SUBJECT TO REVISION
SERIES TERM SHEET, DATED JANUARY 22, 2002

$2,030,156,000

HONDA AUTO RECEIVABLES 2002-1 OWNER TRUST,
ISSUER

AMERICAN HONDA RECEIVABLES CORP.,
SELLER

AMERICAN HONDA FINANCE CORPORATION,
SERVICER

ASSET BACKED NOTES

The trust will issue the following notes:

- --------------------------------------------------------------------------------------------------------------------------------
INITIAL PRINCIPAL INTEREST RATE(1) ACCRUAL FIRST INTEREST FINAL SCHEDULED
AMOUNT Method(1) PAYMENT DATE PAYMENT DATE
------------------- ------------------- ---------------- -------------------- ----------------------

Class A-1 Notes......... $559,000,000 % Actual/360 February 15, 2002 February 18, 2003
Class A-2 Notes......... $472,000,000 % 30/360 February 15, 2002 April 15, 2004
Class A-3 Notes......... $696,000,000 % 30/360 February 15, 2002 October 17, 2005
Class A-4 Notes......... $303,156,000 % 30/360 February 15, 2002 April 16, 2007

(1) Interest generally will accrue on the Class A-1 Notes from (and including)
the previous payment date to (but excluding) the related payment date, and
on the Class A-2, Class A-3 and Class A-4 Notes from (and including) the
15th day of each month to (but excluding) the 15th day of the succeeding
month.
- --------------------------------------------------------------------------------------------------------------------------------

The notes are asset backed securities issued by the trust. The notes are
not obligations of American Honda Receivables Corp., American Honda Finance
Corporation, or any of their respective affiliates. Neither the notes nor the
receivables are insured or guaranteed by any governmental agency.

This term sheet contains structural and collateral information about the
notes, but does not contain complete information about the offering of the
notes. The information contained in this term sheet is preliminary, limited in
nature, and may be changed. The information contained in this term sheet will be
superseded by information contained in the final prospectus supplement and
prospectus relating to the offering of the notes. Sales of the notes may not be
completed unless the purchaser has received both the prospectus supplement and
the prospectus. If any statements in this term sheet conflict with statements in
the prospectus supplement or prospectus, the statements in the prospectus
supplement and prospectus will control. This term sheet is not an offer to sell
or the solicitation of an offer to buy the notes. If the offer, solicitation or
sale of the notes in any jurisdiction would be unlawful before the notes are
registered or qualified under the securities laws of that jurisdiction, then
this term sheet cannot be used to offer or sell the notes in that jurisdiction.

NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES
COMMISSION HAS APPROVED OR DISAPPROVED THE NOTES OR DETERMINED THAT THIS TERM
SHEET IS ACCURATE OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.

JOINT BOOKRUNNERS

BANC ONE CAPITAL MARKETS, INC. SALOMON SMITH BARNEY

CO-MANAGERS

BANC OF AMERICA SECURITIES LLC

BARCLAYS CAPITAL

DEUTSCHE BANC ALEX. BROWN

JPMORGAN

SUMMARY OF TERMS

The following information highlights selected information that will be
contained in and described in greater detail in the final prospectus supplement
and prospectus and provides a general overview of the terms of the notes. The
information contained in this term sheet is preliminary, limited in nature, and
may be changed. The information contained in this term sheet will be superseded
by information contained in the final prospectus supplement and prospectus
relating to the offering of the notes. To understand all of the terms of the
offering of the notes, you should read carefully the prospectus supplement and
the prospectus. Both documents contain information you should consider when
making your investment decision.

ISSUER

Honda Auto Receivables 2002-1 Owner Trust (the "Trust" or the "Issuer").

SELLER

American Honda Receivables Corp. ("AHRC" or the "Seller").

SERVICER

American Honda Finance Corporation ("AHFC" or the "Servicer").

INDENTURE TRUSTEE

JPMorgan Chase Bank, formerly known as The Chase Manhattan Bank (the
"Indenture Trustee").

OWNER TRUSTEE

U.S. Bank National Association
(the "Owner Trustee").

DELAWARE TRUSTEE

U.S. Bank Trust National Association
(the "Delaware Trustee").

CLOSING DATE

On or about January 29, 2002 (the "Closing Date").

CUTOFF DATE

January 1, 2002 (the "Cutoff Date").

THE NOTES

Class A-1 ___% Asset Backed Notes in the aggregate initial principal amount
of $559,000,000 (the "Class A-1 Notes").

Class A-2 ___% Asset Backed Notes in the aggregate initial principal amount
of $472,000,000 (the "Class A-2 Notes").

Class A-3 ___% Asset Backed Notes in the aggregate initial principal amount
of $696,000,000 (the "Class A-3 Notes").

Class A-4 ___% Asset Backed Notes in the aggregate initial principal amount
of $303,156,000 (the "Class A-4 Notes").

PAYMENT DATES

The fifteenth day of each month or, if the fifteenth day of the month is
not a business day, the next business day. The date that any payment is
made is called a "Payment Date." The first Payment Date is February 15,
2002.

FINAL SCHEDULED PAYMENT DATES

The final principal Payment Date for each class of Notes is scheduled to be
made on the applicable final scheduled Payment Date specified on the cover
of this term sheet.

COLLECTION PERIODS

The calendar month preceding the related Payment Date (each a "Collection
Period").

RECORD DATES

So long as the Notes are in book-entry form, the Trust will make payments
on the Notes to the holders of record on the day immediately preceding the
Payment Date (the "Record Date"). If the securities are issued in
definitive form, the Record Date will be the last day of the month
preceding the Payment Date.

This term sheet supersedes any previous term sheet, and will be superseded by
the information set forth in the prospectus and prospectus supplement. This page
must be accompanied by a disclaimer. If you did not receive such a disclaimer,
please contact Salomon Smith Barney Inc. or Banc One Capital Markets, Inc.
immediately.

THE CERTIFICATES

The Trust will also issue $52,055,927.51 initial principal amount of
Certificates (the "Certificates"). Payments of interest on and principal of
the Certificates are subordinated to the payments of interest on and
principal of the Notes as described herein. The Certificates are not being
offered by this term sheet and initially will be retained by the Seller.

THE RECEIVABLES

The property of the Trust will consist of a pool of retail installment sale
contracts (the "Receivables") originated on or after May 23, 1997 and on or
prior to September 27, 2001 between Honda and Acura dealers (the "Dealers")
and retail purchasers (the "Obligors"). The Receivables were originated by
Dealers in accordance with AHFC's requirements under agreements with
Dealers governing the assignment of the Receivables to AHFC. The
Receivables evidence the indirect financing made available by AHFC to the
Obligors. The Receivables are secured by new or used Honda and Acura motor
vehicles (the "Financed Vehicles") and all principal and interest payments
made on or after the Cutoff Date and other property specified in the
Receivables.

