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<B><FONT FACE="Verdana" SIZE=2><P ALIGN="CENTER">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</P>
</B><P ALIGN="CENTER">&nbsp;</P>
<B><P ALIGN="CENTER">____________________</P>
</B><P ALIGN="CENTER">&nbsp;</P>
<B><P ALIGN="CENTER">FORM 8-K<BR>
CURRENT REPORT</P>
</B><P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">Pursuant to Section 13 or 15(d) of the<BR>
Securities Exchange Act of 1934</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">Date of Report (date of earliest event reported):</P>
<P ALIGN="CENTER">October 15, 2004</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<B><U><P ALIGN="CENTER">Nissan Auto Receivables Corporation II<BR>
on behalf of Nissan Auto Receivables 2004-C Owner Trust<BR>
</B></U>(Exact name of registrant as specified in its charter)</P>
<P>&nbsp;</P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=512>
<TR><TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Verdana" SIZE=2><P ALIGN="CENTER">Delaware</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Verdana" SIZE=2><P ALIGN="CENTER">333-87970-07</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Verdana" SIZE=2><P ALIGN="CENTER">51-6550726</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Verdana" SIZE=2><P ALIGN="CENTER">(State or other Jurisdiction of incorporation)</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Verdana" SIZE=2><P ALIGN="CENTER">(Commission Registration Number)</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Verdana" SIZE=2><P ALIGN="CENTER">(I.R.S. Employer Identification Number)</FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<FONT FACE="Verdana" SIZE=2><P ALIGN="CENTER">&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P ALIGN="CENTER">990 WEST 190TH STREET<BR>
TORRANCE, CALIFORNIA 90502</P>
<P ALIGN="CENTER">___________________________________</P>
<P ALIGN="CENTER">(Address of principal executive office)</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">Registrant's telephone number, including area code: (310) 719-8583</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
</FONT><P><HR></P>
<FONT FACE="Verdana" SIZE=2><P>&nbsp;</P>
<B><P>Item 5.&#9;<U>Other Events</U>.</P>
</B><P ALIGN="JUSTIFY">On October 15, 2004, the principal and interest collected during the preceding calendar month, net of certain adjustments as provided for in the Sale and Servicing Agreement, dated as of September 16, 2004 (the "Agreement"), among Nissan Auto Receivables 2004-C Owner Trust, as Issuer, Nissan Auto Receivables Corporation II, as Seller, and Nissan Motor Acceptance Corporation, as Servicer, were distributed to the holders of notes ("Noteholders") issued by Nissan Auto Receivables 2004-C Owner Trust. In accordance with the Agreement, the Servicer's Certificate, as defined in the Agreement, was furnished to the Indenture Trustee (as defined in the Agreement) for the benefit of the Noteholders. A copy of the Servicer's Certificate is being filed as Exhibit 20.1 to this Current Report on Form 8-K.</P>
<P>&nbsp;</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=630>
<TR><TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Verdana" SIZE=2><P>Item 7(c).</B></FONT></TD>
<TD WIDTH="84%" VALIGN="TOP">
<B><U><FONT FACE="Verdana" SIZE=2><P>Financial Statements, Pro Forma Financial Information and Exhibits</U>.</B></FONT></TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="84%" VALIGN="TOP">
<FONT FACE="Verdana" SIZE=2><P>(a) Not applicable.</FONT></TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="84%" VALIGN="TOP">
<FONT FACE="Verdana" SIZE=2><P>(b) Not applicable.</FONT></TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="84%" VALIGN="TOP">
<FONT FACE="Verdana" SIZE=2><P>(c) Exhibits</FONT></TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="84%" VALIGN="TOP">
<FONT FACE="Verdana" SIZE=2><P>The exhibit number corresponds with Item 601(a) of Regulation S-K.</FONT></TD>
</TR>
</TABLE>


<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=625>
<TR><TD WIDTH="16%" VALIGN="TOP" HEIGHT=40>
<P>&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP" HEIGHT=40>
<B><U><FONT FACE="Verdana" SIZE=2><P>Exhibit No</U>.</B></FONT></TD>
<TD WIDTH="62%" VALIGN="TOP" HEIGHT=40>
<B><U><FONT FACE="Verdana" SIZE=2><P>Description</B></U></FONT></TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Verdana" SIZE=2><P>20.1</FONT></TD>
<TD WIDTH="62%" VALIGN="TOP">
<FONT FACE="Verdana" SIZE=2><P>Servicer's Certificate for the month of September 2004</FONT></TD>
</TR>
</TABLE>

<P><HR></P>
<B><U><FONT FACE="Verdana" SIZE=2><P ALIGN="CENTER">SIGNATURES</P>
</U><P ALIGN="CENTER">&nbsp;</P>
</B><P ALIGN="JUSTIFY">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on behalf of the undersigned thereunto duly authorized.</P>
<P>&nbsp;</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=773>
<TR><TD WIDTH="40%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="60%" VALIGN="TOP" COLSPAN=3>
<FONT FACE="Verdana" SIZE=2><P>NISSAN AUTO RECEIVABLES 2004-C OWNER TRUST</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Verdana" SIZE=2><P>By:</FONT></TD>
<TD WIDTH="52%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Verdana" SIZE=2><P>Nissan Auto Receivables Corporation II</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="52%" VALIGN="TOP" COLSPAN=2>
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Verdana" SIZE=2><P>By:</FONT></TD>
<TD WIDTH="52%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Verdana" SIZE=2><P>____<U>/s/</U>___<U>Joji Tagawa</U></FONT><FONT SIZE=2>_________________</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="12%" VALIGN="TOP">
<FONT FACE="Verdana" SIZE=2><P>Name:<BR>
Title:</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">
<FONT FACE="Verdana" SIZE=2><P>Joji Tagawa<BR>
Treasurer</FONT></TD>
</TR>
</TABLE>

<FONT FACE="Verdana" SIZE=2><P>October 18, 2004</P>
<P>&nbsp;</P>
</FONT><P><HR></P>
