SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                   FORM 10 - 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 March 31, 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 No. 333-06929-02

                             UACSC 1996-C Auto Trust
               (Issuer with Respect to Registered Securitization)

                         UAC Securitization Corporation
             (Exact name of registrant as specified in its charter)

                  New York                                   35-1937340
         State or other jurisdiction of                   (I.R.S. Employer
         incorporation or organization                  Identification Number)
                                                         UAC Securitization
                                                            Corporation

250 Shadeland Avenue, Suite 210A
Indianapolis, Indiana                                           46219
(address of principal                                         (zip code)
executive offices)
UAC Securitization Corporation

Registrant's telephone number including area code            (317) 231-6466
                                                             --------------

Securities registered pursuant to Section 12 (b) of the Act:       None

Securities registered pursuant to Section 12 (g) of the Act:       None

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 1937
during the preceding 12 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


 DOCUMENTS INCORPORATED BY REFERENCE:       None


<PAGE>


                                     PART I


Item 1.  Financial Statements

     This  Report on Form 10-Q is being  filed in respect of UACSC  1996-C  Auto
Trust  as  issuer  of  securities  registered  in  Registration   Statement  No.
333-06929-02  on Form S-3 under the Securities Act of 1933, as amended (declared
effective on July 18,  1996).  Because UACSC 1996-C Auto Trust has simply issued
Certificates  representing  fractional undivided interests in the Trust's assets
consisting of a specific  portfolio of retail  installment sale contracts in new
and used automobiles and light trucks, and because Registrant UAC Securitization
Corporation  is not a  Guarantor  of any of the  payments  due from the Trust to
Certificateholders  that are required to be made  monthly,  there is included in
response to this item only the regular  monthly report form which the Trustee is
required  to  include  with  each  monthly   distribution  of  trust  assets  to
Certificateholders setting forth for the prior calendar month, and cumulatively,
all of the relevant financial information required by Certificateholders.

     Accordingly,  the UACSC 1996-C AUTO TRUST  MONTHLY  SERVICER'S  CERTIFICATE
REPORT for the months ending January 31, 1997,  February 28, 1997, and March 31,
1997, are included herewith, as exhibits 99-1, 99-2, and 99-3, respectively.

<PAGE>


Item 2. Management's  Discussion and Analysis of Financial Condition and Results
        of Operations.

     The Trust  conducts  no  business  other  than  receiving  payments  on the
receivables and making payments to  Certificateholders  and to Union  Acceptance
Corporation as Servicer as the Registrant with respect to their interests in the
Trust assets.  The  traditional  form of income  statement and balance sheet and
comparative  presentation for prior periods would add no relevant information to
that supplied in the required monthly reports and would not be material.

     Because of the narrowly proscribed and limited activities of the Trust, the
information  called  for by Item 303 of  Regulation  S-K would not add  relevant
information  to that  provided  in the  Monthly  Service's  Certificate  Reports
attached hereto in response to Item 1.

                                    PART II.

Item 6. Exhibits and Reports on Form 8-K.

     There are no reports on Form 8-K to be included for this reporting  period.
The following exhibits are included in this form 10-Q:

      Exhibit  99-1  Servicer's  Certificate  Report of January 31, 1997 Exhibit
      99-2  Servicer's  Certificate  Report of February  28, 1997  Exhibit  99-3
      Servicer's Certificate Report of March 31, 1997



<PAGE>

                                   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.

                                       UACSC 1996-C AUTO TRUST

                              By:        Union Acceptance Corporation, in its
                                                capacity as Servicer

                                       By:      /s/Rick A. Brown
                                                --------------------------------
                                                Rick A. Brown
                                                Vice President, Treasurer
                                                and Chief Financial Officer









Date:             May 13, 1997





<PAGE>
                                                                    Exhibit 99-1
                                                                      UACSC 96-C
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 1/31/97

