Capital Auto Receivables 8K Asset Trust 2004-1 Issuer | SEC 19 Feb 04

Exhibit 99

Term Sheet
Dated February 19, 2004
Subject to Revision

Capital Auto Receivables Asset Trust 2004-1
Issuer

$1,418,000,000 Asset Backed Notes, Class A
$60,360,000 Asset Backed Certificates

Capital Auto Receivables, Inc.
Seller

General Motors Acceptance Corporation
Servicer

This document is a preliminary term sheet describing the structure, collateral pool and additional aspects of Capital Auto Receivables Asset Trust 2004-1. We have prepared this term sheet with the cooperation of General Motors Acceptance Corporation. The information and assumptions we have provided in this term sheet are preliminary and will be superceded by a prospectus supplement and by any other information subsequently filed by us with the SEC or incorporated by reference in the relevant registration statement. This term sheet also supercedes any prior or similar term sheet.

The trust is offering the following classes of notes and certificates:

Class A Notes

A-2 Notes

A-3 Notes

A-4 Notes

Certificates

Principal Amount

$475,000,000

$640,000,000

$303,000,000

$60,360,000

Interest Rate

Final Scheduled Distribution Date

May 15, 2006

November 15, 2007

November 17, 2008

September 15, 2010

Price to Public

Underwriting Discount

0.125%

0.175%

0.250%

0.350%

Proceeds to Seller

Credit Enhancement and Liquidity

Reserve account, with an initial deposit of $30,479,599.89.
The certificates are subordinated to the notes.
The seller will retain certificates with an initial certificate balance of $613,326.13.


Barclays Capital		Credit Suisse First Boston		JPMorgan


BNP Paribas
	Comerica Securities
		Credit Lyonnais Securities
			Daiwa Securities SMBC Europe
				Dresdner Kleinwort Wasserstein
				RBS Greenwich Capital

IMPORTANT INFORMATION ABOUT THIS TERM SHEET

None of the underwriters, General Motors Acceptance Corporation, the issuer, the seller or any of their respective affiliates makes any representation as to the accuracy or completeness of the information set forth in this term sheet. The information contained in this term sheet only addresses some aspects of the applicable security’s characteristics and does not provide a complete assessment. So, the information contained in this term sheet may not reflect the impact of all structural characteristics of the security. Due to changes in circumstances, we may modify the assumptions underlying the information set forth in this term sheet, including structure and collateral, from time to time.

We have filed a registration statement (including a prospectus and a form of prospectus supplement) relating to the trust with the SEC and it is effective. In connection with this offering, after the securities have been priced and all of the terms and information related to this transaction are finalized, we will file with the SEC an updated prospectus supplement relating to the securities offered by the trust. This communication is not an offer to sell or the solicitation of an offer to buy, nor will there be any sale of the securities of the trust, in any state in which an offer, solicitation or sale would be unlawful before the registration or qualification under the securities laws of that state. A sale of the securities of the trust will not be consummated unless the purchaser has received both the final prospectus supplement and the prospectus. Neither the SEC nor any state securities commission has approved or disapproved these securities or determined that this term sheet, the prospectus supplement or the prospectus is accurate or complete. Any representation to the contrary is a criminal offense. Any investment decision by you should be based on the information in the final prospectus supplement and the prospectus, which will be current as of their publication dates and after publication may no longer be complete or current.

You may obtain a final prospectus supplement and a prospectus by contacting Barclays Capital Inc. at (212) 412-2663, Credit Suisse First Boston LLC at (212) 325-8549 or J.P. Morgan Securities Inc. at (212) 834-4154.

(FLOW CHART)

You can find the definitions of all capitalized terms used below that are not defined in this term sheet in the prospectus of Capital Auto Receivables, Inc., filed on August 5, 2003 with the registration statement pertaining to Capital Auto Receivables Asset Trusts. A copy of the prospectus is available from the SEC. This term sheet will be superceded by a prospectus supplement to be dated February , 2004. Your investment decision should be based solely on the information in the final prospectus supplement and the prospectus.

THE PARTIES

Issuer

Capital Auto Receivables Asset Trust 2004-1 will be the issuer of the notes and the certificates.

Seller

Capital Auto Receivables, Inc. will be the seller to the trust.

Servicer

General Motors Acceptance Corporation will be the servicer for the trust.

Indenture Trustee

JPMorgan Chase Bank

Owner Trustee

Deutsche Bank Trust Company Delaware

THE NOTES

Class A Notes

The trust will offer the three classes of notes listed on the cover page of this term sheet.

The trust will also issue Class A-1 Notes with an initial principal amount of $553,000,000. The Class A-1 Notes will have a final scheduled distribution date of March 15, 2005. The Class A-1 Notes are not being offered under this term sheet or the prospectus supplement and will instead be sold in a private placement.

Interest Payments

The interest rate for each class of notes will be a fixed rate, a floating rate or the combination of a fixed rate and a floating rate if that class has both a fixed rate tranche and a floating rate tranche. We refer in this term sheet to notes that bear interest at a floating rate as “floating rate notes,” and to notes that bear interest at a fixed rate as “fixed rate notes.”

If the trust issues floating rate notes, the trust will enter into an interest rate swap with a swap counterparty with respect to each class or tranche of floating rate notes.

Interest will accrue on the notes from and including the closing date.

