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, 1997 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-1, INC.
(formerly named U.S. Automobile Acceptance Corporation)
(Exact name of registrant as specified in its charter)
Delaware 75-2498504
(State or other jurisdiction of (I.R.S. Employer
Identification No.)
incorporation or organization)
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 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.
<PAGE>
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 SNP-1, Inc., formerly named 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. As of June 30, 1997 the Company had
approximately 250 Contracts outstanding. The Company plans to
begin redeeming its outstanding notes payable in September 1997.
All notes mature December 31, 1997. The Company expects to incur
future operating losses during the note redemption period.
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
SNP-1, Inc.
Date: August 7, 1997 (Signature)
Michael R. Marshall, President
and Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<CASH> 491,198
<SECURITIES> 0
<RECEIVABLES> 1,861,014
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 2,352,212
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 2,976,903
<CURRENT-LIABILITIES> 454,631
<BONDS> 0
0
0
<COMMON> 1,000
<OTHER-SE> 108,749
<TOTAL-LIABILITY-AND-EQUITY> 2,976,903
<SALES> 7,360
<TOTAL-REVENUES> 113,751
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 42,983
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 89,230
<INCOME-PRETAX> (18,462)
<INCOME-TAX> (18,462)
<INCOME-CONTINUING> (18,462)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (18,462)
<EPS-PRIMARY> (18.46)
<EPS-DILUTED> (18.46)
</TABLE>