<B><FONT FACE="Verdana" SIZE=2><P ALIGN="CENTER">EXHIBIT INDEX</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=675>
<TR><TD WIDTH="30%" VALIGN="TOP">
<B><U><FONT FACE="Verdana" SIZE=2><P>Exhibit No.</B></U></FONT></TD>
<TD WIDTH="39%" VALIGN="TOP">
<B><U><FONT FACE="Verdana" SIZE=2><P ALIGN="CENTER">Description</B></U></FONT></TD>
<TD WIDTH="31%" VALIGN="TOP">
<B><U><FONT FACE="Verdana" SIZE=2><P ALIGN="CENTER">Sequentially <BR>
Numbered Page</B></U></FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">
<FONT FACE="Verdana" SIZE=2><P>20.1</FONT></TD>
<TD WIDTH="39%" VALIGN="TOP">
<FONT FACE="Verdana" SIZE=2><P ALIGN="CENTER">Servicer's Certificate for the month of September 2004</FONT></TD>
<TD WIDTH="31%" VALIGN="TOP">
<FONT FACE="Verdana" SIZE=2><P ALIGN="CENTER">5</FONT></TD>
</TR>
</TABLE>

<P><HR></P>
<FONT FACE="Verdana" SIZE=2><P ALIGN="RIGHT">Exhibit 20.1</P>
<P ALIGN="CENTER">Nissan Auto Receivables 2004-C</P>
<P ALIGN="CENTER">Servicer's Certificate</P>
<P ALIGN="CENTER">For the month of September 2004</P>
<P>NAR 2004-C</P></FONT>
<TABLE BORDER CELLSPACING=1 WIDTH=623>
<TR><TD WIDTH="26%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P>Collection Period</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">Sep-04</FONT></TD>
<TD WIDTH="32%" VALIGN="MIDDLE" COLSPAN=2 ROWSPAN=2>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P>30/360 Days</FONT></TD>
<TD WIDTH="8%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">29</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P>Distribution Date</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">15-Oct-04</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P>Actual/360 Days</FONT></TD>
<TD WIDTH="8%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">29</FONT></TD>
</TR>
<TR><TD VALIGN="MIDDLE" COLSPAN=6 ROWSPAN=2>&nbsp;</TD>
</TR>
<TR></TR>
<TR><TD WIDTH="26%" VALIGN="MIDDLE">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P>Coupon Rate</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P>Initial Balance</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P>Beginning Balance</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P>Ending Balance</FONT></TD>
<TD WIDTH="8%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P>Pool Factor</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P>Total Portfolio</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1,231,808,868.66 </FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1,231,808,868.66 </FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1,187,086,022.09 </FONT></TD>
<TD WIDTH="8%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P>0.963693 </FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P>Total Securities</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1,231,808,868.66 </FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1,231,808,868.66 </FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1,187,086,022.09 </FONT></TD>
<TD WIDTH="8%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P>0.963693 </FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P>Class A-1 Notes</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1.93000%</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">351,000,000.00 </FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">351,000,000.00 </FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">306,277,153.43 </FONT></TD>
<TD WIDTH="8%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P>0.872584 </FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P>Class A-2 Notes</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">2.43000%</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">314,000,000.00 </FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">314,000,000.00 </FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">314,000,000.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P>1.000000 </FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P>Class A-3 Notes</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">2.85000%</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">187,000,000.00 </FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">187,000,000.00 </FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">187,000,000.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P>1.000000 </FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P>Class A-4 Notes</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1.81875%</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">318,220,000.00 </FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">318,220,000.00 </FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">318,220,000.00 </FONT></TD>
<TD WIDTH="8%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P>1.000000 </FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P>Certificates</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00000%</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">61,588,868.66 </FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">61,588,868.66 </FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">61,588,868.66 </FONT></TD>
<TD WIDTH="8%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P>1.000000 </FONT></TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5 ROWSPAN=2>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="MIDDLE" ROWSPAN=122>&nbsp;</TD>
</TR>
<TR></TR>
