Exhibit 20.1
CNH Wholesale Master Note Trust
Wholesale Asset Backed Notes, Series 2005-1
Monthly Servicing Report
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| Collection Period | 36 |
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| Settlement Period Begin Date | 9/1/2006 |
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| Settlement Period End Date | 9/30/2006 |
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| Distribution Date | 10/16/2006 |
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| End Of Period |
| Beginning Of Period |
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Portfolio Information |
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1. Balances |
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Pool Balance |
| 2,787,895,735.85 |
| 2,755,432,663.25 |
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Adjusted Pool Balance |
| 2,746,077,299.81 |
| 2,714,101,193.00 |
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Required Pool Balance |
| 2,745,465,487.70 |
| 2,713,788,584.08 |
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Trust Available Subordinated Amount |
| 287,675,487.70 |
| 279,538,584.08 |
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Required Subordinated Amount |
| 287,675,487.70 |
| 279,538,584.08 |
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Incremental Subordinated Amount |
| 35,794,363.70 |
| 30,515,260.08 |
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Transferor Amount |
| 412,135,925.90 |
| 397,157,466.48 |
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2. Portfolio Composition |
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Top dealer |
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0-90 days past due (0 = current) |
| 179,038,338.10 |
| 174,728,612.92 |
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91+ day past due receivable balance |
| 0.00 |
| 0.00 |
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Total |
| 179,038,338.10 |
| 174,728,612.92 |
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Next 2 dealers |
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0-90 days past due (0 = current) |
| 111,799,664.24 |
| 116,272,270.94 |
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91+ day past due receivable balance |
| 0.00 |
| 0.00 |
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Total |
| 111,799,664.24 |
| 116,272,270.94 |
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Rest of the dealers |
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0-90 days past due (0 = current) |
| 133,352,954.39 |
| 135,079,811.32 |
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91+ day past due receivable balance |
| 10,184.91 |
| 76,908.24 |
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Total |
| 133,363,139.30 |
| 135,156,719.56 |
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Used Equipment |
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0-90 days past due (0 = current) |
| 354,776,324.25 |
| 363,189,677.88 |
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91+ day past due receivable balance |
| 1,882,790.82 |
| 2,355,331.13 |
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Total |
| 356,659,115.07 |
| 365,545,009.01 |
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Rental Equipment |
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0-90 days past due (0 = current) |
| 464,853,966.28 |
| 438,262,466.35 |
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91+ day past due receivable balance |
| 290,881.42 |
| 297,236.69 |
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Total |
| 465,144,847.70 |
| 438,559,703.04 |
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3. Overconcentrations |
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Dealer Overconcentration Amount due to 4.5% limit on the top dealer |
| 53,583,029.99 |
| 50,734,142.17 |
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Dealer Overconcentration Amount due to 2.25% limit on the following 2 dealers |
| 14,976,291.67 |
| 19,346,202.54 |
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Dealer Overconcentration Amount due to 2.00% limit on the rest of the dealers |
| 0.00 |
| 0.00 |
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Used Equipment Overconcentration Amount (30% limit) |
| 0.00 |
| 0.00 |
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Rental Overconcentration Amount due to 15% limit on rental receivables |
| 46,960,487.32 |
| 25,244,600.55 |
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4. Ineligible Receivables |
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Ineligible Receivables (excluding Overconcentration amounts) |
| 0.00 |
| 0.00 |
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Aggregate Amount of Ineligible Receivables re-assigned to the transferor |
| 0.00 |
| 0.00 |
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Current Month Activity |
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1. Trust Principal Receivables |
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Aggregate Principal Collections |
| 449,386,652.97 |
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New Principal Receivables |
| 492,751,199.86 |
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Receivables Added for Additional Accounts |
| 988,965.14 |
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Net Loss |
| 96,779.12 |
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Monthly Dilution Amount |
| 36,941,373.91 |
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Principal Recoveries |
| 0.00 |
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2. Principal Collections |
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Aggregate Principal Collections |
| 449,386,652.97 |
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Reallocated Yield Amount |
| 6,740,799.79 |
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Series Allocable Principal Collections |
| 442,645,853.18 |
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Principal Allocation Percentage of Series Allocable Principal Collections |
| 94.12 | % |
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3. Non-principal Collections |
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Interest Collections |
| 19,496,776.46 |
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Reallocated Yield Amount |
| 6,740,799.79 |
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Series Allocable Interest Collections |