The principal balance of the Receivables on the Cutoff Date was
$2,082,211,927.51. As of the Cutoff Date, the Receivables had the following
characteristics:

o number of Receivables................149,463

o average principal
balance...........................$13,931.29

o weighted average annual
percentage rate........................6.66%

o weighted average
remaining term
to maturity.....................46.82 months

o weighted average
original term
to maturity.....................55.66 months

Additional information about the Receivables follows this summary section.

PAYMENTS ON THE NOTES

In general, noteholders are entitled to receive payments of interest and
principal from the Trust only to the extent that collections from assets of
the Trust and funds resulting from credit enhancements are sufficient to
make those payments. Interest and principal collections from assets of the
Trust will be divided among the various classes of securities in specified
proportions. The Trust will pay interest and principal to noteholders of
record as of the preceding Record Date.

A. Interest

The Class A-1, Class A-2, Class A-3 and Class A-4 Notes (collectively, the
"Notes") will bear interest for each interest accrual period at the fixed
annual interest rates specified on the first page of this term sheet.

The Certificates will bear interest at an annual rate of ____%.

The Class A-1 Notes will accrue interest on an actual/360 basis from (and
including) the previous Payment Date to (but excluding) the related Payment
Date, except that the first interest accrual

period will be from (and including) the Closing Date to (but excluding)
February 15, 2002. This means that the interest due on each Payment Date
will be the product of: (i) the outstanding principal balance of the Class
A-1 Notes, (ii) the related interest rate, and (iii) the actual number of
days since the previous Payment Date (or, in the case of the first Payment
Date, since the Closing Date) divided by 360.

The Class A-2, Class A-3 and Class A-4 Notes will accrue interest on a
30/360 basis from (and including) the 15th day of each calendar month to
(but excluding) the 15th day of the succeeding calendar month except that
the first interest accrual period will be from (and including) the Closing
Date to (but excluding) February 15, 2002. This means that the interest due
on each Payment Date will be the product of: (i) the outstanding principal
balance of the related class of Notes, (ii) the applicable interest rate,
and (iii) 30 (or, in the case of the first Payment Date, 16) divided by
360.

Interest payments to holders of the Class A-1 Notes, the Class A-2 Notes,
the Class A-3 Notes and the Class A-4 Notes will have the same priority. If
the amount of collections on the Receivables during a Collection Period
(plus any amounts available from credit enhancement) is insufficient to pay
accrued interest on the Notes on any Payment Date, the holders of the Notes
will receive their ratable share (based upon the aggregate amount of
interest due to that class) of the aggregate amount available to be
distributed with respect to interest on the Notes.

If noteholders of any class do not receive all interest owed to them on a
Payment Date, the Trust will make payments of interest on later Payment
Dates to make up the shortfall together with interest on those amounts, to
the extent funds from specified sources are available to cover the
shortfall.

B. Principal

Amounts allocated to the Notes: Principal of the Notes will be payable
generally in an amount equal to the noteholders' percentage of the sum of
the following amounts referred to as the "principal distributable amount":

1. principal collections on the Receivables during the related
Collection Period;

2. any prepayments (full or partial) on the Receivables allocable to
principal received during the related Collection Period;

3. the principal balance of each Receivable which the Seller or the
Servicer purchased with respect to the related Collection Period; and

4. the principal balance of Receivables that became liquidated
Receivables during the related Collection Period.

Principal payments on the Notes as described above will be made from all
available amounts after the servicing fee, non-recoverable advances, Trust
fees and expenses have been paid, and after payment of interest on the
Notes.

The noteholders' percentage will equal 100% until the principal amount of
the Class A-1 Notes has been paid in full. After the principal amount of
the Class

A-1 Notes has been paid in full, the noteholders' percentage will equal the
percent equivalent of a fraction the numerator of which is the sum of the
initial aggregate principal amounts of the Class A-2, Class A-3 and Class
A-4 Notes and the denominator of which is the sum of the initial aggregate
principal amounts of the Class A-2, Class A-3 and Class A-4 Notes and the
initial principal amount of the Certificates. After the Notes have been
paid in full, the noteholders' percentage shall be zero.

Order of payment among classes: On each Payment Date, the Trust will pay
the principal distributable amount in the following priority:

1. to the Class A-1 Notes, the noteholders' percentage of the principal
distributable amount until they are paid in full;

2. to the Class A-2 Notes, the noteholders' percentage of the principal
distributable amount until they are paid in full;

3. to the Class A-3 Notes, the noteholders' percentage of the principal
distributable amount until they are paid in full; and

4. to the Class A-4 Notes, the noteholders' percentage of the principal
distributable amount until they are paid in full.

To the extent there is an event of default under the Indenture that results
in acceleration of the Notes, (i) the noteholders' percentage will equal
100% until the principal amount of all outstanding classes of Notes have
been paid in full and, (ii) the "order of payment among classes" above will
be revised so that payment of principal will be made to the Class A-1 Notes
until they have been paid in full, then to the holders of the Class A-2,
A-3 and A-4 Notes pro rata based on the outstanding principal balances
thereof.

Under those circumstances, the amounts available to make payments to any
class of Notes may be reduced based on the sufficiency of proceeds from the
liquidation of the assets of the Trust.

Excess Cashflow: On each Payment Date, available amounts not required to
pay fees and expenses, interest on the Notes and the principal
distributable amount ("Excess Cashflow"), will be used to make payments in
the following order of priority:

1. to the Reserve Fund, the amount necessary to cause the amount on
deposit in that account to equal the Specified Reserve Fund Balance;

2. to make payments of interest due and owed on the Certificates;

3. after the Class A-1 Notes are paid in full, to pay principal to the
holders of the Certificates, at the certificateholders' percentage of
the principal distributable amount for that Payment Date;

4. to reimburse the Indenture Trustee and/or the Owner Trustee for any
Trust expenses and/or fees not previously paid; and

5. any remaining Excess Cashflow will be paid to the Seller.

The "certificateholders' percentage" will mean the following:

a. for each Payment Date until the Class A-1 Notes have been paid in
full, zero;

b. for each Payment Date after the Class A-1 Notes have been paid in
full to and including the Payment Date on which the principal amount
of the Class A-4 Notes have been paid in full, the percent equivalent
of a fraction, the numerator of which is the initial principal amount
of the Certificates and the denominator of which is the sum of the
initial aggregate principal amounts of the Class A-2, Class A-3 and
Class A-4 Notes and the initial aggregate principal amount of the
Certificates; and

c. thereafter, 100%.

If the Notes have been accelerated under the Indenture, the
certificateholders' percentage shall be zero.

