SECURITIES AND EXCHANGE COMMISSION
                           WASHINGTON, D.C. 20549
                                   -----
                                 FORM 10-Q

(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:  021686

              FORD CREDIT AUTO LOAN MASTER TRUST
    (Ford Credit Auto Receivables Corporation - Originator)
----------------------------------------------------------------
    (Exact name of registrant as specified in its charter)

       Delaware                          38-2973806
--------------------         -----------------------------------
(State of Incorporation)     (I.R.S. employer identification no.)

 The American Road, Dearborn, Michigan               48121
---------------------------------------            ---------
(Address of principal executive offices)           Zip code)

Registrant's telephone number, including area code (313) 322-3000

Securities registered pursuant to Section 12(b) of the Act: NONE

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

Series 1994-1, Floating Rate Auto Loan Asset Backed Certificates
Series 1995-1, 6.50% Auto Loan Asset Backed Certificates
Series 1996-1, 5.50% Auto Loan Asset Backed Certificates
Series 1996-2, Floating Rate Auto Loan Asset Backed Certificates
             
    Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(c) 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.   Yes   X   No

<PAGE>
                                  PART I.

ITEM 1.                           Business

The Ford Credit Auto Loan Master Trust (the "Trust") was created on February
5, 1992 pursuant to the Pooling and Servicing Agreement (the "Pooling and
Servicing Agreement") dated as of December 31, 1991 among Ford Motor Credit
Company ("Ford Credit"), as servicer, Ford Credit Auto Receivables
Corporation (the "Company"), as seller, and The Chase Manhattan Bank, (the
"Trustee"), as successor trustee.  Pursuant to the Pooling and Servicing
Agreement, the Company transferred to the trust property primarily consisting
of wholesale receivables generated from time to time in a portfolio of
revolving financing arrangements with automobile dealers to finance their
automobile and light truck inventory, collections as to the receivables,
security interests in the vehicles financed thereby and certain other
property.  Such property was obtained by the Company pursuant to the
Receivables Purchase Agreement dated as of December 31, 1991 between the
Company, as purchaser, and Ford Credit, as seller. 

In 1994, the Company registered with the  Securities and Exchange Commission
(the "Commission") under the Securities Act of 1933, as amended, (the "Act")
and sold to the general public the Floating Rate Auto Loan Asset Backed
Certificates (the "1994-1 Certificates") in the initial principal amount of
$1,000,000,000.  In 1995, the Company registered with the Commission under
the Act and sold to the general public the Series 1995-1, 6.50% Auto Loan
Asset Backed Certificates (the "Series 1995-1 Certificates") in the initial
principal amount of $1,000,000,000.  In 1996, the Company registered with the
Commission under the Act and sold to the general public the 1996-1, 5.50%
Auto Loan Asset Backed Certificates (the "Series 1996-1 Certificates") 
in the initial amount of $800,000,000 and the Series 1996-2, Floating 
Rate Auto Loan Asset Backed Certificates (the 1996-2 Certificates") in 
the initial amount of $960,000,000.  In April 1997, the Company sold
pursuant to Regulation S under the Act, the Series 1997-1 Floating Rate
Auto Loan Asset Backed Certificates (the "Series 1997-1 Certificates")
in the initial amount of $750,000,000.  The Series 1994-1 Certificates, the
Series 1995-1 Certificates, the Series 1996-1  Certificates, the Series
1996-2 Certificates and the Series 1997-1 Certificates were created pursuant
to the Series 1994-1 Supplement dated as of June 30, 1994 to 
the Pooling and Servicing Agreement (the "1994-1 Supplement"), the Series 
1995-1 Supplement dated as of June 30, 1995 to the Pooling and Servicing 
Agreement (the "1995-1 Supplement"), the Series 1996-1 Supplement dated 
December 31, 1995 (the "1996-1 Supplement") and the Series 1996-2 
Supplement dated December 31, 1995 (the "1996-2 Supplement"), and the 
Series 1997-1 Supplement dated as of March 31, 1997 to the Pooling 
and Servicing Agreement(the "1997-1 Supplement"), respectively.  Each 
Series of Certificates represents an undivided interest in certain assets 
of the Trust.
                                     -2-<PAGE>
ITEM 2.  PROPERTIES
-------------------
For information regarding the property of the Trust, see the Pooling and
Servicing Agreement and the Current Reports on Form 8-K incorporated by 
reference herein.  For additional information regarding the Certificates,
see Exhibit 99.  