The trust will pay interest on the notes on the fifteenth day of each calendar month, or if that day is not a business day, the next business day, beginning on April 15, 2004. We refer to these dates as “distribution dates.”

The trust will pay interest on fixed rate notes on each distribution date based on a 360-day year consisting of twelve 30-day months. The trust will pay interest on floating rate notes on each distribution date based on the actual days elapsed during the period for which interest is payable and a 360-day year.

The prospectus and the prospectus supplement will describe how the available funds are allocated to interest payments.

Interest payments on all classes of notes will have the same priority.

Principal Payments

The trust will pay principal on the notes monthly on each distribution date.

The trust will make principal payments on the notes based on the amount of collections and defaults on the receivables during the prior month.

The prospectus and the prospectus supplement will describe how the available funds are allocated to principal payments.

Principal payments on the notes will be made in the order of priority listed below. On each distribution date, except as described below, the amount available for payment of principal will be applied:

		(1) to the Class A-1 Notes, until the Class A-1 Notes are paid in full;

		(2) to the Class A-2 Notes, until the Class A-2 Notes are paid in full;

��		(3) to the Class A-3 Notes, until the Class A-3 Notes are paid in full; and

		(4) to the Class A-4 Notes, until the Class A-4 Notes are paid in full.

The failure of the trust to pay any class of notes in full on or before its final scheduled distribution date will constitute an event of default.

On each distribution date after an event of default occurs and the notes are accelerated, until the time when all events of default have been cured or waived as provided in the indenture, principal payments on each class of the notes will be made ratably to all noteholders, based on the outstanding principal balance of each class of notes.

THE CERTIFICATES

The trust will offer the certificates listed on the cover page of this term sheet.

The seller will initially retain certificates with an initial certificate balance of $613,326.13.

Interest Payments

The interest rate for the certificates will be a fixed rate or a floating rate, and will be specified in the prospectus supplement.

If the trust issues floating rate certificates, the trust will enter into an interest rate swap with a swap counterparty with respect to the certificates.

Interest will accrue on the certificates from and including the closing date.

Except as described below, the trust will pay interest on the certificates monthly on each distribution date.

If the certificates are fixed rate, interest will be based on a 360-day year consisting of twelve 30-day months and if the certificates are floating rate, interest will be based on the actual days elapsed during the period for which interest is payable and a 360-day year.

The prospectus and the prospectus supplement will describe how the available funds are allocated to interest payments.

Interest payments on the certificates will be made on any distribution date only after interest on the notes has been paid in full for that distribution date.

Payments Upon Acceleration

If an event of default occurs and the notes are accelerated, no payments of interest on the certificates or distributions on the certificate balance will be made until the notes are paid in full or the acceleration is rescinded.

Certificate Balance

No distributions on the certificate balance will be made until the notes have been paid in full. After the notes have been paid in full, on each distribution date, remaining amounts available will be applied to distributions on the certificate balance.

REDEMPTION OF THE NOTES AND EARLY RETIREMENT OF THE CERTIFICATES

When the aggregate discounted principal balance of the receivables declines to 10% or less of the initial aggregate discounted principal balance of the receivables, the servicer may purchase all of the remaining receivables. If the servicer purchases the receivables, the outstanding notes, if any, and the certificates will be redeemed at a price equal to their remaining principal balance and certificate

balance, as applicable, plus accrued and unpaid interest.

THE RECEIVABLES

The primary assets of the trust will be a pool of fixed rate retail instalment sales contracts and direct purchase money loans used to finance the purchase of new cars and light trucks. We refer to these contracts and loans as “receivables” and to the persons who financed their purchases with these contracts and loans as “obligors.” Further, when we use the term “remaining payments” on receivables as of a specific date, we mean all scheduled payments on scheduled interest receivables which are due on and after that specified date and all payments on simple interest receivables which have not been received prior to that specified date.

The receivables in the trust will be sold on the closing date by GMAC to the seller, and then by the seller to the trust. The trust will grant a security interest in the receivables and the other trust property to the indenture trustee on behalf of the noteholders.

All of the receivables to be sold to the trust were acquired by GMAC under special incentive rate financing programs.

The trust property will, subject to other specific exceptions described in the prospectus, also include:

•		the remaining payments on the receivables as of a cutoff date of February 1, 2004, and monies received with respect to those remaining payments; we refer to this date as the “cutoff date”;

•		amounts held on deposit in trust accounts maintained for the trust;

•		security interests in the vehicles financed by the receivables;

•		any recourse GMAC has against the dealers from which it purchased the receivables;

•		any proceeds from claims on insurance policies covering the financed vehicles;

•		the interest rate swaps and contingent assignment, if any, described below;

•		specified rights of the seller under its purchase agreement with GMAC; and

•		all rights of the trust under the related transfer agreement with the seller.

The initial aggregate discounted principal balance of the receivables to be sold to the trust, which is the present value of all remaining payments as of the cutoff date, discounted at 6.50%, was $2,031,973,326.13.

PRIORITY OF DISTRIBUTIONS

The trust will distribute available funds in the following order of priority:

•		servicing fee payments to the servicer;

•		net amount payable, if any, to the swap counterparty, other than swap termination amounts;

•		interest on the notes and any swap termination amounts on interest rate swaps related to the notes, pro rata;

•		interest on the certificates and any swap termination amounts on interest rate swaps related to the certificates, pro rata;

•		principal on the notes and, after the notes have been paid in full, distributions on the certificate balance; and

•		deposits into the reserve account.