OPTIONAL REDEMPTION; CLEAN-UP CALL

The Servicer may cause the Trust to redeem any outstanding Notes and
Certificates (collectively, the "Securities") when the outstanding
aggregate principal balance of the Receivables declines to 10% or less of
the original aggregate principal balance of the Receivables as of the
Cutoff Date.

CREDIT ENHANCEMENT

Credit enhancement is intended to protect you against losses and delays in
payments on your securities by absorbing losses on the Receivables and
other shortfalls in cash flows. The credit enhancement for the Notes will
include the Certificates, a reserve fund (the "Reserve Fund"), a yield
supplement account (the "Yield Supplement Account"), and the subordination
of the Seller's right to receive Excess Cashflow.

A. Certificates

The Certificates have an initial principal balance of $52,055,927.51 and
represent approximately 2.50% of the initial principal balance of all the
Securities. The Certificates will be subordinated in priority of payment to
all classes of Notes. The Certificates will not receive any interest or
principal distributions on any Payment Date until all of the principal and
interest owing on the Notes on that Payment Date have been paid in full and
the Reserve Fund has been funded to its required level.

B. Reserve Fund

On each Payment Date, the Trust will use funds in the Reserve Fund to cover
shortfalls in payments of interest and principal required to be paid on the
Notes. On the Closing Date, the Seller will cause to be deposited
$10,411,059.64 into the Reserve Fund, which is 0.50% of the initial
aggregate principal balance of the Receivables as of the Cutoff Date. On
each Payment Date, after making required payments to the Servicer and to
the holders of the Notes, the Trust will make a deposit into the Reserve
Fund to the extent necessary to maintain the amount on deposit in the
Reserve Fund at the Specified Reserve Fund Balance.

The "Specified Reserve Fund Balance" with respect to any Payment Date will
be the greater of: (a) 0.50% of the Pool Balance as of the Cutoff Date and
(b) 0.75% of the Pool Balance as of the last day of the immediately
preceding Collection Period.

C. Yield Supplement Account

On the Closing Date, the Seller will cause to be deposited $_____________

into the Yield Supplement Account. Neither the Seller nor the Servicer will
make any additional deposits to the Yield Supplement Account after the
Closing Date.

On or before each Payment Date, the Indenture Trustee will withdraw from
funds on deposit in the Yield Supplement Account and deposit in the
collection account the aggregate amount by which (1) one month's interest
on the principal balance of each Discount Receivable (other than a Discount
Receivable that is a Defaulted Receivable) at a rate equal to the time
weighted average note rate plus 1.00% (the servicing rate) exceeds (2) one
month's interest on the principal balance of each Discount Receivable
(other than a Discount Receivable that is a Defaulted Receivable) at the
annual percentage rate of that Receivable. In addition, the Indenture
Trustee will withdraw from the Yield Supplement Account and deposit in the
collection account amounts on deposit in the Yield Supplement Account in
excess of the amount required to be on deposit therein.

A "Discount Receivable" is a Receivable that has an interest rate which is
less than the sum of the time weighted average note rate and 1.00%. A
"Defaulted Receivable" is a Receivable (with certain exceptions) as to
which, (a) all or part of a scheduled payment is 120 days or more past due
and the Servicer has not repossessed the related Financed Vehicle, or (b)
the Servicer has, in accordance with its customary servicing procedures,
determined that eventual payment in full is unlikely and has either
repossessed and liquidated the related Financed Vehicle or repossessed and
held the related Financed Vehicle and held in its repossession inventory
for 90 days, whichever occurs first.

D. Excess Cashflow.

The Seller is entitled to receive payments of interest collected on the
Receivables which are not used by the Trust to make all other required
payments. The Seller's right to receive payments of Excess Cashflow is
subordinated to the payment of principal and interest on the Notes, the
funding of the Reserve Fund and the payment of principal and interest on
the Certificates.

More detailed information about the credit enhancement will be provided in
the prospectus supplement.

MINIMUM DENOMINATIONS

The Notes will be issued only in denominations of $1,000 or more.

REGISTRATION OF THE NOTES

Interests in the Notes will be held through The Depository Trust Company in
the United States, or Clearstream or the Euroclear System in Europe or
Asia. This is referred to as book-entry registration. You will not receive
a definitive Note except under limited circumstances.

We expect the Notes to be delivered through The Depository Trust Company,
Clearstream and the Euroclear System on or about January 29, 2002.

TAX STATUS

Subject to important considerations described in the prospectus supplement
and prospectus, Dewey Ballantine LLP, special tax counsel to the Trust,
will deliver its opinion that: (1) the Notes will be characterized as debt
for tax purposes; and (2) the Trust will not be characterized as an
association or a

publicly traded partnership taxable as a corporation for federal income
and California income and franchise tax purposes.

If you purchase the Notes, you will agree to treat the Notes as debt. The
Seller and any subsequent purchaser of the Certificates will agree to treat
the Trust (1) as a partnership in which the owners of the Certificates are
partners or (2) if there is only one beneficial owner of the Certificates,
as a "disregarded entity," for federal income and California income and
franchise tax purposes.

ERISA CONSIDERATIONS

Subject to the important considerations described in the prospectus
supplement and prospectus, the Notes may be purchased by employee benefit
plans.

If you are a benefit plan fiduciary considering the purchase of Notes, you
should consult with your counsel in determining whether all required
conditions have been satisfied.

ELIGIBILITY FOR PURCHASE BY MONEY MARKET FUNDS

The Class A-1 Notes will be eligible for purchase by money market funds
under Rule 2a-7 under the Investment Company Act of 1940, as amended. A
money market fund should consult its legal advisers regarding the
eligibility of such Notes under Rule 2a-7 and whether an investment in such
Notes satisfies such fund's investment policies and objectives.

RATINGS

It is a condition to the issuance of the Notes that: (1) the Class A-1
Notes be rated "A-1+" by Standard & Poor's Ratings Services, a division of
the McGraw-Hill Companies ("S&P"), "P-1" by Moody's Investors Service, Inc.
("Moody's"), and "F1+" by Fitch, Inc. ("Fitch"); and (2) the Class A-2,
Class A-3 and Class A-4 Notes be rated "AAA" by S&P, "Aaa" by Moody's, and
"AAA" by Fitch.

A security rating is not a recommendation to buy, sell or hold notes. The
ratings of the Notes address the likelihood of the payment of principal and
interest on the Notes in accordance with their terms. A rating agency may
subsequently lower or withdraw its rating of any class of Notes. If this
happens, no person or entity will be obligated to provide any additional
credit enhancement for the Notes.

The Trust will obtain the ratings mentioned above from S&P, Moody's and
Fitch. However, another rating agency may rate the Notes and, if so, may
assign ratings lower than the ratings obtained by the Trust.

