SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                   FORM 10 - Q

(Mark One)

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

                  For the quarterly period ended March 31, 1997

                                       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 No. 333-06929-04

                            UACSC 1997-A Auto Trust
               (Issuer with Respect to Registered Securitization)

                         UAC Securitization Corporation
             (Exact name of registrant as specified in its charter)

                  New York                                    35-1937340
--------------------------------------------------------------------------------
         State or other jurisdiction of                     (I.R.S. Employer
         incorporation or organization                    Identification Number)
                                                            UAC Securitization
                                                               Corporation

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

Registrant's telephone number including area code             (317) 231-6466
                                                               --------------

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.  Financial Statements

     This  Report on Form 10-Q is being  filed in respect of UACSC  1997-A  Auto
Trust  as  issuer  of  securities  registered  in  Registration   Statement  No.
333-06929-04  on Form S-3 under the Securities Act of 1933, as amended (declared
effective on July 18,  1996).  Because UACSC 1997-A Auto Trust has simply issued
Certificates  representing  fractional undivided interests in the Trust's assets
consisting of a specific  portfolio of retail  installment sale contracts in new
and used automobiles and light trucks, and because Registrant UAC Securitization
Corporation  is not a  Guarantor  of any of the  payments  due from the Trust to
Certificateholders  that are required to be made  monthly,  there is included in
response to this item only the regular  monthly report form which the Trustee is
required  to  include  with  each  monthly   distribution  of  trust  assets  to
Certificateholders setting forth for the prior calendar month, and cumulatively,
all of the relevant financial information required by Certificateholders.

     Accordingly,  the UACSC 1997-A AUTO TRUST  MONTHLY  SERVICER'S  CERTIFICATE
REPORT for the months ending February 28, 1997, and March 31, 1997, are included
herewith, as exhibits 99-1, and 99-2, respectively.



<PAGE>








Item 2. Management's Discussion and Analysis of Financial  Condition and Results
        of Operations.

     The Trust  conducts  no  business  other  than  receiving  payments  on the
receivables and making payments to  Certificateholders  and to Union  Acceptance
Corporation as Servicer as the Registrant with respect to their interests in the
Trust assets.  The  traditional  form of income  statement and balance sheet and
comparative  presentation for prior periods would add no relevant information to
that supplied in the required monthly reports and would not be material.

     Because of the narrowly proscribed and limited activities of the Trust, the
information  called  for by Item 303 of  Regulation  S-K would not add  relevant
information  to that  provided  in the  Monthly  Service's  Certificate  Reports
attached hereto in response to Item 1.

                                    PART II.

Item 6.           Exhibits and Reports on Form 8-K.

     The Trusts  filed a report on Form 8-K on February  18, 1997 with repect to
the definitive  Pooling and Servicing  Agreement of the Trust and the Consent of
KPMG Peat Marwick LLP to the  inclusion  of its Audit  Report in the  Prospectus
Supplement. The following exhibits are included in this form 10-Q:

         Exhibit 99-1 Servicer's Certificate Report of February 28, 1997 
         Exhibit 99-2 Servicer's Certificate Report of March 31, 1997


<PAGE>

                                   SIGNATURES


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.

                                         UACSC 1997-A AUTO TRUST

                                By:        Union Acceptance Corporation, in its
                                                  capacity as Servicer

                                         By:      /s/Rick A. Brown
                                                  ------------------------------
                                                  Rick A. Brown
                                                  Vice President, Treasurer
                                                  and Chief Financial Officer





Date:             May 13, 1997

<PAGE>

                                                                    Exhibit 99-1
                                                                      UACSC 97-A
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 02/28/97

<TABLE>
<CAPTION>
PRINCIPAL BALANCE RECONCILIATION                                   D O L L A R S                                       NUMBERS
                                                  CLASS A-1          CLASS A-2       CLASS A-3       TOTAL CLASS A's
                                               --------------     --------------   -------------     --------------     ------
<S>                                            <C>                <C>              <C>               <C>                <C>   
Original Principal Balance                     167,000,000.00     107,000,000.00   19,347,947.22     293,347,947.22     20,702
Beginning Period Principal Balance             167,000,000.00     107,000,000.00   19,347,947.22     293,347,947.22     20,702
Principal Collections - Scheduled Payments       2,854,503.37               0.00            0.00       2,854,503.37
Principal Collections - Payoffs                  6,853,330.24               0.00            0.00       6,853,330.24        487
Principal Withdrawal from Payahead                       0.00               0.00            0.00               0.00
Gross Principal Charge Offs                          5,814.77               0.00            0.00           5,814.77
Repurchases                                              0.00               0.00            0.00               0.00
Ending Balance                                 157,286,351.62     107,000,000.00   19,347,947.22     283,634,298.84     20,215
                                               ==============     ==============   =============     ==============     ======


Certificate Factor                                  0.9418344          1.0000000       1.0000000          0.9668869
Pass Through Rate                                       6.130%             6.375%          6.480%             6.242%