ITEM 3.  LEGAL PROCEEDINGS
Nothing to report.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

Nothing to report.
                                  PART II.

ITEM 5. MARKET FOR REGISTRANT'S COMMON STOCK AND RELATED
        STOCKHOLDER MATTERS

There were 21 Series 1994-1 Certificateholders,  67 Series 1995-1
Certificateholders, 50 Series 1996-1 Certificateholders and 15 1996-2
Certificateholders at April 30, 1998.  There is no established public
trading market for any of these Certificates.  The Series 1997-1
Certificates, sold pursuant to Regulation S under the Act were listed on the
Luxembourg and Hong Kong Stock Exchanges.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
        ACCOUNTING AND FINANCIAL DISCLOSURE.

Nothing to report.
                                 PART III.

ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT

                                    (3)Amount and     
                                       nature of       
              (2) Name and Address     beneficial      
(1)Title of       of beneficial        ownership     (4)Percent
   Class          owner*              (in thousands)    of Class
  ---------       ----------------    --------------    --------
Series 1994-1,    Chase Manhattan Bank   $113,915         11.4%
Floating Rate     4 New York Plaza
Auto Loan         13th Fl.
Asset Backed      New York, NY 10004
Certificates      
                                   -3-<PAGE>
ITEM 12.  (CONTINUED)
 
                                    (3)Amount and     
                                       nature of       
              (2) Name and Address     beneficial      
(1)Title of       of beneficial        ownership     (4)Percent
   Class          owner*              (in thousands)    of Class
  ---------       ----------------    --------------    --------
Series 1994-1,    CitiBank, N.A.         $244,910         24.5%
Floating Rate     P. O. Box 30576
Auto Loan         Tampa, FL 33630-3576
Asset Backed        
Certificates      

Series 1994-1,    Northern Trust Co.-    $ 91,200          9.1%
Floating Rate      Trust
Auto Loan         801 S. Canal C-In
Asset Backed      Chicago, IL  60607
Certificates      

Series 1994-1,    SSB - Custodian        $481,335         48.1%
5 5/8% Auto Loan  Global Corp Action 
Asset Backed        Dept JAB5W
Certificates      P. O. Box 1631
                  Boston, MA 02105-1631

Series 1995-1     Bank of New York       $142,885         14.3%
6.50% Auto Loan   925 Patterson Plank Rd.
Asset Backed      Secaucus, NJ 07094
Certificates

Series 1995-1     Bankers Trust Company  $101,520         10.2%
6.50% Auto Loan   c/o BT Services 
Asset Backed        Tennessee, Inc.
Certificates      648 Grassmere Park Rd.
                  Nashville, TN  37211

                                -4-<PAGE>
ITEM 12.  (CONTINUED)

                                    (3)Amount and     
                                       nature of       
              (2) Name and Address     beneficial      
(1)Title of       of beneficial        ownership     (4)Percent
   Class          owner*              (in thousands)    of Class
  ---------       ----------------    --------------    --------
Series 1995-1     Boston Safe Deposit &  $ 72,765          7.3%
6.50% Auto Loan    Trust Co.
Asset Backed      c/o Mellon Bank N.A.
Certificates      Three Mellon Bank Center
                  Room 153-3015
                  Pittsburgh, PA 15259

Series 1995-1     Bank of Tokyo-         $110,000         11.0%
6.50% Auto Loan    Mitsubishi Trust
Asset Backed       Company (The)
Certificates      Trust Operations Dept.,
                   Plaza 3
                  5th Floor Harborside,
                   Fin'l Center
                  Jersey City, NJ  07311-1904