<TR><TD WIDTH="26%" VALIGN="MIDDLE">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P>Principal Payment</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P>Interest Payment</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P>Principal per $1000 Face Amount</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P>Interest per $1000 Face Amount</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P>Class A-1 Notes</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">44,722,846.57 </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">545,707.50 </FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">127.4155173 </FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1.5547222 </FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P>Class A-2 Notes</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00 </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">614,655.00 </FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1.9575000 </FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P>Class A-3 Notes</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00 </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">429,320.83 </FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">2.2958333 </FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P>Class A-4 Notes</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00 </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">466,225.45 </FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1.4651042 </FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P>Certificates</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00 </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00 </FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">- </FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P>Total Securities</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">44,722,846.57 </FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">2,055,908.78 </FONT></TD>
<TD WIDTH="42%" VALIGN="MIDDLE" COLSPAN=2>&nbsp;</TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5 ROWSPAN=2>&nbsp;</TD>
</TR>
<TR></TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>
<FONT FACE="Arial" SIZE=2><P>I. COLLECTIONS</FONT></TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>&nbsp;</TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Interest:</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">&nbsp;</TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Interest Collections</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">3,796,017.13 </FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Repurchased Loan Proceeds Related to Interest</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">860.71 </FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Total Interest Collections</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">3,796,877.84 </FONT></TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>&nbsp;</TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>
<FONT FACE="Arial" SIZE=2><P>Principal:</FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Principal Collections</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">44,507,625.71 </FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Repurchased Loan Proceeds Related to Principal</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">215,220.86 </FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Total Principal Collections</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">44,722,846.57 </FONT></TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>&nbsp;</TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Recoveries of Defaulted Receivables</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00 </FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Investment Earnings on Yield Supplement Account</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">23,238.46 </FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Release from the Yield Supplement Account</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1,662,414.92 </FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Servicer Advances</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00 </FONT></TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>&nbsp;</TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Total Collections</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">50,205,377.79 </FONT></TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>&nbsp;</TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>
<FONT FACE="Arial" SIZE=2><P>II. COLLATERAL POOL BALANCE DATA</FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="MIDDLE" COLSPAN=3>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">Number </FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">Amount </FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="MIDDLE" COLSPAN=3>
<FONT FACE="Arial" SIZE=2><P>Pool Balance - Beginning of Period</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">88,335 </FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1,231,808,868.66 </FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="MIDDLE" COLSPAN=3>
<FONT FACE="Arial" SIZE=2><P>Total Principal Collections</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">44,722,846.57 </FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="MIDDLE" COLSPAN=3>
<FONT FACE="Arial" SIZE=2><P>Principal Amount of Gross Losses</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00 </FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="MIDDLE" COLSPAN=3>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">86,804 </FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1,187,086,022.09 </FONT></TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>&nbsp;</TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>
<FONT FACE="Arial" SIZE=2><P>III. DISTRIBUTIONS</FONT></TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>&nbsp;</TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Total Collections</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">50,205,377.79 </FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Reserve Account Draw</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00 </FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Total Available for Distribution</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">50,205,377.79 </FONT></TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>&nbsp;</TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>1. Reimbursement of Advance</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00 </FONT></TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>&nbsp;</TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>
