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                                                                                                



333-158741-03

(Commission File Number of Issuing Entity)



USAA Auto Owner Trust 2012-1

(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                                 | 27-6458241           
| | ---------------------------------------- | ---------------------
| | (State or other jurisdiction of          | (I.R.S. Employer     
| | incorporation or organization of         | Identification No. of
| | Issuing Entity)                          | Issuing Entity)      
| |                                          |                      
| | c/o Wells Fargo Delaware                 |                      
| | Trust Company, National Association      |                      
| | 919 Market Street                        |                      
| | Suite 1600                               |                      
| | Wilmington, 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 (§232.405 of 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  o   No  þ



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 2012-1 (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.



The Bank of New York Mellon, as the indenture trustee (the
“Indenture Trustee”), has provided the following information for inclusion in this Form 10-K:



In the ordinary course of business, The Bank of New York Mellon
is named as a defendant in or made a party to pending and potential legal actions. In connection with its role as trustee of certain
residential mortgage-backed securitization (“RMBS”) transactions, the Bank of New York Mellon was named as a defendant
in a lawsuit by a group of institutional investors. This lawsuit alleges that the trustee had expansive duties under the governing
agreements, including the duty to investigate and pursue breach of representation and warranty claims against other parties to
the RMBS transactions. While it is inherently difficult to predict the eventual outcomes of pending actions, The Bank of New York
Mellon denies liability and intends to defend the litigation 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:                                                          
| | Name:                                                        
| | Title:                                                       
| | (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 September 19, 2012, 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 September 20, 2012).                                                                              
|                |                                                                                                                                                                                                                                                                                                                               
|Exhibit 4.2     | Amended and Restated Trust Agreement, dated as of September 19, 2012,
    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 September 20, 2012).                                                           
|                |                                                                                                                                                                                                                                                                                                                               
|Exhibit 10.1    | Purchase Agreement, dated as of September 19, 2012, 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 September 20, 2012).                                                         
|                |                                                                                                                                                                                                                                                                                                                               
|Exhibit 10.2    | Sale and Servicing Agreement, dated as of September 19, 2012, 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 September 20, 2012).
|                |                                                                                                                                                                                                                                                                                                                               
|Exhibit 10.3    | Administration Agreement, dated as of September 19, 2012, 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 September 20, 2012).                                             
|                |                                                                                                                                                                                                                                                                                                                               
|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 The
    Bank of New York Mellon.                                                                                                                                                                                                                            
|                |                                                                                                                                                                                                                                                                                                                               
|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 KPMG, LLP, on behalf of The Bank of New York Mellon.                                                                                                                                                                                            
|                |                                                                                                                                                                                                                                                                                                                               
|Exhibit 35.1    | Annual Servicer Compliance Statement of the Servicer for the year ended
    December 31, 2014.