If an event of default occurs and the notes are accelerated, the trust will pay each class of notes, on a pro rata basis, before making any interest payments on the certificates or any distributions on the certificate balance until the notes are paid in full or all events of default have been cured or waived as provided in the indenture.

RESERVE ACCOUNT

On the closing date, the seller will deposit $30,479,599.89 in cash or eligible investments into the reserve account. Collections on the receivables, to the extent available for this purpose, will be added to the reserve account on each distribution date.

To the extent that funds from principal and interest collections on the receivables are not sufficient to pay the basic servicing fee, to pay the net amount, if any, due to the swap counterparty and to make required payments and distributions on the notes and the certificates, the amount deposited in the reserve account provides an additional source of funds.

On any distribution date, if the amount in the reserve account exceeds the specified reserve account balance, the trust will pay the excess to the seller.

INTEREST RATE SWAPS

If the trust issues one or more classes or tranches of floating rate notes or certificates, the trust will enter into an interest rate swap with a swap counterparty with respect to each class or tranche of floating rate notes or certificates.

Under each interest rate swap, on the business day prior to each distribution date, the trust will be obligated to pay the swap counterparty a fixed interest rate and the swap counterparty will be obligated to pay the trust a floating interest rate of LIBOR plus an applicable spread. For each swap, the notional amount will equal the outstanding principal balance of the related class or tranche of floating rate notes or the certificate balance of the floating rate certificates, excluding any floating rate certificates retained by the seller.

SERVICING FEES

The trust will pay the servicer a monthly 1% per annum basic servicing fee as compensation for servicing the receivables. The servicer will also be entitled to any late fees, prepayment charges and other administrative fees and expenses collected during the month and investment earnings on the trust accounts. The trust will also pay the servicer an additional monthly servicing fee of up to 1% per annum as described in the prospectus that will be subordinated to all payments on the notes and the certificates.

TAX STATUS

Kirkland & Ellis LLP, special tax counsel, will deliver its opinion that:

•		the notes will be characterized as indebtedness for federal income tax purposes, and

•		the trust will not be taxable as an association or publicly traded partnership taxable as a corporation, but instead will be classified as a partnership for federal income tax purposes.

Each noteholder, by the acceptance of a note, will agree to treat the notes as indebtedness for federal, state and local income and franchise tax purposes.

Each certificateholder, by acceptance of a certificate, will agree to treat the certificates as equity interests in a partnership for federal, state and local income and franchise tax purposes.

Purchasers of certificates who are tax exempt investors should be aware that income from the certificates would constitute debt-financed income taxable as unrelated business taxable income.

ERISA CONSIDERATIONS

Subject to additional restrictions and considerations in the prospectus supplement and the prospectus, an employee benefit plan or other retirement plan or arrangement subject to the Employee Retirement Income Security Act of 1974 may purchase the notes and certificates. We refer to those investors as “plan investors.”

We suggest that an employee benefit plan and any other retirement plan or arrangement, and any entity deemed to hold “plan assets” of any employee benefit plan or other plan, consult with its counsel before purchasing the notes or the certificates.

RATINGS

We will not issue the notes offered hereby unless they are rated in the highest rating category for long-term obligations by at least one nationally recognized rating agency.

We will not issue the certificates offered hereby unless they are rated at least in the “A” category

for long-term obligations or its equivalent by at least one nationally recognized rating agency.

RISK FACTORS

Before making an investment decision, you should consider the factors that are set forth under the caption “Risk Factors” in the prospectus supplement and the prospectus.

THE RECEIVABLES POOL

Criteria Applicable to the Selection of Receivables

The receivables to be sold to the trust were selected from GMAC’s portfolio based on several criteria, including that each receivable:

•		is secured by a new car or light truck;

•		is a scheduled interest receivable or a simple interest receivable;

•		was originated in the United States;

•		provides for level monthly payments that may vary from one another by no more than $5;

•		will amortize the amount financed over its original term to maturity;

•		has been originated or acquired by GMAC in the ordinary course of business;

•		has a first payment due date on or after November 1, 1998;

•		was originated on or after October 1, 1998;

•		has an original term of 6 to 72 months;

•		has a remaining term of not less than 6 months;

•		has been originated or acquired by GMAC under one of its special incentive rate financing programs designed to encourage purchases of new General Motors vehicles; and

•		as of the cutoff date, the receivable was not considered past due; that is, the payments due on that receivable in excess of $25 have been received within 30 days of the payment date.

Scheduled interest receivables represent 37% of the aggregate amount financed as of the cutoff date. The balance of the receivables are simple interest receivables. The receivables in the pool of receivables on the closing date will be the same receivables that comprised the pool of receivables on the cutoff date.

The following tables describe the receivables pool as of the cutoff date:

Composition of the Receivables Pool


Weighted Average Annual Percentage Rate of Receivables		0.62%
Aggregate Amount Financed		$2,280,059,731.09
Number of Contracts in Pool		107,437
Average Amount Financed		$21,222.30
Weighted Average Original Maturity		56.94 months
Weighted Average Remaining Maturity (Range)		47.88 months (6 to 72 months)

The “Weighted Average Annual Percentage Rate of Receivables” in the preceding table is based on weighting by current balance and remaining term of each receivable. The “Weighted Average Original Maturity” in the preceding table is based on weighting by original principal balance of each receivable.

