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, 2001.

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

Commission file number 333-30840-02.

                      USAA AUTO OWNER TRUST 2001-1 (Issuer)
               USAA FEDERAL SAVINGS BANK (Originator of the Trust)
             (Exact name of registrant as specified in its charter)

      UNITED STATES                                          74-6494663
(State or other jurisdiction of                           (I.R.S. Employer
incorporation or organization)                           Identification No.)

  10750 McDermott Freeway, San Antonio, Texas                  78288
(Address of principal executive offices)                     (Zip Code)

                                 (210) 498-7479

                         (Registrant's telephone number,
                              including area code)

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 the past 90 days. Yes X No

     USAA Auto Owner Trust 2001-1 had four classes of notes and one class of
certificates outstanding as of December 31, 2001. 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
2001-1. The certificates represent the Class B Auto Loan Backed Certificates of
USAA Auto Owner Trust 2001-1.

     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.

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Page 2


                          USAA AUTO OWNER TRUST 2001-1
                            USAA FEDERAL SAVINGS BANK

                                     PART I

ITEM 2.  PROPERTIES

     USAA Auto Owner Trust 2001-1 (the Trust) was formed pursuant to a Trust
Agreement dated May 1, 2001, between USAA Federal Savings Bank as Depositor and
First Union Trust Company, National Association, as Owner Trustee. The Trust was
also formed in accordance with a Sale and Servicing Agreement dated as of May 1,
2001, between USAA Auto Owner Trust 2001-1, as Issuer, and USAA Federal Savings
Bank, as Seller and Servicer (the "Sale and Servicing Agree- ment").

     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 4.04875% Class A-1 Auto Owner Trust Notes, 4.24% Class
A-2 Auto Owner Trust Notes, 4.69% Class A-3 Auto Owner Trust Notes, 5.08% Class
A-4 Auto Owner Trust Notes, and 5.98% 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):

                                            Units    ($ in 000's)

Original Receivables outstanding,           48,336     $799,757
April 1, 2001
  --------------------
Prepayments                                  8,794     $255,095
Repossessions                                  112     $  1,855

Receivables outstanding,                    39,430     $542,807
 December 31, 2001


Delinquent Receivables as of December 31, 2001:

                                            Units    ($ in 000's)

31-60 days                                  59        $  818
61-90 days                                  12        $  186
91 days or more                              6        $  113
  Total                                     77        $1,117

     Losses on repossessions for the period ending December 31, 2001 were
approximately $176,443.97.

ITEM 3.  LEGAL PROCEEDINGS

         None.

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

         None.

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                                     PART II

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

As of December 31, 2001, there were 28 direct and indirect participants in The
Depository Trust Company holding positions in the Class A Auto Owner Trust
Backed Notes: 0 participants in Class A-1, 8 participants in Class A-2, 20
participants in Class A-3, and 19 participants in Class A-4. Class B Auto Owner
Trust Backed Certificate: 1. The principal markets in which the Notes are traded
are the U.S. domestic capital markets.

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

    None.

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Page 4


                                     PART IV

ITEM 14. 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 pro-
visions 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 & Servicing Agreement (the "Annual Report of the Firm of
Accountants"). Both the Annual Statement of the Servicer and the Annual Report
of the Firm of Accountants are attached as Exhibits 99.1 and 99.2, respectively,
to this Report.

        (2) Not applicable.

        (3) The required exhibits are as follows:

               Exhibit 3(i):  Copy of Servicer's  Certificate  of  Incorporation
          (Charter) (Filed as Exhibit 3.1 to Registration  Statement on Form S-3
          (Registration No. 333-30840-02)).

               Exhibit 3(ii):  Copy of Servicer's  By-laws (Filed as Exhibit 3.2
          to Registration Statement on Form S-3 (Registration No.
          333-30840-02)).

               Exhibit 4.1: Indenture (Filed as part of Registrant's current
          report on Form 8-K filed on May 25, 2001).

               Exhibit 4.2: Amended and Restated Trust Agreement (Filed as part
          of Registrant's current report on Form 8-K filed on May 25, 2001).

               Exhibit 99.1: Sale & Servicing Agreement (Filed as part of the
          Registrant's Current Report on Form 8-K filed on May 25, 2001).

               Exhibit 99.2: Annual Statement of the Servicer.

               Exhibit 99.3: Annual Report of the Firm of Accountants.

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

        Date of Current Report                    Item Reported

        August                          15, 2001 Monthly Report sent to
                                        Noteholders with the July 2001
                                        distribution.

        September                       15, 2001 Monthly Report sent to
                                        Noteholders with the August 2001
                                        distribution.

        October                         15, 2001 Monthly report sent to
                                        Noteholders with the September 2001
                                        distribution.

        November                        15, 2001 Monthly report sent to
                                        Noteholders with the October 2001
                                        distribution.

