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

                                    FORM 10-K
(Mark One)
[X]             ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934
                  For the fiscal year ended September 30, 2003
                                       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 numbers 333-105684

                           FRANKLIN AUTO TRUST 2003-1
             (Exact name of registrant as specified in its charter)

           DELAWARE                                               43-6903847
(State or other jurisdiction of                                (I.R.S. Employer
incorporation or organization)                               Identification No.)

47 WEST 200 SOUTH, SUITE 500
    SALT LAKE CITY, UTAH                                                84101
(Address of principal executive offices)                              (Zip Code)

       Registrant's telephone number, including Area Code: (801) 238-6700

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 at least 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:  N/A

Indicate by check mark whether registrant is an accelerated filer (as defined in
Rule 12b-2 of the Act).  YES [ ]   NO [X]

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Aggregate  market  value  of the  voting  stock  held by  non-affiliates  of the
Registrant:  N/A

DOCUMENTS INCORPORATED BY REFERENCE:   None










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ITEM 1.  BUSINESS

The  Franklin  Auto Trust 2003-1 (the  "2003-1  Trust") is a Delaware  statutory
trust formed  pursuant to the trust agreement (the "2003-1  Agreement")  between
Franklin  Receivables LLC, as Seller,  and Deutsche Bank Trust Company Delaware,
as Owner  Trustee.  On June  12,  2003,  Franklin  Receivables  LLC  transferred
$318,000,000 of Prime,  Non-Prime and Sub-Prime motor vehicle retail installment
sale contracts (the "2003-1  Receivables") to the 2003-1 Trust. The 2003-1 Trust
pledged the 2003-1  Receivables  to The Bank of New York,  as indenture  trustee
(the  "2003-1  Indenture  Trustee"),  who in turn issued asset backed notes (the
"2003-1 Asset Backed Notes").

ITEM 2.  PROPERTIES

See Item 1 Above.

ITEM 3.  LEGAL PROCEEDINGS

There are no material  pending legal  proceedings  to which the  Registrant is a
party,  or of  which  any of its  property  is the  subject;  nor are  any  such
proceedings known to be contemplated by any governmental authorities.

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

No matter was submitted to a vote of security holders.









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                                     PART II

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

For the 2003-1  Trust,  there was one  holder of record of the 2003-1  Class A-1
Asset Backed Notes,  four holders of record of the 2003-1 Class A-2 Asset Backed
Notes,  seven holders of record of the 2003-1 Class A-3 Asset Backed Notes,  and
nineteen  holders of record of the 2003-1 Class A-4 Asset Backed Notes as of the
end of the  Registrant's  fiscal year. To  Registrant's  knowledge,  there is no
active market for such securities.

ITEM 6.  SELECTED FINANCIAL HIGHLIGHTS

N/A

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

N/A

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

N/A

ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

N/A

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

There is nothing to report with regard to this item.

ITEM 9A. CONTROLS AND PROCEDURES

N/A




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                                    PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

None.

ITEM 11. EXECUTIVE COMPENSATION

None.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

The following persons hold in excess of 5% of the aggregate  outstanding  2003-1
Asset Backed Notes as of September 30, 2003:

  TITLE OF CLASS     NAME AND ADDRESS OF BENEFICIAL        AMOUNT     PERCENTAGE
                                 OWNERS
CLASS A-1
                  BOSTON SAFE DEPOSIT AND                980,556.85      100.00%
                  TRUST COMPANY
                  525 William Penn Place
                  Pittsburgh, PA 25259
                  Melissa Tarasovich 412-234-2475


CLASS A-2
                  BANK OF NEW YORK                       22,500,000       20.00%
                  One Wall Street
                  New York, NY 20286
                  Cecile Lamarco 201-319-3066


                  NORTHERN TRUST COMPANY                 10,000,000        8.89%
                  Processoral C-IN
                  Chicago, IL 60607
                  Scarlet Spivey 312-557-0819
                  801 S. Canal C-IN
                  Chicago, IL 60607
                  Rhonda Eppler-Staggs 312-557-0819
                  Karren Greene 312-444-7109
                  Amelia Henson 312-630-8930


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                  STATE STREET BANK AND TRUST            75,000,000       66.67%
                  COMPANY
                  2776 Heritage Dr
                  No. Quincy MA 02171

CLASS A-3

                  DEUTSCHE BANK TRUST                    25,000,000       43.10%
                  COMPANY AMERICAS
                  648 Grassmere Park Road 8th floor
                  Nashville, TN 37211
                  John Lasher 615-835-3419

                  JPMORGAN CHASE BANK                    28,000,000       48.28%
                  Proxy/Class Actions/Bankruptcy
                  14201 Dallas Pkwy
                  Dallas, TX 75254
                  Paula Dabner 469-477-0081
CLASS A-4
                  BANK OF NEW YORK                       15,295,000       13.84%
                  One Wall Street
                  New York, NY 10236
                  Cecile Lamarco 201-319-3066

                  BOSTON SAFE DEPOSIT AND                32,140,000       29.09%
                  TRUST COMPANY
                  525 William Penn Place
                  Pittsburgh, PA 15259
                  Melissa Tarasovich 412-234-2475

                  DEUTSCHE BANK TRUST                     7,500,000        6.79%
                  COMPANY AMERICAS
                  648 Grassmere Park Road
                  Nashville, TN 37211
                  John Lasher 615-835-3419

                  STATE STREET BANK AND TRUST           35,685,000       32.29%
                  COMPANY
                  1776 Heritage Dr.
                  No. Quincy, MA 02171
                  Joseph J. Callahan 617-985-6453

                  U.S. BANK N.A.                         7,145,000        6.47%
                  1555 N. Rivercenter Dr. Ste 300
                  Milwaukee, WI 53212
                  Keith Frohlicher 414-905-5064


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ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

N/A


                                     PART IV

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

N/A

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

(a)(1)   Exhibits: See Index to Exhibits on Page 9.