| 26,237,576.25 |
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Floating Allocation Percentage of Series Allocable Interest Collections |
| 94.12 | % |
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4. Investment Proceeds |
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Collection Account Investment Earnings |
| 7,505.50 |
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Reserve Account Investment Earnings |
| 293,772.43 |
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Principal Funding Account Investment Earnings |
| 0.00 |
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Interest Funding Account Investment Earnings |
| 69,392.47 |
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Excess Funding Account Investment Earnings |
| 0.00 |
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Aggregate Investment Proceeds |
| 370,670.40 |
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5. Miscellaneous Payments to the issuer |
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Adjustment Payment |
| 0.00 |
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Transferor Deposit Amount |
| 0.00 |
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Portfolio Performance |
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1. Portfolio Aging |
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Current |
| 2,767,632,537.00 |
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1-30 days past due |
| 14,261,546.55 |
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31-60 days past due |
| 1,113,507.14 |
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61-90 days past due |
| 1,364,509.28 |
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91-120 days past due |
| 322,572.37 |
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120+ days past due |
| 3,201,063.51 |
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Total |
| 2,787,895,735.85 |
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2. Sold Out of Trust |
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0-90 days past due (0 = current) |
| 918,485.42 |
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91+ day past due receivable balance |
| 0.00 |
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Total |
| 918,485.42 |
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| Collection Period | 15 |
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| Settlement Period Begin Date | 9/1/2006 |
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| Settlement Period End Date | 9/30/2006 |
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| Distribution Date | 10/16/2006 |
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Period |
| Revolving Period |
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| Orig. |
| Current |
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| Interest |
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| Balance |
| Balance |
| Coupon |
| Paid |
| Principal Paid |
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A |
| 698,489,000.00 |
| 698,489,000.00 |
| 5.44000 | % | 3,272,032.92 |
| 0.00 |
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B |
| 51,511,000.00 |
| 51,511,000.00 |
| 5.73000 | % | 254,163.86 |
| 0.00 |
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Allocation Percentages |
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Floating Allocation Percentage |
| 31.43 | % |
Principal Allocation Percentage |
| 31.43 | % |
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Required Payments |
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Series 2005-1 Monthly Interest & Interest Shortfall |
| 3,526,196.77 |
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Monthly Backup Servicing Fee |
| 11,502.66 |
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Monthly Servicing Fee |
| 625,000.00 |
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Controlled Accumulation Amount |
| 0.00 |
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Total Required Payments |
| 4,162,699.44 |
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Series 2005-1 Share of Available Funds |
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Interest Collections |
| 8,249,601.01 |
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Principal Collections |
| 139,136,608.95 |
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Reserve Account Investment Proceeds |
| 64,275.79 |
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Principal Funding Account Investment Proceeds |
| 0.00 |
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Interest Funding Account Investment Proceeds |
| 20,148.79 |
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Reserve Account Draw Amount |
| 0.00 |
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Subordinated Draw Amount |
| 0.00 |
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Draws from the Series Share of the Excess Funding Account |
| 0.00 |
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Excess Interest Collections from Other Series |
| 0.00 |
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Excess principal Collections from Other Series |
| 0.00 |
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Draws from Principal Funding Account |
| 0.00 |
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Total Available Funds |
| 147,470,634.54 |
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Current Period Payments |
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Series 2005-1 Monthly Interest and Past Interest Shortfall |
| 3,526,196.77 |
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Monthly Backup Servicing Fee |
| 11,502.66 |
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Monthly Servicing Fee |
| 625,000.00 |
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Reimbursement of Chargeoffs & Monthly Dilution |
| 30,420.52 |
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Controlled Deposit Amount |
| 0.00 |
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Principal Paid |
| 0.00 |
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Reserve Account Deposit Amount |
| 0.00 |
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Reinstate reductions in Series 2005-1 Available Subordinated Amount |
| 0.00 |
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Reinstate reductions in Collateral Amount |
| 0.00 |
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Excess Interest Collections made available to other series |
