UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549










FORM 10-K



ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE

SECURITIES EXCHANGE ACT OF 1934



|þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
        EXCHANGE ACT OF 1934
        For the fiscal year ended December 31, 2014    
|- | ----------------------------------------------------------------------------------------------------------------------------------------------------
|  |                                                                                                                                                     
|o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
        EXCHANGE ACT OF 1934
        For the transition period from  
        to



333-184646-01

(Commission File Number of Issuing Entity)



USAA Auto Owner Trust 2014-1

(Exact name of Issuing Entity as specified in
its charter)



USAA Acceptance, LLC

(Exact name of Depositor as specified in its
charter)



USAA Federal Savings Bank

(Exact name of Sponsor as specified in its charter)



| | Delaware                                                                           |  | 46-7266970                                              
| | ---------------------------------------------------------------------------------- |  | --------------------------------------------------------
| | (State or other jurisdiction of 
incorporation or organization of 
Issuing Entity) |  | (I.R.S. Employer 
Identification No. of 
Issuing Entity)



| | c/o Wells Fargo DelawareTrust Company, National Association919 Market StreetSuite 1600Wilmington, Delaware |  | 19801     
| | ---------------------------------------------------------------------------------------------------------- |  | ----------
| | (Address of principal executive offices)                                                                   |  | (Zip Code)
| | of Issuing Entity)                                                                                         |  |           



(302) 575-2004

(Issuing Entity’s telephone number, including
area code)










Securities registered pursuant to Section 12(b) of the Act:



|Title of each class |  | Name of each exchange on which registered
|------------------- |  | -----------------------------------------
|None                |  | 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 Act).   o Yes    þ
No









Indicate by check mark if the registrant is not required to file
reports pursuant to Section 13 or Section 15(d) of the Securities Exchange Act.    o
Yes    þ No



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. þ Yes o
No



Indicate by check mark whether the registrant has submitted electronically
and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405
of Regulation S-T (§232.405of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit and post such files).

Yes þ   No o



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 or any amendment to this Form 10-K. þ

Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated
filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check
one):



|Large Accelerated Filer:  o |  | Accelerated Filer:  o        
|--------------------------- |  | -----------------------------
|                            |  |                              
|Non-accelerated filer: þ    |  | Smaller reporting company:  o

(Do not check if a smaller reporting company)



Indicate by check
mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).Yes
 ̈Noþ



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. None



Documents incorporated by reference: See Exhibit Index.







FORM 10-K



PART I



THE FOLLOWING ITEMS HAVE BEEN OMITTED IN ACCORDANCE WITH GENERAL
INSTRUCTION J(1) TO FORM 10-K:



| | (A) Item 1  | Business.         
| | ----------- | ------------------
| | (B) Item 1A | Risk Factors.     
| | (C) Item 2  | Properties.       
| | (D) Item 3  | Legal Proceedings.
| |             |                   

Item 1B. Unresolved Staff Comments.



Not Applicable.



Item 4.	Mine Safety Disclosures.



Not Applicable.



PART II



THE FOLLOWING ITEMS HAVE BEEN OMITTED IN ACCORDANCE WITH GENERAL
INSTRUCTION J(1) TO FORM 10-K:



| | (A) Item 5  | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
| | ----------- | -------------------------------------------------------------------------------------------------------------
| | (B) Item 6  | Selected Financial Data.                                                                                     
| | (C) Item 7  | Management’s Discussion and Analysis of Financial Condition and Results of Operation.                        
| | (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.



None.



PART III



THE FOLLOWING ITEMS HAVE BEEN OMITTED IN ACCORDANCE WITH GENERAL
INSTRUCTION J(1) 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 and Related Transactions, and Director Independence.                     
| | (E) Item 14 | Principal Accounting Fees and Services.                                                        









PART IV



Item 15. Exhibits, Financial Statement Schedules.



| | (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 in the Exhibit Index.
| |     |                                                                                               |                                                                                              
| | (c) | None.                                                                                        



SUBSTITUTE INFORMATION PROVIDED IN ACCORDANCE WITH GENERAL INSTRUCTION
J(2) TO FORM 10-K:



Item 1112(b) of Regulation AB. Significant Obligors 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 – Financial
Information).