(a)(2)   N/A

(a)(3)   See (a)(1) above.

(b)(1)   Form 8-K  filed on May 28,  2003  filing  under Item 5 "Other  Events"
         and Item 7 "Financial Statements,  Pro Forma Financial Information and
         Exhibits",  containing  computational  materials of  Citigroup  Global
         Markets Inc. and legal opinion of McKee Nelson LLP.

(b)(2)   Form 8-K filed on June 3, 2003 filing  under Item 5 "Other  Events" and
         Item 7  "Financial  Statements,  Pro Forma  Financial  Information  and
         Exhibits",  containing  consent of  independent  auditor  dated June 3,
         2003.

(b)(3)   Form 8-K filed on July 24, 2003 filing  under Item 5 "Other  Events and
         Regulation FD Disclosure" and Item 7 "Financial  Statements,  Pro Forma
         Financial  Information and Exhibits",  a Monthly Service Report for the
         month ended June 30, 2003.

(b)(4)   Form 8-K filed on August 12,  2003 filing  under Item 5 "Other  Events"
         and Item 7 "Financial  Statements,  Pro Forma Financial Information and
         Exhibits", containing pooling information as of August 1, 2003.

(b)(5)   Form 8-K filed on August 29, 2003 filing under Item 5 "Other Events and
         Regulation FD Disclosure" and Item. 7 "Financial Statements,  Pro Forma
         Financial  Information and Exhibits",  a Monthly Service Report for the
         month ended July 31, 2003.

(b)(6)   Form 8-K filed on September  22, 2003 filing under Item 5 "Other Events
         and Regulation FD Disclosure"  and Item. 7 "Financial  Statements,  Pro
         Forma Financial Information and Exhibits", a Monthly Service Report for
         the month ended August 31, 2003.

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(b)(7)   Form 8-K filed on October 27, 2003  filing  under Item 5 "Other  Events
         and Regulation FD Disclosure"  and Item. 7 "Financial  Statements,  Pro
         Forma Financial Information and Exhibits", a Monthly Service Report for
         the month ended September 30, 2003.


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                                   SIGNATURES

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 on the date indicated.

                                    FRANKLIN AUTO TRUST 2003-1
                                    (Registrant)

                                    By:   Franklin Capital Corp.,
                                          Servicer of the Trust


Date:  December 5, 2003             /S/ HAROLD E. MILLER, JR.
                                    --------------------------------------------
                                    HAROLD E. MILLER, JR.
                                    President
                                    (Principal Executive Officer)




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                                  EXHIBIT INDEX


   EXHIBITS FOR FRANKLIN AUTO TRUST 2003-1
   ---------------------------------------

   4.1     Amended and Restated Trust Agreement between Franklin Receivables LLC
           and Deutsche Bank Trust Company Delaware, as Owner Trustee,  dated as
           of  June  1,  2003,  incorporated  by  reference  to  Exhibit  4.1 to
           Registrant's Form 8-K, filed on June 23, 2003.

   4.2     Indenture between Franklin Auto Trust 2003-1, as Issuer, and The Bank
           of New York, as Trustee and Indenture  Collateral Agent,  dated as of
           June  1,  2003,   incorporated   by   reference  to  Exhibit  4.2  to
           Registrant's Form 8-K, filed on June 23, 2003.

   10.1    Sale and  Servicing  Agreement  among  Franklin  Auto  Trust  2003-1,
           Issuer,   Franklin   Receivables   LLC,   Seller,   Franklin  Capital
           Corporation,  Servicer, and Franklin Resources, Inc., Representative,
           dated as of June 1, 2003, incorporated by reference to Exhibit 4.3 to
           Registrant's Form 8-K, filed on June 23, 2003.

   10.2    Purchase Agreement between Franklin Capital  Corporation and Franklin
           Receivables LLC, dated as of June 1, 2003,  incorporated by reference
           to Exhibit 10.1 to Registrant's Form 8-K, filed on June 23, 2003.

   19.1    Prospectus dated May 30, 2003 and Prospectus Supplement dated June 5,
           2003  related  to the  issuance  of the Class A-1,  A-2,  A-3 and A-4
           notes,  incorporated  by reference to Form 424(b)(5) filed on June 5,
           2003.

   31.1    Certification

   99.1    Report of Independent Accountants on Compliance with Specified Retail
           Receivable Servicing Standards and Related Exhibits.

   99.2    Annual Statement as to Compliance.



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