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



|R | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2013
|- | --------------------------------------------------------------------------------------------------------------------------------
|  |                                                                                                                                 
|£ | 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).  £ Yes  R
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.  £
Yes  R 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.  R Yes  £
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 R  No £



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. R



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:  £                   | Accelerated Filer:  £        
|--------------------------------------------- | -----------------------------
|                                              |                              
|Non-accelerated filer:  R                     | Smaller reporting company:  £
|(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 £  No R



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 1



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”), The Bank of New York Mellon (the “Indenture Trustee”), 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.



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 Assessment
Report nor the related Attestation Report prepared by the Servicer has identified any material instance of noncompliance with the
servicing criteria applicable to the Servicer.



The Servicing Assessment Report and the related Attestation
Report prepared by the Indenture Trustee has identified a material instance of noncompliance with Servicing Criterion 1122(d)(3)(i)(A)
and a material instance of noncompliance with Servicing Criterion 1122(d)(3)(ii), each described in such Servicing Assessment Report
as being applicable to the Indenture Trustee. With respect to Servicing Criterion 1122(d)(3)(i)(A), the Servicing Assessment Report
states that during the reporting period certain reports to investors were not prepared in accordance with the timeframes and other
terms set forth in the related transaction agreements. With respect to Servicing Criterion 1122(d)(3)(ii), the Servicing Assessment
Report states that certain distributions to investors were not remitted in accordance with the timeframes set forth in the transaction
agreements. The Indenture Trustee further indicates in its report certain remediation with respect to such instances of noncompliance.
The Indenture Trustee has confirmed to the Depositor and the Servicer that these errors did not involve the Issuing Entity or investors
in the Issuing Entity. We have not independently verified the accuracy of the Indenture Trustee’s assertions, the adequacy
of its remediation efforts or the accuracy of such confirmation.



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 Issuing Entity has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.



| | USAA AUTO OWNER TRUST 2012-1                                
| | ------------------------------------------------------------
| |                                                             
| | By: USAA Federal Savings Bank, as Servicer                  
| |                                                             
| | By:                                                         
| | Name:                                                       
| | Title:                                                      
| | Comptroller (Senior Officer in Charge of Servicing Function)



Date: March
26, 2014



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, 2013.