SECURITIES AND EXCHANGE COMMISSION
                          WASHINGTON, DC 20549

                           ------------------


                                FORM 10-K

                               ANNUAL REPORT
                  PURSUANT TO SECTION 13 OR 15(d) OF THE
                      SECURITIES EXCHANGE ACT OF 1934


                          For Fiscal Year Ended:
                            December 31,2001


            CREDIT AND ASSET REPACKAGING VEHICLE CORPORATION

          (Exact Name of Registrant as Specified in Charter)


 Delaware                        1-16709                     13-4182182
(State or Other Jurisdiction    (Commission                 (IRS Employer
 of Incorporation)              File Number)                Identification No.)


85 Broad Street, New York, New York                             10004
(Address of Principal Executive Offices)                      (Zip Code)

    Registrant's telephone number, including area code: (212) 902-1000




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Indicate by check mark whether the Registrant has (1) 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 have filed such reports) and (2) has been subject to such filing
requirements for the past 90 days.
Yes   X   No __
    -----

The aggregate market value of the voting and non-voting common equity held by
non-affiliates of the registrant. The aggregate market value shall be computed
by reference to the price at which the common equity was sold, or the average
bid and asked prices of such common equity, as a specified date within 60 days
prior to the date of filing.

Not Applicable

Number of shares of common stock outstanding as of December 31, 2001 was 100.


Documents in Part II and Part IV incorporated herein by reference are as
follows:

         Trustee's Distribution Statements to the Certificate Holders for the
         monthly periods ending November 1, 2002 and December 1, 2002 are hereby
         incorporated by reference as exhibits to Registrant's Current Reports
         on Form 8-K filed with the Securities and Exchange Commission on
         November 13, 2001 and December 13, 2001 respectively.

INTRODUCTORY NOTE: Credit and Asset Repackaging Vehicle Corporation (the
"Depositor") is the depositor under the Trust Agreement, dated as of October 1,
2001, by and between the Depositor and Wells Fargo Bank Minnesota, a National
Banking Association, as trustee (the "Trustee"), which formed the Public Credit
and Repackaged Securitiessm (PCARS)sm Trust Series 2001-1 (the "Trust" or the
"Registrant"), and which provided for the issuance of the Public Credit and
Repackaged Securitiessm (PCARS)sm Trust Allstate Financing II Certificates
Series 2001-1. The Certificates do not represent obligations of or interests in
the Depositor.



                               PART I

Item 1. Business.

         Not Applicable

Item 2. Properties.

         Not Applicable

Item 3. Legal Proceeding.

         None

Item 4. Submission of Matters to a Vote of Certificateholders.

         None

                              PART II

Item 5. Market for Registrant's Common Equity and Related Stockholder Matters.

         (a) Market Information: The Certificates are traded on the
             New York Stock Exchange.

         (b) Holders: The Certificates issued by the Trust representing
             investors' interest in the Trust are represented by one or more
             physical Certificates registered in the name of Cede & Co.,
             the nominee of The Depository Trust Company.

         (c)  Dividends: Not Applicable

Item 6.  Selected Financial Data.

         Not Applicable

Item 7. Management's Discussion and Analysis of Financial Condition and Results
        of Operations.

         Not Applicable

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

         Not Applicable

Item 8. Financial Statements and Supplementary Data.

Trustee's Distribution Statements to the Certificate Holders for the monthly
periods ending November 1, 2002 and December 1, 2002 are hereby incorporated by
reference as exhibits to Registrant's Current Reports on Form 8-K filed with the
Securities and Exchange Commission on November 13, 2001 and December 13, 2001
respectively.




Item 9. Changes in and Disagreements on Accounting and Financial Disclosure.

         None

                            PART III


Item 10. Directors and Executive Officers of the Registrant.

         Not Applicable

Item 11. Executive Compensation.

         Not Applicable

Item 12. Security Ownership of Certain Beneficial Owners and Management.

         Not Applicable

Item 13. Certain Relationships and Related Transactions.

         Not Applicable

                            PART IV

Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K.

         (a) Not Applicable

         (b) On October 8, 2001, a report on Form 8-K was filed in order to
             provide Financial Statements, Pro Froma Financial Information and
             Exhibits.

              Trustee's Distribution Statements to the Certificate Holders for
              the monthly periods ending November 1, 2002 and December 1, 2002
              are hereby incorporated by reference as exhibits to Registrant's
              Current Reports on Form 8-K filed with the Securities and
              Exchange Commission on November 13, 2001 and December 13, 2001
              respectively.

         (c) Not Applicable

         (d) Not Applicable












                             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 hereunto duly authorized.

                                            CREDIT AND ASSET REPACKAGING
                                            VEHICLE CORPORATION


Date:  March 26, 2002               By:     /s/ Sarah Leah Whitson
                                      -----------------------------------------
                                           Name:  Sarah Leah Whitson
                                           Title:    Vice President & Secretary