FIRST MERCHANTS ACCEPTANCE CORP
8-K, 1997-08-06
PERSONAL CREDIT INSTITUTIONS
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               SECURITIES AND EXCHANGE COMMISSION
                     WASHINGTON, D.C.  20549



                            FORM 8-K

                         CURRENT REPORT

               Pursuant to Section 13 or 15(d) of
               the Securities Exchange Act of 1934




                         July 30, 1997                                    
        Date of Report (Date of earliest event reported)



                   First Merchants Acceptance Corporation          
     (Exact name of registrant as specified in its charter)




             Delaware             0-24686          36-3759045   
   
     (State or other jurisdiction (Commission    (IRS Employer
         of incorporation)         File Number)   Identification No.)




     570 Lake Cook Road, Suite 126, Deerfield, Illinois  60015   
     (Address of principal executive offices)            (Zip Code)



                         (847) 948-9300           
                 (Registrant's telephone number)

Item 5.  Other Events.

     On July 30, 1997, the Nasdaq Stock Market notified First Merchants
Acceptance Corporation (the "Registrant") that its common stock, par value
$.01 per share, was delisted from the Nasdaq Stock Market's National Market
effective as of the close of the market on July 30, 1997.  A copy of the
notification from the Nasdaq Stock Market is attached as Exhibit 99.1 to
this Form 8-K and incorporated herein by reference.


Item 7.  Exhibit.

      Exhibit 99.1Notification from the Nasdaq Stock Market dated July
     30, 1997.

                            SIGNATURE


Pursuant to the requirements of the Securities and Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.


FIRST MERCHANTS ACCEPTANCE CORPORATION


By:  /s/ Norman Smagley                               

Norman Smagley  
Senior Vice President and Chief Financial Officer

Dated: August 6, 1997

                          EXHIBIT INDEX

                                                              Sequentially-
Exhibit                                                         Numbered
 No.                           Description                        Page


99.1
Notification from the Nasdaq Stock Market
dated July 30, 1997


1290632.01








                                    EXHIBIT 99.1


July 30, 1997


Kenneth H. Hoch, Esquire
Sonnenschein Nath & Rosenthal
8000 Sears Tower
Chicago, IL  60606-6404

  Re:First Merchants Acceptance Corporation, Docket NO 1643N97

Dear Mr. Hoch:

We are in receipt of your letter dated July 28, 1997 to Abdul Mohamed
wherein you inform us that First Merchants Acceptance Corporation is not in
a position to meet the filing requirements and that the July 31, 1997
hearing should no longer take place.  This will serve to acknowledge your
letter and notify you that the Company's hearing request shall be considered
moot and the file closed.  Therefore, the common stock of the Company will
be delisted effective with the close of the market on Wednesday, July 30,
1997.

If you have any questions regarding this matter, please contact me at (202)
496-2529.

Sincerely,

/s/ David A. Donohoe, Jr.

David A. Donohoe, Jr.
Counsel
Listing Qualifications Hearings



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