----------------------
                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549
                               ------------------

                                    FORM 10-K

[X]      Annual  report  pursuant  to  Section  13 or  15(d)  of the Securities
         Exchange Act of 1934 for the fiscal year ended December 31, 2003

[ ]      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  333-101904-01

                            GS Auto Loan Trust 2003-1
                       (Issuer with respect to the Notes)

                   GOLDMAN SACHS ASSET BACKED SECURITIES CORP.
             (Exact name of registrant as specified in its charter)


       Delaware                                      13-6357101
(State or other jurisdiction of               (IRS Employer Identification No.)
     incorporation)

85 Broad Street
New York, NY                                                    10004
(Address of principal executive offices)                (Zip Code)

Registrant's telephone number, including area code :  (212) 902-1000

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 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 [ ]

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 an accelerated filer (as
defined in Exchange Act Rule 12b-2). Yes [ ]  No [X]

State the aggregate market value of the voting stock held by  non-affiliates  of
the Registant.  The aggregate market value shall be computed by reference to the
price at which the stock was sold,  or the average bid and asked  prices of such
stock, as of a specified date within 60 days prior to the date of filing.

Not Applicable.

                   Documents incorporated by reference: None



<PAGE>

PART I

Item 1.  Business

     Goldman Sachs Asset Backed  Securities  Corp.,  or the  "Registrant",  is a
Delaware  corporation  formed  for the  sole  purpose  of  issuing  asset-backed
securities  through Trusts.  At December 31, 2003,  there was [one] active Trust
formed by the  Registrant:  the GS Auto Loan Trust 2003-1,  or the "Trust".  The
only  "business" of the Trust is the collection and  distribution of payments on
the motor  vehicle  receivables  in the  manner  described  in the  Registration
Statement on Form S-3 (File No. 333-101904).  Accordingly,  there is no relevant
information to report in response to Item 101 of Regulation S-K.

Item 2.  Properties

     The  Registrant  and  the  Trust  do  not  have  any  physical  properties.
Accordingly, this item is inapplicable.

Item 3.  Legal Proceedings

     The Registrant is not aware of any material legal  proceeding  with respect
to the Company, the Servicer or the Trustee, as related to the Trust.

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

     No matter was  submitted  to a vote or  consent  of Holders of the  Offered
Notes during the fiscal year covered by this report.


PART II

Item 5.  Market for Registrant's Common Equity and Related Stockholder Matters

     The Trust does not issue stock. There is currently no established secondary
market for the Notes. As of December 31, 2003,  there were less than 300 holders
of the Notes.

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

     There was no change of accountants or disagreement  with accountants on any
matter of accounting principles or practices or financial disclosure.

Item 9A. Controls and Procedures.

         Not Applicable.

                                       -2-

<PAGE>

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

     While some noteholders'  positions in the Notes of the Trust exceeded 5% of
the  outstanding  principal  balance  of  the  Notes,  such  securities  do  not
constitute voting securities within the meaning of Item 403 of Regulation S-K.

Item 13. Certain Relationships and Related Transactions

         No reportable transactions have occurred.

Item 14. Principal Accounting Fees and Services

         Not Applicable.

PART IV

Item 15. Exhibits, Financial Statement Schedules, and Reports on Form 8-K

(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)    Reports on Form 8-K: The following  Reports on Form 8-K with respect to
       the Trust were filed by the Registrant for the last quarter of 2003.

     Reports on Form 8-K dated October 27, 2003, November 25, 2003, and December
26, 2003 were filed for the purpose of filing the Monthly  Statement sent to the
Holders of the  Offered  Notes for  payments  made on the same  date.  The items
reported  in such  Reports  were  Item 5 (Other  Events)  and Item 7  (Financial
Statements and Exhibits).

(c)   The exhibits filed in response to Item 601 of Regulation S-K are listed
        in the Exhibit Index.

(d)   Not applicable.


(c) Exhibits to this report.

                                      -3-

<PAGE>


SIGNATURE

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.

                              GS Auto Loan Trust 2003-1

                              By:  Goldman Sachs Asset Backed Securities Corp.