        December                        15, 2001 Monthly report sent to
                                        Noteholders with the November 2001
                                        distribution.

        January                         15, 2002 Monthly report sent to
                                        Noteholders with the December 2001
                                        distribution.

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

        (d) Not applicable.

        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.

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

                                   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)

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

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Page 5


                                  EXHIBIT INDEX


                                                                      SEQUENTIAL
EXHIBIT                  DOCUMENT                              PAGE NUMBER
-------                  --------                              -----------

3(i)          Servicer's Certificate of Incorporation
              (Filed as Exhibit 3.1 to Registration
              Statement on Form S-3 (Registration
              No. 333-30840-02)).

3(ii)         Servicer's By-laws (Filed as Exhibit 3.2
              to Registration Statement on Form S-3
              (Registration No. 333-30840-02)).

4.1           Indenture (Filed as part of Registrant's current report on Form
              8-K filed on May 25, 2001).

4.2           Amended and Restated Trust Agreement
              (Filed as part of Registrant's current report
              on Form 8-K filed on May 25, 2001).

99.1          Sale & Servicing Agreement (Filed as part of the Registrant's
              Current Report on Form 8-K filed on May 25, 2001).

99.2          Annual Statement of the Servicer.                    6

99.3          Annual Report of the Firm of Accountants -
              Independent Accountant's Report and
              Management Assertion.                                7




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Page 6


                                 EXHIBIT "99.2"

                        ANNUAL STATEMENT OF THE SERVICER


                   OFFICER'S CERTIFICATE REGARDING COMPLIANCE

                          USAA AUTO OWNER TRUST 2001-1

                         4.04875%,$192,700,000 CLASS A-1,

                          4.24%,$274,000,000 CLASS A-2,

                          4.69%,$201,000,000 CLASS A-3,

                          5.08%,$108,064,000 CLASS A-4,

                            5.98%,$23,992,873 CLASS B

                    AUTOMOBILE LOAN PASS-THROUGH CERTIFICATES

     The undersigned individual, a duly authorized officer of USAA Federal
Savings Bank (the "Servicer"), acting on behalf of the Servicer, hereby
CERTIFIES on behalf of the Servicer pursuant to Section 3.10(a) of the Sale and
Servicing Agreement (the "Agreement") dated as of May 1, 2001, as follows:

          1.   A review of the activities of the Servicer during the period May
               1, 2001 through December 31, 2001, and of its per- formance under
               the Agreement has been made under such officer's supervision, and

          2.   To the best of such officer's knowledge, based on such review,
               the Servicer has fulfilled all its obligations in all material
               respects under the Agreement throughout such period.

                             USAA FEDERAL SAVINGS BANK
                             ("Servicer")


                             /s/ EDWIN T. MCQUISTON
                              ---------------------------------------------
                              By: EDWIN T. MCQUISTON
                              Title: Vice President
                              Date: March 26, 2002


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Page 7


                                 EXHIBIT "99.3"

                           ACCOUNTANT'S ANNUAL REPORT

                         Independent Accountants' Report



USAA Federal Savings Bank
First Union Trust Company, National Association
The Chase Manhattan Bank:

We have examined management's assertion, included in the accompanying Management
Assertion, that USAA Federal Savings Bank (the "Bank") complied with Article
III, Section 3.9 of the Sale and Servicing Agreement, dated as of May 1, 2001
(the "Agreement"), between USAA Federal Savings Bank, as Seller and Servicer,
and the USAA Auto Owner Trust 2001-1, as Issuer, with First Union Trust Company,
National Association, as Owner Trustee, and The Chase Manhattan Bank, as
Indenture Trustee, for the year ended December 31, 2001. Management is
responsible for the Bank's compliance with Article III, Section 3.9 of the
Agreement, including the accuracy of the mathematical calculations of each
amount set forth in the Monthly Servicer Certificates, delivered pursuant to
Article III, Section 3.9, using the Bank's computer reports which were the
source of such amounts. Our responsibility is to express an opinion on
management's assertion about the Bank's compliance based on our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the Bank's
compliance with the aforementioned provision of the Agreement and performing
such other procedures as we considered necessary in the circumstances. We
believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Bank's compliance with
that provision.

In our opinion, management's assertion that the Bank was materially in
compliance with Article III, Section 3.9 of the Agreement, including the related
mathematical calculations, for the year ended December 31, 2001 is fairly
stated, in all material respects.

/s/ KPMG LLP
---------------


February 12, 2002

<PAGE>

                                 EXHIBIT "99.3"
                                   (continued)

                              Management Assertion




February 12, 2002


The management of USAA Federal Savings Bank (the "Bank") is responsible for the
preparation of the Monthly Servicer Certificates in compliance with Article III,
Section 3.9 of the Sale and Servicing Agreement, dated as of May 1, 2001 (the
"Agreement"), between USAA Federal Savings Bank, as Seller and Servicer, and the
USAA Auto Owner Trust 2001-1, as Issuer, with First Union Trust Company,
National Association, as Owner Trustee, and The Chase Manhattan Bank, as
Indenture Trustee. Management is also responsible for the accuracy of the
mathematical calculations of each amount set forth in the Monthly Servicer
Certificates, delivered pursuant to Article III, Section 3.9 of the Agreement,
using the Bank's computer reports which were the source of such amounts.

