SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM IO-Q SB
(Mark One)
[ x ] Quarterly report pursuant to section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended September 30, 1996 or
[ ] Transition report pursuant to section 13 or 15(d) of
the Securities Exchange Act of 1934
For the Transition period from_______to_______
Commission file number 33-88928-D
U.S. AUTOMOBILE ACCEPTANCE 1995-1, INC.
(Exact name of registrant as specified in its charter)
Texas 75-2578376
(State of incorporation) (I.R.S. Employer
Identification No.)
1120 NW 63rd , Suite G-106, Oklahoma City, Oklahoma 73116
(Address of principal executive offices)
(405) 843-3135
(Registrant's telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed
since last report)
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
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all
documents and reports required to be filed by Sections 12, 13 or
15(d) of the Securities Exchange Act of 1934 subsequent to the
distribution of securities under a plan confirmed by a court.
Yes No Not Applicable.
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
1,000 shares of Common Stock
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
See Attached
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations
U.S. Automobile Acceptance Corporation 1995-1, Inc. (the
Company) was incorporated in Texas on January 12, 1995. The
Company was formed for the purpose of purchasing, collecting
and servicing motor vehicle retail installment contracts (the
"Contracts"). In mid-1995, the Company filed a Form SB-2
Registration Statement under the Securities Act of 1933, as
amended, with the Securities and Exchange Commission with
respect to an offering of up to $ 9,900,000 of 14% Secured
Promissory Notes due December 31, 1999 (the "Notes"). The
minimum note subscription escrow requirements of $500,000 was
exceeded in September 1995. The Company commenced normal
operations in October 1995. As of September 30, 1996 the
Company had purchased approximately 825 automobile finance
contracts with aggregate balances of approximately $6,566,000.
The Secured Note offering, the start-up phase of the business
and initial finance contract acquisitions were continuing as
previously planned. As of August 1, 1996 the Company's
Secured Note offering was fully subscribed.
The Company incurred $254,470 in operating losses during the
first three quarters of 1996 and expects to continue to incur
small future operating losses until initial finance contract
portfolio purchases are completed. Management expects the
company's finance operations will become profitable in the
fourth quarter of 1996 or in the first quarter of 1997.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
None
Item 3. Defaults Upon Senior Securities
None
Item 4. Submission of Matters to a Vote of Security Holders
None
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K
None
SIGNATURES
Pursuant to the requirements 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.
(Registrant) U. S. Automobile Acceptance 1995-1, Inc.
Date: November 7, 1996
(Signature)
Michael R. Marshall
President and Chief
Financial Officer