RISK FACTORS

Investment in the Notes is subject to various risks, many of which will be
described under the caption "Risk Factors" in the final prospectus
supplement and prospectus relating to the Notes, each of which should be
read carefully in connection with any decision to invest any class of
Notes.

THE RECEIVABLES POOL

AHFC purchased the Receivables from the Dealers in the ordinary course
of business in accordance with AHFC's underwriting standards. On or before the
Closing Date, AHFC will sell the Receivables to AHRC. AHRC will, in turn, sell
the Receivables to the Trust on the Closing Date pursuant to the Sale and
Servicing Agreement. AHFC will continue to service the Receivables. The
Receivables to be held by the Trust will be selected from those motor vehicle
retail installment sale contracts in AHFC's portfolio that meet several
criteria. These criteria provide that each Receivable:

1. was originated in the United States and the Obligor is not a federal,
state or local governmental entity;

2. has a contractual Annual Percentage Rate ("APR") ranging from 2.90%
to 16.49%;

3. except for precomputed Receivables, provides for level monthly
payments that fully amortize the amount financed over its original
term except that the payment in the first or last month during the
life of the Receivable may be minimally different from the level
payment;

4. has a remaining term to maturity of not less than 6 months and not
more than 59 months;

5. is less than 30 days past due;

6. was originated on or after May 23, 1997 and on or prior to
September 27, 2001;

7. has been entered into by an Obligor that was not in bankruptcy
proceedings or is bankrupt or insolvent (according to the records of
AHFC); and

8. is secured by a Financed Vehicle that has not been repossessed
(according to the records of AHFC).

No selection procedures believed to be adverse to the noteholders will be
utilized in selecting the Receivables from qualifying retail installment sale
contracts. Except as described in item (2) above, the Receivables were not
selected on the basis of their APRs.

Approximately 99.38% of the Receivables (based on the aggregate principal
balance (the "Pool Balance") of the Receivables as of the Cutoff Date) are
simple interest Receivables and all other Receivables are precomputed
Receivables. The prospectus supplement and the prospectus will contain more
detailed descriptions of the characteristics of simple interest and precomputed
Receivables.

The composition, distribution by annual percentage rate and state of the
Receivables as of the Cutoff Date are as set forth in the following tables:

COMPOSITION OF THE RECEIVABLES

Aggregate Principal Balance.................................................... $2,082,211,927.51
Number of Receivables.......................................................... 149,463
Average Principal Balance...................................................... $13,931.29
Average Original Amount Financed............................................... $16,869.14
Range of Original Amount Financed.............................................. $1,957.61 to $75,382.34
Weighted Average APR(1)........................................................ 6.66%
Range of APRs.................................................................. 2.90% to 16.49%
Weighted Average Original Term to Maturity(1).................................. 55.66 months
Range of Original Maturities................................................... 12 months to
60 months

Weighted Average Remaining Term to Maturity(1)................................. 46.82 months
Range of Remaining Term to Maturity............................................ 6 months to
59 months

Percentage by Principal Balance of Receivables of New Motor Vehicles........... 88.46%
Percentage by Principal Balance of Receivables of Used Motor Vehicles.......... 11.54%
Percentage by Principal Balance of Receivables Financed through Honda Dealers.. 93.68%
Percentage by Principal Balance of Receivables Financed through Acura Dealers.. 6.32%

- -------------------
(1) Weighted by Principal Balance as of the Cutoff Date.

DISTRIBUTION OF THE RECEIVABLES BY APR(1)

PERCENTAGE OF PERCENTAGE
NUMBER OF AGGREGATE NUMBER INITIAL POOL OF INITIAL
RANGE OF APRS (%) RECEIVABLES OF RECEIVABLES BALANCE POOL BALANCE
- ----------------- ----------- -------------- ------- ------------

2.90 to 3.00.................. 729 0.49% $7,689,160.57 0.37%
3.01 to 4.00.................. 16,955 11.34 194,364,324.26 9.33
4.01 to 5.00.................. 16,176 10.82 201,576,669.39 9.68
5.01 to 6.00.................. 54,795 36.66 865,208,939.90 41.55
6.01 to 7.00.................. 20,899 13.98 271,418,594.30 13.04
7.01 to 8.00.................. 10,719 7.17 145,875,453.58 7.01
8.01 to 9.00.................. 9,619 6.44 131,614,301.29 6.32
9.01 to 10.00................. 6,505 4.35 89,833,939.26 4.31
10.01 to 11.00................ 5,701 3.81 81,193,975.18 3.90
11.01 to 12.00................ 3,600 2.41 47,729,454.41 2.29
12.01 to 13.00................ 2,381 1.59 30,375,819.12 1.46
13.01 to 14.00................ 1,129 0.76 12,952,967.80 0.62
14.01 to 15.00................ 229 0.15 2,178,676.97 0.10
15.01 to 16.00................ 25 0.02 197,260.07 0.01
16.01 to 16.49................ 1 0.00 2,391.41 0.00
TOTAL: 149,463 100.00% $2,082,211,927.51 100.00%
------- ======= ================= =======

- -------------------------------------------------------
(1) Percentages may not add to 100% due to rounding.

DISTRIBUTION OF RECEIVABLES BY STATE(1)(2)

PERCENTAGE OF
AGGREGATE PERCENTAGE
NUMBER OF NUMBER OF INITIAL POOL OF INITIAL
STATE RECEIVABLES RECEIVABLES BALANCE POOL BALANCE
----- ----------- ----------- ------- ------------

Alabama 1,966 1.32% $28,898,569.01 1.39%
Alaska 55 0.04 806,026.63 0.04
Arizona 2,399 1.61 35,577,658.09 1.71
Arkansas 1,123 0.75 16,250,461.22 0.78
California 29,312 19.61 399,710,218.90 19.20
Colorado 1,733 1.16 24,983,770.34 1.20
Connecticut 3,025 2.02 39,552,726.40 1.90
Delaware 771 0.52 10,460,490.65 0.50
Florida 6,735 4.51 96,770,307.44 4.65
Georgia 4,829 3.23 73,624,149.97 3.54
Hawaii 461 0.31 6,760,496.33 0.32
Idaho 217 0.15 3,139,463.66 0.15
Illinois 5,599 3.75 77,297,467.47 3.71
Indiana 1,592 1.07 22,375,893.60 1.07
Iowa 718 0.48 9,861,381.42 0.47
Kansas 800 0.54 11,624,962.74 0.56
Kentucky 1,098 0.73 15,353,982.90 0.74
Louisiana 2,123 1.42 31,682,475.84 1.52
Maine 253 0.17 3,439,645.95 0.17
Maryland 6,296 4.21 90,350,412.67 4.34
Massachusetts 4,633 3.10 59,082,617.83 2.84
Michigan 2,227 1.49 30,168,958.71 1.45
Minnesota 1,508 1.01 20,971,995.10 1.01
Mississippi 616 0.41 9,388,756.15 0.45
Missouri 2,324 1.55 32,692,961.81 1.57
Montana 153 0.10 2,085,871.76 0.10
Nebraska 374 0.25 5,018,652.54 0.24
Nevada 555 0.37 8,672,740.97 0.42
New Hampshire 938 0.63 12,114,268.82 0.58
New Jersey 9,368 6.27 124,756,448.05 5.99
New Mexico 483 0.32 7,005,540.95 0.34
New York 9,187 6.15 115,890,058.93 5.57
North Carolina 4,216 2.82 60,452,231.40 2.90
North Dakota 134 0.09 1,865,969.50 0.09
Ohio 5,168 3.46 68,803,057.47 3.30
Oklahoma 1,245 0.83 18,281,422.53 0.88
Oregon 1,052 0.70 14,177,180.02 0.68
Pennsylvania 7,511 5.03 100,141,732.89 4.81

