UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                      ----

                                    FORM 10-K
                        FOR ANNUAL AND TRANSITION REPORTS
                     PURSUANT TO SECTIONS 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

(Mark One)

[X]  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934

For the fiscal year ended December 31, 2005

                                       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: 001-32344

                            Freedom Depository, LLC,

                                  on behalf of:

                           USAutos Series 2004-1 Trust
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

                   Delaware                               72-1545842
---------------------------------------------   --------------------------------
(State or Other Jurisdiction, Organization or           (I.R.S. Employer
                Incorporation)                         Identification No.)

     7801 North Capital of Texas Highway,
           Suite 300, Austin, Texas                          78731
---------------------------------------------   --------------------------------
   (Address of principal executive offices)                (Zip Code)

   Registrant's telephone number, including area code:  (512) 342-3000

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

Title of Class                          Name of  Registered Exchange
--------------                          ----------------------------
5.10% Freedom Certificates, USAutos     American  Stock Exchange
Series 2004-1 Class A Certificates

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

<PAGE>


Indicate by check mark if the registrant is a well-known seasoned issuer, as
defined in Rule 405 of the Securities Act.

Yes [_]  No [X]

Indicate by check mark if the registrant is not required to file reports
pursuant to Section 13 or Section 15(d) of the Act.

Yes [_]  No [X]

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 file
requirements for the past 90 days.

Yes [X]  No [_]

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K 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. [X]

Indicate by check mark whether the registrant is a large accelerated filer, an
accelerated filer, or a non-accelerated filer. See definition of "accelerated
filer and large accelerated filer" in Rule 12b-2 of the Exchange Act. (Check
one): Large accelerated filer [ ] Accelerated filer [X]
Non-accelerated filer [ ]

Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Act).

Yes [X]  No [_]


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:

   The registrant has no voting stock or class of common stock that is held by
non-affiliates.

                       DOCUMENTS INCORPORATED BY REFERENCE

                                      None.

                                       2
<PAGE>


                                INTRODUCTORY NOTE

Freedom Depository, LLC (the "Depositor") is the Depositor in respect of the
USAutos 2004-1 Trust (the "Trust"), a common law trust formed pursuant to the
Standard Terms for Trust Agreements, dated as of October 1, 2004, between the
Depositor and U.S. Bank Trust National Association, as trustee (the "Trustee"),
as supplemented by a Series Supplement (the "Series Supplement"), dated as of
October 28, 2004, providing for the issuance of the 5.10% Freedom Certificates,
USAutos Series 2004-1 Class A Certificates (the "Certificates") and is the
depositor for the Certificates (the "Registrant"). The Trust's assets consist
solely of [senior notes] issued by General Motors Acceptance Corporation and
Ford Motor Credit Company. The Certificates do not represent obligations of, or
interests in, the Depositor or the Trustee.

The issuers of the underlying securities, or guarantor thereof, or successor
thereto, as applicable, are subject to the information reporting requirements of
the Securities Exchange Act of 1934, as amended (the "Exchange Act"). For
information on the issuers of the underlying securities, or guarantor thereof,
or successor thereto, as applicable, please see their periodic and current
reports filed with the Securities and Exchange Commission (the "Commission").
The Commission maintains a site on the World Wide Web at "http://www.sec.gov" at
which users can view and download copies of reports, proxy and information
statements and other information filed electronically through the Electronic
Data Gathering, Analysis and Retrieval system, or "EDGAR." Neither the Depositor
nor the Trustee has participated in the preparation of such reporting documents,
or made any due diligence investigation with respect to the information provided
therein. Neither the Depositor nor the Trustee has verified the accuracy or
completeness of such documents or reports. There can be no assurance that events
affecting the issuers of the underlying securities, or guarantor thereof, or
successor thereto, as applicable, or the underlying securities have not occurred
or have not yet been publicly disclosed that would affect the accuracy or
completeness of the publicly available documents described above. The chart
below lists each trust, the issuer(s) or guarantor, or successor thereto, of the
related underlying security issuers, and their respective Exchange Act file
numbers, if applicable.

