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                                  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, 2000.

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

Commission file number 333-30840

                      USAA AUTO OWNER TRUST 2000-1 (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  2000-1  had 4  classes  of notes and one class of
certificates  outstanding as of December 31, 2000. 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
2000-1. The certificates  represent the Class B Auto Loan Backed Certificates of
USAA Auto Owner Trust 2000-1.

     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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                          USAA AUTO OWNER TRUST 2000-1
                            USAA FEDERAL SAVINGS BANK

                                     PART I

ITEM 2.  PROPERTIES

     USAA Auto Owner Trust  2000-1  (the  Trust) was formed  pursuant to a Trust
Agreement dated August 14, 2000,  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
August 1,  2000,  between  USAA Auto Owner  Trust  2000-1,  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 6.734% Class A-1 Auto Loan Backed Notes,  6.90% Class
A-2 Auto Loan Backed Notes,  6.95% Class A-3 Auto Loan Backed Notes,  6.98 Class
A-4 Auto Loan Backed Notes, and 7.72% Class B Auto Loan Backed 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,           34,015     $483,407
August 1, 2000
  --------------------
Prepayments                                  2,360     $ 68,120
Repossessions                                   16     $    355

Receivables outstanding,                    31,639     $414,931
 December 31, 2000


Delinquent Receivables as of December 31, 2000:

                                            Units    ($ in 000's)

31-60 days                                  85        $1,028
61-90 days                                  11        $  134

91 days or more                              6        $   93
  Total                                    102        $1,256

     Losses on  repossessions  for the  period  ending  December  31,  2000 were
approximately $487,726.

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, 2000, there were 59 direct and indirect  participants in
The Depository Trust Company holding the following positions in the Class A Auto
Loan Backed Notes: 5 participants in Class A-1, 13 participants in Class A-2, 15
participants  in Class A-3,  and 26  participants  in Class A-4.  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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                                    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)).

               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)).

               Exhibit 4.1:  Indenture  (Filed as part of  Registrant's  current
          report on Form 8-K filed on September 14, 2000).

               Exhibit 4.2:  Amended and Restated Trust Agreement (Filed as part
          of Registrant's current report on Form 8-K filed on September 14,
          2000).

               Exhibit 99.1:  Sale & Servicing  Agreement  (Filed as part of the
          Registrant's Current Report on Form 8-K filed on September 14, 2000).

               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

        November 15, 2000               Monthly Report sent to Noteholders with
                                        the October 2000 distribution.

        December 15, 2000               Monthly Report sent to Noteholders with
                                        the November 2000 distribution.

        January 15, 2001                Monthly report sent to Noteholders with
                                        the December 2000 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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                                  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)).

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

4.1           Indenture (Filed as part of Registrant's
              current report on Form 8-K filed on
              September 14, 2000).

4.2           Amended and Restated Trust Agreement
              (Filed as part of Registrant's current report
              on Form 8-K filed on September 14, 2000).

99.1          Sale & Servicing Agreement (Filed as part
              of the Registrant's Current Report on
              Form 8-K filed on September 14, 2000).

99.2          Annual Statement of the Servicer.                    6

99.3          Annual Report of the Firm of Accountants.            7


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                                 EXHIBIT "99.2"

                        ANNUAL STATEMENT OF THE SERVICER


                   OFFICER'S CERTIFICATE REGARDING COMPLIANCE

                          USAA AUTO OWNER TRUST 2000-1

                         6.734%,$118,000,000 CLASS A-1,

                          6.90%,$128,000,000 CLASS A-2,

                          6.95%,$136,000,000 CLASS A-3,

                          6.98%,$83,279,000 CLASS A-4,

                            7.72%,$18,127,781 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 August 1, 2000, as follows:

          1.   A review of the  activities  of the  Servicer  during  the period
               August  31,  2000  through  December  31,  2000,  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 12, 2001


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                                 EXHIBIT "99.3"