CASH FLOW RECONCILIATION

Principal Wired                                                                                        9,754,155.20
Interest Wired                                                                                         1,309,267.41
Withdrawal from Payahead Account                                                                               0.00
Repurchases (Principal and Interest)                                                                           0.00
Charge Off Recoveries                                                                                          0.00
Interest Advances                                                                                         22,081.05
Certificate Account Interest Earned                                                                       11,492.14
Spread Account Withdrawal                                                                                      0.00
Class A Surety Bond Draw for Class I Interest                                                                  0.00
Class A Surety Bond Draw for Class A                                                
     Principal or Interest                                                                                     0.00
                                                                                    
Total Cash Flow                                                                                       11,096,995.80
                                                                                                     ==============
                                                                                    
TRUSTEE DISTRIBUTION  (03/10/97)                                                    
                                                                                    
Total Cash Flow                                                                                       11,096,995.80
Unrecovered Advances on Defaulted Receivables                                                                  0.00
Servicing Fee (Due and Unpaid)                                                                                 0.00
Interest to Class A-1 Certificateholders                                                                 369,673.06
Interest to Class A-2 Certificateholders                                                                 246,322.92
Interest to Class A-3 Certificateholders                                                                  45,274.20
Interest to Class I Certificateholders                                                                   218,942.84
Principal to Class A-1 Certificateholders                                                              9,713,648.38
Principal to Class A-2 Certificateholders                                                                      0.00
Principal to Class A-3 Certificateholders                                                                      0.00
Surety Bond Premium                                                                                       33,538.38   
Interest Advance Recoveries from Payments                                                                      0.00
Unreimbursed draws on Class A's Surety Bond                                         
     for Class I Interest                                                                                      0.00
Unreimbursed draws on Class A's Surety Bond                                         
     for Class A Principal or  Interest                                                                        0.00
Deposit to Payahead                                                                                       51,558.53
Certificate Account Interest to Servicer                                                                  11,492.14
Payahead Account Interest to Servicer                                                                          0.00
Excess                                                                                                   406,546.51
                                                                                    
Net Cash                                                                                                       0.00
                                                                                                     ==============
                                                                                  
Monthly Servicing Fee and the Spread Amount                                                            1,601,419.30
                                                                                                     ==============
Servicing Fee Retained from Interest Collections                                                         105,931.20
</TABLE>


<PAGE>

<TABLE>
<CAPTION>
SPREAD ACCOUNT  RECONCILIATION
<S>                                                                                                  <C> 
Original Balance                                                                                               0.00
Beginning Balance                                                                                              0.00
Trustee Distribution of Excess                                                                           406,546.51
Interest Earned                                                                                                0.00
Spread Account Draws                                                                                           0.00
Reimbursement for Prior Spread Account Draws                                                                   0.00
Distribution of Funds to Servicer                                                                              0.00
Ending Balance                                                                                           406,546.51
                                                                                                     ==============
Required Balance                                                                                       3,666,849.34
                                                                              
                                                                              
FIRST LOSS PROTECTION  AMOUNT  RECONCILIATION                                 
                                                                              
                                                                              
Original Balance                                                                                      14,667,397.36
Beginning Balance                                                                                     14,667,397.36
Reduction Due to Spread Account                                                                         (406,546.51)
Reduction Due to Principal Reduction                                                                    (485,682.42)
Ending Balance                                                                                        13,775,168.43
                                                                                                     ==============
                                                                              
First Loss Protection Required Amount                                                                 13,775,168.43
First Loss Protection Fee %                                                                                    2.00%
First Loss Protection Fee                                                                                 20,970.24       
                                                                              
SURETY BOND  RECONCILIATION                                                   

Original Balance                                                                                     293,347,947.22
Beginning Balance                                                                                    293,347,947.22
Draws                                                                                                          0.00
Reimbursement of Prior Draws                                                                                   0.00
Ending Balance                                                                                       293,347,947.22
                                                                                                     ==============
                                                                              
Adjusted Ending Balance Based                                                 
     Upon Required Balance                                                                           283,922,299.43
                                                                                                     ==============
Required Balance                                                                                     283,922,299.43
                                                                        

PAYAHEAD RECONCILIATION


Beginning Balance                                                                                              0.00
Deposit                                                                                                   51,558.54
Payahead Interest                                                                                              0.00
Withdrawal                                                                                                     0.00
Ending Balance                                                                                            51,558.54
                                                                                                     ==============
</TABLE>


<PAGE>

                                                                    Exhibit 99-2
                                                                      UACSC 97-A
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 03/31/97
<TABLE>
<CAPTION>

PRINCIPAL BALANCE RECONCILIATION                               D O L L A R S                                            NUMBERS
                                                 CLASS A-1        CLASS A-2          CLASS A-3     TOTAL CLASS A's  
                                             --------------   --------------      -------------     --------------       ------
<S>                                          <C>              <C>                 <C>               <C>                  <C>   
Original Principal Balance                   167,000,000.00   107,000,000.00      19,347,947.22     293,347,947.22       20,702
Beginning Period Principal Balance           157,286,351.62   107,000,000.00      19,347,947.22     283,634,298.84       20,215
Principal Collections - Scheduled Payments     3,511,576.10             0.00               0.00       3,511,576.10
Principal Collections - Payoffs                4,868,853.45             0.00               0.00       4,868,853.45          376
Principal Withdrawal from Payahead                 5,208.23             0.00               0.00           5,208.23
Gross Principal Charge Offs                       42,975.07             0.00               0.00          42,975.07            4
Repurchases                                        4,009.17             0.00               0.00           4,009.17            1
Ending Balance                               148,853,729.60   107,000,000.00      19,347,947.22     275,201,676.82       19,834
                                             ==============   ==============      =============     ==============       ======


