The Nissan Auto Receivable 1999-A Owner Trust (the "Trust"), a Delaware business trust, was created pursuant to that certain Trust Agreement, dated as of August 6, 1999, as amended by the Amended and Restated Trust Agreement, dated as of August 6, 1999, by and between Nissan Auto Receivables Corporation ("NARC"), as depositor, and Chase Manhattan Bank Delaware, 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 August 1, 1999 (the "Sale and Servicing Agreement"), pursuant to which the motor vehicle retail installment sales contracts ("Receivables") and related property were transferred to the Trust. Also on August 1, 1999, the Trust caused the issuance, pursuant to an Indenture, dated August 1, 1999 (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 and Class A-3 (collectively, the "Notes"). The Notes with an aggregate principal balance of $662,590,000 were sold to Merrill Lynch, Pierce, Fenner & Smith Incorporated, Chase Securities Inc., and J.P. Morgan Securities Inc., as underwriters (the "Underwriters"), pursuant to an Underwriting Agreement, dated August 25, 1999 (the "Underwriting Agreement"), by and among NARC, NMAC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, 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 August 1, 1999, and is compensated for acting as the Servicer. In order to facilitate its servicing functions and minimize administrative burdens and expenses, the Servicer 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 $28,637,000, which represents payments received by the Servicer during the period March 1, 2000 to March 31, 2000.

Collections receivable from Servicer - Collections receivable from the Servicer amounted to $1,405,000 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 7.23% and a weighted average maturity of 37 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 $4,261,000, of which $459,000 is included in servicing fee payable at March 31, 2000.

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

The Sales and Servicing Agreement requires the Seller to set up a Yield Supplement Account ("YSA Account"), which is a separate trust account for the benefit of all Class A noteholders. This account is used to adjust the yield to the Trust for all Receivables purchased by the Trust with a yield less than the A-3 rate of 6.470%, plus the 1% Servicing Rate and an additional 0.50% (the "Required Rate"). Amounts in the YSA Account, which are released to the Trust on a monthly basis, are c