<FONT FACE="Arial" SIZE=2><P>2. Servicing Fee:</FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Servicing Fee Due</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1,026,507.39 </FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Servicing Fee Paid</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1,026,507.39 </FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Servicing Fee Shortfall</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00 </FONT></TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>&nbsp;</TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>
<FONT FACE="Arial" SIZE=2><P>3. Interest:</FONT></TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>
<FONT FACE="Arial" SIZE=2><P>Class A-1 Notes Monthly Interest</FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Class A-1 Notes Interest Carryover Shortfall</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00 </FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Class A-1 Notes Interest on Interest Carryover Shortfall</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00 </FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Class A-1 Notes Monthly Interest Distributable Amount</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">545,707.50 </FONT></TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>&nbsp;</TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Class A-1 Notes Monthly Interest Paid</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">545,707.50 </FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Change in Class A-1 Notes Interest Carryover Shortfall</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00 </FONT></TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>&nbsp;</TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>
<FONT FACE="Arial" SIZE=2><P>Class A-2 Notes Monthly Interest</FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Class A-2 Notes Interest Carryover Shortfall</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00 </FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Class A-2 Notes Interest on Interest Carryover Shortfall</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00 </FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Class A-2 Notes Monthly Interest Distributable Amount</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">614,655.00 </FONT></TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>&nbsp;</TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Class A-2 Notes Monthly Interest Paid</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">614,655.00 </FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Change in Class A-2 Notes Interest Carryover Shortfall</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00 </FONT></TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>&nbsp;</TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>
<FONT FACE="Arial" SIZE=2><P>Class A-3 Notes Monthly Interest</FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Class A-3 Notes Interest Carryover Shortfall</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00 </FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Class A-3 Notes Interest on Interest Carryover Shortfall</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00 </FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Class A-3 Notes Monthly Interest Distributable Amount</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">429,320.83 </FONT></TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>&nbsp;</TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Class A-3 Notes Monthly Interest Paid</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">429,320.83 </FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Change in Class A-3 Notes Interest Carryover Shortfall</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00 </FONT></TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>&nbsp;</TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>
<FONT FACE="Arial" SIZE=2><P>Class A-4 Notes Monthly Interest</FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Class A-4 Notes Interest Carryover Shortfall</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00 </FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Class A-4 Notes Interest on Interest Carryover Shortfall</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00 </FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Class A-4 Notes Monthly Interest Distributable Amount</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">466,225.45 </FONT></TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>&nbsp;</TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P>Class A-4 Notes Monthly Interest Paid</FONT></TD>
<TD WIDTH="45%" VALIGN="MIDDLE" COLSPAN=3>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">466,225.45 </FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Change in Class A-4 Notes Interest Carryover Shortfall</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00 </FONT></TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>&nbsp;</TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>
