<PAGE>   1
                       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, 1998 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)

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

            1120 NW 63rd , Suite G-108, 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
      ---    ---


<PAGE>   2

                     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. The Company's Secured Note offering
                was fully subscribed in July 1996. As of March 31, 1998 the
                Company had approximately 1300 automobile finance contracts with
                aggregate balances of approximately $9,000,000.

                The Company had a net operating loss of $24,581 during the first
                quarter of 1998 and had incurred cumulative losses since
                inception of $71,316 as of March 31, 1998.

                         PART II - OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

         NONE

ITEM 2.  CHANGES IN SECURITIES

         NONE


<PAGE>   3


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

        27 Financial Data Schedule



                                   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: 5-15-98             (Signature)   /s/ MICHAEL R. MARSHALL
                                     -------------------------------------------
                                       Michael R. Marshall, President and Chief
                                       Financial Officer






<PAGE>   4

                     U.S. AUTOMOBILE ACCEPTANCE 1995-1, INC.
                         (a limited purpose corporation)

                                  BALANCE SHEET
                   As of March 31, 1998 and December 31, 1997
                                   (Unaudited)

<TABLE>
<CAPTION>
                                     ASSETS

                                                                                  March 31,          Dec. 31,
                                                                                    1998               1997
                                                                                ------------      ------------
<S>                                                                             <C>               <C>         
Cash and cash equivalents                                                       $  1,112,307      $  1,002,401

Contracts receivable                                                               9,515,260         9,585,665

Capitalized note offering costs                                                    1,735,908         1,735,908

Other                                                                                 18,621            11,337
                                                                                ------------      ------------

                  TOTAL ASSETS                                                  $ 12,382,096      $ 12,335,311
                                                                                ============      ============


                                       LIABILITIES AND STOCKHOLDERS' EQUITY

Accrued interest payable                                                        $    115,500      $    115,500
Unearned interest, contract purchase
  discounts, and allowance for losses                                              2,376,187         2,304,821
Notes payable                                                                      9,900,000         9,900,000
Other                                                                                 11,725            11,725
                                                                                ------------      ------------

                  TOTAL LIABILITIES                                               12,403,412        12,332,046
                                                                                ============      ------------
Commitments
Stockholders' equity:
 Common Stock,$1.00 par value, 3,000
   shares authorized, 1,000 shares
   issued and outstanding                                                              1,000             1,000
 Additional paid-in capital                                                           49,000            49,000
 Retained earnings (deficit)                                                         (71,316)          (46,735)
                                                                                ------------      ------------
                  TOTAL STOCKHOLDERS' EQUITY
                    (DEFICIT)                                                        (21,316)            3,265
                                                                                ------------      ------------
                  TOTAL LIABILITIES AND
                    STOCKHOLDERS' EQUITY                                        $ 12,382,096      $ 12,335,311
                                                                                ============      ============
</TABLE>




                 See accompanying notes to financial statements


<PAGE>   5


                     U.S. AUTOMOBILE ACCEPTANCE 1995-1, INC.
                         (a limited purpose corporation)

                             STATEMENT OF OPERATIONS
              For the three months ended March 31, 1998 and for the
                          year ended December 31, 1997
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                                                Three Months
                                                                                                    Ended         Year Ended
                                                                                                March 31, 1998   Dec. 31, 1997
                                                                                                --------------   -------------
<S>                                                                                               <C>             <C>       
Interest income                                                                                   $  494,568      $1,939,910
Interest expense                                                                                     346,500       1,386,000
                                                                                                  ----------      ----------
         Net interest income                                                                         148,068         553,910
Gain on sale of contracts                                                                                -0-         321,986
                                                                                                  ----------      ----------
         Total income                                                                                148,068         875,896
General and administrative expenses                                                                  172,649         604,670
                                                                                                  ----------      ----------

         Net income (loss)                                                                        $  (24,581)     $  271,226
                                                                                                  ==========      ==========

         Net income (loss) per share of
           common stock                                                                           $   (24.58)     $   271.23
                                                                                                  ==========      ==========
</TABLE>




                 See accompanying notes to financial statements


<PAGE>   6

                     U.S. AUTOMOBILE ACCEPTANCE 1995-1, INC.
                         (a limited purpose corporation)

