/360
   (D) Class A-2 Notes
      (i)   Class A-2 Notes Balance                                                                           $409,000,000.00
      (ii)  Class A-2 Notes Percentage (D(i)/B)                                                                         26.42%
      (iii) Class A-2 Notes Rate                                                                                        4.320%
      (iv)  Class A-2 Notes Accrual Basis                                                                              30/360
   (E) Class A-3 Notes
      (i)   Class A-3 Notes Balance                                                                           $433,000,000.00
      (ii)  Class A-3 Notes Percentage (E(i)/B)                                                                         27.97%
      (iii) Class A-3 Notes Rate                                                                                        4.460%
      (iv)  Class A-3 Notes Accrual Basis                                                                              30/360
   (F) Class A-4 Notes
      (i)   Class A-4 Notes Balance                                                                           $306,960,000.00
      (ii)  Class A-4 Notes Percentage (F(i)/B)                                                                         19.83%
      (iii) Class A-4 Notes Rate                                                                                        4.600%
      (iv)  Class A-4 Notes Accrual Basis                                                                              30/360
   (G) Certificates
      (i)   Certificates Balance                                                                               $51,854,477.92
      (ii)  Certificates Percentage (G(i)/B)                                                                             3.35%
      (iii) Certificates Rate                                                                                           4.600%
      (iv)  Certificates Accrual Basis                                                                                 30/360
   (H) Servicing Fee Rate                                                                                                1.00%
   (I) Portfolio Summary
      (i)   Weighted Average Coupon (WAC)                                                                                3.98%
      (ii)  Weighted Average Original Maturity (WAOM)                                                                   57.30 months
      (iii) Weighted Average Remaining Maturity (WAM)                                                                   50.31 months
      (iv) Number of Receivables                                                                                       97,847
   (J) Reserve Fund
      (i)   Reserve Account Initial Deposit Percentage                                                                   0.50%
      (ii)  Reserve Account Initial Deposit                                                                     $7,739,072.39
      (iii) Specified Reserve Account Percentage                                                                         0.50%
      (iv) Specified Reserve Account Balance                                                                    $7,739,072.39
   (K) Yield Supplement Account Deposit                                                                        $72,610,130.63

II. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS
- -------------------------------------------------
   (A) Total Portfolio Balance                                                                              $1,456,527,490.25
   (B) Total Securities Balance                                                                             $1,456,527,490.25
   (C) Cumulative Note and Certificate Pool Factor                                                                  0.9410220
   (D) Class A-1 Notes
      (i)   Class A-1 Notes Balance                                                                           $255,713,012.33
      (ii)  Class A-1 Notes Pool Factor                                                                             0.7369251
      (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                                                                           $409,000,000.00
      (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                                                                           $433,000,000.00
      (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                                                                           $306,960,000.00
      (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                                                                               $51,854,477.92
      (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                                                                                     $7,739,072.39
      (ii)   Yield Supplement Account                                                                          $65,520,737.22
      (iii) Payahead Account                                                                                            $0.00
      (iv)  Advances Outstanding                                                                                  $310,904.00
   (K) Portfolio Summary as of End of Prior Month
      (i)   Weighted Average Coupon (WAC)                                                                                3.98%
      (ii)  Weighted Average Remaining Maturity (WAM)                                                                   48.30 months
      (iii) Number of Receivables                                                                                      95,874
   (L) Note and Certificate Principal Distribution Percentages
      (i) Note Percentage                                                                                              100.00%
      (ii) Certificate Percentage                                                                                        0.00%




                                                                          page 2

                       AMERICAN HONDA FINANCE CORPORATION
      MONTHLY SERVICER REPORT -- Honda Auto Receivables 2005-4 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                                                                              $31,169,041.31
      (ii)  Prepayments in Full                                                                                $12,953,675.36
      (iii) Repurchased Receivables Related to Principal                                                                $0.00
   (E) Simple Interest Receivables Interest
      (i) Simple Interest Collections                                                                           $4,764,910.58
   (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                                                                  $34,042.09
   (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)                                                                                3.98%
      (ii)  Weighted Average Remaining Maturity (WAM)                                                                   47.38 months
      (iii) Remaining Number of Receivables                                                                            94,919
   (J) Delinquent Receivables
                                                                   # Units         Dollar Amount
                                                                ------------   ---------------------
      (i)   31-60 Days Delinquent                               1,589   1.67%  $23,153,536.27   1.64%
      (ii)  61-90 Days Delinquent                                 185   0.19%   $2,721,172.43   0.19%
      (ii)  91 Days or More Delinquent                              7   0.01%      $81,453.60   0.01%
   (K) Vehicles Repossessed During Collection Period               37   0.04%     $639,444.36   0.05%
   (L) Total Repossessed Vehicles in Inventory                     44   0.05%     $757,131.40   0.05%