<TABLE>
<CAPTION>
PRINCIPAL BALANCE RECONCILIATION                 D O L L A R S                                                             NUMBERS
                                                   CLASS A-1         CLASS A-2       CLASS A-3          TOTAL CLASS A's
                                                  --------------     -------------   -------------      ----------------    ------
<S>                                               <C>                <C>             <C>                  <C>               <C>   
Original Principal Balance                        188,000,000.00     97,000,000.00   25,999,057.10        310,999,057.10    24,044
Beginning Period Principal Balance                145,250,381.57     97,000,000.00   25,999,057.10        268,249,438.67    21,647
Principal Collections - Scheduled Payments          3,491,039.90              0.00            0.00          3,491,039.90
Principal Collections - Payoffs                     2,634,567.70              0.00            0.00          2,634,567.70       299
Principal Withdrawal from Payahead                     16,611.09              0.00            0.00             16,611.09
Gross Principal Charge Offs                         1,090,875.20              0.00            0.00          1,090,875.20        81
Repurchases                                            78,241.16              0.00            0.00             78,241.16        13
                                                  --------------     -------------   -------------        --------------    ------
Ending Balance                                    137,939,046.52     97,000,000.00   25,999,057.10        260,938,103.62    21,254
                                                  ==============     =============   =============        ==============    ======

Certificate Factor                                     0.7337183         1.0000000       1.0000000             0.8390318
Pass Through Rate                                          6.190%            6.510%          6.630%                6.327%

CASH FLOW RECONCILIATION
Principal Wired                                                                                             6,158,608.95
Interest Wired                                                                                              2,706,029.29
Withdrawal from Payahead Account                                                                               28,218.81
Repurchases (Principal and Interest)                                                                           79,492.31
Charge Off Recoveries                                                                                         315,498.44
Interest Advances                                                                                              71,726.83
Certificate Account Interest Earned                                                                            26,325.25
Spread Account Withdrawal                                                                                           0.00
Class A Surety Bond Draw for Class I Interest                                                                       0.00
Class A Surety Bond Draw for
   Class A Principal or Interest                                                                                    0.00
Total Cash Flow                                                                                             9,385,899.88
                                                                                                            ============
TRUSTEE DISTRIBUTION  (2/10/97)

Total Cash Flow                                                                                             9,385,899.88
Unrecovered Advances on Defaulted Receivables                                                                  33,901.09
Servicing Fee (Due and Unpaid)                                                                                      0.00
Interest to Class A-1 Certificateholders                                                                      749,249.88
Interest to Class A-2 Certificateholders                                                                      526,225.00
Interest to Class A-3 Certificateholders                                                                      143,644.79
Interest to Class I Certificateholders                                                                        486,523.92
Principal to Class A-1 Certificateholders                                                                   7,311,335.05
Principal to Class A-2 Certificateholders                                                                           0.00
Principal to Class A-3 Certificateholders                                                                           0.00
Surety Bond Premium                                                                                            33,704.51
Interest Advance Recoveries from Payments                                                                      29,820.42
Unreimbursed draws on Class A's Surety Bond
   for Class I Interest                                                                                             0.00
Unreimbursed draws on Class A's Surety Bond
   for Class A Principal or  Interest                                                                               0.00
Deposit to Payahead                                                                                            46,364.12
Certificate Account Interest to Servicer                                                                       26,325.25
Payahead Account Interest to Servicer                                                                           1,022.17
Excess                                                                                                         (2,216.32)

Net Cash                                                                                                            0.00
                                                                                                            ============
Monthly Servicing Fee and the
   Spread Amount                                                                                            1,515,225.32
                                                                                                            ============
Servicing Fee Retained from
   Interest Collections                                                                                       223,541.20
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
SPREAD ACCOUNT  RECONCILIATION
<S>                                                                                                       <C>         
Original Balance                                                                                                    0.00
Beginning Balance                                                                                           2,646,079.90
Trustee Distribution of Excess                                                                                 (2,216.32)
Interest Earned                                                                                                11,546.42
Spread Account Draws                                                                                                0.00
Reimbursement for Prior Spread Account Draws                                                                        0.00
Distribution of Funds to Servicer                                                                                   0.00
Ending Balance                                                                                              2,655,410.00
                                                                                                          ==============
Required Balance                                                                                            3,887,488.21
                                                                      
FIRST LOSS PROTECTION  AMOUNT  RECONCILIATION                         

Original Balance                                                                                           15,549,952.85
Beginning Balance                                                                                          10,766,392.03
Reduction Due to Spread Account                                                                                (9,330.10)
Reduction Due to Principal Reduction                                                                         (365,566.75)
Ending Balance                                                                                             10,391,495.18
                                                                                                          ==============
First Loss Protection Required Amount                                                                      10,391,495.18
First Loss Protection Fee %                                                                                         2.00%
First Loss Protection Fee                                                                                      17,896.46
                                                                      