Date:  March 29, 2004         By:  /s/ Daniel L. Sparks
                                   ----------------------------------------
                              Name:  Daniel L. Sparks
                              Title: President


                                      -4-
<PAGE>




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.

The  Registrant  has not sent an annual report or proxy material to its security
holders.  The registrant  will not be sending an annual report or proxy material
to its security holders subsequent to the filing of this form.

                                      -5-
<PAGE>


                                 EXHIBIT INDEX

Exhibit Description


31.1  Certification Pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002

99.1  Annual Independent Accountant's Servicing Report for the year ended
      December 31, 2003

99.2  Annual Servicer's Statement as to Compliance for the year ended
      December 31, 2003

99.3  Aggregate Trust Data Report


                                      -6-
<PAGE>

                                  EXHIBIT 31.1
   Certification Pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002
                               ------------------


     I, Daniel L.  Sparks,  President of Goldman  Sachs Asset Backed  Securities
Corp., certify that:

     1. I have reviewed this annual report on Form 10-K ("Annual  Report"),  and
all reports on Form 8-K containing  distribution reports (collectively with this
Annual Report,  the "Reports")  filed in respect of periods included in the year
covered by this Annual Report, of GS Auto Loan Trust 2003-1;

     2. Based on my knowledge, the information in the Reports, taken as a whole,
does not  contain  any untrue  statement  of a material  fact or omit to state a
material  fact  necessary  to  make  the  statements   made,  in  light  of  the
circumstances  under which such  statements  were made, not misleading as of the
last day of the period covered by this Annual Report;

     3.  Based  on my  knowledge,  the  distribution  or  servicing  information
required to be provided  to the  Trustee by the  Servicer  under the pooling and
servicing,  or such similar agreement,  for inclusion in the Reports is included
in these Reports;


     4. Based on my knowledge and upon the annual compliance  statement included
in this  Annual  Report  and  required  to be  delivered  to the  Trustee by the
Servicer or by the Indenture  Trustee each in  accordance  with the terms of the
Servicing  Agreement,  and except as disclosed in the Reports,  the Servicer and
the  Indenture  Trustee have  fulfilled  their  obligations  under the Servicing
Agreement; and

     5. The  Reports  disclose  all  significant  deficiencies  relating  to the
Servicer's compliance with the minimum servicing standards based upon the report
provided by an  independent  public  accountant,  after  conducting  a review in
compliance with the Uniform Single  Attestation  Program for Mortgage Bankers or
similar procedure, as set forth in the Servicing Agreement,  that is included in
the Reports.

     In giving the certifications above, I have reasonably relied on information
provided to me by the following  unaffiliated  parties:  JPMorgan  Chase Bank as
Indenture Trustee and The Huntington National Bank, as Servicer.

         Date:  March 29, 2004

         By:      /s/ Daniel L. Sparks
                --------------------------------------
         Name:   Daniel L. Sparks
         Title:  President
                                      -8-

<page>


                                  EXHIBIT 99.1
                Annual Independent Accountant's Servicing Report
                      ------------------------------------


Report of Independent Accountants

Board of Directors
The Huntington National Bank


     We have examined  management's  assertion that The Huntington National Bank
(the  "Company")  has  complied as of December 31, 2003 and for the period April
24, 2003 to December 31, 2003 with its established minimum servicing  standards,
included in the  accompanying  Management's  Assertion,  dated  March 10,  2004,
relating to automobile  loans serviced by the Company for the GS Auto Loan Trust
2003-1.  Management  is  responsible  for the  Company's  compliance  with those
minimum  servicing  standards.  Our  responsibility  is to express an opinion on
management's assertion about the Company's compliance based on our examination.

     Our  examination  was conducted in accordance  with  attestation  standards
established  by the  American  Institute of Certified  Public  Accountants  and,
accordingly,  included examining,  on a test basis, evidence about the Company's
compliance with those  requirements  and performing such other  procedures as we
considered  necessary  in the  circumstances.  We believe  that our  examination
provides a reasonable basis for our opinion.  Our examination does not provide a
legal determination on the Company's compliance with specified standards.

