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):
                                 AUGUST 22, 2005

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

                    HONDA AUTO RECEIVABLES 2003-2 OWNER TRUST
               (EXACT NAME OF REGISTRANT SPECIFIED IN ITS CHARTER)

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


          DELAWARE                    333-71022-06                61-6298909
(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 August 22, 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 May 1, 2003 (the "Agreement"), between American
Honda Receivables Corp., as Seller, American Honda Finance Corporation, as
Servicer, Honda Auto Receivables 2003-2 Owner Trust, a Delaware statutory trust,
as Issuer, U.S. Bank Trust National Association, as Owner Trustee (the "Owner
Trustee"), and Citibank, N.A., as Indenture Trustee (the "Indenture Trustee")
were distributed to holders ("Noteholders") of notes representing undivided
fractional interests in Honda Auto Receivables 2003-2 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 2003-2 OWNER TRUST
                        BY: AMERICAN HONDA FINANCE CORPORATION, AS SERVICER

                        By:   /s/ John I. Weisickle
                              -------------------------------------------
                              John I. Weisickle
Date: August 22, 2005         Vice President, Assistant Secretary

                                      - 2 -

EX-20

                                                                          page 1

                             SERVICER'S CERTIFICATE
                       AMERICAN HONDA FINANCE CORPORATION
      MONTHLY SERVICER REPORT -- Honda Auto Receivables 2003-2 Owner Trust
                           7/1/2005 through 7/31/2005
<TABLE>


I. ORIGINAL DEAL PARAMETER INPUTS
- ---------------------------------
     (A) Total Portfolio Balance                                                       $1,585,414,912.47
     (B) Total Securities Balance                                                      $1,585,414,912.47
     (C) Class A-1 Notes
         (i)   Class A-1 Notes Balance                                                   $383,000,000.00
         (ii)  Class A-1 Notes Percentage (C(i)/B)                                                24.16%
         (iii) Class A-1 Notes Rate                                                             1.23313%
         (iv)  Class A-1 Notes Accrual Basis                                                  Actual/360
     (D) Class A-2 Notes
         (i)   Class A-2 Notes Balance                                                   $430,000,000.00
         (ii)  Class A-2 Notes Percentage (D(i)/B)                                                27.12%
         (iii) Class A-2 Notes Rate                                                               1.340%
         (iv)  Class A-2 Notes Accrual Basis                                                      30/360
     (E) Class A-3 Notes
         (i)   Class A-3 Notes Balance                                                   $428,000,000.00
         (ii)  Class A-3 Notes Percentage (E(i)/B)                                                27.00%
         (iii) Class A-3 Notes Rate                                                               1.690%
         (iv)  Class A-3 Notes Accrual Basis                                                      30/360
     (F) Class A-4 Notes
         (i)   Class A-4 Notes Balance                                                   $308,740,000.00
         (ii)  Class A-4 Notes Percentage (F(i)/B)                                                19.47%
         (iii) Class A-4 Notes Rate                                                               2.160%
         (iv)  Class A-4 Notes Accrual Basis                                                      30/360
     (G) Certificates
         (i)   Certificates Balance                                                       $35,674,912.47
         (ii)  Certificates Percentage (G(i)/B)                                                    2.25%
         (iii) Certificates Rate                                                                  2.160%
         (iv)  Certificates Accrual Basis                                                         30/360
     (H) Servicing Fee Rate                                                                        1.00%
     (I) Portfolio Summary
         (i)   Weighted Average Coupon (WAC)                                                       5.16%
         (ii)  Weighted Average Original Maturity (WAOM)                                           58.18 months
         (iii) Weighted Average Remaining Maturity (WAM)                                           51.29 months
         (iv)  Number of Receivables                                                              98,208
     (J) Reserve Fund
         (i)   Reserve Account Initial Deposit Percentage                                          0.50%
         (ii)  Reserve Account Initial Deposit                                             $7,927,074.56
         (iii) Specified Reserve Account Percentage                                                0.75%
         (iv)  Specified Reserve Account Balance                                          $11,890,611.84

     (K) Yield Supplement Account Deposit                                                      $6,519.48


II. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS
- -------------------------------------------------
     (A) Total Portfolio Balance                                                         $511,461,846.54
     (B) Total Securities Balance                                                        $511,461,846.54
     (C) Cumulative Note and Certificate Pool Factor                                           0.3226044
     (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                                                             $0.00
         (ii)  Class A-2 Notes Pool Factor                                                     0.0000000
         (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                                                   $186,483,495.18
         (ii)  Class A-3 Notes Pool Factor                                                     0.4357091
         (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                                                   $308,740,000.00
         (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                                                       $16,238,351.36
         (ii)  Certificates Pool Factor                                                        0.4551756
         (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                                                            $11,890,611.84
         (ii)  Yield Supplement Account                                                        $1,037.54
         (iii) Payahead Account                                                                    $0.00
         (iv)  Advances Outstanding                                                          $248,054.28
     (K) Portfolio Summary as of End of Prior Month
         (i)   Weighted Average Coupon (WAC)                                                       5.00%
         (ii)  Weighted Average Remaining Maturity (WAM)                                           26.81 months
         (iii) Number of Receivables                                                              59,963
     (L) Note and Certificate Principal Distribution Percentages
         (i)   Note Percentage                                                                    97.03%
         (ii)  Certificate Percentage                                                              2.97%

</TABLE>


                                                                          page 2

                       AMERICAN HONDA FINANCE CORPORATION
      MONTHLY SERVICER REPORT -- Honda Auto Receivables 2003-2 Owner Trust
                           7/1/2005 through 7/31/2005
<TABLE>


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                                                                           $19,412,105.18
         (ii)  Prepayments in Full                                                                              $9,558,458.88
         (iii) Repurchased Receivables Related to Principal                                                             $0.00
     (E) Simple Interest Receivables Interest
         (i)   Simple Interest Collections                                                                      $2,074,634.89
     (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                                                                $14,378.97
     (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)                                                                            5.00%
         (ii)  Weighted Average Remaining Maturity (WAM)                                                                25.92 months
         (iii) Remaining Number of Receivables                                                                         58,432
                                                                              # Units                 Dollar Amount
     (J) Delinquent Receivables                                        ---------------------    -----------------------------
         (i)   31-60 Days Delinquent                                     1,961       3.36%      $16,391,552.46          3.40%
         (ii)  61-90 Days Delinquent                                       391       0.67%       $3,414,499.31          0.71%
         (iii) 91 Days or More Delinquent                                   76       0.13%         $654,996.33          0.14%
     (K) Vehicles Repossessed During Collection Period                      24       0.04%         $214,493.47          0.04%
     (L) Total Repossessed Vehicles in Inventory                            41       0.07%         $359,448.81          0.07%

IV. INPUTS DERIVED FROM OTHER SOURCES
- -------------------------------------
     (A) Collection Account Investment Income                                                                           $0.00
     (B) Reserve Account Investment Income                                                                         $32,256.56
     (C) Yield Supplement Account Investment Income                                                                     $2.94
     (D) Trust Fees Expense                                                                                         $4,000.00
     (E) Aggregate Net Losses for Collection Period                                                                 39,639.04
     (F) Liquidated Receivables Information
         (i)   Gross Principal Balance on Liquidated Receivables                                                   290,435.82
         (ii)  Liquidation Proceeds                                                                                103,264.40
         (iii) Recoveries from Prior Month Charge Offs                                                             147,532.38
     (G) Days in Accrual Period                                                                                            32
     (H) Deal age                                                                                                          27

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

V. INTEREST COLLECTIONS
- -----------------------
     (A) Total Interest Collections (III(C)+E(i)-F(i)+F(ii)+G)                                                  $2,089,013.86

VI. PRINCIPAL COLLECTIONS
- -------------------------
     (A) Principal Payments Received  (III(A((i)+(ii))+(D(i)+(ii)))                                            $28,970,564.06
     (B) Liquidation Proceeds  (IV(F(i)))                                                                          103,264.40
     (C) Repurchased Loan Proceeds Related to Principal  (III(A(iii)+D(iii)))                                            0.00
     (D) Recoveries from Prior Month Charge Offs (IV(F(ii)))                                                       147,532.38
                                                                                                    -------------------------
     (E) Total Principal Collections (A+B+C+D)                                                                 $29,221,360.84

VII. TOTAL INTEREST AND PRINCIPAL COLLECTIONS  (V(A)+VI(E))                                                    $31,310,374.70
- -------------------------------------------------------------

VIII. YIELD SUPPLEMENT DEPOSIT
- ------------------------------                                                                                         $82.44

IX. TOTAL AVAILABLE AMOUNT (VII+VIII)
- -------------------------------------                                                                          $31,310,457.14


