SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM IO-Q
(Mark One)
[ x ] Quarterly report pursuant to section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended June 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 33-66804
U.S. AUTOMOBILE ACCEPTANCE SNP-I, INC.
(Exact name of registrant as specified in its charter)
Delaware 75-2498504
(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)
U.S. Automobile Acceptance Corporation
(Former name, former address & 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 123 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 (the
Company) was incorporated in Delaware on June
17, 1993 for the purpose of purchasing,
collecting and servicing motor vehicle retail
installment contracts (the "Contracts"). In
mid-December 1994, the Company completed the
sale of a publicly registered note offering in
the amount of $2,386,000. The Company is now
in normal operations and is purchasing,
collecting and servicing motor vehicle retail
installment contracts. As of June 30, 1996 the
Company had approximately 500 Contracts
outstanding with aggragate future payments due
of approximately $2,000,000.
Finance operations are currently profitable.
General and administrative expenses during the
second quarter of 1996 were approximately
$20,000 less than the first quarter of 1996,
due to payment of the note indenture trustees
annual expense billings during the first
quarter of 1996.
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
On May 14, 1996 the Board of Directors submitted a proposal to the
shareholders to change the corporate name to "U.S. Automobile
Acceptance SNP-I, Inc." Such proposal was adopted by the sole
shareholder on May 14, 1996 by consent in lieu of a special meeting.
On May 28, 1996, a Certificate of Amendment of Certificate of
Incorporation was filed with the Secretary of State of the State of
Selaware changing the name of the corporation to "U.S. Automobile
Acceptance SNP-I, Inc."
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
SNP-I, Inc.
Date: August 7, 1996 (Signature)
Michael R. Marshall, President
and Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 143,508
<SECURITIES> 0
<RECEIVABLES> 1,983,904
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 2,127,412
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 2,750,829
<CURRENT-LIABILITIES> 29,336
<BONDS> 0
0
0
<COMMON> 1,000
<OTHER-SE> 78,037
<TOTAL-LIABILITY-AND-EQUITY> 2,750,829
<SALES> 0
<TOTAL-REVENUES> 153,875
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 46,272
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 90,416
<INCOME-PRETAX> 17,187
<INCOME-TAX> 17,187
<INCOME-CONTINUING> 17,187
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 17,187
<EPS-PRIMARY> 17.19
<EPS-DILUTED> 17.19
</TABLE>
