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

                                   FORM 10-K/A

[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
    OF 1934 for the fiscal year ended December 31, 2006


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

                      Commission File Number: 333-132001-01


                            GS AUTO LOAN TRUST 2006-1
          (Exact Name of Issuing Entity as Specified in its Character)

                   GOLDMAN SACHS ASSET BACKED SECURITIES CORP.
              (Exact Name of Depositor as Specified in its Charter)

                         GOLDMAN SACHS MORTGAGE COMPANY
              (Exact Name of Sponsor as Specified in its Character)


State of Delaware                                            51-6577765
(State or Other Jurisdiction of Organization                 02-0678069
of the Registrant and the Issuing Entity)         (IRS Employer Identification
                                                  Nos of Issuing Entity and
                                                     Registrant, respectively)
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

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 if the registrant is a well-known seasoned issuer, as
defined in Rule 405 of the Securities Act.

Yes               No  [X]

Indicate by check mark if the registrant is not required to file reports
pursuant to Section 13 or Section 15(d) of the Act.

Yes               No  [X]

<PAGE>

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 if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K (229.405 of this chapter) 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/A
or any amendment to this Form 10-K/A. Not Applicable.

Indicate by check mark whether the registrant is a large accelerated filer, an
accelerated filer, or a non-accelerated filer. See definition of "accelerated
filer and large accelerated filer" in Rule 12-b-2 of the Exchange Act.

Large accelerated filer        Accelerated filer    Non-accelerated filer  [X]

Indicate by check mark whether the registrant is a shell company (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.

Documents incorporated by Reference: None.


<PAGE>

                                     PART I


         THE FOLLOWING ITEMS HAVE BEEN OMITTED IN ACCORDANCE WITH GENERAL
INSTRUCTION J TO FORM 10-K:

         (A) Item 1. BUSINESS

         (B) Item 1A. RISK FACTORS

         (C) Item 2. PROPERTIES

         (D) Item 3. LEGAL PROCEEDINGS

         (E) Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

Item 1B.  Unresolved Staff Comments

         Not applicable.


<PAGE>

                                     PART II


         THE FOLLOWING ITEMS HAVE BEEN OMITTED IN ACCORDANCE WITH GENERAL
INSTRUCTION J TO FORM 10-K:

         (A)     Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND
                         RELATED STOCKHOLDER MATTERS

         (B)     Item 6. SELECTED FINANCIAL DATA

         (C)     Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                         FINANCIAL CONDITION AND RESULTS OF OPERATIONS

         (D)     Item 7A.QUANTITATIVE AND QUALITATIVE DISCLOSURES
                         ABOUT MARKET RISK

         (E)     Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY
                         DATA

         (F)     Item 9. CHANGES IN AND DISAGREEMENTS WITH
                         ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

         (G)     Item 9A.CONTROLS AND PROCEDURES

Item 9B.  Other Information.

         Not applicable.


<PAGE>

                                    PART III

         THE FOLLOWING ITEMS HAVE BEEN OMITTED IN ACCORDANCE WITH GENERAL
INSTRUCTION J TO FORM 10-K:

         (A)     Item 10. DIRECTORS, EXECUTIVE OFFICERS AND
                          CORPORATE GOVERNANCE

         (B)     Item 11. EXECUTIVE COMPENSATION

         (C)     Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
                          OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER
                          MATTERS

         (D)     Item 13. CERTAIN RELATIONSHIPS, RELATED
                          TRANSACTIONS AND DIRECTOR INDEPENDENCE

         (E)     Item 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES


<PAGE>


                                     PART IV

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

         (a)    (1)   Not Applicable.

                (2)   Not Applicable.

                (3)   The exhibits filed in response to Item 601 of
                      Regulation S-K are listed in the Exhibit Index.

         (b)    The exhibits filed in response to Item 601 of Regulation S-K
                are listed on the Exhibit Index.

         (c)    Not applicable.