Distribution of the Receivables Pool by Annual Percentage Rate


									Percentage
Annual Percentage					Number of		Aggregate		of Aggregate
Rate Range					Contracts		Amount Financed		Amount Financed

0.00%	to		1.00	%		87,231	$	1,829,742,064		80.25	%
1.01%	to		2.00	%		7,196	$	193,893,783		8.50	%
2.01%	to		3.00	%		4,844	$	108,869,950		4.77	%
3.01%	to		4.00	%		4,260	$	93,612,143		4.11	%
4.01%	to		5.00	%		1,642	$	23,694,953		1.04	%
5.01%	to		6.00	%		2,264	$	30,246,838		1.33	%

		Total				107,437	$	2,280,059,731		100.00	%

Distribution of the Receivables Pool by State

The pool of receivables includes receivables originated in 49 states and the District of Columbia. The following table sets forth the percentage of the aggregate amount financed in the states with the largest concentration of receivables. No other state accounts for more than 4.83% of the aggregate amount financed. The following breakdown by state is based on the billing addresses of the obligors on the receivables:


	Percentage of
	Aggregate
State	Amount Financed

California		11.00	%
Texas		7.70	%
New York		6.23	%
Illinois		5.90	%
Ohio		5.84	%

THE SERVICER

Delinquencies, Repossessions, Bankruptcies and Net Losses

For GMAC’s entire U.S. portfolio of new and used retail car and light truck receivables, including receivables sold by GMAC that it continues to service, the table on the following page shows GMAC’s experience for:

	•		delinquencies,

	•		repossessions,

	•		bankruptcies, and

	•		net losses.

Fluctuations in delinquencies, repossessions, bankruptcies and losses generally follow trends in the overall economic environment and may be affected by such factors as:

	•		competition for obligors,

	•		the supply and demand for cars and light trucks,

	•		consumer debt burden per household, and

	•		personal bankruptcies.

For calendar years 2000 through 2002, and for the first nine months of 2002 and 2003, delinquencies and repossessions have remained at relatively stable levels, indicating that the frequency of defaults and repossessions is not increasing. However, over the same period, net losses have steadily increased, which indicates that losses per repossessed vehicle have increased. The servicer believes that this trend is a function of an overall decline in used vehicle prices. Weaker used vehicle prices increase the loss per occurrence as the servicer realizes less upon repossession and disposal of defaulted receivables.

The credit enhancement for the trust has been designed to mitigate the impact to noteholders of increases in delinquencies, repossessions and net losses.

There can be no assurance that the delinquency, repossession, bankruptcy and net loss experience on the receivables will be comparable to that set forth below or that the factors or beliefs described above will remain applicable.


		Nine Months Ended
		September 30						Year Ended December 31

New and Used Vehicle Contracts		2003			2002			2002			2001			2000

Total Retail Contracts Outstanding at End of the Period (excluding bankruptcies) (in thousands)			5,026			4,643			4,795			4,179			3,412
Average Daily Delinquency
	31-60 Days		1.78	%		1.81	%		1.82	%		1.95	%		1.92	%
	61-90 Days		0.19	%		0.19	%		0.20	%		0.19	%		0.15	%
	91 Days or More		0.02	%		0.02	%		0.02	%		0.02	%		0.01	%
Repossessions as a Percent of Average Number of Contracts Outstanding			1.83	%		1.83	%		1.86	%		1.92	%		1.84	%
Net Losses as a Percent of Liquidations			1.73	%		1.48	%		1.55	%		1.42	%		1.16	%
Net Losses as a Percent of Average Gross Receivables			0.85	%		0.71	%		0.74	%		0.71	%		0.58	%
Net Losses as a Percent of Average Net Receivables			0.96	%		0.82	%		0.84	%		0.82	%		0.61	%
Total Retail Contracts Outstanding at End of the Period (including bankruptcies) (in thousands)			5,102			4,708			4,864			4,240			3,465
Bankruptcies as a Percent of Average Number of Contracts Outstanding (including bankruptcies)			1.49	%		1.39	%		1.39	%		1.52	%		1.64	%

The servicer’s current practice is generally to write off receivables, other than those with respect to which the related obligor is in bankruptcy, that are more than 90 days past due. The “Average Daily Delinquency” percentages shown in the preceding table are each calculated on the basis of the average number of receivables delinquent at any time during a month (excluding receivables where the related obligor is in bankruptcy), divided by the number of receivables outstanding at the end of that month, and averaged for all months in the indicated period. The “Net Losses as a Percent of Liquidations” and the “Net Losses as a Percent of Average Gross Receivables” percentages in the preceding table are based on the gross balance of the receivables including unearned finance charges. The “Net Losses as a Percent of Average Net Receivables” percentages in the preceding table are based on the principal balance of the receivables reduced for the unearned rate support received from General Motors. The “Bankruptcies as a Percent of Average Number of Contracts Outstanding” percentages in the preceding table represent the number of bankruptcies on the last day of each month and averaged for the indicated period divided by the number of receivables outstanding on the last day of each month and averaged for the indicated period.

