EXHIBIT 99.1

SUBJECT TO REVISION
SERIES TERM SHEET, DATED OCTOBER 22, 2003

$1,800,000,000

HONDA AUTO RECEIVABLES 2003-4 OWNER TRUST,

ISSUER

AMERICAN HONDA RECEIVABLES CORP.,

SELLER

AMERICAN HONDA FINANCE CORPORATION,

SERVICER

ASSET BACKED NOTES

The trust will issue the following notes:

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

Class A-1 Notes......... $421,000,000 % Actual/360 November 17, 2003 November 15, 2004
Class A-2 Notes......... $540,000,000 % 30/360 November 17, 2003 July 17, 2006
Class A-3 Notes......... $340,000,000 % 30/360 November 17, 2003 May 15, 2007
Class A-4 Notes......... $499,000,000 % 30/360 November 17, 2003 March 16, 2009

(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superseded by information contained in the final prospectus supplement and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

CREDIT SUISSE FIRST BOSTON JPMORGAN

CO-MANAGERS

BANC OF AMERICA SECURITIES LLC

BANC ONE CAPITAL MARKETS, INC.

BARCLAYS CAPITAL INC.

DEUTSCHE BANK SECURITIES INC.

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.

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 J.P. Morgan Securities Inc. or Credit
Suisse First Boston LLC immediately.

ISSUER
Honda Auto Receivables 2003-4 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
U.S. Bank National Association (the "Indenture Trustee").

OWNER TRUSTEE
Citibank, N.A. (the "Owner Trustee").

DELAWARE TRUSTEE
Wachovia Trust Company, National Association (the "Delaware Trustee").

CLOSING DATE
On or about October 30, 2003 (the "Closing Date").

CUTOFF DATE
October 1, 2003 (the "Cutoff Date").

THE NOTES
Class A-1 ___% Asset Backed Notes in the aggregate initial principal
amount of $421,000,000 (the "Class A-1 Notes").

Class A-2 ___% Asset Backed Notes in the aggregate initial principal
amount of $540,000,000 (the "Class A-2 Notes").

Class A-3 ___% Asset Backed Notes in the aggregate initial principal
amount of $340,000,000 (the "Class A-3 Notes").

Class A-4 ___% Asset Backed Notes in the aggregate initial principal
amount of $499,000,000 (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
November 17, 2003.

FINAL SCHEDULED PAYMENT DATES
The final principal payment 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 J.P. Morgan Securities Inc. or Credit Suisse First Boston LLC
immediately.

THE CERTIFICATES
The Trust will also issue $50,899,759.44 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 March 25,
1999 and on or prior to July 30, 2003 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
$1,850,899,759.44. As of the Cutoff Date, the Receivables had the
following characteristics:

o number of receivables................111,180

o average principal balance...........................$16,647.78

o weighted average annual percentage rate........................4.17%

o weighted average remaining term to maturity.............53.78 months

o weighted average original term to maturity .............58.66 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

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 J.P. Morgan Securities Inc. or Credit Suisse First Boston LLC
immediately.

Date, except that the first interest accrual period will be from (and
including) the Closing Date to (but excluding) November 17, 2003. 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) November 15, 2003. 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, 15) 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 each Receivable that became a defaulted
Receivable 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.

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 J.P. Morgan Securities Inc. or Credit Suisse First Boston LLC
immediately.

The "noteholders' percentage" will mean the following:

a. for each Payment Date until the Class A-1 Notes have been paid in
full, 100%;

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 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; and

c. thereafter, 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, Class A-3 and Class 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 to the noteholders ("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

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 J.P. Morgan Securities Inc. or Credit Suisse First Boston LLC
immediately.

holders of the Certificates, at the certificateholders'
percentage of the principal distributable amount for that Payment
Date;

4. to reimburse the Indenture Trustee, the Delaware Trustee and 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 initial 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 $50,899,759.44
and represent approximately 2.75% 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 $9,254,498.80 into the Reserve Fund, which is 0.50% of the
initial aggregate principal balance of

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 J.P. Morgan Securities Inc. or Credit Suisse First Boston LLC
immediately.

the Receivables as of the Cutoff Date. On each Payment Date, after
making required payments of fees and expenses, interest on the Notes
and the principal distributable amount to the noteholders, the Trust
will make a deposit into the Reserve Fund to the extent necessary to
cause the amount on deposit in the Reserve Fund to equal the Specified
Reserve Fund Balance.