                           ACCOUNTANT'S ANNUAL REPORT

February 8, 2001

The Board of Directors
USAA Federal Savings Bank

RE:  USAA Auto Owner Trust 2000-1

We have performed the procedures enumerated below for the period from January 1,
2000 to December 31, 2000 solely to assist you in  determining  compliance  with
certain  requirements of the Sale and Servicing  Agreement dated as of August 1,
2000 (the Sale and Servicing  Agreement)  between USAA Federal  Savings Bank, as
Seller and Servicer (the "Bank" or the  "Servicer"),  First Union Trust Company,
National  Association,  as Owner  Trustee (the "Owner  Trustee"),  and The Chase
Manhattan Bank, as Indenture Trustee (the "Indenture  Trustee").  The procedures
enumerated  below have been agreed to by the Bank,  the Owner  Trustee,  and the
Indenture Trustee. The management of the Bank is responsible for compliance with
the  requirements  of  the  Sale  and  Servicing  Agreement.   This  agreed-upon
procedures  engagement was performed in accordance with standards established by
the American Institute of Certified Public Accountants. The sufficiency of these
procedures is solely the responsibility of the Bank, the Owner Trustee,  and the
Indenture  Trustee.  Consequently,  we  make  no  representation  regarding  the
sufficiency of the procedures  described  below either for the purpose for which
this report has been requested or for any other purpose.

We are independent  with respect to the Servicer and conform to the standards of
the   profession  as  contained  in  the  Code  of   Professional   Conduct  and
pronouncements of the American Institute of Certified Public Accountants.

Unless  otherwise  indicated,  the  following  conventions  have been adopted in
presenting our procedures and findings:

o        the term  "compared"  means  compared  to and found to be in  agreement
         with, unless otherwise noted. Such compared amounts and percentages are
         deemed to be in agreement if differences  are, in our judgement,  minor
         or if differences are attributable to rounding.

o        the term "recomputed"  means recalculated and found the amount to be in
         agreement with,  unless  otherwise noted.  Such recomputed  amounts and
         percentages   are  deemed  to  be  in  agreement  if  differences   are
         attributable to rounding.

o        capitalized  terms herein are defined in the Sale and Servicing  Agree-
         ment and are used with the meaning set forth therein.

Our procedures and findings were as follows:

1.       We read the Sale and Servicing Agreement.

2.       In accordance with Section 3.11 of the Sale and Servicing Agreement, we
         have reviewed the  Servicer's  procedures  and records  relating to the
         servicing of the Receivables and noted no matters of non-compliance.

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The Board of Directors
USAA Federal Savings Bank

Page 2



3.       With  respect to the  Monthly  Servicer  Certificate  Reports  (Monthly
         Reports) provided to the Owner Trustee, the Indenture Trustee, and each
         Note Paying Agent and Certificate Paying Agent, we obtained the Monthly
         Reports for August/September, October, and November of 2000 (summary of
         Monthly  Reports is attached as Exhibit I) and  performed the following
         procedures,  which were applied as indicated with respect to the letter
         symbols explained below:

          A.   We  compared  with and  agreed to amounts  appearing  in the "ABS
               BPMT" report prepared by officials of the Bank.

          B.   We  recomputed  using the  amounts  or  numbers  included  in the
               Monthly Report and/or prior Monthly  Reports using the formula as
               defined by the Sale and Servicing Agreement.

          C.   We  compared  with and  agreed to amounts  included  in the prior
               month's Monthly Report.

          D.   We  compared  with  and  agreed  to  amounts   appearing  in  the
               "Transaction History Inquiry" report prepared by officials of the
               Bank.

          E.   We compared with and agreed to amounts or  percentages  appearing
               in the USAA Auto Loan Owner Trust 2000-1  6.734%,  6.90%,  6.95%,
               and 6.98% Asset  Backed  Notes,  Class A-1 through A-4, and 7.72%
               Asset Backed  Certificates,  Class B Prospectus  Supplement dated
               August 23, 2000.

          F.   We compared  with and agreed to amounts or numbers  appearing  in
               the "ABS Loans with Late  Payments"  and "ABS Loans Paid Ahead 60
               or More Days from Last Payment"  reports prepared by officials of
               the Bank.

          G.   We inquired of  officials of the Bank who  represented  this line
               equals zero.

          H.   We  compared  with and agreed to amounts  appearing  in The Chase
               Manhattan Bank business checking account bank statement  received
               by the Bank from The Chase Manhattan Bank.

We were not engaged to, and did not,  perform an  examination,  the objective of
which  would  be  the  expression  of an  opinion  on  compliance  with  certain
procedures of the Sale and Servicing Agreement.  Accordingly,  we do not express
such an opinion.  Had we performed  additional  procedures,  other matters might
have come to our attention that would have been reported to you.

This  report is intended  solely for the  information  and use of the Bank,  the
Owner  Trustee,  and the Indenture  Trustee and is not intended to be and should
not be used by anyone other than these specified parties.

Very truly yours,

/s/ KPMG LLP
------------------
By: KPMG LLP

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