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Exhibit 20.1
CNH WHOLESALE MASTER NOTE TRUST
WHOLESALE ASSET BACKED NOTES, SERIES 2003-1
MONTHLY SERVICER REPORT
Collection Period 2
Settlement Period Begin Date 11/1/2003
Settlement Period End Date 11/30/2003
Distribution Date 12/15/2003
<Table>
PERIOD REVOLVING PERIOD
ORIG. CURRENT INTEREST
BALANCE BALANCE COUPON PAID PRINCIPAL PAID
- ----------------------------------------------------------------------------------------
A 485,787,000.00 485,787,000.00 1.32000% 498,741.32 0.00
B 35,825,000.00 35,825,000.00 1.87000% 52,105.47 0.00
ALLOCATION PERCENTAGES
Floating Allocation Percentage 38.35%
Principal Allocation Percentage 38.35%
REQUIRED PAYMENTS
Series 2003-1 Monthly Interest & Interest Shortfall 550,846.79
Monthly Servicing Fee 434,676.67
Controlled Accumulation Amount 0.00
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Total Required Payments 985,523.46
SERIES 2003-1 SHARE OF AVAILABLE FUNDS
Interest Collections 4,313,812.91
Principal Collections 109,265,261.03
Reserve Account Investment Proceeds 3,511.77
Principal Funding Account Investment Proceeds 0.00
Interest Funding Account Investment Proceeds 1,216.59
Reserve Account Draw Amount 0.00
Subordinated Draw Amount 0.00
Draws from the Series Share of the Excess Funding Account 0.00
Excess Interest Collections from Other Series 0.00
Excess principal Collections from Other Series 0.00
Draws from Principal Funding Account
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Total Available Funds 113,583,802.30
CURRENT PERIOD PAYMENTS
Series 2003-1Monthly Interest and Past Interest Shortfall 550,846.79
Servicing Fee 434,676.67
Reimbursement of Chargeoffs & Monthly Dilution 0.00
Controlled Deposit Amount 0.00
Principal Paid 0.00
Reserve Account Deposit Amount 0.00
Reinstate reductions in Series 2003-1 Available Subordinated Amount 0.00
Reinstate reductions in Collateral Amount 0.00
Excess Interest Collections made available to other series 3,333,017.81
Excess Principal Collections made available to other series 109,265,261.03
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Total Payments 113,583,802.30
CURRENT PERIOD INTEREST SHORTFALL
Series 2003-1Monthly Interest Shortfall 0.00
Servicing Fee Shortfall 0.00
Controlled Deposit Amount Shortfall 0.00
CHARGEOFFS & DILUTIONS
Series share of Charge-off and Monthly Dilution amount 0.00
Reimbursement of Chargeoffs & Monthly Dilution 0.00
Reduction to the Collateral Amount due to Chargeoffs 0.00
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RECONCILIATION OF PRINCIPAL FUNDING ACCOUNT
Beginning Balance of Principal Funding Account 0.00
Transfers Into Principal Funding Account
Transfer from Excess Funding Account (Deposits) 0.00
Transferred from Noteholder Principal Collections 0.00
Principal Funding Account Investment Income 0.00
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Controlled Deposit Amount 0.00
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Total Transfers and Beginning Balance
Distributions From Principal Funding Account
Transfer of Investment Income to Collection Account 0.00
Principal payment to Noteholders 0.00
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Total Transfers from Principal Funding Account 0.00
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Ending Balance 0.00
RECONCILIATION OF RESERVE FUND
Beginning Balance of Reserve Fund 5,216,120.00
Transfers Into Reserve Fund
Transfer from Excess Interest Collections 0.00
Transferred from Noteholder Principal Collections 0.00
Reserve Fund Investment Income 3,511.77
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Total Transfers into Reserve Fund 3,511.77
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Total Transfers and Beginning Balance
Distributions From Reserve Fund
Transfer of Investment Income to Collection Account 3,511.77
Non-principal payment to Noteholders 0.00
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Total Transfers from Reserve Fund 3,511.77
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Ending Balance 5,216,120.00
RECONCILIATION OF COLLECTION ACCOUNT FOR SERIES 2003-1
Transfers Into Collection Account
Transfer of Daily Noteholder Collections plus investment proceeds 113,583,802.30
Investor Default Amount 0.00
Reserve Account Draw 0.00
Excess Funding Account Draw 0.00
Principal Funding account Draw 0.00
Available Subordinated Amount Draws 0.00
Excess Principal Collections from other Series 0.00
Excess Interest Collections from other Series 0.00
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Total Transfers into Collection Account 113,583,802.30
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Transfers From Collection Account
Required Interest Payment Distribution to Noteholder 550,846.79
Chargeoff reimbursements 0.00
Reserve Account Deposit Amount 0.00
Principal Funding Account Deposit 0.00
Principal Paid to Noteholders 0.00
Servicing Fees 434,676.67
Reduction to the Collateral Amount 0.00
Total Excess Collections made available to other Series 112,598,278.84
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Total Transfers from Collection Account 113,583,802.30
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Difference 0.00