The "Specified Reserve Fund Balance" with respect to any Payment Date
will be equal to 0.75% of the initial aggregate principal balance of
the Receivables as of the Cutoff Date. Notwithstanding the foregoing,
in no event will the Specified Reserve Fund Balance be more than the
then outstanding principal amount of the Notes.

C. 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.

YIELD SUPPLEMENT ACCOUNT
On the Closing Date, the Seller will cause to be deposited an amount
to be set forth in the final prospectus supplement relating to the
offering of the Notes 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

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 J.P. Morgan Securities Inc. or Credit Suisse First Boston LLC
immediately.

held in its repossession inventory for 90 days, whichever occurs
first.

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 October 30,
2003.

TAX STATUS
Subject to important considerations described in the prospectus
supplement and prospectus, McKee Nelson LLP, 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 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 Ratings
("Fitch Ratings"); 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
Ratings.

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

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 J.P. Morgan Securities Inc. or Credit Suisse First Boston LLC
immediately.

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 Ratings. 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.

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 J.P. Morgan Securities Inc. or Credit Suisse First Boston LLC
immediately.

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 1.29%
to 17.59%;

3. 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 7 months and not
more than 60 months;

5. is less than 30 days past due;

6. was originated on or after March 25, 1999 and on or prior to July
30, 2003;

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.

All of the Receivables (based on the aggregate principal balance (the
"Pool Balance") of the Receivables as of the Cutoff Date) are simple interest
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:

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 J.P. Morgan Securities Inc. or Credit Suisse First Boston LLC
immediately.

COMPOSITION OF THE RECEIVABLES

Aggregate Principal Balance...................................................... $1,850,899,759.44
Number of Receivables............................................................ 111,180
Average Principal Balance........................................................ $16,647.78
Average Original Amount Financed................................................. $18,167.84
Range of Original Amount Financed................................................ $1,970.50 to $55,657.28
Weighted Average APR(1).......................................................... 4.17%
Range of APRs.................................................................... 1.29% to 17.59%
Weighted Average Original Term to Maturity(1).................................... 58.66 months
Range of Original Terms to Maturity.............................................. 12 months to 60 months
Weighted Average Remaining Term to Maturity(1)................................... 53.78 months
Range of Remaining Terms to Maturity............................................. 7 months to 60 months
Percentage by Principal Balance of Receivables of New Motor Vehicles............. 86.00%
Percentage by Principal Balance of Receivables of Used Motor Vehicles............ 14.00%
Percentage by Principal Balance of Receivables Financed through Honda Dealers.... 86.51%
Percentage by Principal Balance of Receivables Financed through Acura Dealers.... 13.49%

- -------------------
(1) Weighted by Principal Balance as of the Cutoff 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 J.P. Morgan Securities Inc. or Credit Suisse First Boston LLC
immediately.

DISTRIBUTION OF THE RECEIVABLES BY APR(1)

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

1.01 to 2.00.......... 35,652 32.07% $ 525,292,117.83 28.38%
2.01 to 3.00.......... 14,136 12.71 291,946,127.84 15.77
3.01 to 4.00.......... 9,088 8.17 169,711,168.84 9.17
4.01 to 5.00.......... 16,046 14.43 311,820,960.15 16.85
5.01 to 6.00.......... 21,898 19.70 316,672,182.12 17.11
6.01 to 7.00.......... 3,753 3.38 69,083,301.71 3.73
7.01 to 8.00.......... 2,023 1.82 34,191,063.76 1.85
8.01 to 9.00.......... 2,609 2.35 42,056,585.99 2.27
9.01 to 10.00......... 3,819 3.43 62,298,204.93 3.37
10.01 to 11.00........ 1,524 1.37 20,733,843.53 1.12
11.01 to 12.00........ 452 0.41 5,159,684.40 0.28
12.01 to 13.00........ 113 0.10 1,189,666.76 0.06
13.01 to 14.00........ 45 0.04 489,845.69 0.03
14.01 to 15.00........ 12 0.01 151,482.28 0.01
15.01 to 16.00........ 5 0.00 52,926.69 0.00
16.01 to 17.00........ 2 0.00 18,452.91 0.00
17.01 to 18.00........ 3 0.00 32,144.01 0.00
------------------- -------------------- ---------------------------- -----------------------
TOTAL................. 111,180 100.00% $1,850,899,759.44 100.00%
=================== ==================== ============================ =======================

- ----------------------------------------------------------
(1) Percentages may not add to 100.00% due to rounding.

