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 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 33-88928-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 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 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 June 30, 1996 the Company had
purchased approximately 550 automobile finance
contracts with aggregate balances of
approximately $3,804,000. Total note
subscriptions at June 31, 1996 were $7,196,500.
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 and
aggregate finance contracts purchased totaled
approximately $5,000,000 as of that date.
The Company incurred $130,257 in operating
losses during the first two 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.
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: August 7, 1996
(Signature)
Michael R. Marshall
President and Chief
Financial Officer
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<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 3,404,092
<SECURITIES> 0
<RECEIVABLES> 3,804,309
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 7,205,401
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 8,465,848
<CURRENT-LIABILITIES> 75,251
<BONDS> 0
0
0
<COMMON> 1,000
<OTHER-SE> (104,635)
<TOTAL-LIABILITY-AND-EQUITY> 8,465,848
<SALES> 0
<TOTAL-REVENUES> 139,174
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 55,195
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 166,008
<INCOME-PRETAX> (82,029)
<INCOME-TAX> (82,029)
<INCOME-CONTINUING> (82,029)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (82,029)
<EPS-PRIMARY> (82.03)
<EPS-DILUTED> (82.03)
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