SURETY BOND  RECONCILIATION                                           

Original Balance                                                                                          310,999,057.10
Beginning Balance                                                                                         267,127,935.43
Draws                                                                                                               0.00
Reimbursement of Prior Draws                                                                                        0.00
Ending Balance                                                                                            267,127,935.43
Adjusted Ending Balance Based                                         
   Upon Required Balance                                                                                  259,742,008.61
Required Balance                                                                                          259,742,008.61
                                                                      
PAYAHEAD RECONCILIATION                                               
                                                                      
Beginning Balance                                                                                             230,283.19
Deposit                                                                                                        46,364.12
Payahead Interest                                                                                               1,022.17
Withdrawal                                                                                                     28,218.81
Ending Balance                                                                                                249,450.67
                                                                                                          ==============
</TABLE>

<PAGE>

                                                                    Exhibit 99-2
                                                                      UACSC 96-C
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 2/28/97
<TABLE>
<CAPTION>

PRINCIPAL BALANCE RECONCILIATION                                    D O L L A R S                                           NUMBERS
                                                  CLASS A-1           CLASS A-2         CLASS A-3       TOTAL CLASS A's
<S>                                             <C>                  <C>               <C>               <C>                 <C>   
Original Principal Balance                      188,000,000.00       97,000,000.00     25,999,057.10     310,999,057.10      24,044
Beginning Period Principal Balance              137,939,046.52       97,000,000.00     25,999,057.10     260,938,103.62      21,254
Principal Collections - Scheduled Payments        3,513,355.91                0.00              0.00       3,513,355.91
Principal Collections - Payoffs                   3,561,262.85                0.00              0.00       3,561,262.85         400
Principal Withdrawal from Payahead                   17,954.79                0.00              0.00          17,954.79
Gross Principal Charge Offs                       1,475,960.84                0.00              0.00       1,475,960.84         102
Repurchases                                          26,386.85                0.00              0.00          26,386.85           7
Ending Balance                                  129,344,125.28       97,000,000.00     25,999,057.10     252,343,182.38      20,745
                                                ==============       =============     =============     ==============      ======
Certificate Factor                                   0.6880007           1.0000000         1.0000000          0.8113953
Pass Through Rate                                        6.190%              6.510%            6.630%             6.327%


CASH FLOW RECONCILIATION

Principal Wired                                                                                            7,129,306.48
Interest Wired                                                                                             2,485,629.59
Withdrawal from Payahead Account                                                                              29,388.78
Repurchases (Principal and Interest)                                                                          26,835.89
Charge Off Recoveries                                                                                        480,316.60
Interest Advances                                                                                             92,182.05
Certificate Account Interest Earned                                                                           22,384.02
Spread Account Withdrawal                                                                                    330,544.30
Class A Surety Bond Draw for Class I Interest                                                                      0.00
Class A Surety Bond Draw for
   Class A Principal or Interest                                                                                   0.00
Total Cash Flow                                                                                           10,596,587.71
                                                                                                          =============

TRUSTEE DISTRIBUTION  (3/10/97)
Total Cash Flow                                                                                           10,596,587.71
Unrecovered Advances on Defaulted Receivables                                                                 42,430.91
Servicing Fee (Due and Unpaid)                                                                                     0.00
Interest to Class A-1 Certificateholders                                                                     711,535.58
Interest to Class A-2 Certificateholders                                                                     526,225.00
Interest to Class A-3 Certificateholders                                                                     143,644.79
Interest to Class I Certificateholders                                                                       469,768.78
Principal to Class A-1 Certificateholders                                                                  8,594,921.24
Principal to Class A-2 Certificateholders                                                                          0.00
Principal to Class A-3 Certificateholders                                                                          0.00
Surety Bond Premium                                                                                           29,440.04
Interest Advance Recoveries from Payments                                                                          0.00
Unreimbursed draws on Class A's Surety Bond
   for Class I Interest                                                                                            0.00
Unreimbursed draws on Class A's Surety Bond
   for Class A Principal or  Interest                                                                              0.00
Deposit to Payahead                                                                                           55,254.43
Certificate Account Interest to Servicer                                                                      22,384.02
Payahead Account Interest to Servicer                                                                            982.92
Excess                                                                                                            (0.00)