Not Applicable.



Item 1115(b) of Regulation AB. Certain Derivatives Instruments
(Financial Information).



Not Applicable.



Item 1117 of Regulation AB. Legal Proceedings.



No legal proceedings are pending against any of USAA Federal Savings
Bank (in its capacity as the sponsor, (the “Sponsor”), in its capacity as an originator contemplated by Item 1110(b)
of Regulation AB, (the “Originator”), in its capacity as servicer, (the “Servicer”) and in its capacity
as administrator (the “Administrator”) of USAA Auto Owner Trust 2014-1 (the “Issuing Entity”), USAA Acceptance,
LLC (the “Depositor”), Wells Fargo Delaware Trust Company, National Association
(the “Owner Trustee”) or the Issuing Entity, or of which any property of the foregoing is the subject, that are or
would be material to holders of the asset-backed notes (the “Notes”) or the asset-backed certificate (the “Certificate”).
No such proceedings are known to be contemplated by governmental authorities.



U.S. Bank National Association, as the indenture trustee (the “Indenture
Trustee”), has provided the following information for inclusion in this Form 10-K:



In June 2014, a civil complaint was filed in the Supreme Court of
the State of New York, New York County, by a group of institutional investors against U.S. Bank National Association (“U.S.
Bank”), in its capacity as trustee or successor trustee (as the case may be) under certain residential mortgage backed securities
(“RMBS”) trusts. The plaintiffs are investment funds formed by nine investment advisors (AEGON, BlackRock, Brookfield,
DZ Bank, Kore, PIMCO, Prudential, Sealink and TIAA) that purport to be bringing suit derivatively on behalf of 841 RMBS trusts
that issued $771 billion in original principal amount of securities between 2004 and 2008. According to the plaintiffs, cumulative
losses for these RMBS trusts equal $92.4 billion as of the date of the complaint. The complaint is one of six similar complaints
filed against RMBS trustees (Deutsche Bank, Citibank, HSBC, Bank of New York Mellon and Wells Fargo) by certain of these plaintiffs.
The complaint against U.S. Bank alleges the trustee caused losses to investors as a result of alleged failures by the sponsors,
mortgage loan sellers and servicers for these RMBS







trusts and asserts causes of action based upon the trustee’s
purported failure to enforce repurchase obligations of mortgage loan sellers for alleged breaches of representations and warranties
concerning loan quality. The complaint also asserts that the trustee failed to notify securityholders of purported events of default
allegedly caused by breaches by mortgage loan servicers and that the trustee purportedly failed to abide by appropriate standards
of care following events of default. Relief sought includes money damages in an unspecified amount and equitable relief. In November
2014, the plaintiffs sought leave to voluntarily dismiss their original state court complaint and filed a substantially similar
complaint in the United States District Court for the Southern District of New York. The federal civil complaint added a class
action allegation and a change in the total number of named trusts to 843 RMBS trusts. In December 2014, the plaintiffs’
motion to voluntarily dismiss their original state court complaint was granted. In November 2014, the plaintiffs sought leave to
voluntarily dismiss their original state court complaint and filed a substantially similar complaint in the United States District
Court for the Southern District of New York. The federal civil complaint added a class action allegation and a change in the total
number of named trusts to 843 RMBS trusts. In December 2014, the plaintiffs’ motion to voluntarily dismiss their original
state court complaint was granted. Other cases alleging similar causes of action have previously been filed against U.S. Bank and
other trustees by RMBS investors in other transactions.



There can be no assurances as to the outcome of the litigation,
or the possible impact of the litigation on the trustee or the RMBS trusts. However, U.S. Bank denies liability and believes that
it has performed its obligations under the RMBS trusts in good faith, that its actions were not the cause of losses to investors
and that it has meritorious defenses, and it intends to contest the plaintiffs’ claims vigorously.



Item 1119 of Regulation AB. Affiliations and Certain Relationships
and Related Transactions.



Information required by Item 1119 of Regulation AB has been omitted
from this report on Form 10-K in reliance on the Instruction to Item 1119.



