UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-K
(Mark One)
[X]               ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934
                  For the fiscal year ended September 30, 2004
                                       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 numbers 333-106297-02

                           FRANKLIN AUTO TRUST 2004-1
             (Exact name of registrant as specified in its charter)

            DELAWARE                                             04-7009306
(State or other jurisdiction of                               (I.R.S. Employer
incorporation or organization)                               Identification No.)

      47 WEST 200 SOUTH, SUITE 500
          SALT LAKE CITY, UTAH                                      84101
(Address of principal executive offices)                          (Zip Code)

       Registrant's telephone number, including Area Code: (800) 763-3400

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 1934 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 at least the past 90 days.   YES [X]    NO [ ]

Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation  S-K is not contained  herein,  and will not be contained,  to the
best of Registrant's  knowledge,  in definitive proxy or information  statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K:   N/A

Indicate by check mark whether registrant is an accelerated filer (as defined in
Rule 12b-2 of the Act).   YES [ ]   NO [X]

<PAGE>

Aggregate  market  value  of the  voting  stock  held by  non-affiliates  of the
Registrant:    N/A

DOCUMENTS INCORPORATED BY REFERENCE:        None


                                      -2-

<PAGE>



ITEM 1.  BUSINESS

The  Franklin  Auto Trust 2004-1 (the  "2004-1  Trust") is a Delaware  statutory
trust formed  pursuant to the trust agreement (the "2004-1  Agreement")  between
Franklin  Receivables LLC, as Seller,  and Deutsche Bank Trust Company Delaware,
as  Owner  Trustee.  On July  8,  2004,  Franklin  Receivables  LLC  transferred
approximately  $215,025,000  of Prime,  Non-Prime  and  Sub-Prime  motor vehicle
retail installment sale contracts ("Contracts") and $35,000,000 for the purchase
of  additional  Contracts  during a funding  period  (collectively,  the "2004-1
Receivables")  to  the  2004-1  Trust.  The  2004-1  Trust  pledged  the  2004-1
Receivables to The Bank of New York, as indenture trustee (the "2004-1 Indenture
Trustee"),  who in turn issued  asset  backed  notes (the  "2004-1  Asset Backed
Notes").

ITEM 2.  PROPERTIES

See Item 1 Above.

ITEM 3.  LEGAL PROCEEDINGS

There are no material  pending legal  proceedings  to which the  Registrant is a
party,  or of  which  any of its  property  is the  subject;  nor are  any  such
proceedings known to be contemplated by any governmental authorities.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

No matter was submitted to a vote of security holders.

                                      -3-

<PAGE>




                                     PART II

ITEM 5.  MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

For the 2004-1  Trust,  there were three  holders of record of 2004-1  Class A-1
Asset  Backed  Notes,  seven  holders of record of 2004-1 Class A-2 Asset Backed
Notes and seven  holders of record of 2004-1  Class A-3 Asset Backed Notes as of
the end of the Registrant's fiscal year. To Registrant's knowledge,  there is no
active market for such securities.

ITEM 6.  SELECTED FINANCIAL HIGHLIGHTS

N/A

ITEM 7.  MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS

N/A

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

N/A

ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

N/A

ITEM 9.  CHANGES  IN  AND  DISAGREEMENTS  WITH  ACCOUNTANTS  ON  ACCOUNTING  AND
         FINANCIAL DISCLOSURE

There is nothing to report with regard to this item.

ITEM 9A. CONTROLS AND PROCEDURES

N/A

                                      -4-

<PAGE>


                                    PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

None.

ITEM 11. EXECUTIVE COMPENSATION

None.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

The following persons hold in excess of 5% of the aggregate  outstanding  2004-1
Asset Backed Notes as of September 30, 2004:
<TABLE>

  TITLE OF CLASS        NAME AND ADDRESS OF BENEFICIAL                     AMOUNT       PERCENTAGE
                                    OWNERS
----------------        -------------------------------             -------------       ----------
<S>                     <C>                                         <C>                     <C>
CLASS A-1               MFG TRADE                                   12,637,897.73           10.14%
---------               P.O. Box 1377
                        Buffalo, NY 14240


                        STATE STREET BANK AND                       57,291,803.05           45.95%
                        TRUST COMPANY
                        1776 Heritage Dr.
                        Global Corporate Action Unit Jab
                        5NW
                        No. Quincy, MA 02171


                        WBNA- MAIN                                  54,764,223.51           43.92%
                        530 Walnut Street
                        Philadelphia, PA 19101


CLASS A-2               JPMORGAN CHASE BANK                         11,650,000.00           25.89%
---------               Proxy/Class Actions/Bankruptcy
                        Dallas, TX 75254

                                      -5-
<PAGE>


                        STATE STREET BANK AND                        2,500,000.00            5.56%
                        TRUST COMPANY
                        1776 Heritage Dr.
                        Global Corporate Action Unit Jab
                        5NW
                        No. Quincy, MA 02171


                        MELLON TR                                   28,000,000.00           62.22%
                        525 William Penn Place, Suite 3418
                        Pittsburgh, PA 15259


CLASS A-3               THE BANK OF NEW YORK                        45,875,000.00           80.48%
---------               One Wall Street
                        New York, NY 10286


                        MELLON TR                                    6,000,000.00           10.53%
                        525 William Penn Place, Suite 3418
                        Pittsburgh, PA 15259

</TABLE>

                                      -6-

<PAGE>


ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

N/A


                                     PART IV

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

N/A

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K

(a)(1)    Exhibits: See Index to Exhibits on Page 9.