     In our opinion,  management's  assertion that the Company complied with the
aforementioned minimum servicing standards relating to automobile loans serviced
by the Company for the GS Auto Loan Trust 2003-1 as of December 31, 2003 and for
the period April 24, 2003 to December 31, 2003 is fairly stated, in all material
respects, based on criteria set forth in Appendix I.

/s/ Ernst & Young LLP
--------------------------
March 10, 2004
Columbus, Ohio


                                      -9-

<page>

                             Management's Assertion


March 10, 2004


     We,  as  members  of  management  of The  Huntington  National  Bank,  (the
"Company") are responsible for complying with the Company's  established minimum
servicing  standards  for  automobile  loan  receivables,  including  those loan
receivables  in the GS Auto Loan Trust  2003-1,  as set forth in  Appendix I. We
have  performed  an  evaluation  of the  Company's  compliance  with its minimum
servicing standards as of December 31, 2003 and for the period April 24, 2003 to
December 31, 2003. Based on this  evaluation,  we assert that as of December 31,
2003 and for the  period  April 24,  2003 to  December  31,  2003,  the  Company
complied with the minimum servicing standards as set forth in Appendix I.


/s/ IRVING ADLER                          /s/ TIMOTHY BARBER
------------------------------          --------------------------------------
Irving Adler                              Timothy Barber
Senior Vice President                     Senior Vice President
Loan Operations Director                  Credit Risk Management
The Huntington National Bank              The Huntington National Bank



Appendix I


                         The Huntington National Bank's
                Minimum Servicing Standards for Automobile Loans


I.  Payments

     Payments  made in  accordance  with the debtor's  loan  documents  shall be
posted to applicable loan records within two business days of receipt.

     Payments  shall be  allocated  to  principal,  interest  or other  items in
accordance with the borrower's automobile loan documents.

II. Disbursements

     Amounts remitted to investors per the servicer's reports are authorized and
shall agree with canceled  checks,  or other form of payment,  or custodial bank
statements.

III. Investor Accounting and Reporting

     Monthly  investor  reports  are sent to the  owner/indenture  trustee  on a
monthly  basis  listing  the  total  unpaid  principal  balance  and  number  of
automobile loans serviced.

IV.  Delinquencies

     Records  documenting  collection  efforts  shall be  maintained  during the
period a loan is in default  and shall be  updated  periodically.  Such  records
shall  describe the  entity's  activities  in  monitoring  delinquent  contracts
including,  for example phone calls,  letters and payment  rescheduling plans in
cases where the delinquency is deemed temporary.

                                      -10-
<page>

                                  EXHIBIT 99.2
                    Annual Servicer's Statement of Compliance
                      ------------------------------------


                        SERVICER'S ANNUAL CERTIFICATION

     The undersigned,  duly authorized representative of The Huntington National
Bank  ("Huntington"),  as  servicer  (the  "Servicer")  pursuant to the Sale and
Servicing Agreement dated as of April 1, 2003, as amended from time to time (the
Sale and Servicing Agreement"),  among GS Auto Loan Trust 2003-1, as issuer (the
"Issuer"),  Goldman Sachs Mortgage Company  ("GSMC"),  as seller,  Goldman Sachs
Asset Backed  Securities Corp., as depositor (the  "Depositor"),  Huntington and
JPMorgan Chase Bank as indenture trustee (the "Indenture Trustee"),  does hereby
certify that based on the knowledge of the undersigned:

1.   Huntington is Servicer under the Sale and Servicing Agreement.

2.   The  undersigned  is duly  authorized  pursuant  to the Sale and  Servicing
     Agreement to execute and deliver this certificate.

3.   This  certificate is delivered  pursuant to Section 4.11(a) of the Sale and
     Servicing Agreement.

4.   A review of the  activities  of the  Servicer  and the  performance  of its
     obligations  under the Sale and Servicing  Agreement during the period from
     April 24, 2003, to and including  December 31, 2003 (the "Review  Period"),
     was conducted under the supervision of the undersigned.

