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 18, 2005


                    HONDA AUTO RECEIVABLES 2003-5 OWNER TRUST
               (EXACT NAME OF REGISTRANT SPECIFIED IN ITS CHARTER)


<TABLE>

             DELAWARE                           333-104875                          43-6910134
   (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)
</TABLE>

       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 18, 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 December 1, 2003 (the "Agreement"), between
American Honda Receivables Corp., as Seller, American Honda Finance Corporation,
as Servicer, Honda Auto Receivables 2003-5 Owner Trust, a Delaware statutory
trust, as Issuer, Deutsche Bank Trust Company Delaware, as Owner Trustee (the
"Owner Trustee"), and The Bank of New York, as Indenture Trustee (the "Indenture
Trustee") were distributed to holders ("Noteholders") of notes representing
undivided fractional interests in Honda Auto Receivables 2003-5 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 2003-5 OWNER TRUST
                                BY:
                                AMERICAN HONDA FINANCE CORPORATION, AS SERVICER

                                By:   /s/ John I. Weisickle
                                      ---------------------------------------
                                      John I. Weisickle
Date: August 18, 2005                 Vice President, Assistant Secretary




                                      -2-

EX-20

                                                                          page 1
                             SERVICER'S CERTIFICATE
                       AMERICAN HONDA FINANCE CORPORATION
      MONTHLY SERVICER REPORT -- Honda Auto Receivables 2003-5 Owner Trust
                           7/1/2005 through 7/31/2005
<TABLE>

I. ORIGINAL DEAL PARAMETER INPUTS
- ---------------------------------
     (A) Total Portfolio Balance                                                                            $1,043,550,894.52
     (B) Total Securities Balance                                                                           $1,043,550,894.52
     (C) Class A-1 Notes
         (i)   Class A-1 Notes Balance                                                                        $234,000,000.00
         (ii)  Class A-1 Notes Percentage (C(i)/B)                                                                     22.42%
         (iii) Class A-1 Notes Rate                                                                                  1.14000%
         (iv)  Class A-1 Notes Accrual Basis                                                                       Actual/360
     (D) Class A-2 Notes
         (i)   Class A-2 Notes Balance                                                                        $250,000,000.00
         (ii)  Class A-2 Notes Percentage (D(i)/B)                                                                     23.96%
         (iii) Class A-2 Notes Rate                                                                                    1.570%
         (iv)  Class A-2 Notes Accrual Basis                                                                           30/360
     (E) Class A-3 Notes
         (i)   Class A-3 Notes Balance                                                                        $305,000,000.00
         (ii)  Class A-3 Notes Percentage (E(i)/B)                                                                     29.23%
         (iii) Class A-3 Notes Rate                                                                                    2.300%
         (iv)  Class A-3 Notes Accrual Basis                                                                           30/360
     (F) Class A-4 Notes
         (i)   Class A-4 Notes Balance                                                                        $225,853,000.00
         (ii)  Class A-4 Notes Percentage (F(i)/B)                                                                     21.64%
         (iii) Class A-4 Notes Rate                                                                                    2.960%
         (iv)  Class A-4 Notes Accrual Basis                                                                           30/360
     (G) Certificates
         (i)   Certificates Balance                                                                            $28,697,894.52
         (ii)  Certificates Percentage (G(i)/B)                                                                         2.75%
         (iii) Certificates Rate                                                                                       2.960%
         (iv)  Certificates Accrual Basis                                                                              30/360
     (H) Servicing Fee Rate                                                                                             1.00%
     (I) Portfolio Summary
         (i)   Weighted Average Coupon (WAC)                                                                            4.34%
         (ii)  Weighted Average Original Maturity (WAOM)                                                                58.62 months
         (iii) Weighted Average Remaining Maturity (WAM)                                                                53.33 months
         (iv)  Number of Receivables                                                                                   58,492
     (J) Reserve Fund
         (i)   Reserve Account Initial Deposit Percentage                                                               0.50%
         (ii)  Reserve Account Initial Deposit                                                                  $5,217,754.47
         (iii) Specified Reserve Account Percentage                                                                     0.75%
         (iv)  Specified Reserve Account Balance                                                                $7,826,631.71

     (K) Yield Supplement Account Deposit                                                                       $6,003,156.34


II. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS
- -------------------------------------------------
     (A) Total Portfolio Balance                                                                              $536,462,924.50
     (B) Total Securities Balance                                                                             $536,462,924.50
     (C) Cumulative Note and Certificate Pool Factor                                                                0.5140745
     (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                                                                        $291,155,373.34
         (ii)  Class A-3 Notes Pool Factor                                                                          0.9546078
         (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                                                                        $225,853,000.00
         (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                                                                            $19,454,551.16
         (ii)  Certificates Pool Factor                                                                             0.6779087
         (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                                                                                  $7,826,631.71
         (ii)  Yield Supplement Account                                                                         $2,198,515.98
         (iii) Payahead Account                                                                                         $0.00
         (iv)  Advances Outstanding                                                                               $180,007.40
     (K) Portfolio Summary as of End of Prior Month
         (i)   Weighted Average Coupon (WAC)                                                                            4.18%
         (ii)  Weighted Average Remaining Maturity (WAM)                                                                34.85 months
         (iii) Number of Receivables                                                                                   45,573
     (L) Note and Certificate Principal Distribution Percentages
         (i)   Note Percentage                                                                                         96.46%
         (ii)  Certificate Percentage                                                                                   3.54%

III. MONTHLY INPUTS FROM THE MAINFRAME
- --------------------------------------
</TABLE>





                                                                          page 2

                             SERVICER'S CERTIFICATE
                       AMERICAN HONDA FINANCE CORPORATION
      MONTHLY SERVICER REPORT -- Honda Auto Receivables 2003-5 Owner Trust
                           7/1/2005 through 7/31/2005
<TABLE>

     (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                                                                           $15,351,597.43
         (ii)  Prepayments in Full                                                                              $8,125,164.01
         (iii) Repurchased Receivables Related to Principal                                                             $0.00
     (E) Simple Interest Receivables Interest
         (i)   Simple Interest Collections                                                                      $1,809,839.38
     (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                                                                $11,499.73
     (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)                                                                            4.16%
         (ii)  Weighted Average Remaining Maturity (WAM)                                                                33.92 months
         (iii) Remaining Number of Receivables                                                                         44,738
     (J) Delinquent Receivables                                  # Units                 Dollar Amount
                                                              -----------------    -----------------------
         (i)  31-60 Days Delinquent                           1,164    2.60%       $13,183,668.27    2.57%
         (ii) 61-90 Days Delinquent                             188    0.42%        $2,167,810.52    0.42%
         (ii) 91 Days or More Delinquent                         50    0.11%          $648,183.92    0.13%
     (K) Vehicles Repossessed During Collection Period           24    0.05%          $264,972.76    0.05%
     (L) Total Repossessed Vehicles in Inventory                 36    0.08%          $411,368.97    0.08%

IV. INPUTS DERIVED FROM OTHER SOURCES
- -------------------------------------
     (A) Collection Account Investment Income                                                                          $0.00
     (B) Reserve Account Investment Income                                                                        $21,700.39
     (C) Yield Supplement Account Investment Income                                                                $6,285.72
     (D) Trust Fees Expense                                                                                            $0.00
     (E) Aggregate Net Losses for Collection Period                                                                97,771.91
     (F) Liquidated Receivables Information
         (i)  Gross Principal Balance on Liquidated Receivables                                                   299,964.55
         (ii) Liquidation Proceeds                                                                                 89,927.03
         (ii) Recoveries from Prior Month Charge Offs                                                             112,265.61
     (G) Days in Accrual Period                                                                                           31
     (H) Deal age                                                                                                         20

                                                            MONTHLY COLLECTIONS

V. INTEREST COLLECTIONS
- -----------------------
     (A) Total Interest Collections (III(C)+E(i)-F(i)+F(ii)+G)                                                  $1,821,339.11

VI. PRINCIPAL COLLECTIONS
- -------------------------
     (A) Principal Payments Received  (III(A((i)+(ii))+(D(i)+(ii)))                                           $23,476,761.44
     (B) Liquidation Proceeds  (IV(F(i)))                                                                          89,927.03
     (C) Repurchased Loan Proceeds Related to Principal  (III(A(iii)+D(iii)))                                           0.00
     (D) Recoveries from Prior Month Charge Offs (IV(F(ii)))                                                      112,265.61
                                                                                                    ------------------------
     (E) Total Principal Collections (A+B+C+D)                                                                $23,678,954.08

VII. TOTAL INTEREST AND PRINCIPAL COLLECTIONS  (V(A)+VI(E))                                                   $25,500,293.19
- -------------------------------------------------------------

VIII. YIELD SUPPLEMENT DEPOSIT                                                                                   $148,031.57
- -----------------------------

IX. TOTAL AVAILABLE AMOUNT (VII+VIII)                                                                         $25,648,324.76
- ------------------------------------