Item 1122 of Regulation AB. Compliance with Applicable Servicing
Criteria.



The Servicer and the Indenture Trustee (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. In addition, each of the Servicer
and the Indenture Trustee has provided an attestation report (each, an “Attestation Report”) by an independent registered
public accounting firm, which reports are also attached as exhibits to this Form 10-K. Neither the Servicing Reports nor the Attestation
Reports for the Indenture Trustee and the Servicer have identified any material instances of noncompliance with the servicing criteria
described in such Servicing Report as being applicable to the Indenture Trustee or the Servicer, as applicable.



Item 1123 of Regulation AB. Servicer Compliance Statement.



The Servicer has completed a statement of compliance with its activities
during the reporting period and of its performance under the applicable servicing agreement (a “Compliance Statement”),
signed by an authorized officer of the Servicer. The Compliance Statement is attached as Exhibit 35.1 to this Form 10-K.







SIGNATURES



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



| | USAA ACCEPTANCE, LLC                                          |                                    
| | ------------------------------------------------------------- | -----------------------------------
| |                                                               |                                    
| | By:                                                           | /s/ Usama F. Ashraf                
| | Name:                                                         | Usama F. Ashraf                    
| | Title:                                                        | Vice President, Assistant Treasurer
| | (senior officer in charge of securitization of the depositor)



Date: March
30, 2015



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.



Not Applicable.







EXHIBIT INDEX



|Exhibit 3.1  | Amended and Restated Limited Liability Company Agreement of the Depositor (incorporated by reference from Exhibit 3.1 to Form S-3 of Depositor filed with the Commission on October 29, 2012).                                                                                                                  
|------------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit 4.1  | Indenture, dated as of February 28, 2014, between the Issuing Entity and the Indenture Trustee (incorporated by reference from Exhibit 4.1 to the Issuing Entity’s filing on Form 8-K filed with the Commission on March 4, 2014).                                                                              
|Exhibit 4.2  | Amended and Restated Trust Agreement, dated as of February 28, 2014, between the Depositor and the Owner Trustee (incorporated by reference from Exhibit 10.4 to the Issuing Entity’s filing on Form 8-K filed with the Commission on March 4, 2014).                                                           
|Exhibit 10.1 | Purchase Agreement, dated as of February 28, 2014, between USAA Federal Savings Bank, as seller, and the Depositor (incorporated by reference from Exhibit 10.1 to the Issuing Entity’s filing on Form 8-K filed with the Commission on March 4, 2014).                                                         
|Exhibit 10.2 | Sale and Servicing Agreement, dated as of February 28, 2014, among the Issuing Entity, the Depositor, and USAA Federal Savings Bank, as servicer, and the Indenture Trustee (incorporated by reference from Exhibit 10.2 to the Issuing Entity’s filing on Form 8-K filed with the Commission on March 4, 2014).
|Exhibit 10.3 | Administration Agreement, dated as of February 28, 2014, among the Issuing Entity, the Administrator and the Indenture Trustee (incorporated by reference from Exhibit 10.3 to the Issuing Entity’s filing on Form 8-K filed with the Commission on March 4, 2014).                                             
|Exhibit 31   | Certification of Senior Officer in Charge of the Servicing Function of the Servicer Pursuant to Rule 15d-14(d).                                                                                                                                                                                                 
|Exhibit 33.1 | Report on Assessment of Compliance with Applicable Servicing Criteria of USAA Federal Savings Bank.                                                                                                                                                                                                             
|Exhibit 33.2 | Report on Assessment of Compliance with the Servicing Criteria of U.S. Bank National Association.                                                                                                                                                                                                               
|Exhibit 34.1 | Attestation Report on Assessment of Compliance with the Servicing Criteria of Ernst & Young LLP, on behalf of USAA Federal Savings Bank.                                                                                                                                                                        
|Exhibit 34.2 | Attestation Report on Assessment of Compliance with Servicing Criteria of Ernst & Young, on behalf of U.S. Bank National Association.                                                                                                                                                                           
|Exhibit 35.1 | Annual Servicer Compliance Statement of the Servicer for the year ended December 31, 2014.