SUBSTITUTE INFORMATION PROVIDED IN ACCORDANCE WITH GENERAL INSTRUCTION J
TO FORM 10-K:

ITEM 1112(B) OF REGULATION AB.  SIGNIFICANT OBLIGOR OF POOL ASSETS
(FINANCIAL INFORMATION).

Not applicable.

ITEM 1114(B)(2) OF REGULATION AB. CREDIT ENHANCEMENT AND OTHER SUPPORT, EXCEPT
FOR CERTAIN DERIVATIVES INSTRUMENTS (INFORMATION REGARDING SIGNIFICANT
ENHANCEMENT PROVIDERS).

Not applicable.

ITEM 1115(B) OF REGULATION AB. CERTAIN DERIVATIVES INSTRUMENTS
(FINANCIAL INFORMATION).

Not applicable.

ITEM 1117 OF REGULATION AB.  LEGAL PROCEEDINGS.

Except as set forth in the following paragraph, there are no legal proceedings
pending against any of Goldman Sachs Mortgage Company (the Sponsor and
Servicer), Goldman Sachs Asset Backed Securities Corp. (the Depositor), GS Auto
Loan Trust 2006-1 (the Issuing Entity), the Bank of New York (the Indenture
Trustee), Wilmington Trust Company (the Owner Trustee), Ford Motor Credit
Company, The Huntington National Bank, or Systems and Servicing Technologies,
Inc., or of which any property of the foregoing is the subject, that is material
to security holders of GS Auto Loan Trust 2006-1. No such proceedings are known
by the issuing entity to be contemplated by governmental authorities.

The Huntington National Bank (the "Bank") has provided us with the following
disclosure:

         "The Bank is involved in two lawsuits arising out of its banking
         relationship with Cyberco Holdings, Inc. and a related company,
         Teleservices Group, Inc. Both companies are subject to bankruptcy
         proceedings and the cases were filed against the Bank on behalf of the
         companies' bankruptcy estates in December 2006 and January 2007,
         respectively. The complaints include claims under the Bankruptcy Code
         and various state law claims and seek recoveries from the Bank in
         excess of $50 million. Although no assurance can be made that the
         ultimate outcome of any matter will not exceed reserves or not have a
         material adverse affect on operating results for a particular period,
         based on current knowledge and consultation with counsel, [the Bank's]
         Management believes that its reserves are adequate and that its
         exposure to additional losses arising from these lawsuits is not
         material."

ITEM 1119 OF REGULATION AB. AFFILIATIONS AND CERTAIN RELATIONSHIPS AND
RELATED TRANSACTIONS.

The Sponsor is the master Servicer of the pool assets owned by the Issuing
Entity. The Depositor is a wholly-owned subsidiary of the Sponsor and Servicer.

Neither the Indenture Trustee nor the Owner Trustee is affiliated with any of
the Sponsor, the Servicer, the Depositor or the Issuing Entity.

None of Ford Motor Credit Company, The Huntington National Bank, or Systems and
Servicing Technologies, Inc. (collectively, the "Receivables Servicers"), the
Indenture Trustee or the Owner Trustee are affiliated with each other or with
the Depositor, the Sponsor, the Servicer or the Issuing Entity.

There are no business relationships, agreements, arrangements, transactions or
understandings outside the ordinary course of business or on terms other than
would be obtained in an arm's length transaction with an unrelated third party,
apart from the transaction involving the issuance of the Notes by the Issuing
Entity, between the Sponsor, the Depositor or the Issuing Entity and any of the
Receivables Servicers, the Indenture Trustee or the Owner Trustee, that
currently exist or that existed during the past two years and that are material
to an investor.

ITEM 1122 OF REGULATION AB. COMPLIANCE WITH APPLICABLE SERVICING CRITERIA.