IV. INPUTS DERIVED FROM OTHER SOURCES
- -------------------------------------
   (A) Collection Account Investment Income                                                                             $0.00
   (B) Reserve Account Investment Income                                                                           $24,274.46
   (C) Yield Supplement Account Investment Income                                                                 $212,106.78
   (D) Trust Fees Expense                                                                                               $0.00
   (E) Aggregate Net Losses for Collection Period                                                                   17,367.59
   (F) Liquidated Receivables Information
      (i)   Gross Principal Balance on Liquidated Receivables                                                       50,377.89
      (ii)  Liquidation Proceeds                                                                                    31,777.80
      (ii)  Recoveries from Prior Month Charge Offs                                                                  1,232.50
   (G) Days in Accrual Period                                                                                              31
   (H) Deal age                                                                                                             3

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

V. INTEREST COLLECTIONS
- -----------------------
   (A) Total Interest Collections (III(C)+E(i)-F(i)+F(ii)+G)                                                    $4,798,952.67

VI. PRINCIPAL COLLECTIONS
- -------------------------
   (A) Principal Payments Received (III(A((i)+(ii))+(D(i)+(ii)))                                               $44,122,716.67
   (B) Liquidation Proceeds (IV(F(i)))                                                                              31,777.80
   (C) Repurchased Loan Proceeds Related to Principal (III(A(iii)+D(iii)))                                               0.00
   (D) Recoveries from Prior Month Charge Offs (IV(F(ii)))                                                           1,232.50
                                                                                                            -----------------
   (E) Total Principal Collections (A+B+C+D)                                                                   $44,155,726.97

VII. TOTAL INTEREST AND PRINCIPAL COLLECTIONS (V(A)+VI(E))                                                     $48,954,679.64
- ----------------------------------------------------------                                                     --------------
VIII. YIELD SUPPLEMENT DEPOSIT                                                                                  $3,429,138.99
- ------------------------------                                                                                  -------------
IX. TOTAL AVAILABLE AMOUNT (VII+VIII)                                                                          $52,383,818.63
- -------------------------------------                                                                          --------------

                                              MONTHLY DISTRIBUTIONS
                                              ---------------------
X. FEE DISTRIBUTIONS
- --------------------
   (A) Servicing Fee
      (i)   Servicing Fee Due (I(H)/12)(II(B))+(II(H)(i))                                                       $1,213,772.91
      (ii)  Servicing Fee Paid                                                                                   1,213,772.91
                                                                                                            -----------------
      (iii) Servicing Fee Shortfall                                                                                     $0.00
   (B) Reserve Account Investment Income (IV(B))                                                                   $24,274.46
   (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                                                                      $842,739.17
            (b) Class A-1 Notes Interest Paid                                                                      842,739.17
                                                                                                            -----------------
            (c) Class A-1 Notes Interest Shortfall                                                                      $0.00
      (ii)  Class A-2 Notes
            (a) Class A-2 Notes Interest Due                                                                    $1,472,400.00
            (b) Class A-2 Notes Interest Paid                                                                    1,472,400.00
                                                                                                            -----------------
            (c) Class A-2 Notes Interest Shortfall                                                                      $0.00
      (iii) Class A-3 Notes
            (a) Class A-3 Notes Interest Due                                                                    $1,609,316.67
            (b) Class A-3 Notes Interest Paid                                                                    1,609,316.67
                                                                                                            -----------------
            (c) Class A-3 Notes Interest Shortfall                                                                      $0.00
      (iv)  Class A-4 Notes
            (a) Class A-4 Notes Interest Due                                                                    $1,176,680.00
            (b) Class A-4 Notes Interest Paid                                                                    1,176,680.00
                                                                                                            -----------------
            (c) Class A-4 Notes Interest Shortfall                                                                      $0.00