Certificate Factor                                0.8913397        1.0000000          1.0000000          0.9381408
Pass Through Rate                                     6.130%           6.375%             6.480%             6.242%


CASH FLOW RECONCILIATION

Principal Wired                                                                                       8,448,092.34
Interest Wired                                                                                        2,980,394.72
Withdrawal from Payahead Account                                                                          8,074.86
Repurchases (Principal and Interest)                                                                      4,061.00
Charge Off Recoveries                                                                                         0.00
Interest Advances                                                                                        42,452.02
Certificate Account Interest Earned                                                                      34,639.27
Spread Account Withdrawal                                                                                     0.00
Class A Surety Bond Draw for                                                         
     Class I Interest                                                                                         0.00
Class A Surety Bond Draw for                                                         
     Class A Principal or Interest                                                                            0.00
                                                                                     
Total Cash Flow                                                                                      11,517,714.21
                                                                                                    ==============
                                                                                     
                                                                                     
TRUSTEE DISTRIBUTION  (04/09/97)                                                     
                                                                                     
Total Cash Flow                                                                                      11,517,714.21
Unrecovered Advances on Defaulted Receivables                                                               446.47
Servicing Fee (Due and Unpaid)                                                                                0.00
Interest to Class A-1 Certificateholders                                                                803,471.11
Interest to Class A-2 Certificateholders                                                                568,437.50
Interest to Class A-3 Certificateholders                                                                104,478.91
Interest to Class I Certificateholders                                                                  487,898.30
Principal to Class A-1 Certificateholders                                                             8,432,622.02
Principal to Class A-2 Certificateholders                                                                     0.00
Principal to Class A-3 Certificateholders                                                                     0.00
Surety Bond Premium                                                                                      35,546.88      
Interest Advance Recoveries from Payments                                                                12,316.48
Unreimbursed draws on Class A's Surety Bond                                          
     for Class I Interest                                                                                     0.00
Unreimbursed draws on Class A's Surety Bond                                          
     for Class A Principal or  Interest                                                                       0.00
Deposit to Payahead                                                                                      76,590.92
Certificate Account Interest to Servicer                                                                 34,639.27
Payahead Account Interest to Servicer                                                                       156.89
Excess                                                                                                  961,109.46

Net Cash                                                                                                      0.00
                                                                                                    ==============

Monthly Servicing Fee and the Spread Amount                                                           1,741,385.56
                                                                                                    ==============
Servicing Fee Retained from Interest Collections                                                        236,361.92
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
SPREAD ACCOUNT  RECONCILIATION

<S>                                                                                               <C> 
Original Balance                                                                                              0.00
Beginning Balance                                                                                       406,546.51
Trustee Distribution of Excess                                                                          961,109.46
Interest Earned                                                                                           1,237.16
Spread Account Draws                                                                                          0.00
Reimbursement for Prior Spread Account Draws                                                                  0.00
Distribution of Funds to Servicer                                                                             0.00
Ending Balance                                                                                        1,368,893.13
                                                                                                    ==============
Required Balance                                                                                      3,666,849.34
                                                                                
                                                                                
                                                                                
FIRST LOSS PROTECTION  AMOUNT  RECONCILIATION                                   
                                                                                
                                                                                
Original Balance                                                                                     14,667,397.36
Beginning Balance                                                                                    13,775,168.43
Reduction Due to Spread Account                                                                        (962,346.62)
Reduction Due to Principal Reduction                                                                   (421,631.10)
Ending Balance                                                                                       12,391,190.71
                                                                                                    ==============
First Loss Protection Required Amount                                                                12,391,190.71
First Loss Protection Fee %                                                                                   2.00%
First Loss Protection Fee                                                                                21,340.38     
                                                                                
SURETY BOND  RECONCILIATION                                                     
                                                                                
                                                                                
Original Balance                                                                                    293,347,947.22
Beginning Balance                                                                                   283,922,299.43
Draws                                                                                                         0.00
Reimbursement of Prior Draws                                                                                  0.00
Ending Balance                                                                                      283,922,299.43
                                                                                                    ==============
Adjusted Ending Balance Based                                                   
     Upon Required Balance                                                                          275,360,515.02
                                                                                                    ==============
Required Balance                                                                                    275,360,515.02
                                                                                
                                                                                
PAYAHEAD RECONCILIATION                                                         
                                                                                
                                                                                
Beginning Balance                                                                                        51,558.54
Deposit                                                                                                  76,590.92
Payahead Interest                                                                                           156.89
Withdrawal                                                                                                8,074.86
Ending Balance                                                                                          120,231.49
                                                                                                    ==============
</TABLE>