<FONT FACE="Arial" SIZE=2><P>Total Note Monthly Interest</FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Total Note Monthly Interest Due</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">2,055,908.78 </FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Total Note Monthly Interest Paid</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">2,055,908.78 </FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Total Note Interest Carryover Shortfall</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00 </FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Change in Total Note Interest Carryover Shortfall</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00 </FONT></TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>&nbsp;</TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Total Available for Principal Distribution</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">47,122,961.62 </FONT></TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>&nbsp;</TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>4. Total Monthly Principal Paid on the Notes</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">44,722,846.57 </FONT></TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>&nbsp;</TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Total Noteholders' Principal Carryover Shortfall</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00 </FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Total Noteholders' Principal Distributable Amount</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">44,722,846.57 </FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Change in Total Noteholders' Principal Carryover Shortfall</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00 </FONT></TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>&nbsp;</TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>5. Total Monthly Principal Paid on the Certificates</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00 </FONT></TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>&nbsp;</TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Total Certificateholders' Principal Carryover Shortfall</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00 </FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Total Certificateholders' Principal Distributable Amount</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00 </FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Change in Total Certificateholders' Principal Carryover Shortfall</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00 </FONT></TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>&nbsp;</TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Remaining Available Collections</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">2,400,115.05 </FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Deposit from Remaining Available Collections to fund Reserve Account</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00 </FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Remaining Available Collections Released to Seller</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">2,400,115.05 </FONT></TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>&nbsp;</TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>
<FONT FACE="Arial" SIZE=2><P>IV. YIELD SUPPLEMENT ACCOUNT</FONT></TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>&nbsp;</TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Beginning Yield Supplement Account Balance</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">40,122,068.66 </FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Release to Collection Account</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1,662,414.92 </FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Ending Yield Supplement Account Balance</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">38,459,653.74 </FONT></TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5 ROWSPAN=3>&nbsp;</TD>
</TR>
<TR></TR>
<TR></TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>
<FONT FACE="Arial" SIZE=2><P>V. RESERVE ACCOUNT</FONT></TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>&nbsp;</TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Initial Reserve Account Amount</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">6,159,044.34 </FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Required Reserve Account Amount</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">6,159,044.34 </FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Beginning Reserve Account Balance</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">6,159,044.34 </FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Ending Reserve Account Balance</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">6,159,044.34 </FONT></TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>&nbsp;</TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="MIDDLE" COLSPAN=3>
<FONT FACE="Arial" SIZE=2><P>Reserve Account Triggers</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">Test Ratio</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">Actual Ratio</FONT></TD>
<TD WIDTH="8%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">Result</FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="MIDDLE" COLSPAN=3>
<FONT FACE="Arial" SIZE=2><P>Average Three Period Delinquency Percentage</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">2.00%</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00%</FONT></TD>
<TD WIDTH="8%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">Pass</FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="MIDDLE" COLSPAN=3>
<FONT FACE="Arial" SIZE=2><P>Average Three Period Charge Off Rate</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">2.75%</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00%</FONT></TD>
<TD WIDTH="8%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">Pass</FONT></TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>&nbsp;</TD>
<TD WIDTH="8%" VALIGN="MIDDLE" ROWSPAN=31>&nbsp;</TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Required Reserve Account Amount for Next Period</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">6,159,044.34 </FONT></TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>&nbsp;</TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>
