<PAGE>

                                  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 December 31, 2004

                                       or

[_]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934.

Commission file number 333-112241-02

                    USAA AUTO LOAN OWNER TRUST 2004-2(Issuer)
                 USAA ACCEPTANCE, LLC (Originator of the Trust)
             (Exact name of registrant as specified in its charter)

                DELAWARE                                          72-6216179
    (State or other jurisdiction of                            (I.R.S. Employer
     incorporation or organization)                          Identification No.)

           One Rodney Square
       920 King Street, 1st Floor
          Wilmington, Delaware                                       19801
(Address of principal executive offices)                          (Zip Code)

                                  (302)888-7536
                             (Registrant's telephone
                          number, including area code)

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

Securities registered pursuant to Section 12(b) 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 the past 90 days. Yes [X] No [ ]

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

State the aggregate market value of the voting and non-voting common equity held
by non-affiliates computed by reference to the price at which the common equity
was last sold, or the average bid and asked price of such common equity, as of
the last business day of the registrant's most recently completed second fiscal
quarter. Not Applicable.

Indicate the number of shares outstanding of each of the registrant's classes of
common stock, as of the latest practicable date. Not Applicable.




<PAGE>

USAA Auto Loan Owner Trust 2004-2 had four classes of notes and one class of
certificates outstanding as of December 31, 2004. The notes represent the Auto
Loan Backed Notes Class A-1, Auto Loan Backed Notes Class A-2, Auto Loan Backed
Notes Class A-3, and Auto Loan Backed Notes Class A-4 of USAA Auto Owner Trust
2004-2. The certificates represent the Class B Auto Loan Backed Certificates of
USAA Auto Loan Owner Trust 2004-2.

The registrant is filing this Annual Report on Form 10-K in a reduced disclosure
format pursuant to a no-action letter received from the Securities and Exchange
Commission dated December 23, 1993. Items that are not referred to in this
Annual Report are omitted because they are not applicable under such no action
letter

                        USAA AUTO LOAN OWNER TRUST 2004-1
                            USAA FEDERAL SAVINGS BANK

                                     PART I

ITEM 2. PROPERTIES

     USAA Auto Loan Owner Trust 2004-2 (the Trust) was formed pursuant to a
Trust Agreement dated July 1, 2004, between USAA Acceptance, LLC, as Depositor
and Wachovia Trust Company, National Association, as Owner Trustee. The Trust
was also formed in accordance with a Sale and Servicing Agreement dated as of
February 1, 2004 among USAA Auto Owner Trust 2004-2, as Issuer, USAA Acceptance,
LLC, as Depositor, and USAA Federal Savings Bank as Seller and Servicer (the
"Sale and Servicing Agreement").

     The Trust was established solely for the purpose of acquiring the fixed
rate simple interest motor vehicle installment loans and related collateral (the
Receivables), issuing its 1.66% Class A-1 Auto Owner Trust Notes, 2.41% Class
A-2 Auto Owner Trust Notes, 3.03% Class A-3 Auto Owner Trust Notes, 3.58% Class
A-4 Auto Owner Trust Notes, and 4.58% Class B Auto Owner Trust Certificates, and
engaging in related transactions.

     The property of the Trust consists of the Receivables described above. A
summary of Receivable activity and delinquency information follows (unaudited):

<TABLE>
<CAPTION>
                                                            Units   ($ in 000's)
                                                           ------   ------------
<S>                                                        <C>       <C>
Original Receivables outstanding, February 1, 2004         83,922    $1,488,749
Prepayments                                                    --    $  112,796
Repossessions                                                  --    $      137
Receivables outstanding, December 31, 2004                 76,099    $1,216,210

</TABLE>

Delinquent Receivables as of December 31, 2004:

<TABLE>
<CAPTION>
                                                            Units   ($ in 000's)
                                                            -----   ------------
<S>                                                           <C>      <C>
31-60 days                                                    56       $  816
61-90 days                                                    13       $  222
91 days or more                                               10       $  122
                                                             ---       ------
   Total                                                      79       $1,160
</TABLE>

     Losses on repossessions for the period ending December 31, 2004 were
approximately $ 434,000 on ___ Receivables.


                                      2


<PAGE>

ITEM 3. LEGAL PROCEEDINGS

     None.

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

     None.

                                     PART II

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

     As of December 31, 2004, there is one direct participant in the Class B
Auto Owner Trust Backed Certificate. There is no secondary market for this
certificate.

