SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

         Date of Report (Date of earliest event reported): September 29, 2004
                                                          (September 15, 2004)


                            FRANKLIN AUTO TRUST 2003-2

             (Exact name of registrant as specified in its charter)


         DELAWARE                       333-106297              94-3301790
(State or other jurisdiction           (Commission            (IRS Employer
     of incorporation)                  File Nos.)       Identification Number)


    47 WEST 200 SOUTH, SUITE 500, SALT LAKE CITY, UTAH                 84101
         (Address of principal executive offices)                   (Zip Code)


        Registrant's telephone number, including area code: (801) 881-8892


- --------------------------------------------------------------------------------

          (Former name or former address, if changed since last report)







Item 8.01    Other Events

The Monthly  Servicing Report relating to the Franklin Auto Trust 2003-2 for the
Collection  Period ended August 31, 2004 is attached  hereto as Exhibit 19.1 and
incorporated herein by this reference.

Item 9.01    Financial Statements, Pro Forma Financial Information and Exhibits.

(c) Exhibit

Exhibit 19.1 -      Franklin Auto Trust 2003-2 Monthly Servicing Report for the
                    Collection Period ending August 31, 2004




                                   SIGNATURES

     Pursuant to the  requirements of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized on the date indicated.

                                   FRANKLIN AUTO TRUST 2003-2
                                   (Registrant)

                                   By:  Franklin Capital Corporation
                                        Servicer of the Trust

Date:  September 29, 2004               /s/ Harold E. Miller, Jr.
                                        -------------------------
                                        HAROLD E. MILLER, JR.
                                        President



                                        Exhibits

Exhibit 19.1 - Franklin Auto Trust 2003-2 Monthly Servicing Report for the
               Collection Period ending August 31, 2004.