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 annual fiscal period ended June 30, 1997,
                        Commission File No. 333-06929-05

                             UACSC 1997-B AUTO 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

     250 Shadeland Avenue, Suite 210 A
     Indianapolis, Indiana                              46219
     (address of principal                            (zip code)
     executive offices)
     UAC Securitization Corporation

     Registrant's telephone number including area code    (317) 231-6414

     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>

                                     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  Certificates  or any other trust property,
     involving the Trustee or the Company.

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

          No Votes or consents of  Certificateholders  are solicited  during the
     preceding fiscal year 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 Certificates.

          As  of  June  30,  1997,   there  were   fifty-two   (52)   registered
     Certificateholders.  The Trust pays no dividends. See Exhibit 99-1 and 99-2
     for information with respect to distribution to Certificateholders.

     Item 6.  Selected Financial Data.

          No financial data is required of UAC  Securitization  Corporation,  as
     Registrant  (Registration Statement No. 333-06929-05 on form S-3), inasmuch
     as the  Registration  Statement was filed for and on behalf of UACSC 1997-B
     Auto Trust and, furthermore,  because of UAC Securitization  Corporation is
     not  a  guarantor   of  any  of  the   payments   due  from  the  Trust  to
     Certificateholders.

          The  regular  monthly  report  form,  which the Trustee is required to
     include   with   each   monthly    distribution    of   Trust   assets   to
     Certificateholders,  sets forth for the prior  calendar  month,  as well as
     cumulatively,  all of the relevant  financial  information  required by the
     applicable   pooling  and   servicing   agreement  to  be   reportable   to
     Certificateholders.  The UAC  Securitization  Corporation UACSC 1997-B Auto
     Trust Monthly  Servicer's  Certificate Report for the month ending June 30,
     1997; the Consolidated Monthly Servicer's Certificate Report for the period
     ending  June 30,  1997;  and the  December  31,  1996  and  1995  Financial
     Statements of Capital Markets Assurance Corporation, the surety bond issuer
     are  incorporated  herein by  reference  and  attached  hereto as  Exhibits
     (Exhibit No. 99-1, 99-2 and 99-3, 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 and consolidated summary annual statement.

     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 June 30, 1997,  there were a total of fifty-two (52)  Registered
     Certificateholders,  all of whom maintained  their security  positions with
     the  Depository  Trust  Company.  While  some of these  Certificateholders'
     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.

          Union  Acceptance  Corporation,  as Servicer,  and UAC  Securitization
     Corporation, as Class IC Certificateholder, receive payments from the Trust
     in  accordance  with the  terms of the  applicable  pooling  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  during the last  quarter of the period
     covered by this report on June 12, 1997.  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, 1997;  as Exhibit 99-2
     the Consolidated Monthly Servicer's  Certificate Report for the period June
     30, 1997;  and as Exhibit  99-3 the  December  31, 1996 and 1995  Financial
     Statements  of Capital  Markets  Assurance  Corporation,  the  surety  bond
     issuer.


<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 1997-B Auto Trust,  for and on behalf of UACSC 1997-B
     Auto Trust.
                                                 UACSC 1997-B Auto Trust

                                  By:  Union Acceptance Corporation, as Servicer


     Date: September  25 , 1997          By: /s/ Rick A. Brown
                                             -----------------------------------
                                             Rick A. Brown
                                             Vice President

<PAGE>


                                  EXHIBIT INDEX


     No.      Description
      4      Pooling and Servicing Agreement Respecting UACSC 1997-B Auto Trust*

    99-1     UACSC 1997-B Auto Trust Monthly
             Servicer's Certificate Reports:
             Month Ended June 30, 1997


    99-2     UACSC 1997-B Auto Trust
             Consolidated Monthly Servicer's  Certificate Report Period
             as of June 30, 1997

    99-3     Capital  Markets  Assurance   Corporation  Balance  Sheet  as  of
             December 31, 1996 and 1995 and the Related  Statements of Income,
             Stockholders  Equity  and Cash Flows for each of the years in the
             three-year  period  ended  December  31,  1996  (Incorporated  by
             reference  from pages F-1 to F-20 of the  Current  Report on Form
             8-K  of  the  UACSC   1997-C   Auto   Trust   (File   #333-06929,
             C1K 000100392) as filed on or about September 12, 1997).




*Incorporated by Reference to Exhibit 4 to Form 8-K filed June 12, 1997.