<FONT FACE="Arial" SIZE=2><P>VI. POOL STATISTICS</FONT></TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>&nbsp;</TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Weighted Average Coupon</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">3.64%</FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Weighted Average Remaining Maturity</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">47.49 </FONT></TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>&nbsp;</TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Principal Recoveries of Defaulted Receivables</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00 </FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Principal on Defaulted Receivables</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00 </FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Pool Balance at Beginning of Collection Period</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">1,231,808,868.66 </FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Net Loss Ratio</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00%</FONT></TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>&nbsp;</TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Net Loss Ratio for Second Preceding Collection Period</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00%</FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Net Loss Ratio for Preceding Collection Period</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00%</FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Net Loss Ratio for Current Collection Period</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00%</FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Average Net Loss Ratio</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00%</FONT></TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>&nbsp;</TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Cumulative Net Losses for all Periods</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00 </FONT></TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>&nbsp;</TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="MIDDLE" COLSPAN=3>
<FONT FACE="Arial" SIZE=2><P>Delinquent Receivables:</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">Amount </FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">Number </FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="MIDDLE" COLSPAN=3>
<FONT FACE="Arial" SIZE=2><P>31-60 Days Delinquent</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">4,752,954.18 </FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">296 </FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="MIDDLE" COLSPAN=3>
<FONT FACE="Arial" SIZE=2><P>61-90 Days Delinquent</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">- </FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="MIDDLE" COLSPAN=3>
<FONT FACE="Arial" SIZE=2><P>91-120 Days Delinquent</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">- </FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="MIDDLE" COLSPAN=3>
<FONT FACE="Arial" SIZE=2><P>Total Delinquent Receivables:</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">4,752,954.18 </FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">296 </FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="MIDDLE" COLSPAN=3>
<FONT FACE="Arial" SIZE=2><P>60+ Days Delinquencies as Percentage of Receivables </FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00%</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00%</FONT></TD>
</TR>
<TR><TD WIDTH="92%" VALIGN="MIDDLE" COLSPAN=5>&nbsp;</TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Delinquency Ratio for Second Preceding Collection Period </FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00%</FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Delinquency Ratio for Preceding Collection Period </FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00%</FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Delinquency Ratio for Current Collection Period </FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00%</FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="MIDDLE" COLSPAN=4>
<FONT FACE="Arial" SIZE=2><P>Average Delinquency Ratio</FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">0.00%</FONT></TD>
</TR>
</TABLE>

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{"company-data": {"conformed-name": "Nissan Auto Receivables 2004-C Owner Trust", "cik": "0001302869", "assigned-sic": "6189", "state-of-incorporation": "DE", "fiscal-year-end": "0331"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-87970-07", "film-number": "041083860"}, "business-address": {"street1": "C/O NISSAN NORTH AMERICA, INC.", "street2": "990 WEST 190TH STREET, MAILSTOP M8A", "city": "TORRANCE", "state": "CA", "zip": "90502", "phone": "3107198583"}, "mail-address": {"street1": "C/O NISSAN NORTH AMERICA, INC.", "street2": "990 WEST 190TH STREET, MAILSTOP M8A", "city": "TORRANCE", "state": "CA", "zip": "90502"}}
c040904a
UNITED STATES
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):
October 15, 2004
Nissan Auto Receivables Corporation II
on behalf of Nissan Auto Receivables 2004-C Owner Trust
(Exact name of registrant as specified in its charter)
Delaware
333-87970-07
51-6550726
(State or other Jurisdiction of incorporation)
(Commission Registration Number)
(I.R.S. Employer Identification Number)
990 WEST 190TH STREET
TORRANCE, CALIFORNIA 90502
___________________________________
(Address of principal executive office)
Registrant's telephone number, including area code: (310) 719-8583
Item 5.
Other Events
.
On October 15, 2004, the principal and interest collected during the preceding calendar month, net of certain adjustments as provided for in the Sale and Servicing Agreement, dated as of September 16, 2004 (the "Agreement"), among Nissan Auto Receivables 2004-C Owner Trust, as Issuer, Nissan Auto Receivables Corporation II, as Seller, and Nissan Motor Acceptance Corporation, as Servicer, were distributed to the holders of notes ("Noteholders") issued by Nissan Auto Receivables 2004-C Owner Trust. In accordance with the Agreement, the Servicer's Certificate, as defined in the Agreement, was furnished to the Indenture Trustee (as defined in the Agreement) for the benefit of the Noteholders. A copy of the Servicer's Certificate is being filed as Exhibit 20.1 to this Current Report on Form 8-K.
Item 7(c).
