UNITED ~~STATES~~ ~~SECURITIES~~STATESSECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

FORM 10-K

[ X ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) ~~OF SECURITIES~~OFSECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED] For the fiscal year ended March 31, ~~2003~~2005

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF ~~THE SECURITIES~~THESECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] For the transition period from to

Commission file number 333-71022

Honda Auto Receivables 2003-1 Owner Trust
(Exact name of registrant as specified in its charter)

Delaware	~~75-6672707~~	75-6672707
(State or other jurisdiction of incorporation)	(I.R.S Employer Identification No.)
(State or other jurisdiction ofincorporation)		(I.R.S. EmployerIdentification No.)

700 Van Ness Avenue Torrance, CA	90501
20800 Madrona AvenueTorrance, CA		90503
(Address of principal executive offices)	~~(Zip Code)~~	(Zip Code)

Registrant's telephone number, including area code: (310) ~~781~~972-~~6131~~2511

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Name of each ~~exchange~~exchangeon on which registered None None

Securities registered pursuant to section 12(g) of the Act:

None
(Title of class)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES [X] NO [ ]

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or ' information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [ X ]

Indicate by check mark whether the registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2 of the Act). YES [ ] NO [X]

Registrant has no voting or non-voting class of common equity outstanding as of the date of this report.

PART I

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 :N/A

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 has issued four classes of notes ("Class A-1 Notes 1.30%" "Class A-2 Notes 1.46%," "Class A-3 Notes 1.92%" and "Class A-4 Notes 2.48%," collectively the "Notes") and a class of certificates. The Notes are backed by a pledge of the Trust's assets. Interest and principal collections from the Trust's 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").

1. Delinquent Contracts:

	~~Contracts~~	~~Amount ($000's)~~	Contracts	Amount ($000's)
a. 31 - 60 Days Delinquent	~~1,224~~	~~17,500~~	2071	18685
b. 61 - 90 Days Delinquent	4	51	364	3452
c. 91 Days or More Delinquent	1	13	56	572

2. Delinquent Ratio:

	~~Amount ($000's)~~	Amount ($000's)
a. Delinquent Balance	~~17,563~~	22710
b. Total Pool Balance	~~1,486,599~~	491838
c. Delinquency Ratio	~~1.18%~~	4.62%

3. Aggregate Net Losses:

	~~Amount ($000's)~~	Amount ($000's)
a. Cumulative Net Losses	18	9840
b. Original Portfolio	~~1,577,278~~	1,577,278
c. Aggregate Loss Ratio	~~0.00%~~	0.62%

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%~~ Legal ", "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").Proceedings

~~Item 3. Legal Proceedings~~ N/A

Item 4. Submission of Matters to a Vote of ~~Securityholders N/A~~Security Holders

No vote or consent of the holders of the Notes (the "Noteholders") was solicited for any purpose during the year ended March 31, 2005.

PART II

Item 5. Market For Registrant's Common Equity, ~~and~~ Related Stockholder Matters and Issuer Purchases of Equity Securities

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~~Cede & Co. as nominee for The Depository Trust Company ("DTC"). The records of ~~Cede~~DTC indicate that as of March 31, 2005, there were: (i) twenty-seven (27) DTC participants holding a position in the Class A-3 Notes 1.92%; and (ii) thirty-eight (38) DTC participants holding a position in the Class A-4 Notes 2.48%. The other previously issued classes are no longer outstanding.

Item 6. Selected Financial Data ~~N/A~~

~~Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations~~ N/A

Item 87. Management's Discussion and Analysis of Financial ~~Statements~~Condition and ~~Supplementary~~Results ~~Data N/A~~of Operations

~~Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure~~ N/A

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

N/A

Item 8. Financial Statements and Supplementary Data

N/A

Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure

N/A

Item 9A. Controls and Procedures

N/A

Item 9B. Other Information

N/A

PART III

Item 10. Directors and Executive Officers of the ~~Registrant~~ ~~N/A~~Registrant

~~Item 11. Executive Compensation~~ N/A

Item 1211. ~~Security Ownership of Certain Beneficial Owners and Management~~ Executive ~~N/A~~Compensation

~~Item 13. Certain Relationships and Related Transactions~~ N/A

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

N/A

Item 13. Certain Relationships and Related Transactions

N/A

Item 14. Principal Accountant Fees and Services

N/A

PART IV

~~Item14~~Item 15. Exhibits, ~~Annual Account's Report,~~ and ~~Reports~~Financial onStatement ~~Form 8-K.~~Schedules

~~(a)~~Exhibits ~~Exhibit~~required ~~No.~~by 99Item 601 of Regulation S-K:

~~Description~~Exhibit No. 99(A) Independent Accountants' Report

~~Annual~~Exhibit ~~Accountants' Report to the Trustees pursuant to Section 3~~No.~~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~~ 99(B) Servicer,'s ~~and~~Annual ~~Honda Auto Receivables 2003-1 Owner Trust, as Issuer.~~Compliance Certificate

Exhibit No. 99(bC) Annual Statement ~~Reports~~to Certificateholder

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~~ ByTrustBy: American Honda Finance Corporation, as ~~Servicer~~ Servicer(Registrant)

By: /s/ John I. ~~Weisickle~~ ~~John I.~~ Weisickle, ~~Vice President~~

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 2003-1 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

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 8, 2005

/s/ John I. Weisickle

John I. Weisickle
Treasurer of American Honda Receivables Corp.,
as depositor of
Honda Auto Receivables 2003-1 Owner Trust

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