5.   Based on such review, except as otherwise disclosed pursuant to paragraph 6
     below,  the  Servicer  has  fulfilled  its  obligations  under the Sale and
     Servicing Agreement during applicable Review Period.

6.   The following is a description  of each default in the  performance  of the
     Servicer's  obligations  under  the  provisions  of the Sale and  Servicing
     Agreement  known to the  undersigned  to have been made  during  the Review
     Period,  which  sets forth in detail (i) the nature and status of each such
     default and (ii) the action taken by the  Servicer,  if any, to remedy each
     such default: None.

7.   There is no default known to the undersigned with respect to the applicable
     Review Period which has not been disclosed herein.

8.   The servicing information provided by the Servicer herein in respect of the
     Receivables,  including  information  relating  to actions of the  Servicer
     and/or  payments  and  other  collections  on  and  characteristics  of the
     Receivables,  taken as a whole,  does not contain any untrue  statement  of
     material  fact or omit to  state a  material  fact  necessary  to make  the
     statements made, in light of the circumstances  under which such statements
     made, not misleading as of the last day of the applicable Review period.

9.   The  Servicer has  provided  all of the reports and  certificates  required
     under Sections 4.10, 4.11 and 4.12 to the parties to which such reports and
     certificates  are required to be provided  with  respect to the  applicable
     Review Period.

   In WITNESS WHEREOF, the undersigned has duly executed this certificate this
1st day of March, 2004.

Responsible Officer of the Servicer

By:    /s/ Timothy R. Barber
       ----------------------------
Name:  Timothy R. Barber
Title: Senior Vice President


                                      -11-

<page>
                                EXHIBIT 99.3
                          Aggregate Trust Data Report
                      ------------------------------------
<table>


       <c>       <c>

Ending Balance   Bond Name
------------------------------------------------------------------------------------------------------------------------------------

Distribution
Date         a1              a2               a3             a4           b               c               d            Grand Total
------------------------------------------------------------------------------------------------------------------------------------

05/15/2003  100,534,302.58   138,336,000.00   124,956,000   114,082,000   17,148,000.00   9,233,000.00   11,666,000   515,955,302.58

06/16/2003   82,931,410.52   138,336,000.00   124,956,000   114,082,000   17,148,000.00   9,233,000.00   11,666,000   498,352,410.52

07/15/2003   65,195,346.69   138,336,000.00   124,956,000   114,082,000   17,148,000.00   9,233,000.00   11,666,000   480,616,346.69

08/15/2003   46,840,311.50   138,336,000.00   124,956,000   114,082,000   17,148,000.00   9,233,000.00   11,666,000   462,261,311.50

09/15/2003   29,973,253.85   138,336,000.00   124,956,000   114,082,000   17,148,000.00   9,233,000.00   11,666,000   445,394,253.85

10/15/2003   12,610,046.79   138,336,000.00   124,956,000   114,082,000   17,148,000.00   9,233,000.00   11,666,000   428,031,046.79

11/17/2003   0.00            133,617,545.80   124,956,000   114,082,000   17,148,000.00   9,233,000.00   11,666,000   410,702,545.80

12/15/2003   0.00            119,390,339.79   124,956,000   114,082,000   17,148,000.00   9,233,000.00   11,666,000   396,475,339.79

01/15/2004   0.00            103,594,685.46   124,956,000   114,082,000   17,148,000.00   9,233,000.00   11,666,000   380,679,685.46

02/17/2004   0.00             90,772,986.34   124,956,000   114,082,000   16,079,220.42   8,900,444.73   11,666,000   366,456,651.49

03/15/2004   0.00             78,916,376.01   124,956,000   114,082,000   15,501,177.06   8,161,086.94   11,666,000   353,282,640.01

Grand Total 338,084,671.93 1,356,307,933.40 1,374,516,000 1,254,902,000  185,912,397.48  100,158,531.67 128,326,000 4,738,207,534.48

-------------------------------------------------------------------------------------------------------------------------------
Interest      Bond Name
-------------------------------------------------------------------------------------------------------------------------------
Distribution
Date           a1            a2             a3              a4            b             c              d             Grand Total