| 4,140,905.63 |
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Excess Principal Collections made available to other series |
| 139,167,029.48 |
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Total Payments |
| 147,501,055.07 |
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Current Period Interest Shortfall |
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Series 2005-1 Monthly Interest Shortfall |
| 0.00 |
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Backup Servicing Fee Shortfall |
| 0.00 |
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Servicing Fee Shortfall |
| 0.00 |
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Controlled Deposit Amount Shortfall |
| 0.00 |
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Collateral Amount |
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Beginning Collateral Amount |
| 750,000,000.00 |
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Reductions to Collateral Amount |
| 0.00 |
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Reinstatements due to previous reductions |
| 0.00 |
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Ending Collateral Amount |
| 750,000,000.00 |
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Chargeoffs & Dilutions |
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Series share of Charge-off and Monthly Dilution amount |
| 30,420.52 |
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Reimbursement of Chargeoffs & Monthly Dilution |
| 30,420.52 |
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Reduction to the Collateral Amount due to Chargeoffs |
| 0.00 |
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Reconciliation of Principal Funding Account |
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Beginning Balance of Principal Funding Account |
| 0.00 |
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Transfers Into Principal Funding Account |
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Transfer from Excess Funding Account (Deposits) |
| 0.00 |
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Transferred from Noteholder Principal Collections |
| 0.00 |
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Principal Funding Account Investment Income |
| 0.00 |
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Total transfers into the Principal Funding Account |
| 0.00 |
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Distributions From Principal Funding Account |
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Transfer of Investment Income to Collection Account |
| 0.00 |
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Principal payment to Noteholders |
| 0.00 |
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Total Transfers from Principal Funding Account |
| 0.00 |
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Ending Balance |
| 0.00 |
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Reconciliation of Reserve Fund |
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Beginning Balance of Reserve Fund |
| 15,000,000.00 |
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Transfers Into Reserve Fund |
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Transfer from Excess Interest Collections |
| 0.00 |
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Transferred from Noteholder Principal Collections |
| 0.00 |
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Reserve Fund Investment Income |
| 64,275.79 |
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Total Transfers into Reserve Fund |
| 64,275.79 |
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Distributions From Reserve Fund |
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Transfer of Investment Income to Collection Account |
| 64,275.79 |
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Non-principal payment to Noteholders |
| 0.00 |
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Total Transfers from Reserve Fund |
| 64,275.79 |
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Ending Balance |
| 15,000,000.00 |
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Reconciliation Of Collection Account for Series 2005-1 |
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Transfers Into Collection Account |
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Transfer of Daily Noteholder Collections plus investment proceeds |
| 147,470,634.54 |
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Investor Default Amount (included in transfer of daily noteholder collections) |
| 30,420.52 |
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Reserve Account Draw |
| 0.00 |
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Excess Funding Account Draw |
| 0.00 |
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Principal Funding account Draw |
| 0.00 |
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Available Subordinated Amount Draws |
| 0.00 |
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Excess Principal Collections from other Series |
| 0.00 |
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Excess Interest Collections from other Series |
| 0.00 |
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Total Transfers into Collection Account |
| 147,501,055.07 |
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Transfers From Collection Account |
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Required Interest Payment Distribution to Noteholder |
| 3,526,196.77 |
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Chargeoff reimbursements |
| 30,420.52 |
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Reserve Account Deposit Amount |
| 0.00 |
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Principal Funding Account Deposit |
| 0.00 |
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Principal Paid to Noteholders |
| 0.00 |
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Backup Servicing Fees |
| 11,502.66 |
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Servicing Fees |
| 625,000.00 |
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Reduction to the Collateral Amount |
| 0.00 |
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Total Excess Collections made available to other Series |
| 143,307,935.10 |
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Total Transfers from Collection Account |
| 147,501,055.07 |
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Difference |
| 0.00 |
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