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

     None.

                                     PART IV

ITEM 15. EXHIBITS, FINANCIAL STATEMENTS, SCHEDULES AND REPORTS ON FORM 10-K

     (a)  (1) Pursuant to the Sale & Servicing Agreement, the Servicer is
          required (i) to deliver an annual statement as to compliance with the
          provisions of the Sale & Servicing Agreement and certain other
          matters, (the "Annual Statement of the Servicer") and (ii) to cause a
          firm of independent public accountants to deliver an annual report as
          to compliance with the servicing provisions of the Sale and Servicing
          Agreement (the "Accountants' Annual Report"). Both the Annual
          Statement of the Servicer and the Accountants' Annual Report are
          attached as Exhibits 99.2 and 99.3, respectively, to this Report.

          (2) Not applicable.

          (3) Not applicable.

     Exhibit 99.2: Annual Statement of the Servicer.

     Exhibit 99.3: Accountant's Annual Report

     (a)  Current Reports of Form 8 - K filed during the last quarter of the
          period covered by this Report:

<TABLE>
<CAPTION>
     Date of Current Report   Item Reported
     ----------------------   -------------
<S>                           <C>
     October 15, 2004         Monthly Report sent to Noteholders with the
                              September 2004 Distribution

     November 15, 2004        Monthly Report sent to Noteholders with the
                              October 2004 Distribution

     December 15, 2004        Monthly Report sent to Noteholders with the
                              November 2004 Distribution

     January 18, 2005         Monthly Report sent to Noteholders with
</TABLE>


                                      3



<PAGE>

<TABLE>
<S>                           <C>
                              the December 2004 Distribution
</TABLE>

     (b) See subparagraph (a) (3) above.

     (c) Not applicable.

     SUPPLEMENTAL INFORAMTION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO
SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES
PURSUANT TO SECTION 12 OF THE ACT.

     No such annual report, proxy statement, form of proxy or other soliciting
material has been sent to Noteholders.

                                  Certification

I, Rosemary M. Elizalde, certify that:

1. I have reviewed this annual report on Form 10-K, and all reports on Form 8-K
containing distribution or servicing reports filed in respect of periods
included in the year covered by this annual report, of USAA Acceptance, LLC;

2. Based on my knowledge, the information in these reports, taken as a whole,
does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading as of the
last day of the period covered by this annual report;

3. Based on my knowledge, the distribution or servicing information required to
be provided to the trustee by the servicer under the sale and servicing
agreement, for inclusion in these reports is included in these reports;

4. I am responsible for reviewing the activities performed by the servicer under
the sale and servicing agreement and based upon my knowledge and the annual
compliance review required under that agreement, and except as disclosed in the
reports, the servicer has fulfilled its obligations under that agreement; and

5. The reports disclose all significant deficiencies relating to the servicer's
compliance with the minimum servicing standards based upon the report provided
by an independent public accountant, after conducting a review in compliance
with the procedures, as set forth in the sale and servicing agreement, that is
included in these reports.

In giving the certifications above, I have reasonably relied on information
provided to me by the following unaffiliated parties: Wachovia Trust Company,
National Association, and JP Morgan Chase Bank.

Date: March 29, 2005


/s/ ROSEMARY M. ELIZALDE
-----------------------------------------------
Rosemary M. Elizalde
Senior Vice President, Senior Financial Officer
USAA Federal Savings Bank


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<PAGE>

                                   SIGNATURES

     Pursuant to the requirements of Section 13 or 15(d) of the Securities and
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

                                     USAA FEDERAL SAVINGS BANK
                                     --------------------------------
                                     (Registrant)


                                     By: /s/ Michael J. Broker
                                         ---------------------------------------
                                         Michael J. Broker
                                         (Duly Authorized Officer of
                                         USAA Federal Savings Bank, as Servicer,
                                         on behalf of the Trust)

                                     Date: March 31, 2005

                                      5



<PAGE>

                                  EXHIBIT INDEX

<TABLE>
<CAPTION>
                                                 PAGE NUMBER
EXHIBIT                 DOCUMENT                  SEQUENTIAL
-------                 --------                 -----------
<S>       <C>                                        <C>
  99.2    Annual Statement of the Servicer.           7

  99.3    Accountants' Annual Report -                8
          Independent Accountants' Reports and
          Management Assertions.
</TABLE>

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