--------------------------------------------------------------------------------

Underlying Securities Issuer(s) or      Exchange Act File Number
Guarantor, or successor thereto
--------------------------------------- ----------------------------------------
General Motors Acceptance Corporation   001-03754

--------------------------------------- ----------------------------------------
Ford Motor Credit Company               001-06368

--------------------------------------------------------------------------------



                                     PART I

ITEM 1.  BUSINESS.

         Not Applicable

ITEM 1A. RISK FACTORS.

         Not Applicable

ITEM 1B. UNRESOLVED STAFF COMMENTS.

         Not Applicable

ITEM 2.  PROPERTIES.

         Not Applicable

ITEM 3.  LEGAL PROCEEDINGS.

         None

                                       3
<PAGE>


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

         None

                                     PART II

ITEM 5.  MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
         AND ISSUER PURCHASES OF EQUITY SECURITIES.

The publicly offered Certificates representing investors' interest in the Trust
are represented by one or more physical Certificates registered in the name of
"Cede & Co.", the nominee of The Depository Trust Company. Those publicly
offered Certificates are listed on the American Stock Exchange.

ITEM 6.  SELECTED FINANCIAL DATA.

         Not Applicable

ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS.

         Not Applicable

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

         Not Applicable

ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

         Not Applicable

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

         None

ITEM 9A. CONTROLS AND PROCEDURES.

         Not Applicable

ITEM 9B. OTHER INFORMATION.

         None


                                    PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.

         Not Applicable

ITEM 11. EXECUTIVE COMPENSATION.

         Not Applicable

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
         RELATED STOCK MATTERS.

         Not Applicable

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

         None

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

         Not Applicable

                                       4
<PAGE>


                                     PART IV

ITEM 15.  EXHIBITS, FINANCIAL STATEMENTS, SCHEDULES AND REPORTS ON FORM 8-K.

          (a)  The following documents have been filed as part of this report.

               1.   Trustee's Distribution Statements documented on Form 8-K
                    regarding the Distributions from the Trust to the
                    certificateholders for the period from January 1, 2005
                    through and including December 31, 2005 have been filed with
                    the Securities and Exchange Commission and are hereby
                    incorporated by reference. Filing dates are listed below:

               --------------------- -------------------- ----------------------
               Trust Description     Distribution Date    Filed On
               --------------------- -------------------- ----------------------
               USAutos 2004-1        3/3/2005             3/7/2005
               Trust
                                     9/3/2005             9/8/2005
               --------------------- -------------------- ----------------------

               2.   None.

               3.   Exhibits:

                    31.1 - Certification by President of the Registrant pursuant
                    to 15 U.S.C. Section 7241, as adopted pursuant to Section
                    302 of the Sarbanes-Oxley Act of 2002.

                    31.2 - Annual Compliance Report by Trustee pursuant to 15
                    U.S.C. Section 7241, as adopted pursuant to Section 302 of
                    the Sarbanes-Oxley Act of 2002

                    31.3   Report of Aston Bell & Associates.

          (b)  See Item 15(a) above.

          (c)  Not Applicable

                                       5
<PAGE>


                                    SIGNATURE

     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.

                                        Freedom Depository, LLC, as Depositor
                                        for the Trust (the "Registrant")



Dated:   March 28, 2006                 By:      /s/ SEAN A. DOBSON
                                           -----------------------------
                                                 Name:  Sean A. Dobson
                                                 Title:  President

                                       6
<PAGE>


                                  EXHIBIT INDEX

--------------------------------------------------------------------------------
   Reference
   Number per
    Item 601                                                   Exhibit Number
of Regulation SK           Description of Exhibits            in this Form 10-K
--------------------------------------------------------------------------------
      31.1       Certification by President of the
                 Registrant pursuant to 15 U.S.C.
                 Section 7241, as adopted
                 pursuant to Section 302 of the
                 Sarbanes-Oxley Act of 2002.                        31.1
--------------------------------------------------------------------------------
      31.2       Annual Compliance Report by Trustee                31.2
                 pursuant to 15 U.S.C. Section 7241, as
                 adopted pursuant to Section 302 of the
                 Sarbanes-Oxley Act of 2002
--------------------------------------------------------------------------------
      31.3       Report of Aston Bell and Associates                31.3
--------------------------------------------------------------------------------