Financial Statements, Pro Forma Financial Information and Exhibits
.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits
The exhibit number corresponds with Item 601(a) of Regulation S-K.
Exhibit No
.
Description
20.1
Servicer's Certificate for the month of September 2004
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on behalf of the undersigned thereunto duly authorized.
NISSAN AUTO RECEIVABLES 2004-C OWNER TRUST
By:
Nissan Auto Receivables Corporation II
By:
____
/s/
___
Joji Tagawa
_________________
Name:
Title:
Joji Tagawa
Treasurer
October 18, 2004
EXHIBIT INDEX
Exhibit No.
Description
Sequentially
Numbered Page
20.1
Servicer's Certificate for the month of September 2004
5
Exhibit 20.1
Nissan Auto Receivables 2004-C
Servicer's Certificate
For the month of September 2004
NAR 2004-C
Collection Period
Sep-04
30/360 Days
29
Distribution Date
15-Oct-04
Actual/360 Days
29
Coupon Rate
Initial Balance
Beginning Balance
Ending Balance
Pool Factor
Total Portfolio
1,231,808,868.66
1,231,808,868.66
1,187,086,022.09
0.963693
Total Securities
1,231,808,868.66
1,231,808,868.66
1,187,086,022.09
0.963693
Class A-1 Notes
1.93000%
351,000,000.00
351,000,000.00
306,277,153.43
0.872584
Class A-2 Notes
2.43000%
314,000,000.00
314,000,000.00
314,000,000.00
1.000000
Class A-3 Notes
2.85000%
187,000,000.00
187,000,000.00
187,000,000.00
1.000000
Class A-4 Notes
1.81875%
318,220,000.00
318,220,000.00
318,220,000.00
1.000000
Certificates
0.00000%
61,588,868.66
61,588,868.66
61,588,868.66
1.000000
Principal Payment
Interest Payment
Principal per $1000 Face Amount
Interest per $1000 Face Amount
Class A-1 Notes
44,722,846.57
545,707.50
127.4155173
1.5547222
Class A-2 Notes
0.00
614,655.00
-
1.9575000
Class A-3 Notes
0.00
429,320.83
-
2.2958333
Class A-4 Notes
0.00
466,225.45
-
1.4651042
Certificates
0.00
0.00
-
-
Total Securities
44,722,846.57
2,055,908.78
I. COLLECTIONS
Interest:
Interest Collections
3,796,017.13
Repurchased Loan Proceeds Related to Interest
860.71
Total Interest Collections
3,796,877.84
Principal:
Principal Collections
44,507,625.71
Repurchased Loan Proceeds Related to Principal
215,220.86
Total Principal Collections
44,722,846.57
Recoveries of Defaulted Receivables
0.00
Investment Earnings on Yield Supplement Account
23,238.46
Release from the Yield Supplement Account
1,662,414.92
Servicer Advances
0.00
Total Collections
50,205,377.79
II. COLLATERAL POOL BALANCE DATA
Number
Amount
Pool Balance - Beginning of Period
88,335
1,231,808,868.66
Total Principal Collections
44,722,846.57
Principal Amount of Gross Losses
0.00
86,804
1,187,086,022.09
III. DISTRIBUTIONS
Total Collections
50,205,377.79
Reserve Account Draw
0.00
Total Available for Distribution
50,205,377.79
1. Reimbursement of Advance
0.00
2. Servicing Fee:
Servicing Fee Due
1,026,507.39
Servicing Fee Paid
1,026,507.39
Servicing Fee Shortfall
0.00
3. Interest:
Class A-1 Notes Monthly Interest
Class A-1 Notes Interest Carryover Shortfall
0.00
Class A-1 Notes Interest on Interest Carryover Shortfall
0.00
Class A-1 Notes Monthly Interest Distributable Amount
545,707.50
Class A-1 Notes Monthly Interest Paid
545,707.50
Change in Class A-1 Notes Interest Carryover Shortfall
0.00
Class A-2 Notes Monthly Interest
Class A-2 Notes Interest Carryover Shortfall
0.00
Class A-2 Notes Interest on Interest Carryover Shortfall