                                                          MONTHLY DISTRIBUTIONS

X. FEE DISTRIBUTIONS
- --------------------
     (A) Servicing Fee
         (i)   Servicing Fee Due (I(H)/12)(II(B))+(II(H)(i))                                                      $447,052.44
         (ii)  Servicing Fee Paid                                                                                  447,052.44
                                                                                                    -------------------------
         (iii) Servicing Fee Shortfall                                                                                  $0.00
     (B) Reserve Account Investment Income (IV(B))                                                                 $21,700.39
     (C) Yield Supplement Account Investment Income  (IV(C))                                                            $0.00
     (D) Trust Fees Expense (IV(D))                                                                                     $0.00


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

     (A) Interest
         (i)   Class A-1 Notes
               (a) Class A-1 Notes Interest Due                                                                         $0.00
               (b) Class A-1 Notes Interest Paid                                                                         0.00
                                                                                                   --------------------------
               (c) Class A-1 Notes Interest Shortfall                                                                   $0.00
         (ii)  Class A-2 Notes
               (a) Class A-2 Notes Interest Due                                                                         $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                                                                   $558,047.80
               (b) Class A-3 Notes Interest Paid                                                                   558,047.80
                                                                                                   --------------------------
               (c) Class A-3 Notes Interest Shortfall                                                                   $0.00
         (iv)  Class A-4 Notes
</TABLE>






                                                                          page 3
                             SERVICER'S CERTIFICATE
                       AMERICAN HONDA FINANCE CORPORATION
      MONTHLY SERVICER REPORT -- Honda Auto Receivables 2003-5 Owner Trust
                           7/1/2005 through 7/31/2005

<TABLE>

               (a) Class A-4 Notes Interest Due                                                                 $557,104.07
               (b) Class A-4 Notes Interest Paid                                                                 557,104.07
                                                                                                 --------------------------
               (c) Class A-4 Notes Interest Shortfall                                                                 $0.00
         (v)   Total NoteInterest
               (a) Total Note Interest Due                                                                    $1,115,151.87
               (b) Total Note Interest Paid                                                                    1,115,151.87
                                                                                                 --------------------------
               (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))                     $24,086,120.45
     (B) Principal
         (i)   Noteholders' Principal Distribution Amounts                                                   $22,935,029.89
         (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                                                               $22,935,029.89
             (b) Class A-3 Notes Principal Paid                                                               22,935,029.89
                                                                                                 --------------------------
             (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                                                                    22,935,029.89
             (b) Total Notes Principal Paid                                                                   22,935,029.89
                                                                                                 --------------------------
             (c) Total Notes Principal Shortfall                                                                      $0.00
             (d) Reserve Account Withdrawal                                                                           $0.00

XII. RESERVE FUND DEPOSIT
- -------------------------
     Amount available for deposit into reserve account                                                        $1,151,090.56
     Amount deposited into reserve account                                                                             0.00
     Excess Amount Released from Reserve Account                                                                       0.00
                                                                                                 --------------------------
     Excess funds available to Certificateholders                                                              1,151,090.56
                                                                                                 --------------------------

XIII. DISTRIBUTIONS TO CERTIFICATEHOLDERS
- -----------------------------------------
     (A) Interest
         (i)   Certificate Monthly Interest Due                                                                  $47,987.89
         (ii)  Certificate Interest Shortfall Beginning Balance                                                       $0.00
                                                                                                 --------------------------
         (iii) Total Certificate Interest Due                                                                    $47,987.89
         (iv)  Certificate Interest Paid                                                                          47,987.89
                                                                                                 --------------------------
         (v)   Certificate Interest Shortfall Ending Balance                                                          $0.00
     (B) Principal
         (i)   Certificate Monthly Principal Due                                                                $841,696.10
         (ii)  Certificate Principal Shortfall Beginning Balance                                                      $0.00
                                                                                                 --------------------------
         (iii) Total Certificate Principal Due                                                                  $841,696.10
         (iv)  Certificate Principal Paid                                                                        841,696.10
                                                                                                 --------------------------
         (v) Certificate Principal Shortfall Ending Balance                                                           $0.00
     (C) Release to Seller                                                                                      $261,406.57

                                                          DISTRIBUTIONS SUMMARY

     (A) Total Collections                                                                                   $25,648,324.76
     (B) Service Fee                                                                                            $447,052.44
     (C) Trustee Fees                                                                                                  0.00
     (D) Class A1 Amount                                                                                              $0.00
     (E) Class A2 Amount                                                                                              $0.00
     (F) Class A3 Amount                                                                                     $23,493,077.69
     (G) Class A4 Amount                                                                                        $557,104.07
     (H) Amount Deposited into Reserve Account                                                                        $0.00
     (I) Certificateholders                                                                                     $889,683.99
     (J) Release to seller                                                                                      $261,406.57
     (K) Total amount distributed                                                                            $25,648,324.76
     (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                                  $517,008,373.34                 $494,073,343.45
         (ii)   Note Pool Factor                                                  0.5094416                       0.4868423
         (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                                      291,155,373.34                  268,220,343.45
         (viii) Class A-3 Notes Pool Factor                                       0.9546078                       0.8794110
         (ix)   Class A-4 Notes Balance                                      225,853,000.00                  225,853,000.00
         (x)    Cass A-4 Notes Pool Factor                                        1.0000000                       1.0000000
</TABLE>





