Commission file number 333-82763

Nissan Auto Receivables Corporation
on behalf of Nissan Auto Receivables 2000-AOwner Trust
(Exact name of registrant as specified in its charter)

990 West 190th Street, Torrance, California 90502
(Address of principal executive offices)

(310) 719-8013
(Registrants telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act: None

This Annual Report on Form 10-K is being filed by Nissan Auto Receivables Corporation ("NARC"), on behalf of the Nissan Auto Receivables 2000-A Owner Trust (the "Trust"), a Delaware business trust formed pursuant to a trust agreement, dated as of December 21, 1999, between NARC, as Seller (the "Seller"), and Wilmington Trust Company, as owner trustee (the "Owner Trustee"). Reference is further made to the Indenture, dated as of January 27, 2000, among the Trust, as issuer, and Norwest Bank Minnesota, National Association, as indenture trustee (the "Indenture Trustee", together with the Owner Trustee, the "Trustees"), providing for the issuance by the Trust of notes entitled "Nissan Auto Receivables 2000-A Owner Trust 6.125% Asset Backed Notes, Class A-1" (the "Class A-1 Notes"), "Nissan Auto Receivables 2000-A Owner Trust 6.730% Asset Backed Notes, Class A-2" (the "Class A-2 Notes"), "Nissan Auto Receivables 2000-A Owner Trust 7.010% Asset Backed Notes, Class A-3" (the "Class A-3 Notes) and "Nissan Auto Receivables 2000-A Owner Trust 7.170% Asset Backed Notes, Class A-4" (the "Class A-3 Notes", together with the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the "Notes"), registered under the Securities Act of 1933. Certain information that may otherwise have been required to be included herein pursuant to Form 10-K has been omitted herefrom, or in certain cases certain information has been included herein in lieu of such otherwise required information, in accordance with the letter, dated June 28, 1996 (the "No-Action Letter"), of the staff of the Office of Chief Counsel of the Division of Corporation Finance of the Securities and Exchange Commission issued with respect to series of pass-through securities issued by trusts formed by the Seller or an affiliate thereof, as originator, including the Notes.

The following table sets forth the aggregate information of the Trust for the period from December 21, 1999 through March 31, 2000:

Average Rate and Percentages for the period from December 21, 1999 through March 31, 2000

 

	Number of Delinquency Ratios	Dollar Amount Contracts
31-60 Days Delinquent	0.33%	0.34%
61-90 Days Delinquent	0.02%	0.02%
91 Days or More Delinquent	0.00%	0.00%

Pursuant to the requirements of Section 13 of 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.

Date: June 29, 2000

 

NISSAN AUTO RECEIVABLES CORPORATION

By: /s/ Benjamin V. Harwood

Name: Benjamin V. Harwood

Title: Treasurer

The undersigned, Benjamin V. Harwood, Vice President, Treasurer of NISSAN MOTOR ACCEPTANCE CORPORATION, a California corporation (the "Company"), does hereby certify, in his capacity as such corporate officer, as follows:

(1) The undersigned has caused a review of the activities of the Company, in its capacity as Servicer, during the period January 27, 2000 through March 31, 2000, and of its performance pursuant to that certain Sale and Servicing Agreement, dated as of January 27, 2000 (the "Agreement") by and among the Company, Nissan Auto Receivables Corporation, as Seller, and Nissan Auto Receivables 2000-A Owner Trust, as Issuer, to be conducted under his supervision; and

(2) To the best of the undersigned's knowledge, based upon such review, the Company has fulfilled all of its obligations under the Agreement for the period January 27, 2000 through March 31, 2000.

This Officers Certificate is being furnished to Wilmington Trust Company, as Owner Trustee, Norwest Bank Minnesota, National Association, as Indenture Trustee, Standard & Poors Ratings Services and Moodys Investors Service, Inc., as required by Section 4.09(a) of the Agreement.

IN WITNESS WHEREOF, I have set my hand effective as of the 31st day of March, 2000.

/s/ Benjamin V. Harwood
Benjamin V. Harwood
Treasurer

NISSAN AUTO RECEIVABLES
2000-A OWNER TRUST

Financial Statements as of
March 31, 2000, and
for the Period December 21, 1999
(date of formation) through March 31, 2000

Nissan Auto Receivables 2000-A Owner Trust:

We have audited the accompanying balance sheet of Nissan Auto Receivables 2000-A Owner Trust (the "Trust") as of March 31, 2000, and the related statements of income, changes in net assets held in trust, and cash flows for the period December 21, 1999 (date of formation) through March 31, 2000. These financial statements are the responsibility of the Trusts management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, such financial statements present fairly, in all material respects, the financial position of the Trust as of March 31, 2000, and the results of its operations and its cash flows for the period December 21, 1999 (date of formation) through March 31, 2000 in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

April 28, 2000
Los Angeles, California

See accompanying notes to financial statements.

See accompanying notes to financial statements.

See accompanying notes to financial statements.

See accompanying notes to financial statements.