The “Repossessions as a Percent of Average Number of Contracts Outstanding,” “Net Losses as a Percent of Average Gross Receivables” and “Net Losses as a Percent of Average Net Receivables” for the nine months ended September 30, 2003 and 2002 are reported as annualized rates, which annualization may not reflect the actual annual results.

WEIGHTED AVERAGE LIFE OF THE NOTES AND CERTIFICATES

Prepayments on automotive receivables can be measured relative to a prepayment standard or model. The model used in this term sheet to present the weighted average life of each class of notes and the certificates, the Absolute Prepayment Model, or ABS, assumes a rate of prepayment each month relative to

the original number of receivables in a pool of receivables. ABS further assumes that all the receivables are uniform as to size and maturity and amortize at the same rate and that each receivable in each month of its life will either be paid as scheduled or be prepaid in full. For example, in a pool of receivables assumed to originally contain 10,000 uniform receivables, a 1% ABS rate means that 100 receivables prepay each month. ABS does not purport to be a historical description of prepayment experience or a prediction of the anticipated rate of prepayment of any pool of receivables, including the receivables owned by the trust.

As the rate of payment of principal of each class of notes and distributions on the certificate balance will depend on the rate of payment, including prepayments, of the principal balance of the receivables, final payment of classes of notes and the certificates could occur significantly earlier than the final scheduled distribution date for that class of notes or the certificates. Reinvestment risk associated with early payment of the notes and the certificates will be borne exclusively by the noteholders and the certificateholders, as applicable.

The tables below under the heading “Percent of Initial Note Principal and Certificate Balance Outstanding at Various ABS Percentages” have been prepared on the basis of indicated ABS percentages. The indicated ABS percentages have been applied to a pool of uniform receivables with aggregate remaining payments in each month, measured as of the cutoff date, equal to those of the pool of receivables owned by the trust. The table below under the heading “Schedule of Remaining Payments by Month” sets forth, as of the cutoff date, the remaining payments in each month on the pool of receivables owned by the trust. The initial aggregate discounted present value of these remaining payments, using a discount rate of 6.50%, is equal to $2,031,973,326.13.

In addition, the following assumptions have been used in preparing the tables below:

	1.		the receivables prepay in full at the specified constant percentage of ABS monthly, with no defaults, losses or repurchases;

	2.		each payment on the receivables is made on the last day of each month and each month has 30 days;

	3.		payments on the notes and certificates are made on each distribution date (and each distribution date is assumed to be the 15th day of each applicable month), commencing April 15, 2004;

	4.		the balance in the reserve account on each distribution date is equal to the specified reserve account balance;

	5.		except as indicated in the following tables, the servicer exercises its option to purchase the receivables on the earliest permissible date;

	6.		the basic servicing fee is paid monthly and equals 1% per annum;

	7.		the closing date occurs on March 2, 2004; and

	8.		no event of default occurs.

The actual characteristics and performance of the receivables will differ from the assumptions used in constructing the following tables. The assumptions used are hypothetical and have been provided only to give a general sense of how the principal cash flows might behave under varying prepayment scenarios. For example, it is very unlikely that the receivables will prepay at a constant level of ABS until maturity or that all of receivables will prepay at the same level of ABS. Any difference between such assumptions and the actual characteristics and performance of the receivables, or actual prepayment experience, will affect the percentages of initial balances outstanding over time and the weighted average lives of the notes and the certificates.

The following tables indicate the projected weighted average life of each class of notes and the certificates and set forth the percent of the initial principal amount of each class of notes and certificate balance of the certificates that is projected to be outstanding after each of the distribution dates shown at various constant ABS percentages.

Percent of Initial Note Principal and Certificate Balance Outstanding
at Various ABS Percentages

The weighted average life of a class of notes or the certificates as set forth in each of the tables below is determined by (a) multiplying the amount of each principal payment on a note of that class or on the certificates by the number of years from the date of the issuance of the related note or certificate to the related distribution date, (b) adding the results, and (c) dividing the sum by the related initial principal amount of the note or initial certificate balance of the certificates, as applicable. The calculation in the row in each of the tables below labeled “Weighted Average Life (Years) to call” assumes that the servicer exercises its option to purchase the receivables on the earliest permissible date. The calculation in the row in each of the tables listed below labeled “Weighted Average Life (Years) to maturity” assumes that the servicer does not exercise its option to purchase the receivables.