                                                                          page 4
                             SERVICER'S CERTIFICATE
                       AMERICAN HONDA FINANCE CORPORATION
      MONTHLY SERVICER REPORT -- Honda Auto Receivables 2003-5 Owner Trust
                           7/1/2005 through 7/31/2005

<TABLE>

         (xi)   Certificates Balance                                          19,454,551.16                   18,612,855.06
         (xii)  Certificates Pool Factor                                          0.6779087                       0.6485791
         (xiii) Total Principal Balance of Notes and Certificates            536,462,924.50                  512,686,198.51
     (B) Portfolio Information
         (i)    Weighted Average Coupon (WAC)                                          4.18%                           4.16%
         (ii)   Weighted Average Remaining Maturity (WAM)                             34.85 months                    33.92 months
         (iii)  Remaining Number of Receivables                                      45,573                          44,738
         (iv)   Portfolio Receivable Balance                                $536,462,924.50                 $512,686,198.51
     (C) Outstanding Advance Amount                                             $180,007.40                     $191,507.13
     (D) Outstanding Payahead Balance                                                 $0.00                           $0.00

                                                             SUMMARY OF ACCOUNTS

XV. RECONCILIATION OF RESERVE ACCOUNT
     (A) Beginning Reserve Account Balance                                                                    $7,826,631.71
     (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                                                              7,826,631.71
     (E) Reserve Account Required Amount                                                                       7,826,631.71
     (F) Final Reserve Account Required Amount                                                                 7,826,631.71
     (G) Excess Reserve Account Amount                                                                                 0.00
     (H) Release of Reserve Account Balance to Seller                                                                  0.00
     (I) Ending Reserve Account Balance                                                                        7,826,631.71


XVI. RECONCILIATION OF YIELD SUPPLEMENT ACCOUNT
     (A) Beginning Yield Supplement Account Balance                                                            2,198,515.98
     (B) Investment Earnings                                                                                       6,285.72
     (C) Investment Earnings Withdraw                                                                                  0.00
     (D) Additional Yield Supplement Amounts                                                                           0.00
     (E) Yield Supplement Deposit Amount                                                                         148,031.57
     (F) Release of Yield Deposit Account Balance to Seller                                                            0.00
                                                                                                 --------------------------
     (G) Ending Yield Supplement Account Balance                                                               2,056,770.13


XVII. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
     (A) Liquidated Contracts
         (i)   Liquidation Proceeds                                                                              $89,927.03
         (ii)  Recoveries on Previously Liquidated Contracts                                                     112,265.61
     (B) Aggregate Net Losses for Collection Period                                                               97,771.91
     (C) Net Loss Rate for Collection Period (annualized)                                                             0.22%
     (D) Cumulative Net Losses for all Periods                                                                 3,952,051.09
                                                            # Units                Dollar Amount
     (E) Delinquent Receivables                        -----------------    ------------------------
         (i)   30-59 Days Delinquent                    1,164     2.60%      $13,183,668.27   2.57%
         (ii)  60-89 Days Delinquent                      188     0.42%       $2,167,810.52   0.42%
         (ii)  90 Days or More Delinquent                  50     0.11%         $648,183.92   0.13%


XVIII. REPOSSESSION ACTIVITY                                # Units                Dollar Amount
- ----------------------------                           -----------------    ------------------------
     (A) Vehicles Repossessed During Collection Period     24     0.05%         $264,972.76   0.05%
     (B) Total Repossessed Vehicles in Inventory           36     0.08%         $411,368.97   0.08%

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                                                                     0.23%
         (ii)  Preceding Collection Period                                                                            0.11%
         (iii) Current Collection Period                                                                              0.22%
         (iv)  Three Month Average (Avg(i,ii,iii))                                                                    0.19%
     (B) Ratio of Balance of Contracts Delinquent 61 Days or More to the Outstanding Balance of Receivables.
         (i)   Second Preceding Collection Period                                                                     0.54%
         (ii)  Preceding Collection Period                                                                            0.63%
         (iii) Current Collection Period                                                                              0.61%
         (iv)  Three Month Average (Avg(i,ii,iii))                                                                    0.59%


     (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