Net Cash                                                                                                           0.00
                                                                                                          =============

Monthly Servicing Fee and the Spread Amount                                                                1,327,281.86
                                                                                                          =============

Servicing Fee Retained from Interest Collections                                                             217,448.42

</TABLE>

<PAGE>

SPREAD ACCOUNT  RECONCILIATION

<TABLE>
<CAPTION>
<S>                                                                                                      <C>         
Original Balance                                                                                                   0.00
Beginning Balance                                                                                          2,655,410.00
Trustee Distribution of Excess                                                                                    (0.00)
Interest Earned                                                                                               11,720.26
Spread Account Draws                                                                                               0.00
Reimbursement for Prior Spread Account Draws                                                                   2,216.32
Distribution of Funds to Servicer                                                                                  0.00
Ending Balance                                                                                             2,669,346.58
                                                                                                          =============
Required Balance                                                                                           3,887,488.21

FIRST LOSS PROTECTION  AMOUNT  RECONCILIATION

Original Balance                                                                                          15,549,952.85
Beginning Balance                                                                                         10,391,495.18
Reduction Due to Spread Account                                                                              (13,936.58)
Reduction Due to Principal Reduction                                                                        (429,746.06)
Ending Balance                                                                                             9,947,812.54
                                                                                                          =============
First Loss Protection Required Amount                                                                      9,947,812.54
First Loss Protection Fee %                                                                                        2.00%
First Loss Protection Fee                                                                                     15,474.38

SURETY BOND  RECONCILIATION

Original Balance                                                                                         310,999,057.10
Beginning Balance                                                                                        259,742,008.61
Draws                                                                                                              0.00
Reimbursement of Prior Draws                                                                                       0.00
Ending Balance                                                                                           259,742,008.61
                                                                                                         ==============
Adjusted Ending Balance Based
   Upon Required Balance                                                                                 251,072,588.58
                                                                                                         ==============
Required Balance                                                                                         251,072,588.58

PAYAHEAD RECONCILIATION

Beginning Balance                                                                                            249,450.67
Deposit                                                                                                       55,254.43
Payahead Interest                                                                                                982.92
Withdrawal                                                                                                    29,388.78
Ending Balance                                                                                               276,299.24

INTEREST ADVANCES                                                                         1/97                27,604.10
                                                                                                         ==============

TO BE RECOVERED                                                                           2/97                36,671.20
                                                                                                         ==============
</TABLE>


<PAGE>

                                                                    Exhibit 99-3
                                                                      UACSC 96-C
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 3/31/97

<TABLE>
<CAPTION>
PRINCIPAL BALANCE RECONCILIATION                                D O L L A R S                                        NUMBERS
                                                CLASS A-1         CLASS A-2        CLASS A-3      TOTAL CLASS A's
                                             --------------     -------------    -------------    --------------      ------
<S>                                          <C>                <C>              <C>              <C>                 <C>   
Original Principal Balance                   188,000,000.00     97,000,000.00    25,999,057.10    310,999,057.10      24,044
Beginning Period Principal Balance           129,344,125.28     97,000,000.00    25,999,057.10    252,343,182.38      20,745
Principal Collections - Scheduled Payments     3,800,857.78              0.00             0.00      3,800,857.78
Principal Collections - Payoffs                3,260,714.30              0.00             0.00      3,260,714.30         399
Principal Withdrawal from Payahead                13,489.57              0.00             0.00         13,489.57
Gross Principal Charge Offs                      942,137.73              0.00             0.00        942,137.73          72
Repurchases                                       57,832.24              0.00             0.00         57,832.24          11
Ending Balance                               121,269,093.66     97,000,000.00    25,999,057.10    244,268,150.76      20,263
                                             ==============     =============    =============    ==============      ======
Certificate Factor                                0.6450484         1.0000000        1.0000000         0.7854305
Pass Through Rate                                     6.190%            6.510%           6.630%            6.327%