                        STATEMENT OF STOCKHOLDERS' EQUITY
              For the three months ended March 31, 1998 and for the
                          year ended December 31, 1997
                                   (Unaudited)



<TABLE>
<CAPTION>
                                Common Stock            Paid-In       Retained
                            Shares         Amount       Capital       Earnings        Total
                           ---------     ---------     ---------     ---------      ---------
<S>                        <C>           <C>           <C>           <C>            <C>
Balances, December 31,
  1996                         1,000     $   1,000     $  49,000     $(317,961)     $(267,961)
Net income
  1997                           -0-           -0-           -0-       271,226        271,226
                           ---------     ---------     ---------     ---------      ---------
Balances, December 31,
  1997                         1,000         1,000        49,000       (46,735)         3,265

Net (loss) for three
  months ended
  March 31, 1998                 -0-           -0-           -0-       (24,581)       (24,581)
                           ---------     ---------     ---------     ---------      ---------
Balances, March 31,
  1998                         1,000     $   1,000     $  49,000     $ (71,316)     $ (21,316)
                           =========     =========     =========     =========      =========
</TABLE>




                 See accompanying notes to financial statements


<PAGE>   7
                     U.S. AUTOMOBILE ACCEPTANCE 1995-1, INC.
                         (a limited purpose corporation)

                             STATEMENT OF CASH FLOWS
              For the three months ended March 31, 1998 and for the
                          year ended December 31, 1997
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                        March 31,        Dec. 31,
                                                          1998             1997
                                                      -----------      -----------
<S>                                                   <C>              <C>        
Cash flows from operating activities:
         Net income (loss)                            $   (24,581)     $   271,226
         (Increase) decrease in other assets               (7,284)         172,282
                                                      -----------      -----------
                  Net cash provided (used) by
                    operating activities                  (31,865)         443,508
                                                      -----------      -----------
Cash flows from investing activities:
         Purchase of contracts receivable                (479,196)      (4,908,436)
         Increase (decrease) in unearned
           interest, purchase discount and
           allowance for losses                            71,367         (666,815)
         Principal collections and sale of
           contracts receivable                           549,600        3,252,667
                                                      -----------      -----------
                  Net cash provided (used) by
                    investing activities                  141,771       (2,322,584)
                                                      -----------      -----------

                  Net increase (decrease) in cash
                    and cash equivalents                  109,906       (1,879,076)

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD        1,002,401        2,881,477
                                                      -----------      -----------

CASH AND CASH EQUIVALENTS AT END OF PERIOD            $ 1,112,307      $ 1,002,401
                                                      ===========      ===========
</TABLE>







                 See accompanying notes to financial statements


<PAGE>   8
                     U.S. AUTOMOBILE ACCEPTANCE 1995-1, INC.
                         (a limited purpose corporation)


                          NOTES TO FINANCIAL STATEMENTS



1. DESCRIPTION OF BUSINESS

GENERAL - U.S. Automobile Acceptance 1995-1, Inc. (herein referred to as
"Company" or "1995-1") was incorporated on January 12, 1995 as a Texas
Corporation. The Company was formed to purchase, collect and service retail
installment sale financing contracts created by the sale of used automobiles and
light trucks ("Contracts"). The Company targets automobile purchasers who are
typically unable to obtain credit from traditional sources (sub-prime credit
consumers). The contracts generally have APR interest rates at or near the
maximum rate allowed by the state in which the automobile sale was originated
and the payment terms are generally from 24 to 48 months. The contracts are
originated by used car divisions of new car dealerships and by independent used
car dealerships ("Dealers"), with the Company's type financing arrangement
generally being referred to as indirect consumer lending.

To date, all contract purchases have been financed through the issuance of
publicly registered notes ("Notes") of the Company. The Notes are collateralized
by individual motor vehicle retail installment Contracts. The Contracts are
secured by liens on used automobile and light trucks and are generally purchased
at discounts ranging from 2% to 25% below the total future net principal balance
owed on such Contracts. Purchase discounts vary depending on the credit
worthiness of the individual borrower and financial strength added by additional
credit support agreements provided by the Dealers from which Contracts have been
purchased. The Dealer credit support agreements are usually in the form of
Contract replacement agreements, direct dealer recourse agreements, limited
guarantee agreements or some other form of cash hold-back arrangement.

