Item 1. Business
The following tables set forth the number and aggregate principal amount of delinquent receivables, the delinquency rates, and aggregate net losses of the Honda Auto Receivables 2003-3 Owner Trust as of March 31, 2004 :
1. Delinquent Contracts:
Contracts
Amount ($000's)
a. 31 - 60 Days Delinquent
2,122
28,834
b. 61 - 90 Days Delinquent
3,547
c. 91 Days or More Delinquent
2. Delinquent Ratio:
Amount ($000's)
a. Delinquent Balance
32,753
b. Total Pool Balance
1,447,652
c. Delinquency Ratio
2.26%
3. Aggregate Net Losses:
Amount ($000's)
a. Cumulative Net Losses
2,898
b. Original Portfolio
1,869,361
c. Aggregate Loss Ratio
0.16%
Item 2.
Item 2. Properties
The Honda Auto Receivables 2003-3 Owner Trust (the "Trust") is a Statutory trust
formed pursuant to the trust agreement (the "Agreement") between American Honda Receivables
Corp., as Depositor (the "Depositor"), and Chase Manhattan Bank USA, National Association, as Owner Trustee.
The Trust has issued four classes of notes and one class of certificates ("Class A-1 Notes 1.11%",
"Class A-2 Notes 1.52%", "Class A-3 Notes 2.14% ", "Class A-4 Notes 2.77%". The notes
are backed by a pledge of the trust's assets. Interest and principal collections from trust assets
will be divided among the various classes of securities in specified proportions.
The Trust's assets include fixed rate motor vehicles retail installment sales contracts secured by
new and used Honda and Acura motor vehicles (the "Receivables").
Item 3.
Item 3. Legal Proceedings
N/A
Item 4.
Item 4. Submission of Matters to a Vote of Securityholders
N/A
PART II
Item 5.
Item 5. Market For Registrant's Common Equity and Related Stockholder Matters
All holders of records of the Class A Notes issued by Honda Auto
Receivables 2003-3 Owner Trust (except for American Honda Receivables Corp.)
are registered through the nominee of Cede. The records of DTC indicate that,
at March 31, 2004, there were: (i) seven (7) DTC participants holding a position
in the Class A-1 Notes 1.11% and (ii) fifty-six (56) DTC participants holding a
position in the Class A-4 Notes 2.77%. The other previously issued classes
are no longer outstanding.
Item 6.
Item 6. Selected Financial Data
N/A
Item 7.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
N/A
Item 8.
Item 8. Financial Statements and Supplementary Data
N/A
Item 9.
Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure
N/A
PART III
Item 10.
Item 10. Directors and Executive Officers of the Registrant
N/A
Item 11.
Item 11. Executive Compensation
N/A
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management
N/A
Item 13.
Item 13. Certain Relationships and Related Transactions
N/A
PART IV
Item14. Exhibits, Annual Account's Report, and Reports on Form 8-K. (1)
(a) Exhibit No. 99
Description
Annual Accountants' Report to the Trustees pursuant to Section 3.12 of the Sale and Servicing Agreement, dated as of August 1, 2003 among American Honda Receivables Corp., as Seller, American Honda Finance Corporation, as Servicer, and Honda Auto Receivables 2003-3 Owner Trust, as Issuer.
(b) Reports (previously filed)
Form 8K
Reports
Date
The month of Apr. 2003
May 21, 2003
The month of May. 2003
June 23, 2003
The month of Jun. 2003
July 21, 2003
The month of Jul. 2003
August 21, 2003
The month of Aug. 2003
September 22, 2003
The month of Sept. 2003
October 21, 2003
The month of Oct. 2003
November 21, 2003
The month of Nov. 2003
December 22, 2003
The month of Dec. 2003
January 21, 2004
The month of Jan. 2004
February 23, 2004
The month of Feb. 2004
March 22, 2004
The month of Mar. 2004
April 21, 2004
(1)
The material noncompliance relating to insurance requirements noted in the third paragraph of the Independent Accountants' Report, attached as Exhibit 99(a) hereto, relates to the applicable USAP servicing standards requirement that a servicer have in place an errors and omissions policy. American Honda Finance Corporation, as the servicer, has agreed to obtain, on or before June 30, 2004, an acceptable errors and omissions policy.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
Honda Auto Receivables 2003-3 Owner Trust
By: American Honda Finance Corporation, as Servicer
(Registrant)
By:
/s/ John I. Weisickle
John I. Weisickle, Vice President
DEPOSITOR CERTIFICATION
I, John I. Weisickle, certify that:
1.
I have reviewed this annual report on Form 10-K, and all reports on Form 8-K containing distribution or servicing reports filed in respect of periods included in the year covered by this annual report, of Honda Auto Receivables 2003-3 Owner Trust;
2.
Based on my knowledge, the information in these reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading as of the last day of the period covered by this annual report;
3.
Based on my knowledge, the distribution and servicing information required to be provided to the trustee by the servicer under the related sale and servicing agreement, for inclusion in these reports is included in these reports;
4.
Based on my knowledge and upon the annual compliance statement included in the report and required to be delivered to the trustee in accordance with the terms of the related sale and servicing agreement, and except as disclosed in the reports, the servicer has fulfilled its obligations under the sale and servicing agreement; and
5.
The reports disclose all significant deficiencies relating to the servicer's compliance with the minimum servicing standards, based upon the report provided by an independent public accountant, after conducting a review in compliance with the Uniform Single Attestation Program for Mortgage Bankers, or similar procedure as set forth in the sale and servicing agreement, that is included in these reports.
Date: June 28, 2004
/s/ John Weisickle
John I. Weisickle
Treasurer of American Honda Receivables Corp.,
as depositor of
Honda Auto Receivables 2003-3 Owner Trust