The Servicer, JPMorgan Chase Bank, N.A. (the initial Indenture Trustee), The
Bank of New York (the successor Indenture Trustee), Ford Motor Credit Company,
MSX International, Inc., The Huntington National Bank, and Systems and Services
Technologies, Inc. (collectively, the "Servicing Parties") have each been
identified by the Depositor as parties participating in the servicing function
with respect to the asset pool held by the Issuing Entity. Each of the Servicing
Parties has completed a report on an assessment of compliance with the servicing
criteria set forth in paragraph (d) of Item 1122 of Regulation AB applicable to
it (each, a "Servicing Assessment Report"), which Servicing Assessment Reports
are attached as exhibits to this Form 10-K/A. In addition, each of the Servicing
Parties has provided an attestation report (each, an "Attestation Report") by a
registered public accounting firm, which reports are also attached as exhibits
to this Form 10-K/A. None of the Servicing Assessment Reports nor the
Attestation Reports provided by any of the Servicing Parties has identified any
material instance of noncompliance with the servicing criteria applicable to the
respective Servicing Party, except as noted in the following paragraph.

As set forth in Exhibit 33.6A to this Form 10-K/A, JPMorgan Chase Bank, N.A., in
its capacity as the initial Indenture Trustee for the Issuing Entity
("JPMorgan"), initially disclosed material instances of noncompliance with Item
1122(d) of Regulation AB and its action to remediate such noncompliance, in each
case at the platform level. As set forth in Exhibit 33.6B to this Form 10-K/A,
JPMorgan has notified the Depositor that the testing of Item 1122(d)(3)(i) and
(ii) by PricewaterhouseCoopers LLP was performed on investor reports related to
selected transactions which did not include investor reports related to the GS
Auto Loan Trust 2006-1 transaction and, as a result, neither JPMorgan nor
PricewaterhouseCoopers LLP uncovered any errors or omissions relating to the GS
Auto Loan Trust 2006-1 transaction in their examination of their platform.

As of October 1, 2006, The Bank of New York replaced substantially all of the
functions performed by JPMorgan Chase Bank, National Association in its capacity
as Indenture Trustee and such functions were transferred to and assumed by The
Bank of New York.

ITEM 1123 OF REGULATION AB.  SERVICER COMPLIANCE STATEMENT.

The Servicer, Ford Motor Credit Company and The Huntington National Bank have
each been identified by the Depositor as servicers with respect to the asset
pool held by the Issuing Entity. Each of the Servicer, Ford Motor Credit Company
and The Huntington National Bank has completed a statement of compliance with
the applicable servicing agreement (each a "Compliance Statement"), in each case
signed by an authorized officer of the applicable party. The Compliance
Statements are attached as exhibits to this Form 10-K/A.

<PAGE>

                                   SIGNATURES

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

Date: August 31, 2007                               GOLDMAN SACHS ASSET BACKED
                                                    SECURITIES CORP.


                                                    By:  /s/ Curtis Probst

                                                    Name: Curtis Probst
                                                    Title: Vice President*

                                                    * Curtis Probst is the
                                                    senior officer in charge of
                                                    securitization of Goldman
                                                    Sachs Asset Backed
                                                    Securities Corp.

SUPPLEMENTAL INFORMATION 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.

None.

                               INDEX TO EXHIBITS

--------------------- ----------------------------------------------------------
Exhibit No.           Document Description