PERCENTAGE OF
AGGREGATE PERCENTAGE
NUMBER OF NUMBER OF INITIAL POOL OF INITIAL
STATE RECEIVABLES RECEIVABLES BALANCE POOL BALANCE
----- ----------- ----------- ------- ------------

Rhode Island 566 0.38% $7,474,369.86 0.36%
South Carolina 1,891 1.27 26,957,951.55 1.29
South Dakota 242 0.16 3,197,555.42 0.15
Tennessee 2,767 1.85 41,035,687.52 1.97
Texas 12,598 8.43 192,958,323.52 9.27
Utah 546 0.37 7,779,412.12 0.37
Vermont 292 0.20 3,569,873.40 0.17
Virginia 3,893 2.60 56,297,158.81 2.70
Washington 2,026 1.36 28,777,855.64 1.38
West Virginia 351 0.23 4,873,516.54 0.23
Wisconsin 1,429 0.96 18,317,042.79 0.88
Wyoming 65 0.04 882,153.68 0.04
------- ------- ----------------- -------
TOTAL: 149,463 100.00% $2,082,211,927.51 100.00%
======= ======= ================= =======

- ------------------------------
(1) Based solely on the addresses of the originating dealers.
(2) Percentages may not add to 100% due to rounding.

DELINQUENCIES, REPOSSESSIONS AND NET LOSSES

Set forth below is information concerning AHFC's experience with
respect to its entire portfolio of new and used Honda and Acura motor vehicle
retail installment sale contracts, which includes contracts sold by but still
being serviced by AHFC. Credit losses are an expected cost in the business of
extending credit and are considered in AHFC's rate-setting process. AHFC's
strategy is to minimize credit losses while providing financing support for the
sale of new or used Honda and Acura motor vehicles.

AHFC establishes an allowance for expected credit losses and deducts
amounts reflecting charge-offs against such allowance. For retail financing, the
account balance related to a retail installment sale contract is charged against
the allowance for credit losses when the contract has been delinquent for 120
days, unless AHFC has repossessed the collateral associated with the contract.
In these cases, the account balances are not charged against the allowance for
credit losses until AHFC has either sold the repossessed related motor vehicle
or held it in repossession inventory for more than 90 days. AHFC credits any
recoveries from charge-offs related to a retail installment sale contract to the
allowance.

Delinquency, repossession and loss experience may be influenced by a
variety of economic, social and geographic conditions and other factors beyond
the control of AHFC. There is no assurance that AHFC's delinquency, repossession
and loss experience with respect to its retail installment sale contracts, or
the experience of the Trust with respect to the contracts, will be similar to
that set forth below.

There can be no assurance that the behavior of the Receivables included
in the Trust will be comparable to AHFC's experience shown in the following
tables. The percentages in the tables below have not been adjusted to eliminate
the effect of the growth of AHFC's portfolio. Accordingly, the delinquency,
repossession and net loss percentages would be expected to be higher than those
shown if a group of receivables were isolated at a period in time and the
delinquency, repossession and net loss data showed the activity only for that
isolated group over the periods indicated.

In the table below, the period of delinquency for the years ended March
31, 1999, 1998, and 1997 is based on the number of days more than 40% of a
scheduled payment on a cumulative basis is contractually past due. The period of
delinquency for the reporting periods beginning with the fiscal year ended March
31, 2000, is based on the number of days more than 10% of a scheduled payment on
a cumulative basis is contractually past due. If the period of delinquency used
by AHFC for prior reporting periods was based on the number of days more than
10% of a scheduled payment on a cumulative basis was contractually past due,
then its historical delinquency experience may have been materially higher in
each of the prior years presented below.

DELINQUENCY EXPERIENCE(1)(5)
(DOLLARS IN THOUSANDS)

FOR THE SIX
MONTHS ENDED
SEPTEMBER 30, FOR THE FISCAL YEAR ENDED MARCH 31,
--------------- -----------------------------------------------------------------------------------
2001 2001 2000 1999 1998 1997
--------------- ------------- ------------------ -------------- ----------------- -------------

Principal
Amount Outstanding(2)... $10,271,300 $8,108,877 $5,961,674 $4,011,174 $2,929,360 $2,486,957
Delinquencies(3)
30-59 Days $92,819 $57,434 $46,299 $30,781 $29,330 $37,070
60-89 Days 14,928 8,560 6,693 4,847 4,400 6,327
90 Days or More 5,488 2,745 2,463 1,576 1,699 2,911
Repossessions(4) 12,269 12,027 8,300 7,968 7,438 13,334
--------------- ----------- -------------- -------------- ----------------- -------------

Total Delinquencies and
Repossession............ $125,505 $80,766 $63,755 $45,173 $42,867 $59,642

Total Delinquencies and
Repossessions as a
Percentage of Principal
Amount Outstanding...... 1.22% 1.00% 1.07% 1.13% 1.46% 2.40%

- -------------------
(1) Includes contracts that have been sold but are still being serviced by
AHFC.

(2) Remaining principal balance and unearned finance charges for all
outstanding contracts.

(3) For the fiscal years ended March 31, 1999, 1998 and 1997 the period of
delinquency was based upon the number of days more than 40% of the
scheduled payment was contractually past due. For the reporting periods
beginning with the fiscal years ended March 31, 2000 and 2001, the
period of delinquency is based on the number of days more than 10% of
the scheduled payment is contractually past due.

(4) Amounts shown represent the outstanding principal balance for contracts
for which the related vehicle had been repossessed and not yet
liquidated.

(5) Totals may not add exactly due to rounding.