0.00
Class A-2 Notes Monthly Interest Distributable Amount
614,655.00
Class A-2 Notes Monthly Interest Paid
614,655.00
Change in Class A-2 Notes Interest Carryover Shortfall
0.00
Class A-3 Notes Monthly Interest
Class A-3 Notes Interest Carryover Shortfall
0.00
Class A-3 Notes Interest on Interest Carryover Shortfall
0.00
Class A-3 Notes Monthly Interest Distributable Amount
429,320.83
Class A-3 Notes Monthly Interest Paid
429,320.83
Change in Class A-3 Notes Interest Carryover Shortfall
0.00
Class A-4 Notes Monthly Interest
Class A-4 Notes Interest Carryover Shortfall
0.00
Class A-4 Notes Interest on Interest Carryover Shortfall
0.00
Class A-4 Notes Monthly Interest Distributable Amount
466,225.45
Class A-4 Notes Monthly Interest Paid
466,225.45
Change in Class A-4 Notes Interest Carryover Shortfall
0.00
Total Note Monthly Interest
Total Note Monthly Interest Due
2,055,908.78
Total Note Monthly Interest Paid
2,055,908.78
Total Note Interest Carryover Shortfall
0.00
Change in Total Note Interest Carryover Shortfall
0.00
Total Available for Principal Distribution
47,122,961.62
4. Total Monthly Principal Paid on the Notes
44,722,846.57
Total Noteholders' Principal Carryover Shortfall
0.00
Total Noteholders' Principal Distributable Amount
44,722,846.57
Change in Total Noteholders' Principal Carryover Shortfall
0.00
5. Total Monthly Principal Paid on the Certificates
0.00
Total Certificateholders' Principal Carryover Shortfall
0.00
Total Certificateholders' Principal Distributable Amount
0.00
Change in Total Certificateholders' Principal Carryover Shortfall
0.00
Remaining Available Collections
2,400,115.05
Deposit from Remaining Available Collections to fund Reserve Account
0.00
Remaining Available Collections Released to Seller
2,400,115.05
IV. YIELD SUPPLEMENT ACCOUNT
Beginning Yield Supplement Account Balance
40,122,068.66
Release to Collection Account
1,662,414.92
Ending Yield Supplement Account Balance
38,459,653.74
V. RESERVE ACCOUNT
Initial Reserve Account Amount
6,159,044.34
Required Reserve Account Amount
6,159,044.34
Beginning Reserve Account Balance
6,159,044.34
Ending Reserve Account Balance
6,159,044.34
Reserve Account Triggers
Test Ratio
Actual Ratio
Result
Average Three Period Delinquency Percentage
2.00%
0.00%
Pass
Average Three Period Charge Off Rate
2.75%
0.00%
Pass
Required Reserve Account Amount for Next Period
6,159,044.34
VI. POOL STATISTICS
Weighted Average Coupon
3.64%
Weighted Average Remaining Maturity
47.49
Principal Recoveries of Defaulted Receivables
0.00
Principal on Defaulted Receivables
0.00
Pool Balance at Beginning of Collection Period
1,231,808,868.66
Net Loss Ratio
0.00%
Net Loss Ratio for Second Preceding Collection Period
0.00%
Net Loss Ratio for Preceding Collection Period
0.00%
Net Loss Ratio for Current Collection Period
0.00%
Average Net Loss Ratio
0.00%
Cumulative Net Losses for all Periods
0.00
Delinquent Receivables:
Amount
Number
31-60 Days Delinquent
4,752,954.18
296
61-90 Days Delinquent
-
-
91-120 Days Delinquent
-
-
Total Delinquent Receivables:
4,752,954.18
296
60+ Days Delinquencies as Percentage of Receivables
0.00%
0.00%
Delinquency Ratio for Second Preceding Collection Period
0.00%
Delinquency Ratio for Preceding Collection Period
0.00%
Delinquency Ratio for Current Collection Period
0.00%
Average Delinquency Ratio
0.00%