--------------------- ----------------------------------------------------------
--------------------- ----------------------------------------------------------
Exhibit 31.1          Certification Pursuant to Section 302(a) of the
                      Sarbanes-Oxley Act of 2002 (Depositor)
--------------------- ----------------------------------------------------------
--------------------- ----------------------------------------------------------
Exhibit 33.1          Report on Assessment with Compliance with Servicing
                      Criteria for Asset-Backed Securities (Goldman Sachs
                      Mortgage Company)
--------------------- ----------------------------------------------------------
--------------------- ----------------------------------------------------------
Exhibit 33.2          Report on Assessment with Compliance with Servicing
                      Criteria for Asset-Backed Securities (The Huntington
                      National Bank)
--------------------- ----------------------------------------------------------
--------------------- ----------------------------------------------------------
Exhibit 33.3          Report on Assessment with Compliance with Servicing
                      Criteria for Asset-Backed Securities (Ford Motor Credit
                      Company)
--------------------- ----------------------------------------------------------
--------------------- ----------------------------------------------------------
Exhibit 33.4          Report on Assessment with Compliance with Servicing
                      Criteria for Asset-Backed Securities (Systems & Services
                      Technologies, Inc.)
--------------------- ----------------------------------------------------------
--------------------- ----------------------------------------------------------
Exhibit 33.5          Report on Assessment with Compliance with Servicing
                      Criteria for Asset-Backed Securities (Bank of
                      New York)
--------------------- ----------------------------------------------------------
--------------------- ----------------------------------------------------------
Exhibit 33.6A         Report on Assessment with Compliance with Servicing
                      Criteria for Asset-Backed Securities (JPMorgan Chase Bank,
                      N.A.)
--------------------- ----------------------------------------------------------
--------------------- ----------------------------------------------------------
Exhibit 33.6B         Letter from JPMorgan Chase Bank, N.A. to Goldman Sachs
                      Asset Backed Securities Corp.
--------------------- ----------------------------------------------------------
--------------------- ----------------------------------------------------------
Exhibit 33.7          Report on Assessment with Compliance with Servicing
                      Criteria for Asset-Backed Securities (MSX International,
                      Inc.)
--------------------- ----------------------------------------------------------
--------------------- ----------------------------------------------------------
Exhibit 34.1          Annual Independent Accountant's Report in Respect of
                      Servicing for the year ended December 31, 2006
                      (Goldman Sachs Mortgage Company)
--------------------- ----------------------------------------------------------
--------------------- ----------------------------------------------------------
Exhibit 34.2          Report of Independent Registered Public Accounting Firm in
                      Respect of Servicing for the year ended December 31, 2006
                      (The Huntington National Bank)
--------------------- ----------------------------------------------------------
--------------------- ----------------------------------------------------------
Exhibit 34.3          Annual Independent Accountant's Report in Respect of
                      Servicing for the year ended December 31, 2006 (Ford Motor
                      Credit Company)
--------------------- ----------------------------------------------------------
--------------------- ----------------------------------------------------------
Exhibit 34.4          Annual Independent Accountant's Report in Respect of
                      Servicing for the year ended December 31, 2006
                      (Systems & Services Technologies, Inc.)
--------------------- ----------------------------------------------------------
--------------------- ----------------------------------------------------------
Exhibit 34.5          Annual Independent Accountant's Report in Respect of
                      Servicing for the year ended December 31, 2006 (Bank of
                      New York)
--------------------- ----------------------------------------------------------
--------------------- ----------------------------------------------------------
Exhibit 34.6          Annual Independent Accountant's Report in Respect of
                      Servicing for the year ended December 31, 2006
                      (JPMorgan Chase Bank, N.A.)
--------------------- ----------------------------------------------------------
--------------------- ----------------------------------------------------------
Exhibit 34.7          Annual Independent Accountant's Report in Respect of
                      Servicing for the year ended December 31, 2006 (MSX
                      International, Inc.)
--------------------- ----------------------------------------------------------
--------------------- ----------------------------------------------------------
Exhibit 35.1          Annual Servicer's Statement as to Compliance for the year
                      ended December 31, 2006 (Goldman Sachs Mortgage Company)
--------------------- ----------------------------------------------------------
--------------------- ----------------------------------------------------------
Exhibit 35.2          Annual Servicer's Statement as to Compliance for the year
                      ended December 31, 2006 (The Huntington National Bank)
--------------------- ----------------------------------------------------------
--------------------- ----------------------------------------------------------
Exhibit 35.3          Annual Servicer's Statement as to Compliance for the year
                      ended December 31, 2006 (Ford Motor Credit Company)
--------------------- ----------------------------------------------------------