05/15/2003     89,948.95     124,110.45     151,321.72      180,743.92    26,217.86     20,186.42      37,428.42     629,957.74

06/16/2003     116,172.97    177,300.64     216,173.88      258,205.59    37,454.09     28,837.74      53,469.17     887,614.08

07/15/2003     86,847.62     177,300.64     216,173.88      258,205.59    37,454.09     28,837.74      53,469.17     858,288.73

08/15/2003     72,982.57     177,300.64     216,173.88      258,205.59    37,454.09     28,837.74      53,469.17     844,423.68

09/15/2003     52,435.13     177,300.64     216,173.88      258,205.59    37,454.09     28,837.74      53,469.17     823,876.24

10/15/2003     32,471.03     177,300.64     216,173.88      258,205.59    37,454.09     28,837.74      53,469.17     803,912.14

11/17/2003     15,026.97     177,300.64     216,173.88      258,205.59    37,454.09     28,837.74      53,469.17     786,468.08

12/15/2003     0.00          171,253.15     216,173.88      258,205.59    37,454.09     28,837.74      53,469.17     765,393.62

01/15/2004     0.00          153,018.62     216,173.88      258,205.59    37,454.09     28,837.74      53,469.17     747,159.09

02/17/2004     0.00          132,773.86     216,173.88      258,205.59    37,454.09     28,837.74      53,469.17     726,914.33

03/15/2004     0.00          116,340.71     216,173.88      258,205.59    35,119.70     27,799.06      53,469.17     707,108.11

Grand Total    465,885.24    1,761,300.63   2,313,060.52    2,762,799.82  398,424.37    307,525.14     572,120.12    8,581,115.84



Ending Balance
Factor             Bond Name
-----------------------------------------------------------------------------------------------------------------------------------
Distribution
Date                a1                a2                a3                a4                b                 c               d

05/15/2003          847.5753501       1000              1000              1000              1000              1000            1000

06/16/2003          699.170507        1000              1000              1000              1000              1000            1000


07/15/2003          549.6429316       1000              1000              1000              1000              1000            1000

08/15/2003          394.8969894       1000              1000              1000              1000              1000            1000

09/15/2003          252.6957513       1000              1000              1000              1000              1000            1000

10/15/2003          106.3116225       1000              1000              1000              1000              1000            1000

11/17/2003          0                 965.89135         1000              1000              1000              1000            1000

12/15/2003          0                 863.0460602       1000              1000              1000              1000            1000

01/15/2004          0                 748.8628084       1000              1000              1000              1000            1000

02/17/2004          0                 656.1776135       1000              1000              937.6732225       963.9818835     1000

03/15/2004          0                 570.4688296       1000              1000              903.9641393       883.9041417     1000
-----------------------------------------------------------------------------------------------------------------------------------


Servicing Fee
Distribution Date   Total
--------------------------------------

05/15/2003          439,535.38
06/16/2003          426,293.43
07/15/2003          413,192.60
08/15/2003          399,892.93
09/15/2003          385,989.99
10/15/2003          373,127.92
11/17/2003          359,857.81
12/15/2003          346,501.38
01/15/2004          335,351.73
02/17/2004          323,195.88
03/15/2004          311,612.80
Grand Total         4,114,551.85


Owner Trustee Fee
Distribution Date   Total
-------------------------------------
05/15/2003          833.33
06/16/2003          833.33
07/15/2003          833.33
08/15/2003          833.33
09/15/2003          833.33
10/15/2003          833.33
11/17/2003          833.33
12/15/2003          833.33
01/15/2004          833.33
02/17/2004          833.33
03/15/2004          833.33
Grand Total         9,166.67
--------------------------------------


Indenture Trustee Fee
Distribution Date   Total
--------------------------------------
05/15/2003          662.50
06/16/2003          662.50
07/15/2003          662.50
08/15/2003          662.50
09/15/2003          662.50
10/15/2003          662.50
11/17/2003          662.50
12/15/2003          662.50
01/15/2004          662.50
02/17/2004          662.50
03/15/2004          662.50
Grand Total         7,287.50
--------------------------------------



                                      -12-


</TABLE>