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


                    For the fiscal year ended June 30, 1999,
                        Commission File No. 333-77535-01

                             UACSC 1999-B OWNER TRUST
             (Exact name of registrant as specified in its charter)

           Delaware                                 35-1937340
   State or other jurisdiction of                (I.R.S. Employer
   incorporation or organization                 Identification Number)
                                                 UAC Securitization
                                                 Corporation

     9240 Bonita Beach Road   Suite 1109-A
     Bonita Springs, Florida                            34135
     (address of principal                            (zip code)
     executive offices)
     UAC Securitization Corporation

     Registrant's telephone number including area code    (941) 948-1850

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

     Securities registered pursuant to Section 12 (g) of the Act: None


     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 1937 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

     DOCUMENTS INCORPORATED BY REFERENCE:    None



<PAGE>

     The  Registrant  (the UACSC  1999-B  Owner  Trust,  or the  "Trust")  is an
automobile  receivable  securitization  trust  formed  pursuant  to a Trust  and
Servicing   Agreement  dated  as  of  May  1,  1999  among  UAC   Securitization
Corporation, as "Seller," Union Acceptance Corporation, as "Servicer," and First
Union Trust Company, National Association, as "Owner Trustee" (the "Agreement").
The  Registrant is filing this Form 10-K and has filed  current  reports on Form
8-K monthly in lieu of reports on Form 10-Q and  compliance  with certain  other
requirements  of  Section  15(d) of the  Securities  Exchange  Act of  1934,  as
amended,  which are otherwise  applicable to the Trust,  on the basis of the SEC
staff position  described in numerous no-action letters applicable to securities
such as those issued  pursuant to the Agreement.  See,  e.g.,  Prime Credit Card
Master Trust (pub. available October 16, 1992), Private Label Credit Card Master
Trust (pub.  available May 20, 1992),  Sears Receivable  Financing  Group,  Inc.
(pub.  available  March  31,  1992),  Discover  Financing  Group,  Incorporated,
Discover Card Trust 1991-E (pub.  available  February 13,  1992),  Bank One Auto
Trust 1995-A (pub.  available August 16, 1995) and Volkswagen Credit Auto Master
Trust (pub. available May 9, 1997).







                                       -2-

<PAGE>

                                     PART I



     Item 1. Business.

          The sole and  only  "business"  of the  Trust  is the  collection  and
     distribution of payments on the automobile and light truck receivables,  in
     the manner described in the Registration Statement.  Accordingly,  there is
     no relevant  information  to report in  response to Item 101 of  Regulation
     S-K.

     Item 2.  Properties.

          The Trust does not have any  physical  properties.  Accordingly,  this
     Item 2 is inapplicable.

     Item 3.  Legal Proceedings.

          There are no material pending legal  proceedings  involving either the
     Trust, or, with respect to any Notes or any other trust property, involving
     the Owner Trustee, the Seller or the Servicer.

     Item 4.  Submission of Matters to a Vote of Security Holders.

          No votes or consents of Noteholders  were solicited  during the fiscal
     year ended June 30, 1999 for any purpose.



<PAGE>

                                     PART II

     Item 5.  Market  Price or and  Dividends  on the  Registrant's  Equity  and
Related Stockholder Matters.

          There is no established public trading market for the Notes.

     Item 6.  Selected Financial Data.

          No financial data is required of UAC  Securitization  Corporation,  as
     Registrant  (Registration Statement No. 333-77535 on form S-3), inasmuch as
     the  Registration  Statement  was filed  for and on behalf of UACSC  1999-B
     Owner Trust and, furthermore, because UAC Securitization Corporation is not
     a guarantor of any of the payments due from the Trust to the Noteholders.

          The  regular  monthly  report  form,  which the Trustee is required to
     include with each monthly distribution of Trust assets to Noteholders, sets
     forth for the prior calendar  month,  as well as  cumulatively,  all of the
     relevant  financial  information  required  by  the  applicable  trust  and
     servicing agreement to be reportable to Noteholders. The UAC Securitization
     Corporation UACSC 1999-B Owner Trust Monthly Servicer's  Certificate Report
     for the month  ending June 30,  1999;  and the  December  31, 1998 and 1997
     Financial  Statements  of MBIA  Insurance  Corporation,  the  insurer,  are
     incorporated  herein by reference and attached hereto as Exhibits  (Exhibit
     No. 99-1 and 99-2,  respectively).  The  foregoing  presents  all  relevant
     financial  information  relating  to the  Trust.  Because  of  the  limited
     business  activity of the Trust,  the Selected  Financial Data specified in
     Item  301  of  Regulation  S-K  would  not  provide  meaningful  additional
     information.