Series 1995-1     Chase Manhattan Bank   $203,462         20.3%
6.50% Auto Loan   4 New York Plaza
Asset Backed      Proxy Dept. 13th Fl.
Certificates      New York, NY 10004

Series 1995-1     SSB-Custodian          $191,990         19.2%
6.50% Auto Loan   Global Corp Action
Asset Backed       Dept JAB5W
Certificates      P. O. Box 1631
                  Boston, MA 02105-1631
                  
                                   -5-

<PAGE>
ITEM 12.  (CONTINUED)
                                      (3)Amount and     
                                       nature of       
              (2) Name and Address     beneficial      
(1)Title of       of beneficial        ownership     (4)Percent
   Class          owner*              (in thousands)    of Class
  ---------       ----------------    --------------    --------
Series 1996-1     Bank of New York       $ 44,290          5.5%
5.50% Auto        925 Patterson Plank Rd.
Loan Asset        Secaucus, NJ 07094
Backed 
Certificates

Series 1996-1,  Bankers Trust Company    $120,029         15.0%
5.50% Auto      c/o BT Services 
Loan Asset        Tennessee, Inc.
Backed          648 Grassmere Park Rd.     
Certificates    Nashville, TN  37211


Series 1996-1   Bank One Trust Company   $101,000         12.6%
5.50% Auto        N.A./
Loan Asset      Public Employee 
Backed            Retirement System
Certificates    277 E. Town Street
                Columbus, OH  43215

Series 1996-1   Chase Manhattan Bank     $ 77,175          9.6%
5.50% Auto      4 New York Plaza
Loan Asset      13th Fl.
Backed          New York, NY 10004
Certificates    

Series 1996-1   Prudential Securities    $104,110         13.0%
5.50% Auto       Custody Incorporated
Loan Asset      51 Mercedes Way
Backed          Edgewood, NY 10717
Certificates


                                    -6-<PAGE>
ITEM 12.  (CONTINUED)

                                    (3)Amount and     
                                       nature of       
              (2) Name and Address     beneficial      
(1)Title of       of beneficial        ownership     (4)Percent
   Class          owner*              (in thousands)    of Class
  ---------       ----------------    --------------    --------
Series 1996-1   SSB-Custodian            $ 99.670         12.5%
5.50% Auto      Global Corp Action
Loan Asset       Dept JAB5W
Backed          P.P. Box 1631
Certificates    Boston, MA  02105-1631

Series 1996-2   Bankers Trust Company    $145,000         15.1%
Floating Rate   c/o BT Services
Auto Loan         Tennessee, Inc.
Asset Backed    648 Grassmere Park Rd.
Certificates    Nashville, TN  37211
                

Series 1996-2   Citibank, N.A.           $197,900         20.6%
Floating Rate   P.O. Box 30576
Auto Loan       Tampa, FL 33630-3576
Asset Backed    
Certificates

Series 1996-2   SSB-Custodian            $421,245         43.9%
Floating Rate   P. O. Box 1631
Auto Loan       Boston, MA  02105-1631
Asset Backed    
Certificates    




* As of April 30, 1998

                           
                                   -7-
<PAGE>
ITEM 13.      CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

Nothing to report.

       
                                  PART IV.


ITEM 14.      EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND
REPORTS ON FORM 8-K


   (a)3.     Exhibits
             
Designation   Description                 Method of Filing
-----------   -----------                 ----------------  

Exhibit 3.1   Restated Certificate of     Filed as Exhibit 3.1 to
              Incorporation of Ford       Ford Credit Auto
              Credit Auto Receivables     Receivables             
              Corporation.                Corporation's
                                          Registration Statement  
                                          on Form S-1(No.33-44432)
                                          and incorporated herein
                                          by reference.