NET CREDIT LOSS AND REPOSSESSION EXPERIENCE(1) (7)
(DOLLARS IN THOUSANDS)

FOR THE SIX
MONTHS ENDED
SEPTEMBER 30, FOR THE FISCAL YEAR ENDED MARCH 31,
----------------- ------------------------------------------------------------------------------
2001 2001 2000 1999 1998 1997
----------------- --------------- ------------- --------------- ------------ ------------

Principal Amount
Outstanding(2)................. $10,271,300 $8,108,877 $5,961,674 $4,011,174 $2,929,360 $2,486,957
Average Principal Amount
Outstanding(3)............... $9,394,590 $7,309,993 $5,146,609 $3,727,024 $2,675,524 $2,545,288
Number of Contracts Outstanding 881,466 729,029 544,143 388,012 278,261 235,521
Average Number of Contracts
Outstanding(3) 818,075 653,916 478,517 351,693 252,723 228,287
Number of Repossessions 2,145 4,131 3,092 2,968 3,576 3,166
Number of Repossessions as a
Percentage of the Average
Number of Contracts
Outstanding.................... 0.52%(6) 0.63% 0.65% 0.84% 1.42% 1.39%
Gross Charge-Offs(4)........... $16,728 $28,443 $24,626 $25,119 $32,598 $25,857
Recoveries(5).................. 6,407 12,383 10,043 10,719 8,245 6,014
----------------- --------------- ------------- --------------- ------------ ------------

Net Losses..................... $10,322 $16,060 $14,583 $14,399 $24,353 $19,843
Net Losses as a Percentage of
Average Principal Amount
Outstanding.................. 0.22%(6) 0.22% 0.28% 0.39% 0.91% 0.78%

- -------------------------------
(1) Includes contracts that have been sold but are still being serviced by
AHFC.

(2) Remaining principal balance and unearned finance charges for all
outstanding contracts.

(3) Average of the loan balance or number of contracts, as the case may be,
is calculated for a period by dividing the total monthly amounts by the
number of months in the period.

(4) Amount charged off is the remaining principal balance, excluding any
expenses associated with collection, repossession or disposition of the
related vehicle, plus earned but not yet received finance charges, net
of any proceeds collected prior to charge off.

(5) Proceeds received on previously charged-off contracts.

(6) Annualized.

(7) Totals may not add exactly due to rounding.

WEIGHTED AVERAGE LIVES OF THE NOTES

Prepayments on motor vehicle receivables can be measured relative to a
payment standard or model. The model used in this term sheet, the Absolute
Prepayment Model ("ABS"), represents an assumed rate of prepayment each month
relative to the original number of receivables in a pool of receivables. ABS
further assumes that all the receivables in question are the same size and
amortize at the same rate and that each receivable in each month of its life
will either be paid as scheduled or be paid in full. For example, in a pool of
receivables originally containing 10,000 receivables, a 1% ABS rate means that
1% of the receivables, or 100 receivables, prepay each month. ABS does not
purport to be an historical description of prepayment experience or a prediction
of the anticipated rate of prepayment of any pool of receivables, including the
Receivables.

As the rate of the payment of principal of each class of Notes will
depend on the rate of payment (including prepayments) of the principal balance
of the Receivables, final payment of any class of Notes could occur
significantly earlier than the respective Final Scheduled Payment Date.
Reinvestment risk associated with early payment of the Notes of any class will
be borne exclusively by the holders of such Notes.

The tables captioned "Percentage of Initial Class A Note Principal at
Various ABS Percentages" (the "ABS Tables") have been prepared on the basis of
the characteristics of the Receivables described under "The Receivables Pool".
The ABS Tables assume that (1) the Receivables prepay in full at the specified
constant percentage of ABS monthly, with no defaults, losses or repurchases, (2)
each scheduled monthly payment on each Receivable is scheduled to be made and is
made on the last day of each month and each month has 30 days, (3) payments are
made on the Notes on each Payment Date (and each such date is assumed to be the
fifteenth day of each applicable month), (4) the balance in the Reserve Fund on
each Payment Date is the required amount described under "Summary of Terms --
Credit Enhancement; B. Reserve Fund" and (5) except as indicated in the ABS
Tables, the Servicer does not exercise its option to purchase the Receivables on
the earliest Payment Date on which such option may be exercised. The
hypothetical pools each have a cut-off date of January 1, 2002. The ABS Tables
indicate the projected weighted average life of each class of Notes and sets
forth the percentage of the initial principal amount of each class of Notes that
is projected to be outstanding after each of the Payment Dates shown at various
constant ABS percentages.

The ABS Tables also assume that the Receivables have been aggregated
into hypothetical pools with all of the receivables within each such pool having
the following characteristics and that the level scheduled monthly payment for
each of the pools (which is based on the aggregate principal balance, APR,
seasoning, and remaining term to maturity as of the assumed cutoff date) will be
such that each pool will be fully amortized by the end of its remaining term to
maturity.

REMAINING
TERM TO ORIGINAL TERM TO
AGGREGATE PRINCIPAL MATURITY MATURITY
POOL BALANCE APR (IN MONTHS) (IN MONTHS)
---------------- --------------------- ---------- ------------- ------------------

1.............. $ 7,288,837.28 6.959% 9 48
2.............. $ 47,815,470.42 5.896% 19 41
3.............. $210,485,633.03 4.234% 31 36
4.............. $140,284,811.99 7.268% 31 57
5.............. $244,766,896.84 5.889% 43 49
6.............. $217,059,636.64 7.958% 42 60
7.............. $670,099,337.50 6.710% 56 60
8.............. $544,411,303.81 7.280% 52 60

The actual characteristics and performance of the Receivables will
differ from the assumptions used in constructing the ABS 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 the Receivables will prepay at the
same level of ABS. Moreover, the diverse terms of Receivables within each of the
hypothetical pools could produce slower or faster principal distributions than
indicated in the ABS Table at the various constant percentages of ABS specified,
even if the original and remaining terms to maturity of the Receivables are as
assumed. Any difference between such assumptions and the actual characteristics
and performance of the Receivables, or actual prepayment experience, will affect
the percentages of initial amounts outstanding over time and the weighted
average life of each class of Notes.