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CNH WHOLESALE MASTER NOTE TRUST
WHOLESALE ASSET BACKED NOTES, SERIES 2003-2
MONTHLY SERVICER REPORT
Collection Period 2
Settlement Period Begin Date 11/1/2003
Settlement Period End Date 11/30/2003
Distribution Date 12/15/2003
<Table>
PERIOD REVOLVING PERIOD
ORIG. CURRENT INTEREST
BALANCE BALANCE COUPON PAID PRINCIPAL PAID
- ----------------------------------------------------------------------------------------
A 485,787,000.00 485,787,000.00 1.42000% 536,524.75 0.00
B 35,825,000.00 35,825,000.00 2.12000% 59,071.44 0.00
ALLOCATION PERCENTAGES
Floating Allocation Percentage 38.35%
Principal Allocation Percentage 38.35%
REQUIRED PAYMENTS
Series 2003-2 Monthly Interest & Interest Shortfall 595,596.20
Monthly Servicing Fee 434,676.67
Controlled Accumulation Amount 0.00
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Total Required Payments 1,030,272.86
SERIES 2003-2 SHARE OF AVAILABLE FUNDS
Interest Collections 4,313,812.91
Principal Collections 109,265,261.03
Reserve Account Investment Proceeds 3,511.77
Principal Funding Account Investment Proceeds 0.00
Interest Funding Account Investment Proceeds 1,187.17
Reserve Account Draw Amount 0.00
Subordinated Draw Amount 0.00
Draws from the Series Share of the Excess Funding Account 0.00
Excess Interest Collections from Other Series 0.00
Excess principal Collections from Other Series 0.00
Draws from Principal Funding Account
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Total Available Funds 113,583,772.88
CURRENT PERIOD PAYMENTS
Series 2003-2Monthly Interest and Past Interest Shortfall 595,596.20
Servicing Fee 434,676.67
Reimbursement of Chargeoffs & Monthly Dilution 0.00
Controlled Deposit Amount 0.00
Principal Paid 0.00
Reserve Account Deposit Amount 0.00
Reinstate reductions in Series 2003-2 Available Subordinated Amount 0.00
Reinstate reductions in Collateral Amount 0.00
Excess Interest Collections made available to other series 3,288,238.99
Excess Principal Collections made available to other series 109,265,261.03
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Total Payments 113,583,772.88
CURRENT PERIOD INTEREST SHORTFALL
Series 2003-1Monthly Interest Shortfall 0.00
Servicing Fee Shortfall 0.00
Controlled Deposit Amount Shortfall 0.00
CHARGEOFFS & DILUTIONS
Series share of Charge-off and Monthly Dilution amount 0.00
Reimbursement of Chargeoffs & Monthly Dilution 0.00
Reduction to the Collateral Amount due to Chargeoffs 0.00
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RECONCILIATION OF PRINCIPAL FUNDING ACCOUNT
Beginning Balance of Principal Funding Account 0.00
Transfers Into Principal Funding Account
Transfer from Excess Funding Account (Deposits) 0.00
Transferred from Noteholder Principal Collections 0.00
Principal Funding Account Investment Income 0.00
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Controlled Deposit Amount 0.00
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Total Transfers and Beginning Balance
Distributions From Principal Funding Account
Transfer of Investment Income to Collection Account 0.00
Principal payment to Noteholders 0.00
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Total Transfers from Principal Funding Account 0.00
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Ending Balance 0.00
RECONCILIATION OF RESERVE FUND
Beginning Balance of Reserve Fund 5,216,120.00
Transfers Into Reserve Fund
Transfer from Excess Interest Collections 0.00
Transferred from Noteholder Principal Collections 0.00
Reserve Fund Investment Income 3,511.77
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Total Transfers into Reserve Fund 3,511.77
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Total Transfers and Beginning Balance
Distributions From Reserve Fund
Transfer of Investment Income to Collection Account 3,511.77
Non-principal payment to Noteholders 0.00
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Total Transfers from Reserve Fund 3,511.77
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Ending Balance 5,216,120.00
RECONCILIATION OF COLLECTION ACCOUNT FOR SERIES 2003-2
Transfers Into Collection Account
Transfer of Daily Noteholder Collections plus investment proceeds 113,583,772.88
Investor Default Amount 0.00
Reserve Account Draw 0.00
Excess Funding Account Draw 0.00
Principal Funding account Draw 0.00
Available Subordinated Amount Draws 0.00
Excess Principal Collections from other Series 0.00
Excess Interest Collections from other Series 0.00
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Total Transfers into Collection Account 113,583,772.88
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Transfers From Collection Account
Required Interest Payment Distribution to Noteholder 595,596.20
Chargeoff reimbursements 0.00
Reserve Account Deposit Amount 0.00
Principal Funding Account Deposit 0.00
Principal Paid to Noteholders 0.00
Servicing Fees 434,676.67
Reduction to the Collateral Amount 0.00
Total Excess Collections made available to other Series 112,553,500.02
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Total Transfers from Collection Account 113,583,772.88
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Difference 0.00
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