Percent of the Initial Principal Balance Outstanding – Class A-2 Notes

Distribution Date		0.00%		0.50%		1.00%		1.20%		1.50%		1.70%

	Closing Date		100.00		100.00		100.00		100.00		100.00		100.00
	04/15/2004		100.00		100.00		100.00		100.00		100.00		100.00
	05/15/2004		100.00		100.00		100.00		100.00		100.00		100.00
	06/15/2004		100.00		100.00		100.00		100.00		100.00		100.00
	07/15/2004		100.00		100.00		100.00		100.00		100.00		100.00
	08/15/2004		100.00		100.00		100.00		100.00		100.00		100.00
	09/15/2004		100.00		100.00		100.00		100.00		100.00		96.95
	10/15/2004		100.00		100.00		100.00		99.79		88.95		81.33
	11/15/2004		100.00		100.00		93.84		86.33		74.48		66.16
	12/15/2004		100.00		100.00		81.57		73.46		60.67		51.69
	01/15/2005		100.00		90.17		69.92		61.25		47.57		37.96
	02/15/2005		99.81		80.26		58.78		49.58		35.06		24.86
	03/15/2005		91.18		70.59		47.96		38.27		22.98		12.24
	04/15/2005		82.53		60.99		37.31		27.18		11.18		0.00
	05/15/2005		73.90		51.50		26.88		16.33		0.00		0.00
	06/15/2005		65.31		42.13		16.66		5.76		0.00		0.00
	07/15/2005		56.72		32.86		6.64		0.00		0.00		0.00
	08/15/2005		48.11		23.65		0.00		0.00		0.00		0.00
	09/15/2005		39.50		14.55		0.00		0.00		0.00		0.00
	10/15/2005		30.90		5.53		0.00		0.00		0.00		0.00
	11/15/2005		22.37		0.00		0.00		0.00		0.00		0.00
	12/15/2005		14.08		0.00		0.00		0.00		0.00		0.00
	01/15/2006		5.93		0.00		0.00		0.00		0.00		0.00
	02/15/2006		0.00		0.00		0.00		0.00		0.00		0.00
Weighted Average Life (Years) to call			1.48		1.26		1.07		1.00		0.90		0.85
Weighted Average Life (Years) to maturity			1.48		1.26		1.07		1.00		0.90		0.85

Percent of the Initial Principal Balance Outstanding – Class A-3 Notes


Distribution Date			0.00%		0.50%		1.00%		1.20%		1.50%		1.70%

	Closing Date			100.00		100.00		100.00		100.00		100.00		100.00
		04/15/2004		100.00		100.00		100.00		100.00		100.00		100.00
		05/15/2004		100.00		100.00		100.00		100.00		100.00		100.00
		06/15/2004		100.00		100.00		100.00		100.00		100.00		100.00
		07/15/2004		100.00		100.00		100.00		100.00		100.00		100.00
		08/15/2004		100.00		100.00		100.00		100.00		100.00		100.00
		09/15/2004		100.00		100.00		100.00		100.00		100.00		100.00
		10/15/2004		100.00		100.00		100.00		100.00		100.00		100.00
		11/15/2004		100.00		100.00		100.00		100.00		100.00		100.00
		12/15/2004		100.00		100.00		100.00		100.00		100.00		100.00
		01/15/2005		100.00		100.00		100.00		100.00		100.00		100.00
		02/15/2005		100.00		100.00		100.00		100.00		100.00		100.00
		03/15/2005		100.00		100.00		100.00		100.00		100.00		100.00
		04/15/2005		100.00		100.00		100.00		100.00		100.00		99.96
		05/15/2005		100.00		100.00		100.00		100.00		99.78		91.11
		06/15/2005		100.00		100.00		100.00		100.00		91.50		82.53
		07/15/2005		100.00		100.00		100.00		96.59		83.44		74.21
		08/15/2005		100.00		100.00		97.61		89.07		75.59		66.13
		09/15/2005		100.00		100.00		90.44		81.73		67.97		58.32
		10/15/2005		100.00		100.00		83.42		74.56		60.57		50.76
		11/15/2005		100.00		97.53		76.57		67.60		53.43		43.49
		12/15/2005		100.00		91.18		70.00		60.93		46.62		36.57
		01/15/2006		100.00		84.98		63.64		54.50		40.08		29.95
		02/15/2006		98.41		78.90		57.46		48.27		33.78		23.61
		03/15/2006		92.48		72.93		51.45		42.25		27.73		17.54
		04/15/2006		86.57		67.04		45.59		36.40		21.90		11.72
		05/15/2006		80.69		61.24		39.87		30.72		16.28		6.14
		06/15/2006		74.80		55.50		34.29		25.20		10.87		0.80
		07/15/2006		68.91		49.81		28.83		19.84		5.66		0.00
		08/15/2006		63.03		44.20		23.50		14.64		0.65		0.00
		09/15/2006		57.15		38.64		18.31		9.60		0.00		0.00
		10/15/2006		51.28		33.16		13.25		4.72		0.00		0.00
		11/15/2006		45.50		27.81		8.37		0.05		0.00		0.00
		12/15/2006		39.93		22.70		3.76		0.00		0.00		0.00
		01/15/2007		34.50		17.76		0.00		0.00		0.00		0.00
		02/15/2007		29.09		12.89		0.00		0.00		0.00		0.00
		03/15/2007		23.68		8.07		0.00		0.00		0.00		0.00
		04/15/2007		18.28		3.33		0.00		0.00		0.00		0.00
		05/15/2007		12.91		0.00		0.00		0.00		0.00		0.00
		06/15/2007		7.54		0.00		0.00		0.00		0.00		0.00
		07/15/2007		2.18		0.00		0.00		0.00		0.00		0.00
		08/15/2007		0.00		0.00		0.00		0.00		0.00		0.00
Weighted Average Life (Years) to call				2.69		2.43		2.12		2.00		1.82		1.70
Weighted Average Life (Years) to maturity				2.69		2.43		2.12		2.00		1.82		1.70