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 J.P. Morgan Securities Inc. or Credit Suisse First Boston LLC
immediately.

DISTRIBUTION OF THE RECEIVABLES BY STATE(1) (2)

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

Alabama............... 1,573 1.41% $ 26,159,044.99 1.41%
Alaska................ 100 0.09 1,666,377.77 0.09
Arkansas.............. 665 0.60 10,690,746.07 0.58
California............ 19,719 17.74 334,464,864.14 18.07
Colorado.............. 1,437 1.29 24,024,004.10 1.30
Delaware.............. 707 0.64 11,195,510.78 0.60
Florida............... 6,514 5.86 108,978,000.58 5.89
Georgia............... 3,762 3.38 67,311,618.15 3.64
Hawaii................ 456 0.41 7,783,691.64 0.42
Idaho................. 221 0.20 3,626,234.83 0.20
Illinois.............. 3,989 3.59 66,876,152.41 3.61
Indiana............... 1,217 1.09 19,970,410.52 1.08
Iowa.................. 417 0.38 6,270,252.95 0.34
Kansas................ 642 0.58 10,703,077.21 0.58
Kentucky.............. 792 0.71 12,688,061.67 0.69
Louisiana............. 1,450 1.30 23,744,730.98 1.28
Maryland.............. 5,721 5.15 101,527,246.24 5.49
Massachusetts......... 2,943 2.65 44,988,958.86 2.43
Michigan.............. 1,758 1.58 28,363,902.13 1.53
Minnesota............. 841 0.76 12,852,155.96 0.69
Mississippi........... 406 0.37 7,152,298.03 0.39
Missouri.............. 1,669 1.50 27,990,944.59 1.51
Montana............... 156 0.14 2,380,660.48 0.13
Nebraska.............. 284 0.26 4,608,019.33 0.25
Nevada................ 599 0.54 10,690,162.04 0.58
New Hampshire......... 660 0.59 9,697,050.04 0.52
New Jersey............ 7,577 6.82 124,093,122.89 6.70
New Mexico............ 350 0.31 5,736,443.56 0.31
New York.............. 6,891 6.20 109,310,856.24 5.91
North Carolina........ 3,307 2.97 53,550,203.20 2.89
North Dakota.......... 95 0.09 1,561,931.80 0.08
Ohio.................. 3,670 3.30 54,059,835.34 2.92
Oklahoma.............. 881 0.79 13,808,824.77 0.75
Oregon................ 1,058 0.95 16,872,190.20 0.91
Pennsylvania.......... 6,978 6.28 111,386,415.86 6.02
Rhode Island.......... 428 0.38 6,714,230.91 0.36
South Carolina........ 1,569 1.41 24,940,308.45 1.35
South Dakota.......... 143 0.13 2,028,425.42 0.11
Tennessee............. 2,902 2.61 50,630,557.66 2.74
Texas................. 8,468 7.62 151,502,912.13 8.19
Utah.................. 478 0.43 7,777,143.58 0.42

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 J.P. Morgan Securities Inc. or Credit Suisse First Boston LLC
immediately.

Vermont............... 195 0.18% $ 2,762,275.10 0.15%
Virginia.............. 4,245 3.82 74,370,378.94 4.02
Washington............ 1,750 1.57 29,938,970.72 1.62
West Virginia......... 237 0.21 3,649,024.44 0.20
Wisconsin............. 1,200 1.08 18,753,411.58 1.01
Wyoming............... 60 0.05 1,048,120.16 0.06
----------------------- -------------------- -------------------- -------------------
TOTAL................. 111,180 100.00% $1,850,899,759.44 100.00%
======================= ==================== ==================== ===================

- -----------------------------------------------------------------------
(1) Based solely on the addresses of the originating dealers.

(2) Percentages may not add to 100.00% due to rounding.

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 J.P. Morgan Securities Inc. or Credit Suisse First Boston LLC
immediately.

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 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 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 fiscal year ended
March 31, 1999 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
the prior year presented below.

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 J.P. Morgan Securities Inc. or Credit Suisse First Boston LLC
immediately.

