SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, DC 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, 1996

                                     OR

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

For the transition period from _____________ to _________________

                      Commission file number 33-97670

                        MMCA Auto Owner Trust 1995-1
                        MMCA Auto Receivables, Inc.
              (Originator of the MMCA Auto Owner Trust 1995-1)
           (Exact name of registrant as specified in its charter)

         Delaware                                      33 - 0570905
-------------------------------                  ------------------------
  (State or other jurisdiction                        (IRS Employer
of incorporation or organization)                   Identification No.)

      6363 Katella Avenue
      Cypress, California                                     90630-5205  
 --------------------------------------                     --------------
(Address of principal executive offices)                      (Zip Code)

Registrant's telephone number, including area code:           (714) 236-1567

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__ No X .

      Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K 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 or any amendment to this Form 10-K. |X|

      State the aggregate market value of the voting stock held by
non-affiliates of the registrant:  None.

      Indicate the number of share outstanding of the registrant's classes
of common stock, as of the latest practicable date:  None.

      Documents incorporated by Reference:  None.



PART I

Item 1.    Business

Not applicable.

Item 2.    Properties

MMCA Auto Owner Trust 1995-1 (the "Trust") was formed on November 21, 1995
pursuant to a Trust Agreement (the "Trust Agreement"), dated as of November
21, 1995, between MMCA Auto Receivables Inc., as depositor, and Chemical
Bank Delaware, as owner trustee. Pursuant to the Trust Agreement, the Trust
issued asset-backed certificates evidencing an interest in the trust
property (the "Certificates") and a separate certificate evidencing an
interest in the trust property (the "Final Payment Certificate"). The
Certificates were privately placed and the Final Payment Certificate is
held by MMCA Auto Receivables Inc.

Pursuant to an Indenture, dated as of December 1, 1995, between the Trust,
as issuer and Mitsubishi Bank Trust Company of New York, as indenture
trustee, the Trust issued a single class of asset-backed notes (the
"Notes"). The Notes were registered and publicly offered and sold.

The assets of the Trust primarily include a pool of motor vehicle retail
installments sale contracts originated by Mitsubishi Motors Credit of
America, Inc. and secured by new and used vehicles and light- and
medium-duty trucks. The Trust's business activities include acquiring and
holding the assets of the Trust, issuing the Notes, the Certificates and
the Final Payment Certificate and distributing payments on the Notes, the
Certificates and the Final Payment Certificate.

Item 2.    Properties (continued)

The following tables set forth the delinquency experience with respect to
the level payments due each month on the Trust's motor vehicle retail
installment sale contracts but does not include the delinquency experience
with respect to balloon payments due at the end of the term of the Trust's
contracts which provide for such payments. The period of delinquency is
based on the number of days more than 10% of a level payment is
contractually past due, and the delinquency rate as a percentage of the
balance outstanding represents delinquent dollars as a percentage of
dollars outstanding.


                                                December 31, 1996
                                      -------------------------------------
                                                               Balances
                                         Contracts         of Receivables
                                      ---------------     -----------------
Delinquent Contracts:
      (i) 30-59 Days...............        2,498           $22,204,534.32
      (ii) 60-89 Days..............          845            $7,663,677.85
      (iii) 90 Days or More........          524            $4,728,563.70


                                                December 31, 1996
                                      -------------------------------------
                                      % of Contracts        % of Balance
                                        Outstanding          Outstanding
                                      ---------------     -----------------
Delinquency Rates:
      (i)   30-59 Days Delinquent....      8.11%                8.22%
      (ii)  60-89 Days Delinquent...       2.74%                2.84%
      (iii) 90 Days or More  
            Delinquent...............      1.70%                1.75%


The following table sets forth the net loss experience with respect to the
payments due each month on the Trust's motor vehicle retail installment
sale contracts, including contracts which provide for balloon payments at
the end of the terms of such contracts.


                                              December 31, 1996
                                      ---------------------------------
                                         Contracts           Amount
                                      ---------------     -------------
Aggregate Net Losses...............        4,232          $33,068,093.56

Item 3.     Legal Proceedings

There is nothing to report with regard to this item.

Item 4.     Submission of Matters to a Vote of Security Holders

There is nothing to report with regard to this item.


PART II

Item 5.     Market for the Registrant's Common Equity and Related 
            Stockholder Matters

The holder of record of all the Notes as of December 31, 1996 was Cede &
Co., the nominee of The Depository Trust Company ("DTC") in the United
States. An investor holding Notes is not entitled to receive a certificate
representing such Notes except in limited circumstances. Accordingly, Cede
& Co. is the sole holder of record of the Notes, which it holds on behalf
of brokers, dealers, banks and other participants in the DTC system. Such
participants may hold Notes for their own accounts or for the accounts of
their customers. The address of Cede & Co. is:

                           Cede & Co.
                           c/o The Depository Trust Company
                           Seven Hanover Square
                           New York, New York 10004

The holders of record of all of the Certificates as of December 31, 1996
were Hare & Co., Harny And Co. and MMCA Auto Receivables Inc. The holder of
record of the Final Payment Certificate as of December 31, 1996 was MMCA
Auto Receivables Inc.

Item 6.     Selected Financial Data

Not applicable.

Item 7.     Management's Discussion and Analysis of Financial Condition 
            and Results of Operations

Not applicable.

Item 7A.    Quantitative and Qualitative Disclosures About Market Risk

Not applicable.

Item 8.     Financial Statements and Supplementary Data

Not applicable.

Item 9.     Changes in and Disagreements with Accountants on Accounting 
            and Financial Disclosure

There is nothing to report with regard to this item.


PART III

Item 10.    Directors and Executive Officers of the Registrant

Not applicable.

Item 11     Executive Compensation

Not applicable.

Item 12.    Security Ownership of Certain Beneficial Owners and Management

There is nothing to report with regard to this item.

Item 13.    Certain Relationships and Related Transactions

There is nothing to report with regard to this item.


PART IV

Item 14.    Exhibits, Financial Statement Schedules, and Reports on Form 
8-K

      (a)   1.   Not applicable.
            2.   Not applicable.
            3.   Exhibits:
                 99.1 Annual Statement as to Compliance.
                 99.2 Annual Independent Public Accountant's Servicing Report.

      (b) Reports on Form 8-K.

      The Registrant has filed Current Reports on Form 8-K with the
Securities and Exchange Commission dated January 10, 1996, February 10,
1996, March 8, 1996, April 9, 1996, May 8, 1996, June 10, 1996, July 9,
1996, August 8, 1996, September 9, 1996, October 15, 1996, November 18,
1996 and December 10, 1996.

      (c) See (a) 3 above.

      (d) Not applicable.



                                 SIGNATURES

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


                              MMCA AUTO OWNER TRUST 1995-1

                              BY:  MMCA AUTO RECEIVABLES, INC.


Date: January 5, 1999         By: /s/ Hideyuki Kitamura    
                                 ----------------------------
                                      Hideyuki Kitamura
                                      Secretary and Treasurer


      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 annual report, proxy statement, form of proxy or other soliciting
material has been sent to holders of the Notes during the period covered by
this report and the registrant does not intend to furnish such materials to
holders of the Notes subsequent to the filing of this report.