Percent of the Initial Principal Balance Outstanding – Class A-4 Notes

Distribution Date			0.00%		0.50%		1.00%		1.20%		1.50%		1.70%

	Closing Date			100.00		100.00		100.00		100.00		100.00		100.00
		04/15/2004		100.00		100.00		100.00		100.00		100.00		100.00
		05/15/2004		100.00		100.00		100.00		100.00		100.00		100.00
		06/15/2004		100.00		100.00		100.00		100.00		100.00		100.00
		07/15/2004		100.00		100.00		100.00		100.00		100.00		100.00
		08/15/2004		100.00		100.00		100.00		100.00		100.00		100.00
		09/15/2004		100.00		100.00		100.00		100.00		100.00		100.00
		10/15/2004		100.00		100.00		100.00		100.00		100.00		100.00
		11/15/2004		100.00		100.00		100.00		100.00		100.00		100.00
		12/15/2004		100.00		100.00		100.00		100.00		100.00		100.00
		01/15/2005		100.00		100.00		100.00		100.00		100.00		100.00
		02/15/2005		100.00		100.00		100.00		100.00		100.00		100.00
		03/15/2005		100.00		100.00		100.00		100.00		100.00		100.00
		04/15/2005		100.00		100.00		100.00		100.00		100.00		100.00
		05/15/2005		100.00		100.00		100.00		100.00		100.00		100.00
		06/15/2005		100.00		100.00		100.00		100.00		100.00		100.00
		07/15/2005		100.00		100.00		100.00		100.00		100.00		100.00
		08/15/2005		100.00		100.00		100.00		100.00		100.00		100.00
		09/15/2005		100.00		100.00		100.00		100.00		100.00		100.00
		10/15/2005		100.00		100.00		100.00		100.00		100.00		100.00
		11/15/2005		100.00		100.00		100.00		100.00		100.00		100.00
		12/15/2005		100.00		100.00		100.00		100.00		100.00		100.00
		01/15/2006		100.00		100.00		100.00		100.00		100.00		100.00
		02/15/2006		100.00		100.00		100.00		100.00		100.00		100.00
		03/15/2006		100.00		100.00		100.00		100.00		100.00		100.00
		04/15/2006		100.00		100.00		100.00		100.00		100.00		100.00
		05/15/2006		100.00		100.00		100.00		100.00		100.00		100.00
		06/15/2006		100.00		100.00		100.00		100.00		100.00		100.00
		07/15/2006		100.00		100.00		100.00		100.00		100.00		90.92
		08/15/2006		100.00		100.00		100.00		100.00		100.00		80.64
		09/15/2006		100.00		100.00		100.00		100.00		91.24		70.86
		10/15/2006		100.00		100.00		100.00		100.00		81.55		61.60
		11/15/2006		100.00		100.00		100.00		100.00		72.36		52.89
		12/15/2006		100.00		100.00		100.00		90.82		63.79		0.00
		01/15/2007		100.00		100.00		98.65		82.00		55.74		0.00
		02/15/2007		100.00		100.00		89.61		73.51		48.09		0.00
		03/15/2007		100.00		100.00		80.83		65.32		0.00		0.00
		04/15/2007		100.00		100.00		72.33		57.47		0.00		0.00
		05/15/2007		100.00		97.17		64.10		49.93		0.00		0.00
		06/15/2007		100.00		87.43		56.12		0.00		0.00		0.00
		07/15/2007		100.00		77.83		48.41		0.00		0.00		0.00
		08/15/2007		93.36		68.41		0.00		0.00		0.00		0.00
		09/15/2007		82.53		59.42		0.00		0.00		0.00		0.00
		10/15/2007		72.35		51.05		0.00		0.00		0.00		0.00
		11/15/2007		62.66		0.00		0.00		0.00		0.00		0.00
		12/15/2007		53.38		0.00		0.00		0.00		0.00		0.00
		01/15/2008		0.00		0.00		0.00		0.00		0.00		0.00
Weighted Average Life (Years) to call				3.76		3.57		3.29		3.14		2.88		2.67
Weighted Average Life (Years) to maturity				3.89		3.70		3.43		3.28		3.01		2.81


