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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 1934For the fiscal year ended December 31, 2003


OR

o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from toCommission file number 333-105220


BAY VIEW TRANSACTION CORPORATION

(originator of the Bay View 2003-LJ-1 Owner Trust discussed herein)
(Exact name of registrant as specified in its charter)


Delaware
    
    41-2094366(State or other jurisdiction of incorporation or organization)
    
    (I.R.S. Employer Identification No.)


c/o Bay View Capital Corporation
    
    944041840 Gateway Drive
    
    (Zip Code)San Mateo, California(Address of principal executive offices)


Registrants telephone number, including area code:   (650) 312-7300
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
requirements for the past 90 days.     YES X     NO

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

DOCUMENTS INCORPORATED BY REFERENCE: None

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TABLE OF CONTENTS



|             |                                                                                               |  |  |  |  |  |  | 
|------------ | --------------------------------------------------------------------------------------------- |  |  |  |  |  |  | 
|Part I      
|             | Item 1. Business                                                                             
|             | Item 2. Properties                                                                           
|             | Item 3. Legal Proceedings                                                                    
|             | Item 4. Submission of Matters to a Vote of Security Holders                                  
|             | Item 5. Market for the Registrants Common Equity and Related Stockholder Matters            
|             | Item 6. Selected Financial Data                                                              
|Part II     
|             | Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations
|             | Item 7A. Quantitative and Qualitative Disclosures About Market Risk                          
|             | Item 8. Financial Statements and Supplementary Data                                          
|             | Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 
|             | Item 9A. Controls and Procedures                                                             
|Part III    
|             | Item 10. Directors and Executive Officers of the Registrant                                  
|             | Item 11. Executive Compensation                                                              
|             | Item 12. Security Ownership of Certain Beneficial Owners and Management                      
|             | Item 13. Certain Relationships and Related Transactions                                      
|             | Item 14. Principal Accountant Fees and Services                                              
|Part IV     
|             | Item 15. Exhibits, Financial Statement Schedules and Reports on Form 8-K                     
|Signatures  
|EXHIBIT 99.2
|EXHIBIT 99.3
|EXHIBIT 99.4



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Part I

Terms not otherwise defined herein have the meanings set forth in the
Indenture (the Indenture) relating the Bay View 2003-LJ-1 Owner Trust.




Item 1. Business

Bay View Transaction Corporation, or BVTC, a wholly owned subsidiary of
Bay View Acceptance Corporation (BVAC) which in turn is a wholly owned
subsidiary of Bay View Capital Corporation (the Company), is a Delaware
Corporation formed for the sole purpose of issuing asset-backed securities
through Trusts. At December 31, 2003, BVTC had one active Trust: the Bay View
2003-LJ-1 Owner Trust, 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.
333-105220). Accordingly, there is no relevant information to report in
response to Item 101 of Regulation S-K.




Item 2. Properties

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




Item 3. Legal Proceedings

There were no material legal proceedings involving BVTC, the Trust, or,
any certificates involving the Trustee which were pending at December 31, 2003,
or as of the date of this report.




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

No votes or consents of certificate-holders were solicited during fiscal
year 2003 for any purpose.




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

There is no established public trading market for the certificates.

As of
December 31, 2003, there were 31 registered certificate-holders of
the Bay View 2003-LJ-1 Trust. Since the Trust pays no dividends with respect to the
certificates, the information required by Item 201 of Regulation S-K regarding
dividends is inapplicable to the Trust.




Item 6. Selected Financial Data

No financial data is required of BVTC, as Registrant, in as much as the
Registration Statement on Form S-3 (File No. 333-105220) was filed for and on
behalf of the Trust and, furthermore, because BVTC is not a guarantor of any of
the payments due from the Trust to certificate-holders.

The regular monthly report forms, which the Trustee is required to include
with each monthly distribution of the Trusts assets to certificate-holders,
sets forth for the prior calendar month, as well as cumulatively, all of the
relevant financial information required by the Indenture to be reported to
certificate-holders.

The Trusts Monthly Servicers Certificate Reports, referred to as the
Monthly Reports, for the months ended August 31, 2003 through December 31,
2003 have been previously filed as indicated at Part IV. Item 15. Exhibits,
Financial Statement Schedules and Reports on Form 8-K.

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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 any
meaningful additional information.




Part II




Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations

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 Reports
(filed under Current Reports on Form 8-K) as described above.




Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Because of the limited business activity of the Trust, the presentation of
Quantitative and Qualitative Disclosures About Market Risk, as required by Item
305 of Regulation S-K, would not be meaningful. All relevant information is
contained in the Monthly Reports (filed under Current Reports on Form 8-K) as
described above.




Item 8. Financial Statements and Supplementary Data

As discussed above, furnishing the financial information required by Item
8 of Form 10-K would not add any relevant information to that provided by the
foregoing statements. Because the certificates are essentially pass-through
securities, the Trust will have income only in the limited sense of
collecting payments on the motor vehicle receivables. The only
material items of expense for the Trust will be the amounts paid as servicing
compensation and potentially certain payments relating to any credit
enhancement facilities. The Monthly Reports contained in the Current Reports
on Form 8-K provide complete information on the amounts of the income and
expenses of the Trust.




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

None.




Item 9A. Controls and Procedures

Not Applicable.

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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

As of December 31, 2003, there were 31 registered certificate-holders of
the Bay View 2003-LJ-1, all of whom maintained their security positions with
the Depository Trust Company. While some of these certificate-holders
security positions in the Trust exceeded 5% of the outstanding certificate
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

BVTC received payments from the Trust in accordance with the terms of the
Indenture.




Item 14. Principal Accountant Fees and Services

Not applicable.

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Part IV




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

(a)(1) and (2):

Incorporated herein and/or attached hereto as Exhibit No. 99.1 are copies
of the Monthly Reports to the Trust for the periods from August 31, 2003 to
December 31, 2003. A copy of the Independent Accountants report is incorporated
herein and attached hereto as Exhibit No. 99.2.

Current Reports on Form 8-K including Monthly Reports for the months ended
September 30, 2003, October 31, 2003 and November 30, 2003 were filed in the
quarter ended December 31, 2003.

(a)(3) Exhibits:

Regulation S-K
    
    
    
    Reference to prior filingExhibit Number
    
    Document
    
    or exhibit number attached hereto3.1
    
    Certificate of Incorporation of Bay View
Transaction Corporation
    
    
    3.13.2
    
    Bylaws of Bay View Transaction Corporation
    
    
    3.24.1
    
    Indenture
    
    
    4.14.2
    
    Administration Agreement
    
    
    4.24.3
    
    Trust and Servicing Agreement
    
    
    4.310
    
    Transfer and Contribution
    
    
    4.499.1
    
    Bay View 2003-LJ-1 Owner Trust
Monthly Servicers Certificate Reports dated:August 31, 2003
    
    
    99.1a.1September 30, 2003
    
    
    99.1b.1October 31, 2003
    
    
    99.1c.1November 30, 2003
    
    
    99.1d.1December 31, 2003
    
    
    99.1e.199.2
    
    Independent Accountants Report
    
    
    99.299.3
    
    Annual Statement of Compliance by Servicer
    
    
    99.399.4
    
    Certification of Disclosure
    
    
    99.4


(References to Prior Filings)

99.1a.1
    
    Filed as exhibit 99.1 to the Registrants Current Report on Form 8-K
dated September 15, 2003, filed September 25, 2003 (File
No. 333-105220).99.1b.1
    
    Filed as exhibit 99.1 to the Registrants Current Report on Form 8-K
dated October 15, 2003, filed October 24, 2003 (File
No. 333-105220).99.1c.1
    
    Filed as exhibit 99.1 to the Registrants Current Report on Form 8-K
dated November 17, 2003, filed November 25, 2003 (File
No. 333-105220).99.1d.1
    
    Filed as exhibit 99.1 to the Registrants Current Report on Form 8-K
dated December 15, 2003, filed December 29, 2003 (File
No. 333-105220).99.1e.1
    
    Filed as exhibit 99.1 to the Registrants Current Report on Form 8-K
dated January 15, 2004, filed January 27, 2004 (File
No. 333-105220).


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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 caused this report to be signed on
behalf of Bay View Transaction Corporation by the undersigned, thereunto
duly authorized.

BY:
    
    BAY VIEW TRANSACTION CORPORATION(ORIGINATOR OF THE TRUST)BAY VIEW 2003-LJ-1 AUTO TRUSTDate: March 30, 2004
    
    By:
    
    /s/ John OkuboJohn OkuboExecutive Vice President and Chief Financial Officer


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