     Item 7.  Management's  Discussion  and Analysis of Financial  Condition and
Results of Operation.

          Because  of  the  limited   business   activity  of  the  Trust,   the
     presentation of Management's Discussion and Analysis of Financial Condition
     and Results of Operations,  as otherwise required by Item 303 of Regulation
     S-K, would not be meaningful.  All relevant information is contained in the
     monthly statements.

     Item 8.  Financial Statements and Supplementary Data.

          As discussed above,  furnishing the traditional  financial information
     required by Item 8 of Form 10-K would not add relevant  information to that
     provided by the foregoing statements.

     Item  9.   Disagreements  with  Accountants  on  Accounting  and  Financial
Disclosure.

          Not applicable.
<PAGE>


                                    PART III

     Item 10.  Directors and Executive Officers.

          Not applicable.

     Item 11.  Executive Compensation.

          Not applicable.

     Item 12.  Security Ownership of Certain Beneficial Owners and Management.

          As of  September  23,  1999,  there  were  a  total  of 44  Registered
     Noteholders,  all of whom  maintained  their  security  positions  with the
     Depository  Trust  Company.  While  some  of  these  Noteholders'  security
     positions in the Trust exceeded 5% of the  outstanding  Note Balance;  such
     securities do not constitute  voting  securities within the meaning of Item
     403 of Regulation S-K.

     Item 13.  Certain Relationships and Related Transactions.

          Union  Acceptance  Corporation,  as Servicer,  and UAC  Securitization
     Corporation,  as  certificateholder,  receive  payments  from the  Trust in
     accordance with the terms of the applicable trust and servicing agreement.


                                     PART IV

     Item 14.  Exhibits, Financial Statement Schedules, and Reports on For 8-K.

          A report on Form 8-K was  filed at the end of each  month  during  the
     previous  fiscal year, or portion  thereof,  which contained the applicable
     servicer's  report for the  related  collection  periods  during the period
     covered by this  report.  In  addition a From 8-K was filed on or about May
     26, 1999 related to the Closing of the sale of the Notes which included the
     definitive Trust and Servicing Agreement and the consent of the independent
     accountants  to the insurer.  Incorporated  herein and  attached  hereto as
     Exhibit 99.1 is a copy of the Monthly Servicer's Certificate Reports to the
     Trust, for the month ending June 30, 1999; and as Exhibit 99.2 the December
     31, 1998 and 1997 Financial Statements of MBIA Insurance  Corporation,  the
     insurer.


<PAGE>

          Pursuant to the requirements of Section 13 or 15 (d) 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 Servicer
     of the UACSC 1999-B  Owner  Trust,  for and on behalf of UACSC 1999-B Owner
     Trust.

                                            UACSC 1999-B Owner Trust

                                  By:  Union Acceptance Corporation, as Servicer


     Date: September 23, 1999            By: /s/ Melanie S. Otto
                                             -----------------------------------
                                             Melanie S. Otto
                                             Vice President

<PAGE>

                                  EXHIBIT INDEX

     No.      Description

         4        Trust and  Servicing  Agreement  Respecting  the UACSC  1999-B
                  Owner Trust  (incorporated  by  Reference to Exhibit 4 to Form
                  8-K filed on or about May 26, 1999).

         99.1     UACSC  1999-B  Owner  Trust  Monthly  Servicer's   Certificate
                  Reports:  Month Ended June 30, 1999 (incorporated by reference
                  to Exhibit 99.1 to Form 8-K filed on or about July 22, 1999).

         99.2     The  consolidated   financial  statements  of  MBIA  Insurance
                  Corporation  and its  subsidiaries as of December 31, 1998 and
                  December  31,  1997  and for  each of the  three  years in the
                  period ended December 31, 1998,  included in the Annual Report
                  on Form  10-K of MBIA Inc.  for the year  ended  December  31,
                  1998,  which was filed by MBIA Inc.  with the SEC on March 26,
                  1999, are incorporated by reference.