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

AT JUNE 30, AT MARCH 31,
--------------- -------------------------------------------------------------------------------
2003 2003 2002 2001 2000 1999
--------------- ----------------- --------------- --------------- --------------- -------------

Principal
Amount Outstanding(2)..... $16,016,277 $14,951,026 $ 11,247,959 $8,108,877 $5,961,674 $4,011,174
Delinquencies(3)
30-59 Days................ $ 145,990 $ 132,063 $ 73,754 $ 57,434 $ 46,299 $ 30,781
60-89 Days................ 26,291 20,066 10,932 8,560 6,693 4,847
90 Days or More........... 7,368 6,444 4,814 2,745 2,463 1,576
Repossessions(4) ......... 27,392 34,003 24,623 12,027 8,300 7,968
--------------- ----------------- --------------- --------------- --------------- -------------
Total Delinquencies and
Repossession.............. $ 207,041 $ 192,575 $ 114,124 $ 0,766 $ 63,755 $ 45,173

Total Delinquencies and
Repossessions as a
Percentage of Principal
Amount Outstanding........ 1.29% 1.29% 1.01% 1.00% 1.07% 1.13%

- -------------------
(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 year ended March 31, 1999, 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 year ended March 31, 2000, 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.

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 J.P. Morgan Securities Inc. or Credit Suisse First Boston LLC
immediately.

NET CREDIT LOSS AND REPOSSESSION EXPERIENCE(1)(6)
(DOLLARS IN THOUSANDS)

FOR THE THREE
MONTHS ENDED JUNE
30, FOR THE FISCAL YEAR ENDED MARCH 31,
------------------- ------------------------------------------------------------------------
2003 2003 2002 2001 2000 1999
------------------- ------------ -------------- ------------ ------------- -------------

Principal Amount
Outstanding(2)............... $16,016,277 $14,951,026 $11,247,959 $8,108,877 $5,961,674 $4,011,174
Average Principal Amount
Outstanding(3)............... $15,620,717 $13,304,416 $10,080,855 $7,314,872 $5,146,609 $3,727,024
Number of Contracts Outstanding 1,274,107 1,211,052 965,964 729,029 544,143 388,012
Average Number of Contracts
Outstanding(3)............... 1,251,537 1,096,382 873,496 654,200 478,517 351,693
Number of Repossessions........ 2,612 9,647 5,736 4,131 3,092 2,968
Number of Repossessions as a
Percentage of the Average
Number of Contracts
Outstanding.................. 0.83%(7) 0.88% 0.66% 0.63% 0.65% 0.84%
Gross Charge-Offs(4)........... $ 35,526 $ 86,215 $ 45,967 $ 28,443 $ 24,626 $ 25,119
Recoveries(5).................. $ 11,949 $ 23,344 $ 14,988 $ 12,383 $ 10,043 $ 10,719
------------------- ------------ -------------- ------------ ------------- -------------

Net Losses..................... $ 23,577 $ 62,871 $ 30,979 $ 16,060 $ 14,583 $ 14,399
Net Losses as a Percentage of
Average Principal Amount
Outstanding.................. 0.60%(7) 0.47% 0.31% 0.22% 0.28% 0.39%

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

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 J.P. Morgan Securities Inc. or Credit Suisse First Boston LLC
immediately.

WEIGHTED AVERAGE LIFE 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 October 1, 2003. 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.

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 J.P. Morgan Securities Inc. or Credit Suisse First Boston LLC
immediately.

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

1.............. $ 417,501.50 5.829% 10 18 28
2.............. $ 360,220.28 5.727% 16 19 35
3.............. $ 8,532,525.17 4.725% 21 9 30
4.............. $ 2,012,442.02 6.528% 28 14 42
5.............. $ 55,048,277.68 4.365% 33 6 39
6.............. $ 17,278,561.54 6.947% 40 17 57
7.............. $ 308,446,929.69 5.943% 46 11 57
8.............. $ 37,565,926.55 5.469% 52 7 59
9.............. $1,421,237,375.01 3.707% 57 3 60
--------------------
TOTAL.......... $1,850,899,759.44
==================== --------- ------------------ ------------- ----------------

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.

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 J.P. Morgan Securities Inc. or Credit Suisse First Boston LLC
immediately.