CASH FLOW RECONCILIATION
Principal Wired                                                                                     7,124,743.22
Interest Wired                                                                                      2,543,728.25
Withdrawal from Payahead Account                                                                       20,947.99
Repurchases (Principal and Interest)                                                                   60,306.83
Charge Off Recoveries                                                                                 548,172.43
Interest Advances                                                                                      76,367.64
Certificate Account Interest Earned                                                                    28,436.33
Spread Account Withdrawal                                                                                   0.00
Class A Surety Bond Draw for                                                       
   Class I Interest                                                                                         0.00
Class A Surety Bond Draw for                                                       
   Class A Principal or Interest                                                                            0.00
Total Cash Flow                                                                                    10,402,702.69
                                                                                                   =============
                                                                                   
TRUSTEE DISTRIBUTION  (4/09/97)                                                    
                                                                                   
Total Cash Flow                                                                                    10,402,702.69
Unrecovered Advances on Defaulted Receivables                                                          28,347.41
Servicing Fee (Due and Unpaid)                                                                              0.00
Interest to Class A-1 Certificateholders                                                              667,200.11
Interest to Class A-2 Certificateholders                                                              526,225.00
Interest to Class A-3 Certificateholders                                                              143,644.79
Interest to Class I Certificateholders                                                                450,072.08
Principal to Class A-1 Certificateholders                                                           8,075,031.62
Principal to Class A-2 Certificateholders                                                                   0.00
Principal to Class A-3 Certificateholders                                                                   0.00
Surety Bond Premium                                                                                    31,551.30
Interest Advance Recoveries from Payments                                                             123,724.24
Unreimbursed draws on Class A's Surety Bond                                        
   for Class I Interest                                                                                     0.00
Unreimbursed draws on Class A's Surety Bond                                        
   for Class A Principal or  Interest                                                                       0.00
Deposit to Payahead                                                                                    71,008.89
Certificate Account Interest to Servicer                                                               28,436.33
Payahead Account Interest to Servicer                                                                   1,211.96
Excess                                                                                                256,248.96
Net Cash                                                                                                    0.00
                                                                                                    ============
Monthly Servicing Fee and the Spread Amount                                                         1,423,534.81
                                                                                                    ============
                                                                                   
Servicing Fee Retained from Interest Collections                                                      210,285.99
</TABLE>    
                                                                                
<PAGE>

SPREAD ACCOUNT  RECONCILIATION

<TABLE>
<CAPTION>
<S>                                                                                            <C> 
Original Balance                                                                                            0.00
Beginning Balance                                                                                   2,669,346.58
Trustee Distribution of Excess                                                                        256,248.96
Interest Earned                                                                                        10,827.81
Spread Account Draws                                                                                 (330,544.30)
Reimbursement for Prior Spread Account Draws                                                                0.00
Distribution of Funds to Servicer                                                                           0.00
Ending Balance                                                                                      2,605,879.05
Required Balance                                                                                   12,213,407.54
                                                                     
FIRST LOSS PROTECTION  AMOUNT  RECONCILIATION                        
                                                                     
Original Balance                                                                                   15,549,952.85
Beginning Balance                                                                                   9,947,812.54
Reduction Due to Spread Account                                                                        63,467.53
Reduction Due to Principal Reduction                                                                 (403,751.58)
Ending Balance                                                                                      9,607,528.49
First Loss Protection Required Amount                                                               9,607,528.49
First Loss Protection Fee %                                                                                 2.00%
First Loss Protection Fee                                                                              16,546.30
                                                                     
SURETY BOND  RECONCILIATION                                          
                                                                     
Original Balance                                                                                  310,999,057.10
Beginning Balance                                                                                 251,072,588.58
Draws                                                                                                       0.00
Reimbursement of Prior Draws                                                                                0.00
Ending Balance                                                                                    251,072,588.58
Adjusted Ending Balance Based Upon Required Balance                                               242,989,830.70
Required Balance                                                                                  242,989,830.70
                                                                     
PAYAHEAD RECONCILIATION                                              
                                                                     
Beginning Balance                                                                                     276,299.24
Deposit                                                                                                71,008.89
Payahead Interest                                                                                       1,211.96
Withdrawal                                                                                             20,947.99
Ending Balance                                                                                        327,572.10
                                                                                                  ==============
</TABLE>