Management has performed an evaluation of the Bank's compliance with Article
III, Section 3.9 of the Agreement, including the accuracy of the related
mathematical calculations, for the year ended December 31, 2001. Based on this
evaluation, management believes that, for the year ended December 31, 2001, the
Bank was materially in compliance with Article III, Section 3.9 of the
Agreement, including the related mathematical calculations.


/s/ EDWIN T. MCQUISTON
------------------------
Edwin T. McQuiston
SVP-Treasury Operations

<PAGE>

                                 EXHIBIT "99.3"
                                   (continued)

                         Independent Accountants' Report



USAA Federal Savings Bank
First Union Trust Company, National Association
The Chase Manhattan Bank:

We have examined management's assertion, included in the accompanying Management
Assertion, that USAA Federal Savings Bank (the "Bank") complied with the
servicing requirements in Article III, Sections 3.1, 3.2, 3.3, 3.4, 3.5, and
3.14 of the Sale and Servicing Agreement, dated as of May 1, 2001 (the
"Agreement"), between USAA Federal Savings Bank, as Seller and Servicer, and the
USAA Auto Owner Trust 2001-1, as Issuer, with First Union Trust Company,
National Association, as Owner Trustee, and The Chase Manhattan Bank, as
Indenture Trustee, for the year ended December 31, 2001. Management is
responsible for the Bank's compliance with those requirements. Our
responsibility is to express an opinion on management's assertion about the
Bank's compliance based on our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the Bank's
compliance with the aforementioned sections of the Agreement and performing such
other procedures as we considered necessary in the circumstances. We believe
that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Bank's compliance with
those sections.

In our opinion, management's assertion that the Bank was materially in
compliance with the aforementioned sections of the Agreement for the year ended
December 31, 2001 is fairly stated, in all material respects.

/s/ KPMG LLP
-------------------


February 12, 2002

<PAGE>
                                 EXHIBIT "99.3"
                                   (continued)

                              Management Assertion



February 12, 2002


The management of USAA Federal Savings Bank (the "Bank") is responsible for
complying with the servicing requirements of Article III, Sections 3.1, 3.2,3.3,
3.4, 3.5, and 3.14 of the Sale and Servicing Agreement, dated as of May 1, 2001
(the "Agreement"), between USAA Federal Savings Bank, as Seller and Servicer,
and the USAA Auto Owner Trust 2001-1, as Issuer, with First Union Trust Company,
National Association, as Owner Trustee, and The Chase Manhattan Bank, as
Indenture Trustee.

Management has performed an evaluation of the Bank's compliance with the
aforementioned sections of the Agreement for the year ended December 31, 2001.
Based on this evaluation, management believes that, for the year ended December
31, 2001, the Bank was materially in compliance with the aforementioned sections
of the Agreement.


/s/ MARK H. WRIGHT
------------------------
Mark H. Wright
President and CEO


/s/ ROSEMARY M. ELIZALDE
------------------------
Rosemary M. Elizalde
SVP - Senior Financial Officer


<PAGE>

USAA         USAA FEDERAL SAVINGS BANK
EAGLE        -------------------------------------------------
LOGO         10750 MCDERMOTT FREEWAY, SAN ANTONIO, TEXAS 78288



                                 March 27, 2002


Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC  20549

         Re:      USAA Auto Owner Trust 2001-1
                  Automobile Loan Pass-Through Certificates
                  Registered pursuant to Registration
                  Statement on Form S-3, File No. 333-30840-02

Ladies and Gentlemen:

     On behalf of USAA Auto Owner Trust 2001-1 (the "Trust") enclosed for filing
pursuant are one manually signed original of the Trust's Annual Report on Form
10-K, and two additional complete conformed copies thereof, including all
exhibits. The Annual Report is filed pursuant to Sections 13 or 15(d) of the
Securities Exchange Act of 1934 and the "Response of the Office of Chief Counsel
Division of Corporate Finance" of the Securities and Exchange Commission, dated
December 23, 1993, responding to a November 10, 1993, letter from the Trust.

     Please acknowledge receipt of the enclosed materials by stamping a
notification of receipt on the enclosed copy of this letter and returning it to
me in the enclosed self-addressed stamped envelope.
                        Very truly yours,

                        USAA FEDERAL SAVINGS BANK

                        /s/ MICHAEL J. BROKER
                        ---------------------------
                        MICHAEL J. BROKER
                        Vice President
                        Banking Counsel

MJB:kms
Enclosures

cc: Renwick Martin
    Brown & Wood