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

PAYMENT DATE 0.50% 1.00% 1.30% 1.50% 1.70% 2.00%
------------ ----- ----- ----- ----- ----- -----

Closing Date.............................. 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
November, 2003............................ 90.20 87.87 86.42 85.42 84.40 82.82
December, 2003............................ 80.45 75.88 73.02 71.06 69.06 65.96
January, 2004............................. 70.75 64.02 59.81 56.93 53.97 49.41
February, 2004............................ 61.10 52.30 46.79 43.01 39.15 33.18
March, 2004............................... 51.51 40.71 33.95 29.33 24.59 17.27
April, 2004............................... 41.97 29.26 21.31 15.86 10.29 1.68
May, 2004................................. 32.48 17.95 8.86 2.63 0.00 0.00
June, 2004................................ 23.04 6.77 0.00 0.00 0.00 0.00
July, 2004................................ 13.66 0.00 0.00 0.00 0.00 0.00
August, 2004.............................. 4.33 0.00 0.00 0.00 0.00 0.00
September 2004............................ 0.00 0.00 0.00 0.00 0.00 0.00

Weighted Average Life (years) (1)(2) ..... 0.43 0.35 0.32 0.30 0.28 0.25
Weighted Average Life (years) (1)(3)...... 0.43 0.35 0.32 0.30 0.28 0.25

- --------------
(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 on the earliest Payment Date on which it is
permitted.

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.

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 J.P. Morgan Securities Inc. or Credit Suisse First Boston LLC
immediately.

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

PAYMENT DATE 0.50% 1.00% 1.30% 1.50% 1.70% 2.00%
------------ ----- ----- ----- ----- ----- -----

Closing Date.............................. 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
November, 2003............................ 100.00 100.00 100.00 100.00 100.00 100.00
December, 2003............................ 100.00 100.00 100.00 100.00 100.00 100.00
January, 2004............................. 100.00 100.00 100.00 100.00 100.00 100.00
February, 2004............................ 100.00 100.00 100.00 100.00 100.00 100.00
March, 2004............................... 100.00 100.00 100.00 100.00 100.00 100.00
April, 2004............................... 100.00 100.00 100.00 100.00 100.00 100.00
May, 2004................................. 100.00 100.00 100.00 100.00 97.19 89.78
June, 2004................................ 100.00 100.00 97.44 92.20 86.84 78.55
July, 2004................................ 100.00 96.79 88.37 82.59 76.69 67.56
August, 2004.............................. 100.00 88.60 79.44 73.16 66.74 56.82
September, 2004........................... 96.29 80.52 70.66 63.91 57.00 46.33
October, 2004............................. 89.37 72.55 62.03 54.83 47.47 36.09
November, 2004............................ 82.48 64.68 53.55 45.93 38.14 26.10
December, 2004............................ 75.64 56.92 45.22 37.21 29.02 16.36
January, 2005............................. 68.84 49.27 37.04 28.67 20.10 6.88
February, 2005............................ 62.08 41.73 29.01 20.30 11.40 0.00
March, 2005............................... 55.37 34.30 21.13 12.12 2.90 0.00
April, 2005............................... 48.69 26.98 13.41 4.12 0.00 0.00
May, 2005................................. 42.07 19.77 5.84 0.00 0.00 0.00
June, 2005................................ 35.48 12.67 0.00 0.00 0.00 0.00
July, 2005................................ 28.94 5.68 0.00 0.00 0.00 0.00
August, 2005.............................. 22.51 0.00 0.00 0.00 0.00 0.00
September, 2005........................... 16.12 0.00 0.00 0.00 0.00 0.00
October, 2005............................. 9.78 0.00 0.00 0.00 0.00 0.00
November, 2005............................ 3.48 0.00 0.00 0.00 0.00 0.00
December, 2005............................ 0.00 0.00 0.00 0.00 0.00 0.00

Weighted Average Life (years) (1)(2) ..... 1.49 1.25 1.13 1.05 0.99 0.90
Weighted Average Life (years) (1)(3)...... 1.49 1.25 1.13 1.05 0.99 0.90

- --------------
(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 on the earliest Payment Date on which it is
permitted.

