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 June 30, 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

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                                  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-
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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   16   Series   1994-1   Certificateholders,   68   Series   1995-1
Certificateholders,   51  Series   1996-1   Certificateholders   and  14  1996-2
Certificateholders  at July 20, 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   $112,425         11.2%
Floating Rate     4 New York Plaza
Auto Loan         13th Fl.
Asset Backed      New York, NY 10004
Certificates
                                   -3-
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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.         $244,110         24.4%
Floating Rate     P. O. Box 30576
Auto Loan         Tampa, FL 33630-3576
Asset Backed
Certificates

Series 1994-1,    Northern Trust Co.-    $ 90,665          9.1%
Floating Rate      Trust
Auto Loan         801 S. Canal C-In
Asset Backed      Chicago, IL  60607
Certificates

Series 1994-1,    SSB - Custodian        $481,035         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       $181,530         18.1%
6.50% Auto Loan   925 Patterson Plank Rd.
Asset Backed      Secaucus, NJ 07094
Certificates

Series 1995-1     Bankers Trust Company  $105,584         10.5%
6.50% Auto Loan   c/o BT Services
Asset Backed        Tennessee, Inc.
Certificates      648 Grassmere Park Rd.
                  Nashville, TN  37211

                                -4-
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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 &  $ 90,519          9.0%
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   $176,448         17.6%
6.50% Auto Loan   4 New York Plaza
Asset Backed      Proxy Dept. 13th Fl.
Certificates      New York, NY 10004

Series 1995-1     SSB-Custodian          $155,352         15.5%
6.50% Auto Loan   Global Corp Action
Asset Backed       Dept JAB5W
Certificates      P. O. Box 1631
                  Boston, MA 02105-1631

                                   -5-

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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       $ 47,790          6.0%
5.50% Auto        925 Patterson Plank Rd.
Loan Asset        Secaucus, NJ 07094
Backed
Certificates

Series 1996-1,  Bankers Trust Company    $113,184         14.1%
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   Boston Safe Deposit and  $ 54,495          6.8%
5.50% Auto       Trust Company
Loan Asset      c/o Mellon Bank N.A.
Backed          Three Mellon Bank Center
Certificates    Room 153-3015
                Pittsburgh, PA  15259

Series 1996-1   Chase Manhattan Bank     $ 71,050          8.9%
5.50% Auto      4 New York Plaza
Loan Asset      13th Fl.
Backed          New York, NY 10004
Certificates

Series 1996-1   Northern Trust Company   $ 40,110          5.0%
5.50% Auto      801 S. Canal C-In
Loan Asset      Chicago, IL  60607
Backed
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-

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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            $104,820         13.1%
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 July 20, 1998


                                   -7-
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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 Statementon   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 The Chase  by reference.
              Manhattan Bank, as 
              successor trustee.

                                 -8-
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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 19.4  Distribution Date Statement  Filed as Exhibit 19 to
              for Collection Period        Ford Credit Auto Loan
              ended April 30, 1998.        Master Trust Current
                                           Report on Form 8-K dated May 12,
                                           1998 and incorporated herein by
                                           reference.

Exhibit 19.5  Distribution Date Statement  Filed as Exhibit 19 to
              for Collection Period ended  Ford Credit Auto Loan
              May 31, 1998.                Master Trust Current
                                           Report  on Form 8-K dated June 8,
                                           1998  and incorporated herein by
                                           reference.

Exhibit 19.6  Distribution Date Statement  Filed as Exhibit 19 to
              for Collection Period ended  Ford Credit Auto Loan
              June 30, 1998.               Master Trust Current
                                           Report on Form 8-K dated July 13,
                                           1998  and incorporated herein by
                                           reference.

Exhibit 99    Selected  Information        Filed with this report.
              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.

                                      -9-

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     (b) Reports on Form 8-K

Date of Report                             Item

April 30, 1998                      Item 5 - Other Events
May 31, 1998                        Item 5 - Other Events
June 30, 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)



August 7, 1998                   By:/s/ Richard P. Conrad
                                    ------------------------
                                    Richard P. Conrad
                                    (Assistant Secretary of Ford
                                    Credit Auto Receivables
                                    Corporation, originator of
                                    Trust)


                                  -10-
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                              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 The Chase
                    Manhattan Bank, as successor
                    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 19.4        Distribution Date Statement       *
                    for Collection Period
                    ended April 30, 1998.

Exhibit 19.5        Distribution Date Statement       *
                    for Collection Period
                    ended May 31, 1998.

Exhibit 19.6        Distribution Date Statement       *
                    for Collection Period
                    ended June 30, 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-