Percent of the Initial Certificate Balance Outstanding

Distribution Date			0.00%		0.50%		1.00%		1.20%		1.50%		1.70%

	Closing Date			100.00		100.00		100.00		100.00		100.00		100.00
		04/15/2004		100.00		100.00		100.00		100.00		100.00		100.00
		05/15/2004		100.00		100.00		100.00		100.00		100.00		100.00
		06/15/2004		100.00		100.00		100.00		100.00		100.00		100.00
		07/15/2004		100.00		100.00		100.00		100.00		100.00		100.00
		08/15/2004		100.00		100.00		100.00		100.00		100.00		100.00
		09/15/2004		100.00		100.00		100.00		100.00		100.00		100.00
		10/15/2004		100.00		100.00		100.00		100.00		100.00		100.00
		11/15/2004		100.00		100.00		100.00		100.00		100.00		100.00
		12/15/2004		100.00		100.00		100.00		100.00		100.00		100.00
		01/15/2005		100.00		100.00		100.00		100.00		100.00		100.00
		02/15/2005		100.00		100.00		100.00		100.00		100.00		100.00
		03/15/2005		100.00		100.00		100.00		100.00		100.00		100.00
		04/15/2005		100.00		100.00		100.00		100.00		100.00		100.00
		05/15/2005		100.00		100.00		100.00		100.00		100.00		100.00
		06/15/2005		100.00		100.00		100.00		100.00		100.00		100.00
		07/15/2005		100.00		100.00		100.00		100.00		100.00		100.00
		08/15/2005		100.00		100.00		100.00		100.00		100.00		100.00
		09/15/2005		100.00		100.00		100.00		100.00		100.00		100.00
		10/15/2005		100.00		100.00		100.00		100.00		100.00		100.00
		11/15/2005		100.00		100.00		100.00		100.00		100.00		100.00
		12/15/2005		100.00		100.00		100.00		100.00		100.00		100.00
		01/15/2006		100.00		100.00		100.00		100.00		100.00		100.00
		02/15/2006		100.00		100.00		100.00		100.00		100.00		100.00
		03/15/2006		100.00		100.00		100.00		100.00		100.00		100.00
		04/15/2006		100.00		100.00		100.00		100.00		100.00		100.00
		05/15/2006		100.00		100.00		100.00		100.00		100.00		100.00
		06/15/2006		100.00		100.00		100.00		100.00		100.00		100.00
		07/15/2006		100.00		100.00		100.00		100.00		100.00		100.00
		08/15/2006		100.00		100.00		100.00		100.00		100.00		100.00
		09/15/2006		100.00		100.00		100.00		100.00		100.00		100.00
		10/15/2006		100.00		100.00		100.00		100.00		100.00		100.00
		11/15/2006		100.00		100.00		100.00		100.00		100.00		100.00
		12/15/2006		100.00		100.00		100.00		100.00		100.00		0.00
		01/15/2007		100.00		100.00		100.00		100.00		100.00		0.00
		02/15/2007		100.00		100.00		100.00		100.00		100.00		0.00
		03/15/2007		100.00		100.00		100.00		100.00		0.00		0.00
		04/15/2007		100.00		100.00		100.00		100.00		0.00		0.00
		05/15/2007		100.00		100.00		100.00		100.00		0.00		0.00
		06/15/2007		100.00		100.00		100.00		0.00		0.00		0.00
		07/15/2007		100.00		100.00		100.00		0.00		0.00		0.00
		08/15/2007		100.00		100.00		0.00		0.00		0.00		0.00
		09/15/2007		100.00		100.00		0.00		0.00		0.00		0.00
		10/15/2007		100.00		100.00		0.00		0.00		0.00		0.00
		11/15/2007		100.00		0.00		0.00		0.00		0.00		0.00
		12/15/2007		100.00		0.00		0.00		0.00		0.00		0.00
		01/15/2008		0.00		0.00		0.00		0.00		0.00		0.00
Weighted Average Life (Years) to call				3.87		3.70		3.45		3.29		3.04		2.79
Weighted Average Life (Years) to maturity				4.94		4.78		4.52		4.37		4.03		3.71


Schedule of Remaining Payments by Month

Collection Period	Scheduled Payments

February 2004	$	57,138,747.68
March 2004		57,138,747.68
April 2004		57,138,747.68
May 2004		57,138,747.68
June 2004		57,138,744.68
July 2004		57,117,098.25
August 2004		57,018,559.32
September 2004		56,882,142.56
October 2004		56,384,102.34
November 2004		54,312,880.89
December 2004		51,884,211.54
January 2005		49,976,234.28
February 2005		48,991,439.90
March 2005		48,889,992.21
April 2005		48,551,011.15
May 2005		48,140,564.05
June 2005		47,918,390.00
July 2005		47,801,723.66
August 2005		47,556,300.86
September 2005		47,309,088.15
October 2005		46,738,146.45
November 2005		45,385,366.56
December 2005		44,553,651.55
January 2006		43,909,199.18
February 2006		43,370,636.72
March 2006		42,972,728.98
April 2006		42,628,497.60
May 2006		42,437,206.12
June 2006		42,256,477.31
July 2006		42,014,817.84
August 2006		41,783,349.66
September 2006		41,508,737.23
October 2006		40,769,407.89
November 2006		39,166,785.44
December 2006		38,095,896.73
January 2007		37,821,189.89
February 2007		37,614,337.56
March 2007		37,293,387.32
April 2007		37,029,187.53
May 2007		36,768,000.10
June 2007		36,531,779.02
July 2007		36,117,844.44

Schedule of Remaining Payments by Month


Collection Period	Scheduled Payments

August 2007	$	34,671,898.65
September 2007		32,540,730.81
October 2007		30,865,946.80
November 2007		29,486,690.96
December 2007		28,479,692.60
January 2008		26,462,932.54
February 2008		24,820,247.30
March 2008		22,597,534.53
April 2008		21,205,856.75
May 2008		18,381,352.76
June 2008		15,337,701.31
July 2008		12,693,313.13
August 2008		10,145,148.57
September 2008		7,771,762.80
October 2008		5,972,507.86
November 2008		4,708,729.66
December 2008		3,535,892.93
January 2009		3,390,874.70
February 2009		3,380,206.09
March 2009		3,366,605.77
April 2009		3,342,441.76
May 2009		3,307,813.51
June 2009		3,173,407.63
July 2009		2,738,526.77
August 2009		2,246,597.84
September 2009		1,710,584.66
October 2009		1,241,494.82
November 2009		637,266.76
December 2009		52,461.10
January 2010		3.58
February 2010		0.00

Capital Auto Receivables 8-KCapital Auto Receivables Asset Trust 2004-1 Issuer