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

X. FEE DISTRIBUTIONS
- --------------------
     (A) Servicing Fee
         (i)   Servicing Fee Due (I(H)/12)(II(B))+(II(H)(i))                                                      $426,218.21
         (ii)  Servicing Fee Paid                                                                                  426,218.21
                                                                                                   --------------------------
         (iii) Servicing Fee Shortfall                                                                                  $0.00
     (B) Reserve Account Investment Income (IV(B))                                                                 $32,256.56
     (C) Yield Supplement Account Investment Income  (IV(C))                                                            $0.00
     (D) Trust Fees Expense (IV(D))                                                                                 $4,000.00


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                                                                         $0.00
               (b) Class A-2 Notes Interest Paid                                                                         0.00
                                                                                                   --------------------------
               (c) Class A-2 Notes Interest Shortfall                                                                   $0.00
         (iii) Class A-3 Notes
               (a) Class A-3 Notes Interest Due                                                                   $262,630.92
               (b) Class A-3 Notes Interest Paid                                                                   262,630.92
                                                                                                   --------------------------
               (c) Class A-3 Notes Interest Shortfall                                                                   $0.00
         (iv)  Class A-4 Notes
</TABLE>




                                                                          page 3

                       AMERICAN HONDA FINANCE CORPORATION
      MONTHLY SERVICER REPORT -- Honda Auto Receivables 2003-2 Owner Trust
                           7/1/2005 through 7/31/2005
<TABLE>


              (a) Class A-4 Notes Interest Due                                                                $555,732.00
              (b) Class A-4 Notes Interest Paid                                                                555,732.00
                                                                                                     -------------------
              (c) Class A-4 Notes Interest Shortfall                                                                $0.00
         (v)  Total Note Interest
              (a) Total Note Interest Due                                                                     $818,362.92
              (b) Total Note Interest Paid                                                                     818,362.92
                                                                                                    --------------------
              (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))                   $30,061,876.01
     (B) Principal
         (i)  Noteholders' Principal Distribution Amounts                                                  $28,391,948.18
         (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                                                                     $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                                                            $28,391,948.18
              (b) Class A-3 Notes Principal Paid                                                            28,391,948.18
                                                                                                     --------------------
              (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                                                                 28,391,948.18
              (b) Total Notes Principal Paid                                                                28,391,948.18
                                                                                                     --------------------
              (c) Total Notes Principal Shortfall                                                                   $0.00
              (d) Reserve Account Withdrawal                                                                        $0.00

XII. RESERVE FUND DEPOSIT
- -------------------------
     Amount available for deposit into reserve account                                                      $1,669,927.83
     Amount deposited into reserve account                                                                           0.00
     Excess Amount Released from Reserve Account                                                                     0.00
                                                                                                     --------------------
     Excess funds available to Certificateholders                                                            1,669,927.83
                                                                                                     --------------------

XIII. DISTRIBUTIONS TO CERTIFICATEHOLDERS
- -----------------------------------------
     (A) Interest
         (i)   Certificate Monthly Interest Due                                                                $29,229.03
         (ii)  Certificate Interest Shortfall Beginning Balance                                                     $0.00
                                                                                                     --------------------
         (iii) Total Certificate Interest Due                                                                  $29,229.03
         (iv)  Certificate Interest Paid                                                                        29,229.03
                                                                                                     --------------------
         (v)   Certificate Interest Shortfall Ending Balance                                                        $0.00
     (B) Principal
         (i)   Certificate Monthly Principal Due                                                              $869,051.70
         (ii)  Certificate Principal Shortfall Beginning Balance                                                    $0.00
                                                                                                     --------------------
         (iii) Total Certificate Principal Due                                                                $869,051.70
         (iv)  Certificate Principal Paid                                                                      869,051.70
                                                                                                     --------------------
         (v)   Certificate Principal Shortfall Ending Balance                                                       $0.00
     (C) Release to Seller                                                                                    $771,647.10

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

     (A) Total Collections                                                                                 $31,310,457.14
     (B) Service Fee                                                                                          $426,218.21
     (C) Trustee Fees                                                                                            4,000.00
     (D) Class A1 Amount                                                                                            $0.00
     (E) Class A2 Amount                                                                                            $0.00
     (F) Class A3 Amount                                                                                   $28,654,579.10
     (G) Class A4 Amount                                                                                      $555,732.00
     (H) Amount Deposited into Reserve Account                                                                      $0.00
     (I) Certificateholders                                                                                   $898,280.73
     (J) Release to seller                                                                                    $771,647.10
     (K) Total amount distributed                                                                          $31,310,457.14
     (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
- --------------------------------------------
                                                                        Beginning                             End
                                                                        of Period                         of Period
                                                                   --------------------              --------------------
     (A) Balances and Principal Factors
         (i)    Aggregate Balance of Notes                              $495,223,495.18                   $466,831,547.00
         (ii)   Note Pool Factor                                              0.3195526                         0.3012322
         (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                                            0.00                              0.00
         (vi)   Class A-2 Notes Pool Factor                                   0.0000000                         0.0000000
         (vii)  Class A-3 Notes Balance                                  186,483,495.18                    158,091,547.00
         (viii) Class A-3 Notes Pool Factor                                   0.4357091                         0.3693728
         (ix)   Class A-4 Notes Balance                                  308,740,000.00                    308,740,000.00
         (x)    Class A-4 Notes Pool Factor                                   1.0000000                         1.0000000
</TABLE>