The Nissan Auto Receivable 2000-A Owner Trust (the "Trust"), a Delaware business trust, was created pursuant to that certain Trust Agreement, dated as of December 21, 1999, as amended by the Amended and Restated Trust Agreement, dated as of January 27, 2000, by and between Nissan Auto Receivables Corporation ("NARC"), as depositor, and Wilmington Trust Company, as owner trustee. The Trust, NARC, as seller and Nissan Motor Acceptance Corporation ("NMAC" or the "Servicer"), as servicer, entered into a Sale and Servicing Agreement, dated as of January 27, 2000 (the "Sale and Servicing Agreement"), pursuant to which the motor vehicles retail installment sales contracts ("Receivables") and related property were transferred to the Trust. Also on January 27, 2000, the Trust caused the issuance, pursuant to an Indenture, dated January 27, 2000 (the "Indenture"), by and between the Trust, as issuer, and Norwest Bank Minnesota, National Association, as indenture trustee, and pursuant to the Sale and Servicing Agreement, of the Notes, issued in the following classes: Class A-1, Class A-2, Class A-3 and Class A-4 (collectively, the "Notes"). The Notes with an aggregate principal balance of $758,130,000 were sold to Chase Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, and J.P. Morgan Securities Inc., as underwriters (the "Underwriters"), pursuant to an Underwriting Agreement, dated January 19, 2000 (the "Underwriting Agreement"), by and among NARC, NMAC, Chase Securities Inc., on behalf of itself and as representative of the Underwriters. The Notes have been registered pursuant to the Securities Act of 1933, as amended, under a Registration Statement on Form S-3.

The parent of the Seller, NMAC, services the Receivables pursuant to the Sale and Servicing Agreement, dated as of January 27, 2000, and is compensated for acting as the Servicer. In order to facilitate its servicing functions and minimize administrative burdens and expenses, the Company retains physical possession of the documents relating to the Receivables as custodian for the Trustee. The Trust has no employees.

Basis of Presentation - The financial statements have been prepared on an accrual basis of accounting. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Cash and cash equivalents - The Trust considers investments purchased with a maturity of three months or less to be cash equivalents. Cash and cash equivalents in the collection account as of March 31, 2000 amounted to $27,840,000, which represents payments received by the Servicer during March 2000.

Collections receivable from Servicer - Collections receivable from the Servicer amounted to $905,000 and are substantially comprised of collections received by the Servicer from the Receivables on March 31, 2000 and deposited in a collection account on April 3, 2000.

Finance Receivables - Interest income on the Receivables is calculated using the simple interest method and is recorded as earned. The finance receivables had a weighted average coupon rate of 7.20% and a weighted average maturity of 50 months at March 31, 2000.

Servicing Fee - The servicing fee is calculated as 1% of the beginning balance of finance receivables and is recorded on a monthly basis. The amount of servicing fee for the period ended March 31, 2000 amounted to $2,042,000, of which $664,000 is included in servicing fee payable at March 31, 2000.

Advance - The Servicer is required to advance payment amounts that are delinquent but deemed collectable.

The total collections received by the Trust are distributed in the following priority:

• Unpaid Advance Reimbursement

• Servicing fee to Seller

• Class A-1 interest

• Class A-2 interest

• Class A-3 interest

• Class A-4 interest

• Class A-1 principal (all principal until paid in full, then Class A-2)

• Class A-2 principal (all principal until paid in full, then Class A-3)

• Class A-3 principal (all principal until paid in full, then Class A-4)

• Class A-4 principal (all principal until paid in full, then Certificate Class)

• Reserve account

• Certificate Class principal

• Excess amounts to Seller

If losses are greater than the excess amounts to Seller, the principal shortfall is carried over to future periods and is reduced by excess collections from future periods, if any.

4. PRINCIPAL AND INTEREST PAYMENTS

Principal (including prepayments) is passed through on each distribution date commencing February 15, 2000, as defined in the Sales and Servicing Agreement. Principal consists of payments on the Receivables that are allocable to the repayment of the amount financed. Interest is passed through to noteholders on each distribution date, as defined in the Agreement, commencing February 15, 2000, at a rate of 6.125% per annum for Class A-1, at a rate of 6.730% for Class A-2, at a rate of 7.010% per annum for Class A-3 and at a rate of 7.170% per annum for Class A-4. Excess amounts, if any, which are the difference between the yield of the finance receivables and the sum of the servicing fee, note rates, principal payments, and losses, are distributed to the Seller in accordance with the terms of the Agreement.

The "as-of" date of the finance receivables was December 31, 1999. Principal payments passed through on February 15, 2000 included principal payments for the period January 1, 2000 to January 31, 2000. Interest collected for the period prior to the date of formation of the Trust was distributed to the Seller.

Payments to the Servicer, Class A noteholders and Seller for the period ended March 31, 2000 are summarized as follows (dollars in thousands):

	Servicing Fee	Interest at pass-through rate	Principal payments received	Excess amounts allocated to reimburse principal losses	Excess amounts distributed
Servicer
Distributed	$ 1,378
Distribution to be paid	$ 664
Class A-1 noteholders
Distributed		$ 1,400	$ 41,207	$ 208
Distribution to be paid		$ 800	$ 23,783	$ 327
Class A-2 noteholders
Distributed		$ 2,098
Distribution to be paid		$ 1,284
Class A-3 noteholders
Distributed		$ 2,386
Distribution to be paid		$ 1,460
Class A-4 noteholders
Distributed		$ 929
Distribution to be paid		$ 568
Seller
Excess amounts paid to Seller					$ 2,889
Excess amounts to be paid to Seller					$ 1,046
Total amounts distributed  and to be paid	$ 2,042	$ 10,925	$ 64,990	$ 535	$ 3,935