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 333-30840-03.

                      USAA AUTO OWNER TRUST 2001-2 (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  2001-2  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.

<PAGE>
Page 2


                          USAA AUTO OWNER TRUST 2001-2
                            USAA FEDERAL SAVINGS BANK

                                     PART I

ITEM 2.  PROPERTIES

     USAA Auto Owner Trust  2001-2 (the  Trust) was formed  pursuant to a Trust
Agreement dated November 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
November 1, 2001,  between  USAA Auto Owner  Trust  2001-2, 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 1.9825% Class A-1 Auto Owner Trust Notes, 2.42% Class
A-2 Auto Owner Trust Notes,  3.20% Class A-3 Auto Owner Trust Notes, 3.91% Class
A-4 Auto Owner Trust Notes, and 4.38% 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,           43,566     $715,000
November 1, 2001
  --------------------
Prepayments                                  1,921     $ 56,865
Repossessions                                    4     $     24

Receivables outstanding,                    41,641     $658,111
 December 31, 2001


Delinquent Receivables as of December 31, 2001:

                                            Units    ($ in 000's)

31-60 days                                  85        $ 1,028
61-90 days                                  11        $   133
91 days or more                              6        $    93
  Total                                    102        $ 1,256

     Losses on  repossessions  for the  period  ending  December  31,  2001 were
approximately $10,260.89.

ITEM 3.  LEGAL PROCEEDINGS

         None.

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

         None.

<PAGE>
Page 3


                                     PART II

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

     As of December 31, 2001, there were 57 direct and indirect participants in
The Depository Trust Company holding positions in the Class A Auto Owner Trust
Backed Notes: 2 participants in Class A-1, 10 participants in Class A-2, 24
participants in Class A-3, and 20 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.

<PAGE>
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. 333-30840-03)).

               Exhibit 3(ii):  Copy of Servicer's  By-laws (Filed as Exhibit 3.2
          to Registration Statement on Form S-3 (Registration No.
          333-30840-03)).

               Exhibit 4.1:  Indenture  (Filed as part of  Registrant's  current
          report on Form 8-K filed on November 30, 2001).

               Exhibit 4.2:  Amended and Restated Trust Agreement (Filed as part
          of Registrant's current report on Form 8-K filed on November 30,
          2001).

               Exhibit 99.1:  Sale & Servicing  Agreement  (Filed as part of the
          Registrant's Current Report on Form 8-K filed on November 30, 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

        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)

<PAGE>
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. 333-30840-03)).

3(ii)         Servicer's By-laws (Filed as Exhibit 3.2
              to Registration Statement on Form S-3
              (Registration No. 333-30840-03)).

4.1           Indenture (Filed as part of Registrant's
              current report on Form 8-K filed on
              November 30, 2001).

4.2           Amended and Restated Trust Agreement
              (Filed as part of Registrant's current report
              on Form 8-K filed on November 30, 2001).

99.1          Sale & Servicing Agreement (Filed as part
              of the Registrant's Current Report on
              Form 8-K filed on November 30, 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




<PAGE>
Page 6


                                 EXHIBIT "99.2"

                        ANNUAL STATEMENT OF THE SERVICER


                   OFFICER'S CERTIFICATE REGARDING COMPLIANCE

                          USAA AUTO OWNER TRUST 2001-2

                         1.9825%,$191,000,000 CLASS A-1,

                          2.42%,$166,000,000 CLASS A-2,

                          3.20%,$249,000,000 CLASS A-3,

                          3.91%,$91,125,000 CLASS A-4,

                            4.38%,$17,875,027 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 Nvoember 1, 2001, as follows:

          1.   A review of the  activities  of the  Servicer  during  the period
               November 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


<PAGE>
Page 7


                                 EXHIBIT "99.3"

                           ACCOUNTANT'S ANNUAL REPORT

                          Independent Accountants' Report




USAA Federal Savings Bank
First Union Trust Company, National Association
JP Morgan Chase 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
November 1, 2001 (the  "Agreement"), between USAA Federal  Savings  Bank, as
Seller and Servicer,  and the USAA Auto Owner Trust 2001-2,  as Issuer,  with
First Union Trust Company,  National  Association,  as Owner Trustee,  and JP
Morgan Chase 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
--------------------
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 November 1,
2001 (the "Agreement"),  between USAA Federal  Savings Bank, as Seller and
Servicer,  and the USAA Auto Owner Trust 2001-2,  as Issuer,  with First Union
Trust Company, National  Association,  as Owner  Trustee,  and JP Morgan Chase
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
JP Morgan Chase 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 November 1, 2001
(the  "Agreement"),  between USAA Federal  Savings Bank, as Seller and Servicer,
and the USAA Auto Owner Trust 2001-2, as Issuer, with First Union Trust Company,
National Association,  as Owner Trustee, and JP Morgan Chase 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
------------------
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
November 1, 2001 (the  "Agreement"), between USAA Federal  Savings  Bank, as
Seller and Servicer,  and the USAA Auto Owner Trust 2001-2,  as Issuer,  with
First Union Trust Company, National Association, as Owner Trustee, and JP Morgan
Chase 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 2001-2
                  Automobile Loan Pass-Through Certificates
                  Registered pursuant to Registration
                  Statement on Form S-3, File No. 333-30840-03

Ladies and Gentlemen:

     On behalf of USAA Auto Owner Trust 2001-2 (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