                                                                          page 3

                       AMERICAN HONDA FINANCE CORPORATION
      MONTHLY SERVICER REPORT -- Honda Auto Receivables 2005-4 Owner Trust
                          10/1/2005 through 10/31/2005



      (v) Total Note Interest
            (a) Total Note Interest Due                                                                         $5,101,135.84
            (b) Total Note Interest Paid                                                                         5,101,135.84
                                                                                                            -----------------
            (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))                                                                                $46,068,909.88
   (B) Principal
      (i)   Noteholders' Principal Distribution Amounts                                                        $44,173,094.56
      (ii)  Class A-1 Notes Principal
            (a) Class A-1 Notes Principal Due                                                                  $44,173,094.56
            (b) Class A-1 Notes Principal Paid                                                                  44,173,094.56
                                                                                                            -----------------
            (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                                                                           $0.00
            (b) Class A-2 Notes Principal Paid                                                                           0.00
                                                                                                            -----------------
            (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                                                                       44,173,094.56
            (b) Total Notes Principal Paid                                                                      44,173,094.56
                                                                                                            -----------------
            (c) Total Notes Principal Shortfall                                                                         $0.00
            (d) Reserve Account Withdrawal                                                                              $0.00

XII. RESERVE FUND DEPOSIT
- -------------------------
   Amount available for deposit into reserve account                                                            $1,895,815.32
   Amount deposited into reserve account                                                                                 0.00
   Excess Amount Released from Reserve Account                                                                           0.00
                                                                                                            -----------------
   Excess funds available to Certificateholders                                                                  1,895,815.32
                                                                                                            -----------------

XIII. DISTRIBUTIONS TO CERTIFICATEHOLDERS
- -----------------------------------------
   (A) Interest
      (i)   Certificate Monthly Interest Due                                                                      $198,775.50
      (ii)  Certificate Interest Shortfall Beginning Balance                                                            $0.00
                                                                                                            -----------------
      (iii) Total Certificate Interest Due                                                                        $198,775.50
      (iv)  Certificate Interest Paid                                                                              198,775.50
                                                                                                            -----------------
      (v)   Certificate Interest Shortfall Ending Balance                                                               $0.00
   (B) Principal
      (i)   Certificate Monthly Principal Due                                                                           $0.00
      (ii)  Certificate Principal Shortfall Beginning Balance                                                           $0.00
                                                                                                            -----------------
      (iii) Total Certificate Principal Due                                                                             $0.00
      (iv)  Certificate Principal Paid                                                                                   0.00
                                                                                                            -----------------
      (v)   Certificate Principal Shortfall Ending Balance                                                              $0.00
   (C) Release to Seller                                                                                        $1,697,039.82

                                                      DISTRIBUTIONS SUMMARY
                                                      ---------------------
   (A) Total Collections                                                                                       $52,383,818.63
   (B) Service Fee                                                                                              $1,213,772.91
   (C) Trustee Fees                                                                                                      0.00
   (D) Class A1 Amount                                                                                         $45,015,833.73
   (E) Class A2 Amount                                                                                          $1,472,400.00
   (F) Class A3 Amount                                                                                          $1,609,316.67
   (G) Class A4 Amount                                                                                          $1,176,680.00
   (H) Amount Deposited into Reserve Account                                                                            $0.00
   (I) Certificateholders                                                                                         $198,775.50
   (J) Release to seller                                                                                        $1,697,039.82
   (K) Total amount distributed                                                                                $52,383,818.63
   (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                                           $1,404,673,012.33          $1,360,499,917.77
      (ii)  Note Pool Factor                                                             0.9389777                  0.9094494
      (iii) Class A-1 Notes Balance                                                 255,713,012.33             211,539,917.77
      (iv)  Class A-1 Notes Pool Factor                                                  0.7369251                  0.6096251
      (v)   Class A-2 Notes Balance                                                 409,000,000.00             409,000,000.00
      (vi)  Class A-2 Notes Pool Factor                                                  1.0000000                  1.0000000
      (vii) Class A-3 Notes Balance                                                 433,000,000.00             433,000,000.00
      (viii)Class A-3 Notes Pool Factor                                                  1.0000000                  1.0000000
      (ix)  Class A-4 Notes Balance                                                 306,960,000.00             306,960,000.00
      (x)   Class A-4 Notes Pool Factor                                                  1.0000000                  1.0000000
      (xi)  Certificates Balance                                                     51,854,477.92              51,854,477.92
      (xii) Certificates Pool Factor                                                     1.0000000                  1.0000000
      (xiii)Total Principal Balance of Notes and Certificates                     1,456,527,490.25           1,412,354,395.69
   (B) Portfolio Information
      (i)   Weighted Average Coupon (WAC)                                                     3.98%                      3.98%
      (ii)  Weighted Average Remaining Maturity (WAM)                                        48.30 months               47.38 months
      (iii) Remaining Number of Receivables                                                 95,874                     94,919
      (iv)  Portfolio Receivable Balance                                         $1,456,527,490.25          $1,412,354,395.69
   (C) Outstanding Advance Amount                                                      $310,904.00                $344,946.09
   (D) Outstanding Payahead Balance                                                          $0.00                      $0.00