Exhibit 3.2   By-Laws of Ford Credit      Filed as Exhibit 3.2 to 
              Auto Receivables            Ford Credit Auto
              Corporation.                Receivables             
                                          Corporation's
                                          Registration Statement  
                                          on Form S-1(No.33-44432)
                                          and incorporated herein
                                          by reference. 
                                        
Exhibit 4.1   Conformed copy of Pooling   Filed as Exhibit 4.1 to 
              and Servicing Agreement     Ford Credit Auto
              dated as of December 31,    Receivables             
              1991 among Ford Credit      Corporation's
              Auto Receivables            Registration Statement 
              Corporation, as seller,     on Form S-1(No.33-47582)
              Ford Motor Credit Company   and incorporated herein
              as servicer, and Chemical   by reference. 
              Bank, as trustee.

                                 -8-
<PAGE>
ITEM 14.      (Continued)
Designation   Description                  Method of Filing
-----------   -----------                  -----------------
Exhibit 19.1  Distribution Date Statement  Filed as Exhibit 19 to
              for Collection Period        Ford Credit Auto Loan
              ended January 31, 1998.      Master Trust Current
                                           Report on Form 8-K
                                           dated February 19, 1998
                                           and incorporated      
                                           herein by reference.
                                                                             
Exhibit 19.2  Distribution Date Statement  Filed as Exhibit 19 to
              for Collection Period ended  Ford Credit Auto Loan
              February 28, 1998.           Master Trust Current
                                           Report on Form 8-K
                                           dated March 23, 1998
                                           and incorporated      
                                           herein by reference.
              
Exhibit 19.3  Distribution Date Statement  Filed as Exhibit 19 to
              for Collection Period ended  Ford Credit Auto Loan
              March 31, 1998.              Master Trust Current
                                           Report on Form 8-K
                                           dated April 7, 1998
                                           and incorporated      
                                           herein
                                           by reference.

Exhibit 99    Selected Information         Filed with this       
              relating to the Series       report. 
              1994-1 Certificates,
              the Series 1995-1
              Certificates, the Series
              1996-1 Certificates,
              the Series 1996-2 
              Certificates and the Series
              1997-1 Certificates.

                                      -9-

<PAGE>
     (b) Reports on Form 8-K                  

Date of Report                             Item

January 13, 1998                     Item 5 - Other Events
February 19, 1998                    Item 5 - Other Events
March 23, 1998                       Item 5 - Other Events


                                 SIGNATURES


Pursuant to the requirements of Section 13 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.


                             Ford Credit Auto Loan Master Trust
                                       (Registrant)
                                                                 

    
May 12, 1998                   By:/s/ Richard P. Conrad
                                    ------------------------
                                    Richard P. Conrad
                                    (Assistant Secretary of Ford
                                    Credit Auto Receivables
                                    Corporation, originator of
                                    Trust)

                           
                                  -10-
<PAGE>
                              EXHIBIT INDEX
Exhibit 
Number              Description of Exhibit            Page
--------            ----------------------            ----
Exhibit 3.1         Restated Certificate of           *   
                    Incorporation of Ford Credit 
                    Auto Receivables Corporation.     

Exhibit 3.2         By-Laws of Ford Credit Auto       *   
                    Receivables Corporation.
                                                          
Exhibit 4.1         Conformed copy of Pooling and     *
                    Servicing Agreement dated as 
                    of December 31, 1991 among 
                    Ford Credit Auto Receivables
                    Corporation, as seller, Ford
                    Motor Credit Company, as 
                    servicer, and Chemical Bank,
                    as trustee.

Exhibit 19.1        Distribution Date Statement       *   
                    for Collection Period             
                    ended January 31, 1998.            
                                                      
Exhibit 19.2        Distribution Date Statement       *    
                    for Collection Period             
                    ended February 28, 1998.           
                                                      
Exhibit 19.3        Distribution Date Statement       *    
                    for Collection Period             
                    ended March 31, 1998.                        


Exhibit 99          Selected Information relating      
                    to the Series 1994-1 Certificates, 
                    the Series 1995-1 Certificates, 
                    the Series 1996-1 Certificates, 
                    the Series 1996-2 Certificates,
                    and the Series 1997-1 Certificates.
                                                                
__________________
* Previously Filed                                    
                                   -11-