ASSET-BACKED NOTE OFFERING - The Company filed a Registration Statement in 1995
with the Securities and Exchange Commission and various state security boards
with respect to its offering of up to $9,900,000 of 14% Promissory Notes due
December 31, 1999. The $500,000 minimum required subscription amount was reached
in September 1995 and the offering became effective. The offering was fully
subscribed in August 1996. The Company became fully operational in February
1997. Prior to February 1997, the Company was considered to be in the
"development stage" as substantially all of its efforts have been expended in
establishing the new business, raising capital and purchasing initial finance
Contracts.

The Notes were issued under the terms of an Indenture Agreement between the
Company and Chase Bank of Texas, formerly Texas Commerce Bank National
Association, as Trustee. The Notes are secured by the contracts and proceeds
thereof.



<PAGE>   9



                     U.S. AUTOMOBILE ACCEPTANCE 1995-1, INC.
                         (a limited purpose corporation)


                          NOTES TO FINANCIAL STATEMENTS


2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION - The accounting and reporting policies of the Company
conform to generally accepted accounting principles and to general practices
within the finance industry.

USE OF ESTIMATES - The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities, the
disclosures regarding contingent assets and liabilities at the date of the
financial statements, and the amounts of revenues and expenses reported during
the period. Actual results could differ from those estimates.

CASH AND CASH EQUIVALENTS - The Company considers all investments with a
maturity of three months or less, when purchased, to be cash equivalents.

RESTRICTED CASH - The use of cash of the Company is restricted by the terms of
an indenture agreement between the Company and Chase Bank of Texas, as Indenture
Trustee, to initially purchase Contracts and for payment of allowed expenses,
trustee's fees and expenses, interest paid by transfers to Note Redemption
Account for payment to Noteholders and before Note Redemption Trigger Date
(January 1, 1999), any remaining proceeds used to purchase additional eligible
Contracts, and after Note Redemption Trigger Date, any remaining proceeds
deposited into Note Redemption Account for payment of Notes.

FINANCE CONTRACTS AND INCOME RECOGNITION - Upon purchase of a Contract, the
Company records the gross amount of the Contract as a gross contract receivable
and the difference between gross contract receivable and cost of the Contract
purchased is recorded as unearned interest, discounts and allowance for loan
losses. Income from finance contracts is recognized using the effective interest
method.

The Company makes periodic sales of Contracts to third party buyers for cash.
Income from sale of Contracts is recognized at the time of the sale.

CAPITALIZED NOTE OFFERING COSTS - Costs directly related to note offering cost
are capitalized and amortized as notes payable are retired.

CREDIT LOSSES - The Company believes that amounts included in unearned interest,
discounts and allowance for loan losses accounts are sufficient to cover any
loan losses that will be incurred in the future. If management determines that
additional loss reserves are necessary in the future they will be established at
that time.





<PAGE>   10



                     U.S. AUTOMOBILE ACCEPTANCE 1995-1, INC.
                         (a limited purpose corporation)


                          NOTES TO FINANCIAL STATEMENTS


FAIR VALUE OF FINANCIAL INSTRUMENTS - SFAS No. 107, Disclosure About Fair Value
of Financial Instruments, requires the disclosure, to the extent practicable, of
the fair value of financial instruments which are recognized or unrecognized in
the balance sheet. In Management's opinion, the fair value of finance contracts
and Notes payable is approximately the same as the carrying value reflected in
the financial statements.

INCOME TAXES - The Company has adopted SFAS No. 109, Accounting for Income
Taxes, whereby deferred income taxes reflect the net tax effects of (a)
temporary differences between the carrying amounts of assets and liabilities for
financial reporting purposes and the amounts used for income tax reporting
purposes, and (b) net operating loss carry forwards. The Company has incurred an
aggregate tax and financial reporting loss from incorporation through March 31,
1998 and accordingly has no income tax liability as of March 31, 1998.