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

PAYMENT DATE 0.50% 1.00% 1.30% 1.50% 1.70% 2.00%
------------ ----- ----- ----- ----- ----- -----

Closing Date............................... 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
November, 2003............................. 100.00 100.00 100.00 100.00 100.00 100.00
December, 2003............................. 100.00 100.00 100.00 100.00 100.00 100.00
January, 2004.............................. 100.00 100.00 100.00 100.00 100.00 100.00
February, 2004............................. 100.00 100.00 100.00 100.00 100.00 100.00
March, 2004................................ 100.00 100.00 100.00 100.00 100.00 100.00
April, 2004................................ 100.00 100.00 100.00 100.00 100.00 100.00
May, 2004.................................. 100.00 100.00 100.00 100.00 100.00 100.00
June, 2004................................. 100.00 100.00 100.00 100.00 100.00 100.00
July, 2004................................. 100.00 100.00 100.00 100.00 100.00 100.00
August, 2004............................... 100.00 100.00 100.00 100.00 100.00 100.00
September, 2004............................ 100.00 100.00 100.00 100.00 100.00 100.00
October, 2004.............................. 100.00 100.00 100.00 100.00 100.00 100.00
November, 2004............................. 100.00 100.00 100.00 100.00 100.00 100.00
December, 2004............................. 100.00 100.00 100.00 100.00 100.00 100.00
January, 2005.............................. 100.00 100.00 100.00 100.00 100.00 100.00
February, 2005............................. 100.00 100.00 100.00 100.00 100.00 96.27
March, 2005................................ 100.00 100.00 100.00 100.00 100.00 82.02
April, 2005................................ 100.00 100.00 100.00 100.00 91.46 68.18
May, 2005.................................. 100.00 100.00 100.00 94.13 78.64 54.75
June, 2005................................. 100.00 100.00 97.49 82.00 66.17 41.73
July, 2005................................. 100.00 100.00 85.95 70.17 54.03 29.13
August, 2005............................... 100.00 98.20 74.75 58.70 42.30 17.01
September, 2005............................ 100.00 87.54 63.79 47.53 30.92 5.29
October, 2005.............................. 100.00 77.07 53.07 36.65 19.87 0.00
November, 2005............................. 100.00 66.78 42.60 26.07 9.17 0.00
December, 2005............................. 95.58 56.66 32.38 15.78 0.00 0.00
January, 2006.............................. 85.71 46.73 22.42 5.79 0.00 0.00
February, 2006............................. 75.92 36.98 12.70 0.00 0.00 0.00
March, 2006................................ 66.21 27.43 3.25 0.00 0.00 0.00
April, 2006................................ 56.58 18.06 0.00 0.00 0.00 0.00
May, 2006.................................. 47.01 8.88 0.00 0.00 0.00 0.00
June, 2006................................. 37.52 0.00 0.00 0.00 0.00 0.00
July, 2006................................. 28.10 0.00 0.00 0.00 0.00 0.00
August, 2006............................... 19.17 0.00 0.00 0.00 0.00 0.00
September, 2006............................ 10.31 0.00 0.00 0.00 0.00 0.00
October, 2006.............................. 1.52 0.00 0.00 0.00 0.00 0.00
November, 2006............................. 0.00 0.00 0.00 0.00 0.00 0.00

Weighted Average Life (years) (1)(2) ...... 2.56 2.23 2.03 1.91 1.79 1.62
Weighted Average Life (years) (1)(3)....... 2.56 2.23 2.03 1.91 1.79 1.62

- --------------
(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 on the earliest Payment Date on which it is
permitted.

