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 2003-1 Owner Trust as of March 31, 2003 :
1. Delinquent Contracts:
Contracts
Amount ($000's)
a. 31 - 60 Days Delinquent
1,224
17,500
b. 61 - 90 Days Delinquent
c. 91 Days or More Delinquent
2. Delinquent Ratio:
Amount ($000's)
a. Delinquent Balance
17,563
b. Total Pool Balance
1,486,599
c. Delinquency Ratio
1.18%
3. Aggregate Net Losses:
Amount ($000's)
a. Cumulative Net Losses
b. Original Portfolio
1,577,278
c. Aggregate Loss Ratio
0.00%
Item 2.
Item 2. Properties
The Honda Auto Receivables 2003-1 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 The Bank of New York (Delaware), as Owner Trustee.
The Trust will issue four classes of notes and class of certificates ("Class A-1 Notes 1.30%",
"Class A-2 Notes 1.46%", "Class A-3 Notes 1.92% ", "Class A-4 Notes 2.48%". 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 Certificates issued by Honda Auto
Receivables 2003-1 Owner Trust (except for American Honda Receivables Corp.)
are registered through the nominee of Cede.
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.
(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 February 1, 2003 among American Honda Receivables Corp., as Seller, American Honda Finance Corporation, as Servicer, and Honda Auto Receivables 2003-1 Owner Trust, as Issuer.
(b) Reports
Form 8K
Reports
Date
The month of Apr. 2002
(May. 20, 2002)
The month of Feb. 2003
(Mar.18, 2003)
The month of Mar. 2003
(Apr.18, 2003)
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 2003-1 Owner Trust
By: American Honda Finance Corporation, as Servicer
(Registrant)
By:
/s/ John I. Weisickle
John I. Weisickle, Vice President