                                                                          page 4

                       AMERICAN HONDA FINANCE CORPORATION
      MONTHLY SERVICER REPORT -- Honda Auto Receivables 2005-4 Owner Trust
                          10/1/2005 through 10/31/2005

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



XV. RECONCILIATION OF RESERVE ACCOUNT
- -------------------------------------
   (A) Beginning Reserve Account Balance                                                                        $7,739,072.39
   (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                                                                  7,739,072.39
   (E) Reserve Account Required Amount                                                                           7,739,072.39
   (F) Final Reserve Account Required Amount                                                                     7,739,072.39
   (G) Excess Reserve Account Amount                                                                                     0.00
   (H) Release of Reserve Account Balance to Seller                                                                      0.00
   (I) Ending Reserve Account Balance                                                                            7,739,072.39

XVI. RECONCILIATION OF YIELD SUPPLEMENT ACCOUNT
- -----------------------------------------------
   (A) Beginning Yield Supplement Account Balance                                                               65,520,737.22
   (B) Investment Earnings                                                                                         212,106.78
   (C) Investment Earnings Withdraw                                                                                      0.00
   (D) Additional Yield Supplement Amounts                                                                               0.00
   (E) Yield Supplement Deposit Amount                                                                           3,429,138.99
   (F) Release of Yield Deposit Account Balance to Seller                                                                0.00
                                                                                                            -----------------
   (G) Ending Yield Supplement Account Balance                                                                  62,303,705.01

XVII. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
- -----------------------------------------------
   (A) Liquidated Contracts
      (i)   Liquidation Proceeds                                                                                   $31,777.80
      (ii) Recoveries on Previously Liquidated Contracts                                                             1,232.50
   (B) Aggregate Net Losses for Collection Period                                                                   17,367.59
   (C) Net Loss Rate for Collection Period (annualized)                                                                  0.01%
   (D) Cumulative Net Losses for all Periods                                                                        58,315.86
   (E) Delinquent Receivables
                                                                   # Units         Dollar Amount
                                                                ------------   ---------------------
      (i)  30-59 Days Delinquent                                1,589   1.67%  $23,153,536.27   1.64%
      (ii)  60-89 Days Delinquent                                 185   0.19%   $2,721,172.43   0.19%
      (ii) 90 Days or More Delinquent                               7   0.01%      $81,453.60   0.01%

XVIII. REPOSSESSION ACTIVITY
- ----------------------------
                                                                       # Units      Dollar Amount
                                                                      ---------   ------------------
      (A) Vehicles Repossessed During Collection Period               37   0.04%  $639,444.36   0.05%
      (B) Total Repossessed Vehicles in Inventory                     44   0.05%  $757,131.40   0.05%

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                                                                           0.00%
      (ii)  Preceding Collection Period                                                                                  0.03%
      (iii) Current Collection Period                                                                                    0.01%
      (iv)  Three Month Average (Avg(i,ii,iii))                                                                          0.02%
   (B) Ratio of Balance of Contracts Delinquent 61 Days or More to the
      Outstanding Balance of Receivables.
      (i)  Second Preceding Collection Period                                                                            0.01%
      (ii)  Preceding Collection Period                                                                                  0.02%
      (iii) Current Collection Period                                                                                    0.25%
      (iv)  Three Month Average (Avg(i,ii,iii))                                                                          0.09%
   (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