PERCENTAGE OF INITIAL CLASS A-1 NOTE PRINCIPAL AT VARIOUS ABS PERCENTAGES

PAYMENT DATE 0.50% 1.00% 1.30% 1.50% 1.70%
- ------------ ----- ----- ----- ----- -----

Closing Date............................................. 100.00% 100.00% 100.00% 100.00% 100.00%
February, 2002............................................. 90.48 88.36 86.97 85.97 84.91
March, 2002................................................ 80.99 76.85 74.13 72.18 70.11
April, 2002................................................ 71.55 65.48 61.48 58.63 55.60
May, 2002.................................................. 62.15 54.24 49.03 45.32 41.38
June, 2002................................................. 52.79 43.13 36.79 32.26 27.46
July, 2002................................................. 43.47 32.17 24.74 19.45 13.85
August, 2002............................................... 34.19 21.33 12.89 6.89 0.53
September, 2002............................................ 24.96 10.64 1.25 0.00 0.00
October, 2002.............................................. 15.76 0.09 0.00 0.00 0.00
November, 2002............................................. 6.75 0.00 0.00 0.00 0.00
December, 2002............................................. 0.00 0.00 0.00 0.00 0.00
January, 2003.............................................. 0.00 0.00 0.00 0.00 0.00
February, 2003............................................. 0.00 0.00 0.00 0.00 0.00

Weighted Average Life (years) (1)(2) ...................... 0.45 0.37 0.33 0.31 0.29
Weighted Average Life (years) (1)(3)....................... 0.45 0.37 0.33 0.31 0.29

--------------
(1) The weighted average life of a Note is determined by (x) multiplying
the amount of each principal payment on a Note by the number of
years from the date of issuance of the Note to the related Payment
Date, (y) adding the results and (z) dividing the sum by the
original principal amount of the Note.

(2) This calculation assumes that the Servicer does not exercise its
option to purchase the Receivables.

(3) This calculation assumes that the Servicer exercises its option to
purchase the Receivables.

This Table has been prepared based on the assumptions herein
(including the assumptions regarding the characteristics and
performance of the Receivables, which will differ from the actual
characteristics and performance thereof) and should be read in
conjunction therewith.

PERCENTAGE OF INITIAL CLASS A-2 NOTE PRINCIPAL AT VARIOUS ABS PERCENTAGES

PAYMENT DATE 0.50% 1.00% 1.30% 1.50% 1.70%
- ------------ ----- ----- ----- ----- -----

Closing Date....................................... 100.00% 100.00% 100.00% 100.00% 100.00%
February, 2002....................................... 100.00 100.00 100.00 100.00 100.00
March, 2002.......................................... 100.00 100.00 100.00 100.00 100.00
April, 2002.......................................... 100.00 100.00 100.00 100.00 100.00
May, 2002............................................ 100.00 100.00 100.00 100.00 100.00
June, 2002........................................... 100.00 100.00 100.00 100.00 100.00
July, 2002........................................... 100.00 100.00 100.00 100.00 100.00
August, 2002......................................... 100.00 100.00 100.00 100.00 100.00
September, 2002...................................... 100.00 100.00 100.00 93.80 85.72
October, 2002........................................ 100.00 100.00 88.35 80.01 71.20
November, 2002....................................... 100.00 88.34 75.64 66.63 57.10
December, 2002....................................... 97.47 76.73 63.15 53.53 43.36
January, 2003........................................ 87.26 65.28 50.90 40.71 29.95
February, 2003....................................... 77.10 53.99 38.89 28.19 16.89
March, 2003.......................................... 67.00 42.87 27.11 15.95 4.19
April, 2003.......................................... 56.94 31.91 15.57 4.01 0.00
May, 2003............................................ 46.93 21.11 4.28 0.00 0.00
June, 2003........................................... 36.98 10.49 0.00 0.00 0.00
July, 2003........................................... 27.08 0.03 0.00 0.00 0.00
August, 2003....................................... 17.23 0.00 0.00 0.00 0.00
September, 2003.................................... 7.92 0.00 0.00 0.00 0.00
October, 2003...................................... 0.00 0.00 0.00 0.00 0.00
November, 2003..................................... 0.00 0.00 0.00 0.00 0.00
December, 2003..................................... 0.00 0.00 0.00 0.00 0.00
January, 2004...................................... 0.00 0.00 0.00 0.00 0.00

Weighted Average Life (years) (1)(2) .............. 1.31 1.12 1.01 0.95 0.88
Weighted Average Life (years) (1)(3)............... 1.31 1.12 1.01 0.95 0.88

(2) This calculation assumes that the Servicer does not exercise its
option to purchase the Receivables.

(3) This calculation assumes that the Servicer exercises its option to
purchase the Receivables.

PERCENTAGE OF INITIAL CLASS A-3 NOTE PRINCIPAL AT VARIOUS ABS PERCENTAGES

PAYMENT DATE 0.50% 1.00% 1.30% 1.50% 1.70%
- ------------ ----- ----- ----- ----- -----

Closing Date............................................ 100.00% 100.00% 100.00% 100.00% 100.00%
February, 2002..............................................100.00 100.00 100.00 100.00 100.00
March, 2002.................................................100.00 100.00 100.00 100.00 100.00
April, 2002.................................................100.00 100.00 100.00 100.00 100.00
May, 2002...................................................100.00 100.00 100.00 100.00 100.00
June, 2002..................................................100.00 100.00 100.00 100.00 100.00
July, 2002..................................................100.00 100.00 100.00 100.00 100.00
August, 2002................................................100.00 100.00 100.00 100.00 100.00
September, 2002.............................................100.00 100.00 100.00 100.00 100.00
October, 2002...............................................100.00 100.00 100.00 100.00 100.00
November, 2002..............................................100.00 100.00 100.00 100.00 100.00
December, 2002..............................................100.00 100.00 100.00 100.00 100.00
January, 2003...............................................100.00 100.00 100.00 100.00 100.00
February, 2003..............................................100.00 100.00 100.00 100.00 100.00
March, 2003.................................................100.00 100.00 100.00 100.00 100.00
April, 2003.................................................100.00 100.00 100.00 100.00 94.46
May, 2003...................................................100.00 100.00 100.00 94.83 86.32
June, 2003..................................................100.00 100.00 95.41 87.14 78.43
July, 2003..................................................100.00 100.00 88.08 79.65 70.78
August, 2003................................................100.00 93.04 80.92 72.37 63.38
September, 2003.............................................100.00 86.45 74.16 65.50 56.40
October, 2003............................................... 99.09 79.97 67.56 58.82 49.65
November, 2003.............................................. 92.84 73.60 61.12 52.34 43.13
December, 2003.............................................. 86.63 67.34 54.85 46.06 36.85
January, 2004............................................... 80.45 61.20 48.73 39.98 30.81
February, 2004.............................................. 74.31 55.16 42.79 34.10 25.01
March, 2004................................................. 68.20 49.24 37.00 28.42 19.46
April, 2004................................................. 62.13 43.44 31.39 22.95 14.14
May, 2004................................................... 56.10 37.75 25.94 17.68 9.08
June, 2004.................................................. 50.11 32.18 20.66 12.63 4.26
July, 2004.................................................. 44.15 26.72 15.56 7.78 0.00
August, 2004................................................ 38.23 21.39 10.63 3.14 0.00
September, 2004............................................. 33.74 17.23 6.68 0.00 0.00
October, 2004............................................... 29.29 13.16 2.86 0.00 0.00
November, 2004.............................................. 24.85 9.17 0.00 0.00 0.00
December, 2004.............................................. 20.45 5.27 0.00 0.00 0.00
January, 2005............................................... 16.08 1.46 0.00 0.00 0.00
February, 2005.............................................. 11.73 0.00 0.00 0.00 0.00
March, 2005................................................. 7.41 0.00 0.00 0.00 0.00
April, 2005................................................. 3.12 0.00 0.00 0.00 0.00
May, 2005................................................... 0.00 0.00 0.00 0.00 0.00
June, 2005.................................................. 0.00 0.00 0.00 0.00 0.00
July, 2005.................................................. 0.00 0.00 0.00 0.00 0.00