(a)(2)    N/A

(a)(3)    See (a)(1) above.

(b)(1)    Form 8-K filed on July 28,  2004 filing  under Item 5 "Other  Events"
          and Item 7 "Financial Statements,  Pro Forma Financial Information and
          Exhibits",  containing  the  Amended  and  Restated  Trust  Agreement,
          Indenture, Sale and Servicing Agreement, Financial Guarantee Insurance
          Policy,   Purchase  Agreement,   Underwriting   Agreement  and  Letter
          Agreement and other operative  agreements  executed in connection with
          the issuance of the notes.

(b)(2)    Form 8-K filed on August 20, 2004 filing  under Item 5 "Other  Events
          and Regulation FD Disclosure"  and Item 7 "Financial  Statements,  Pro
          Forma Financial  Information  and Exhibits",  a Monthly Service Report
          for the month ended July 31, 2004.

(b)(3)    Form 8-K filed on August 25,  2004  filing  under  Item 8.01  "Other
          Events"  and  Item  9.01  "Financial   Statements,   and  Exhibits",
          containing pool information as of August 11, 2004.

(b)(4)    Form 8-K filed on  September  30, 2004 filing under Item 8.01 "Other
          Events"  and Item 9.01  "Financial  Statements,  Pro  Forma  Financial
          Information  and  Exhibits",  a Monthly  Service  Report for the month
          ended August 31, 2004.

(b)(5)    Form 8-K filed on October  25,  2004  filing  under Item 8.01 "Other
          Events"  and Item 9.01  "Financial  Statements,  Pro  Forma  Financial
          Information  and  Exhibits",  a Monthly  Service  Report for the month
          ended September 30, 2004.


                                      -7-
<PAGE>


                                   SIGNATURES

Pursuant to the  requirements of Section 13 or 15(d) 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 on the date indicated.

                                    FRANKLIN AUTO TRUST 2004-1
                                    (Registrant)

                                    By:    Franklin Capital Corp.,
                                           Servicer of the Trust


Date:  December 14, 2004                   /S/ HAROLD E. MILLER, JR.
                                           -------------------------
                                           HAROLD E. MILLER, JR.
                                           President
                                           (Principal Executive Officer)



                                      -8-

<PAGE>


                                  EXHIBIT INDEX


EXHIBITS FOR FRANKLIN AUTO TRUST 2004-1
---------------------------------------

4.1  Amended and Restated Trust Agreement  between Franklin  Receivables LLC and
     Deutsche Bank Trust Company Delaware, as Owner Trustee, dated as of July 1,
     2004,  incorporated  by reference to Exhibit 4.1 to  Registrant's  Form 8-K
     (File Number 333-106297-02), filed on July 28, 2004.

4.2  Indenture  between Franklin Auto Trust 2004-1,  as Issuer,  and The Bank of
     New York, as Trustee and Indenture  Collateral  Agent,  dated as of July 1,
     2004,  incorporated  by reference to Exhibit 4.2 to  Registrant's  Form 8-K
     (File Number 333-106297-02), filed on July 28, 2004.

4.3  Sale and Servicing  Agreement  among  Franklin  Auto Trust 2004-1,  Issuer,
     Franklin Receivables LLC, Seller,  Franklin Capital Corporation,  Servicer,
     and Franklin  Resources,  Inc.,  Representative,  dated as of July 1, 2004,
     incorporated  by  reference to Exhibit 4.3 to  Registrant's  Form 8-K (File
     Number 333-106297-02), filed on July 28, 2004.

4.4  Financial Guarantee Insurance Policy of MBIA Insurance  Corporation,  dated
     July 8, 2004,  incorporated  by reference  to Exhibit 4.4. to  Registrant's
     Form 8-K (File Number 333-106297-02), filed on July 28, 2004.

10.1 Purchase  Agreement  between  Franklin  Capital  Corporation  and  Franklin
     Receivables  LLC,  dated as of July 1, 2004,  incorporated  by reference to
     Exhibit 10.1 to Registrant's Form 8-K (File Number 333-106297-02), filed on
     July 28, 2004.

10.2 Underwriting   Agreement  among  Franklin  Capital  Corporation,   Franklin
     Receivables LLC and Citigroup  Global Markets,  Inc.,  dated June 22, 2004,
     incorporated  by reference to Exhibit 10.2 to  Registrant's  Form 8-K (File
     Number 333-106297-02), filed on July 28, 2004.

10.3 Letter  Agreement  between  Franklin  Resources,  Inc. and Citigroup Global
     Markets,  Inc.,  dated June 22, 2004,  incorporated by reference to Exhibit
     10.3 to Registrant's  Form 8-K (File Number  333-106297-02),  filed on July
     28, 2004.

19.1 Prospectus  dated June 22, 2004 and  Prospectus  Supplement  dated June 22,
     2004  related  to the  issuance  of the  Class  A-1,  A-2  and  A-3  notes,
     incorporated by reference to Form 424(b)(5) filed on July 26, 2004.

31.1 Certification

99.1 Report of Registered  Public Accounting Firm on compliance with the minimum
     servicing  standards  identified  in the Mortgage  Bankers  Association  of
     America's UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE BANKERS ("USAP").

                                      -9-
<PAGE>


99.2 Management's   assertion  as  to  compliance  with  the  minimum  servicing
     standards  identified  in the  Mortgage  Bankers  Association  of America's
     UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE BANKERS ("USAP").

                                      -10-