3. CONTRACTS RECEIVABLE

At March 31, 1998 contracts receivable were as follows:


<TABLE>
<CAPTION>
                                                          March 31, 1998
                                                          --------------
<S>                                                         <C>
Cost of Contracts purchased                                 $ 7,139,073

Unearned interest, purchase
 discounts and dealer hold-
 backs                                                        2,376,187
                                                            -----------
TOTAL ANTICIPATED CONTRACT
 PAYMENTS                                                   $ 9,515,260
                                                            ===========
</TABLE>

Use of proceeds of contract receivable collections is restricted to repayment of
Notes payable described in Note 4, payment of certain allowed expenses of the
Company and the purchase of additional Contracts.

As of December 31, 1997, the Company charged approximately $660,000 to unearned
interest, Contract purchase discounts and allowance for losses, as management
estimates future losses to be incurred on non performing Contracts as of
December 31, 1997. No additional charges had been made as of March 31, 1998.


4.  NOTES PAYABLE

At December 31, 1997 and March 31, 1998 the Company had outstanding notes
payable of $9,900,000. The Notes bear interest at 14% payable monthly, and the
principal is due December 31, 1999.


<PAGE>   11



                     U.S. AUTOMOBILE ACCEPTANCE 1995-1, INC.
                         (a limited purpose corporation)


                          NOTES TO FINANCIAL STATEMENTS


The Notes have been issued under the terms of an Indenture Agreement between the
Company and Chase Bank of Texas, as trustee. The Notes are collateralized by the
Contracts and proceeds thereof. 1995-1 holds vehicle titles and/or liens on the
vehicles as collateral for Contracts until they are paid in full. Use of
proceeds of contract collections of 1995-1 is restricted to payments on the
Notes, payment of certain allowed expenses of 1995-1 and the purchase of
additional Contracts.

Under the terms of the various agreements Chase holds a security agreement for
the benefit of the noteholders, serves as paying agent, note registrar, controls
the note redemption bank account and serves as escrow agent, initially receiving
all funds received as Note subscriptions from the noteholders. In the event of
non payment of principal or interest on the Notes, the Indenture Trustee may
declare the principal and interest payable immediately and may pursue any
available remedies by proceeding at law or in equity to collect or to enforce
the performance of any provision of the Notes or the security agreement.

Noteholders may incur risks and uncertainties including concentration of assets
since the Company is not expected to have any significant assets other than
automobile finance contracts and since most of the borrowers and the related
automobile collateral are expected to be located in the states of Oklahoma and
Texas. Other risks include limited operating history of the Servicer and 1995-
1, possible decline in future availability and quality of finance Contracts to
be purchased due to increased competition, possible conflicts of interest
between 1995-1 and affiliate entities.


5. STOCKHOLDERS' EQUITY

The Company issued 1,000 shares of common stock for $50,000 in connection with
the organization of the Company.


6. RELATED PARTY TRANSACTIONS - COMMITMENT

U.S. Automobile Acceptance Corporation ("USAAC") contractually administers,
services and collects Contracts on behalf of 1995-1 and subcontracts a portion
of the servicing and collection functions to certain automobile dealers and
other subcontractors. The amount paid to USAAC for such services is restricted
by the terms of various agreements.

Five percent (5%) of the proceeds of the Asset-Backed Note offering were paid to
USAAC as reimbursement of registration, legal, accounting, printing, trustee,
marketing, and other out of pocket fees and expenses and allocated general and
administrative and overhead expenses related to the offering and organization of
the Company.

The Servicer is paid a servicing fee of $21.50 per month, per Contract,
limited to maximum of $35,000 per month. In addition, USAAC is paid a one


<PAGE>   12



                     U.S. AUTOMOBILE ACCEPTANCE 1995-1, INC.
                         (a limited purpose corporation)


                          NOTES TO FINANCIAL STATEMENTS

time purchase administration fee of $125 per Contract purchased, paid monthly,
and is paid a monthly investor administration fee of 1/12th of 1% of the
aggregate principal amount of the Notes outstanding, and 1/12th of 1% of
aggregate funds held in investment accounts.


<PAGE>   13
                                 EXHIBIT INDEX

<TABLE>
<CAPTION>
Exhibit            Description
-------            -----------
<S>                <C>
 27                Financial Data Schedule
</TABLE>