Weighted Average Life (years) (1)(2) ................... 2.46 2.19 2.01 1.90 1.78
Weighted Average Life (years) (1)(3).................... 2.46 2.19 2.01 1.90 1.78

- --------------
(1) The weighted average life of a Note is determined by (x) multiplying
the amount of each principal payment on a Note by the number of
years from the date of issuance of the Note to the related Payment
Date, (y) adding the results and (z) dividing the sum by the
original principal amount of the Note.

(2) This calculation assumes that the Servicer does not exercise its option
to purchase the Receivables.

(3) This calculation assumes that the Servicer exercises its option to
purchase the Receivables.

PERCENTAGE OF INITIAL CLASS A-4 NOTE PRINCIPAL AT VARIOUS ABS PERCENTAGES

PAYMENT DATE 0.50% 1.00% 1.30% 1.50% 1.70%
- ------------ ----- ----- ----- ----- -----

Closing Date........................................... 100.00% 100.00% 100.00% 100.00% 100.00%
February, 2002......................................... 100.00 100.00 100.00 100.00 100.00
March, 2002............................................ 100.00 100.00 100.00 100.00 100.00
April, 2002............................................ 100.00 100.00 100.00 100.00 100.00
May, 2002.............................................. 100.00 100.00 100.00 100.00 100.00
June, 2002............................................. 100.00 100.00 100.00 100.00 100.00
July, 2002............................................. 100.00 100.00 100.00 100.00 100.00
August, 2002........................................... 100.00 100.00 100.00 100.00 100.00
September, 2002........................................ 100.00 100.00 100.00 100.00 100.00
October, 2002.......................................... 100.00 100.00 100.00 100.00 100.00
November, 2002......................................... 100.00 100.00 100.00 100.00 100.00
December, 2002......................................... 100.00 100.00 100.00 100.00 100.00
January, 2003.......................................... 100.00 100.00 100.00 100.00 100.00
February, 2003......................................... 100.00 100.00 100.00 100.00 100.00
March, 2003............................................ 100.00 100.00 100.00 100.00 100.00
April, 2003............................................ 100.00 100.00 100.00 100.00 100.00
May, 2003.............................................. 100.00 100.00 100.00 100.00 100.00
June, 2003............................................. 100.00 100.00 100.00 100.00 100.00
July, 2003............................................. 100.00 100.00 100.00 100.00 100.00
August, 2003........................................... 100.00 100.00 100.00 100.00 100.00
September, 2003........................................ 100.00 100.00 100.00 100.00 100.00
October, 2003.......................................... 100.00 100.00 100.00 100.00 100.00
November, 2003......................................... 100.00 100.00 100.00 100.00 100.00
December, 2003......................................... 100.00 100.00 100.00 100.00 100.00
January, 2004.......................................... 100.00 100.00 100.00 100.00 100.00
February, 2004......................................... 100.00 100.00 100.00 100.00 100.00
March, 2004............................................ 100.00 100.00 100.00 100.00 100.00
April, 2004............................................ 100.00 100.00 100.00 100.00 100.00
May, 2004.............................................. 100.00 100.00 100.00 100.00 100.00
June, 2004............................................. 100.00 100.00 100.00 100.00 100.00
July, 2004............................................. 100.00 100.00 100.00 100.00 99.31
August, 2004........................................... 100.00 100.00 100.00 100.00 89.41
September, 2004........................................ 100.00 100.00 100.00 98.50 81.06
October, 2004.......................................... 100.00 100.00 100.00 90.14 73.13
November, 2004......................................... 100.00 100.00 98.08 82.12 65.62*
December, 2004......................................... 100.00 100.00 89.88 74.46 58.52
January, 2005.......................................... 100.00 100.00 81.98 67.16 51.85
February, 2005......................................... 100.00 94.80 74.37 60.22* 45.61
March, 2005............................................ 100.00 86.47 67.07 53.65 39.79
April, 2005............................................ 100.00 78.34 60.07* 47.44 34.42
May, 2005.............................................. 97.37 70.42 53.37 41.60 29.48
June, 2005............................................. 87.66 62.72* 46.98 36.13 25.00
July, 2005............................................. 78.01 55.23 40.90 31.05 20.94
August, 2005........................................... 69.87 48.86 35.65 26.56 17.25

PAYMENT DATE 0.50% 1.00% 1.30% 1.50% 1.70%
- ------------ ----- ----- ----- ----- -----

September, 2005........................................ 63.35* 43.75 31.41 22.94 14.25
October, 2005.......................................... 56.88 38.77 27.38 19.56 11.54
November, 2005......................................... 50.46 33.94 23.56 16.43 9.12
December, 2005......................................... 44.08 29.25 19.94 13.55 7.00
January, 2006.......................................... 37.74 24.71 16.53 10.92 5.18
February, 2006......................................... 31.46 20.32 13.34 8.55 3.65
March, 2006............................................ 25.22 16.08 10.35 6.44 2.43
April, 2006............................................ 19.04 11.99 7.59 4.58 1.53
May, 2006.............................................. 12.90 8.05 5.04 2.99 0.90
June, 2006............................................. 9.63 5.91 3.61 2.04 0.44
July, 2006............................................. 6.40 3.86 2.29 1.22 0.13
August, 2006........................................... 3.18 1.89 1.09 0.54 0.00
September, 2006........................................ 0.00 0.00 0.00 0.00 0.00

Weighted Average Life (years) (1)(2)................... 3.87 3.66 3.47 3.31 3.12
Weighted Average Life (years) (1)(3)................... 3.57 3.32 3.14 2.97 2.75
*Month of Optional Purchase (3)........................ Sep-05 Jun-05 Apr-05 Feb-05 Nov-04

- --------------
(1) The weighted average life of a Note is determined by (x) multiplying the
amount of each principal payment on a Note by the number of years from the
date of issuance of the Note to the related Payment Date, (y) adding the
results and (z) dividing the sum by the original principal amount of the
Note.

(2) This calculation assumes that the Servicer does not exercise its option to
purchase the Receivables.

(3) This calculation assumes that the Servicer exercises its option to
purchase the Receivables.