                                                                          page 4

                       AMERICAN HONDA FINANCE CORPORATION
      MONTHLY SERVICER REPORT -- Honda Auto Receivables 2003-2 Owner Trust
                           7/1/2005 through 7/31/2005

<TABLE>


         (xi)   Certificates Balance                                      16,238,351.36                    15,369,299.66
         (xii)  Certificates Pool Factor                                      0.4551756                        0.4308153
         (xiii) Total Principal Balance of Notes and Certificates        511,461,846.54                   482,200,846.66
     (B) Portfolio Information
         (i)    Weighted Average Coupon (WAC)                                     5.00%                            5.00%
         (ii)   Weighted Average Remaining Maturity (WAM)                         26.81 months                     25.92 months
         (iii)  Remaining Number of Receivables                                  59,963                           58,432
         (iv)   Portfolio Receivable Balance                            $511,461,846.54                  $482,200,846.66
     (C) Outstanding Advance Amount                                         $248,054.28                      $262,433.25
     (D) Outstanding Payahead Balance                                             $0.00                            $0.00

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

XV. RECONCILIATION OF RESERVE ACCOUNT
     (A) Beginning Reserve Account Balance                                                                $11,890,611.84
     (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                                                          11,890,611.84
     (E) Reserve Account Required Amount                                                                   11,890,611.84
     (F) Final Reserve Account Required Amount                                                             11,890,611.84
     (G) Excess Reserve Account Amount                                                                              0.00
     (H) Ending Reserve Account Balance                                                                    11,890,611.84


XVI. RECONCILIATION OF YIELD SUPPLEMENT ACCOUNT
     (A) Beginning Yield Supplement Account Balance                                                             1,037.54
     (B) Investment Earnings                                                                                        2.94
     (C) Investment Earnings Withdraw                                                                               0.00
     (D) Additional Yield Supplement Amounts                                                                        0.00
     (E) Yield Supplement Deposit Amount                                                                           82.44
                                                                                              --------------------------
     (F) Ending Yield Supplement Account Balance                                                                  958.04


XVII. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
     (A) Liquidated Contracts
         (i)    Liquidation Proceeds                                                                         $103,264.40
         (ii)   Recoveries on Previously Liquidated Contracts                                                 147,532.38
     (B) Aggregate Net Losses for Collection Period                                                            39,639.04
     (C) Net Loss Rate for Collection Period (annualized)                                                          0.10%
     (D) Cumulative Net Losses for all Periods                                                              6,912,950.30

     (E) Delinquent Receivables                                            # Units                   Dollar Amount
                                                                     ------------------       --------------------------
         (i)    30-59 Days Delinquent                                 1,961       3.36%         $16,391,552.46     3.40%
         (ii)   60-89 Days Delinquent                                   391       0.67%          $3,414,499.31     0.71%
         (iii)  90 Days or More Delinquent                               76       0.13%            $654,996.33     0.14%


XVIII. REPOSSESSION ACTIVITY                                               # Units                   Dollar Amount
- ----------------------------                                         -------------------      --------------------------
     (A) Vehicles Repossessed During Collection Period                   24       0.04%            $214,493.47     0.04%
     (B) Total Repossessed Vehicles in Inventory                         41       0.07%            $359,448.81     0.07%

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                                                                 0.24%
         (ii)   Preceding Collection Period                                                                        0.20%
         (iii)  Current Collection Period                                                                          0.10%
         (iv)   Three Month Average (Avg(i,ii,iii))                                                                0.18%
     (B) Ratio of Balance of Contracts Delinquent 61 Days or More to the
         Outstanding Balance of Receivables.
         (i)    Second Preceding Collection Period                                                                 0.76%
         (ii)   Preceding Collection Period                                                                        0.82%
         (iii)  Current Collection Period                                                                          0.87%
         (iv)   Three Month Average (Avg(i,ii,iii))                                                                0.82%
     (C) Loss and Delinquency Trigger Indicator Trigger was not hit.
</TABLE>


     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