SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C. 20549

                         FORM IO-Q SB 

(Mark One)
[ x ]     Quarterly report pursuant to section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended March 31, 1997     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    33-88928-D                             
                                                            
                      U.S. AUTOMOBILE ACCEPTANCE 1995-1, INC.     
                                
          (Exact name of registrant as specified in its charter)            

 Texas                                              75-2578376    
 (State or other jurisdiction of incorporation     (I.R.S. Employer
     or organization)                             Identification No.)


       1120 NW 63rd , Suite G-106,  Oklahoma City, Oklahoma 73116 
          (Address of principal executive offices)

                      (405) 843-3135                              
                                                                  
       (Registrant's telephone number, including area code)

                      Not Applicable                              
                                                                  
(Former name, former address and former fiscal year, if changed since last
report)

     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 123 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               

       APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
          PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

     Indicate by check mark whether the registrant has filed all
documents and reports required to be filed  by Sections 12, 13 or
15(d) of the Securities Exchange Act of 1934 subsequent to the
distribution of securities under a plan confirmed by a court.

 Yes                        No                            Not
 Applicable.

             APPLICABLE ONLY TO CORPORATE ISSUERS:

     Indicate the number of shares outstanding of each of the
issuer's classes of common stock, as of the latest practicable
date.

1,000 shares of Common Stock

                 PART I - FINANCIAL INFORMATION

Item 1. Financial Statements
 See Attached

Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations

      U.S. Automobile Acceptance Corporation 1995-1, Inc. (the
      Company) was incorporated in Texas on January 12, 1995. 
      The Company was formed for the purpose of purchasing,
      collecting and servicing motor vehicle retail installment
      contracts (the "Contracts").  In mid-1995, the Company
      filed a Form SB-2 Registration Statement under the
      Securities Act of 1933, as amended, with the Securities
      and Exchange Commission with respect to an offering of up
      to $ 9,900,000 of 14% Secured Promissory Notes due
      December 31, 1999 (the "Notes").  The minimum note
      subscription escrow requirements of $500,000 was exceeded
      in September 1995. The company commenced normal
      operations in October 1995.  As of March 31, 1997 the
      Company had purchased approximately 1600 automobile
      finance contracts with aggregate balances of
      approximately $10,500,000.  The Secured Note offering,
      the start-up phase of the business and initial finance
      contract acquisitions were continuing as previously
      planned.  As of August 1, 1996 the Company's Secured Note
      offering was fully subscribed.
      
      The Company incurred $317,961 in operating losses as of
      December 31, 1996.  The company became profitable during
      the first quarter of 1997 with net income of $76,085.00
      
                PART II - OTHER INFORMATION
                               
      Item 1.  Legal Proceedings
      
      None
      
      Item 2.  Changes in Securities
               
      None
      
      Item 3.  Defaults Upon Senior Securities
      
      None
      
      Item 4.  Submission of Matters to a Vote of Security
      Holders
      
      None
      
      Item 5. Other Information
      
      None
      
      Item 6. Exhibits and Reports on Form 8-K
      
      None
      
                       
                       SIGNATURES
      
         Pursuant to the requirements of the Securities
      Exchange Act of 1934, the registrant has duly
      caused this report to be signed on its behalf by the
      undersigned thereunto duly authorized.
      
                   (Registrant) U. S. Automobile
                         Acceptance 1995-1, Inc
      
      
      Date:      May 5, 1997        (Signature)                    
                                                       
                                 Michael R. Marshall, President
                                       and Chief Financial Officer