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

PAYMENT DATE 0.50% 1.00% 1.30% 1.50% 1.70% 2.00%
------------ ----- ----- ----- ----- ----- -----

Closing Date................................. 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
November, 2003............................... 100.00 100.00 100.00 100.00 100.00 100.00
January, 2004................................ 100.00 100.00 100.00 100.00 100.00 100.00
February, 2004............................... 100.00 100.00 100.00 100.00 100.00 100.00
March, 2004.................................. 100.00 100.00 100.00 100.00 100.00 100.00
April, 2004.................................. 100.00 100.00 100.00 100.00 100.00 100.00
May, 2004.................................... 100.00 100.00 100.00 100.00 100.00 100.00
June, 2004................................... 100.00 100.00 100.00 100.00 100.00 100.00
July, 2004................................... 100.00 100.00 100.00 100.00 100.00 100.00
August, 2004................................. 100.00 100.00 100.00 100.00 100.00 100.00
September, 2004.............................. 100.00 100.00 100.00 100.00 100.00 100.00
October, 2004................................ 100.00 100.00 100.00 100.00 100.00 100.00
November, 2004............................... 100.00 100.00 100.00 100.00 100.00 100.00
December, 2004............................... 100.00 100.00 100.00 100.00 100.00 100.00
January, 2005................................ 100.00 100.00 100.00 100.00 100.00 100.00
February, 2005............................... 100.00 100.00 100.00 100.00 100.00 100.00
March, 2005.................................. 100.00 100.00 100.00 100.00 100.00 100.00
April, 2005.................................. 100.00 100.00 100.00 100.00 100.00 100.00
May, 2005.................................... 100.00 100.00 100.00 100.00 100.00 100.00
June, 2005................................... 100.00 100.00 100.00 100.00 100.00 100.00
July, 2005................................... 100.00 100.00 100.00 100.00 100.00 100.00
August, 2005................................. 100.00 100.00 100.00 100.00 100.00 100.00
September, 2005.............................. 100.00 100.00 100.00 100.00 100.00 100.00
October, 2005................................ 100.00 100.00 100.00 100.00 100.00 95.91
November, 2005............................... 100.00 100.00 100.00 100.00 100.00 88.50
December, 2005............................... 100.00 100.00 100.00 100.00 99.19 81.37
January, 2006................................ 100.00 100.00 100.00 100.00 92.37 74.54
February, 2006............................... 100.00 100.00 100.00 97.34 85.79 67.99
March, 2006.................................. 100.00 100.00 100.00 90.95 79.46 61.74
April, 2006.................................. 100.00 100.00 95.95 84.77 73.36 55.78
May, 2006.................................... 100.00 100.00 89.86 78.80 67.51 50.12
June, 2006................................... 100.00 99.92 83.94 73.03 61.90 44.75
July, 2006................................... 100.00 93.91 78.20 67.47 56.53 39.68
August, 2006................................. 100.00 88.26 72.82 62.28 51.53 35.00*
September, 2006.............................. 100.00 82.72 67.60 57.28 46.76 30.61
October, 2006................................ 100.00 77.31 62.56 52.49 42.23 26.49
November, 2006............................... 95.10 72.02 57.68 47.90 37.94 22.66
December, 2006............................... 89.20 66.85 52.98 43.52 33.88* 19.11
January, 2007................................ 83.36 61.82 48.45 39.34 30.06 15.85
February, 2007............................... 77.56 56.90 44.09 35.37* 26.49 13.09
March, 2007.................................. 71.89 52.16 39.94 31.62 23.16 10.55
April, 2007.................................. 66.27 47.55 35.96 28.08 20.06 8.23
May, 2007.................................... 60.69 43.06 32.15* 24.74 17.21 6.13

June, 2007................................... 55.17 38.69 28.52 21.61 14.60 4.27
July, 2007................................... 49.69 34.46* 25.07 18.69 12.23 2.63
August, 2007................................. 44.27 30.35 21.79 15.98 10.11 1.21
September, 2007.............................. 39.99 27.06 19.10 13.71 8.25 0.00
October, 2007................................ 35.75* 23.86 16.55 11.60 6.58 0.00
November, 2007............................... 31.55 20.77 14.14 9.65 5.10 0.00
December, 2007............................... 7.39 17.78 11.87 7.86 3.81 0.00
January, 2008................................ 3.27 14.89 9.73 6.24 2.70 0.00
February, 2008............................... 9.19 12.10 7.73 4.78 1.79 0.00
March, 2008.................................. 5.27 9.48 5.91 3.50 1.06 0.00
April, 2008.................................. 1.39 6.96 4.23 2.38 0.51 0.00
May, 2008.................................... 7.55 4.54 2.68 1.43 0.15 0.00
June, 2008................................... 3.76 2.22 1.27 0.63 0.00 0.00
July 2008.................................... 0.00 0.00 0.00 0.00 0.00 0.00

Weighted Average Life (years) (1)(2)......... 3.80 3.53 3.32 3.15 2.97 2.67
Weighted Average Life (years) (1)(3)......... 3.65 3.36 3.15 2.95 2.79 2.51
*Month of Optional Purchase (3).............. Oct-07 Jul-07 May-07 Feb-07 Dec-06 Aug-06

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(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 on the earliest Payment Date on which it is
permitted.