SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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 December 31, 1998

                         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 number 33-97670

MMCA Auto Owner Trust 1995-1
MMCA Auto Receivables, Inc.
(Originator of the MMCA Auto Owner Trust 1995-1)
(Exact name of registrant as specified in its charter)

Delaware                       
(State or other jurisdiction of incorporation or organization)   

33 - 0570905 
(IRS Employer Identification No.)

6363 Katella Avenue
Cypress, California  90630-5205          
(Address of principal executive offices)(Zip Code)


Registrant's telephone number, including area code: 	(714) 236-1592

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     

   	State the aggregate market value of the voting stock held by 
non-affiliates of the registrant:   None.

   	Indicate the number of share outstanding of the registrant's 
classes of common stock, as of the latest practicable date:  None.

   	Documents incorporated by Reference:  None.


PART I

Item 1.		Business

         Not applicable.


Item 2.		Properties

MMCA Auto Owner Trust 1995-1 (the "Trust") was formed on November 21, 1995 
pursuant to a Trust Agreement (the "Trust Agreement"), dated as of November 
21, 1995, between MMCA Auto Receivables Inc., as depositor ("MARI"), and 
Chemical Bank Delaware, as owner trustee.  Pursuant to the Trust Agreement,
the Trust issued asset-backed certificates evidencing an interest in the 
trust property (the "Certificates") and a separate certificate evidencing 
an interest in the trust property (the "Final Payment Certificate").  The 
Certificates were privately placed and the Final Payment Certificate is 
held by MMCA Auto Receivables Inc.

Pursuant to an Indenture, dated as of December 1, 1995, between the Trust, 
as issuer and Mitsubishi Bank Trust Company of New York, as indenture trustee 
(the "Indenture Trustee"), the Trust issued a single class of asset-backed 
notes (the "Notes").   The Notes were registered and publicly offered and sold.

The assets of the Trust primarily include a pool of motor vehicle retail 
installment sale contracts originated by Mitsubishi Motors Credit of America, 
Inc. ("MMCA") and secured by new and used motor vehicles and light- and 
medium-duty trucks.  The Trust's business activities include acquiring and 
holding the assets of the Trust, issuing the Notes, the Certificates and 
the Final Payment Certificate and distributing payments on the Notes, the 
Certificates and the Final Payment Certificate.

Rider A:
 
Pursuant to a Sale and Servicing Agreement, dated as of December 1, 1995 
among the Trust, as issuer, MARI, as seller, and MMCA, as servicer, MMCA 
administers and services the Trust's pool of motor vehicle retail installment
contracts.

Rider B:

The payment of principal and interest on the Notes could be delayed if MMCA, 
in its capacity as servicer, or the Indenture Trustee experience problems in 
their computer programs relating to the year 2000.  Many existing computer 
programs use only two digits to identify a year.  These programs could fail 
or produce erroneous results during the transition from the year 1999 to 
the year 2000 and afterwards.  MMCA has evaluated the impact of preparing 
its systems for the year 2000.  It has identified areas of potential impact 
and is implementing conversion efforts.  It believes its mission-critical 
applications, including its systems for collections on motor vehicle retail 
installment sale contracts and servicing motor vehicle retail installment 
sale contracts, are already year 2000 compliant.  MMCA's target is to have 
all other systems ready for the year 2000 in advance of December 31, 1999.

If MMCA, in its capacity as the servicer of the Trust's pool of motor 
vehicle retail installment sale contracts, does not have a computer system 
that is year 2000 compliant by the year 2000, MMCA's ability to service 
the receivables may be materially and adversely affected.  If the Indenture 
Trustee does not have a computer system that is year 2000 compliant by the 
year 2000, the Indenture Trustee's ability to make distributions on the 
Notes may be materially and adversely affected.


Item 2.		Properties (continued)

The following tables set forth the delinquency experience with respect to 
the level payments due each month on the Trust's motor vehicle retail 
installment sale contracts but does not include the delinquency experience 
with respect to balloon payments due at the end of the term of the Trust's 
contracts which provide for such payments.  The period of delinquency is 
based on the number of days for which more than 10% of a level payment is 
contractually past due, and the delinquency rate as a percentage of the 
balance outstanding represents delinquent dollars as a percentage of dollars
outstanding. 

                               				December 31, 1998
                         				Contracts          	Balances
                                    				   		of Receivables
Delinquent Contracts:
      	(i)   30-59 Days         	1,297 	      	$5,297,141.64
	      (ii)  60-89 Days        		  509		       $2,033,596.07
	      (iii) 90 Days or More	      211	       	  $847,882.83


                               				December 31, 1998
                        					% of Contracts    	% of Balance
				                           	Outstanding     	Outstanding
Delinquency Rates:
   (i)   30-59 Days Delinquent      	 9.49%	      	9.80%
   (ii)  60-89 Days Delinquent  		    3.72%      		3.76%
   (iii) 90 Days or More Delinquent	  1.54%		      1.57%


The following table sets forth the net loss experience with respect 
to the payments due each month on the Trust's motor vehicle retail 
installment sale contracts, including contracts that provide for 
balloon payments at the end of the terms of such contracts.  

	                           			December 31, 1998
                       				Contracts         	Amount
Aggregate Net Losses	       	1,500	        	$3,918,087.32


Item 3.		Legal Proceedings

         There is nothing to report with regard to this item.


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

         There is nothing to report with regard to this item.


PART II

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

  The holder of record of all the Notes as of December 31, 1998 was Cede 
& Co., the nominee of The Depository Trust Company ("DTC") in the United 
States.  An investor holding Notes is not entitled to receive a 
certificate representing such Notes except in limited circumstances.  
Accordingly, Cede & Co. is the sole holder of record of the Notes, 
which it holds on behalf of brokers, dealers, banks and other participants 
in the DTC system.  Such participants may hold Notes for their own 
accounts or for the accounts of their customers.  The address of Cede & 
Co. is:

				Cede & Co.
				c/o The Depository Trust Company
				Seven Hanover Square
				New York, New York 10004

  The holders of record of all of the Certificates as of December 31, 1998 
were Hare & Co., All State Life Insurance Co. and MMCA Auto Receivables 
Inc.  The holder of record of the Final Payment Certificate as of December 
31, 1998 was MMCA Auto Receivables Inc.


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 is nothing to report with regard to this item.


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 

          There is nothing to report with regard to this item.


Item 13.		Certain Relationships and Related Transactions

          There is nothing to report with regard to this item.


PART IV

Item 14.		Exhibits, Financial Statement Schedules, and 
          Reports on Form 8-K

       		(a)	1.	Not applicable.
          			2.	Not applicable.
		          	3.	Exhibits:
			            	99.1 Annual Statement as to Compliance.
	            			99.2 Annual Independent Public Accountant's 
	                 			Servicing Report.
 
       		(b)	Reports on Form 8-K.

	The Registrant has filed Current Reports on Form 8-K with the 
Securities and Exchange Commission dated  February 9, 1998, March 9, 1998, 
April 9, 1998,  May 8, 1998, June 9, 1998, July 9, 1998, August 7, 1998, 
September 9, 1998, October 9, 1998, November 9, 1998, December 7, 1998 
and January 7, 1999.

		(c)	See (a) 3 above.

		(d)	Not applicable.



SIGNATURES

  	Pursuant to the requirements of Section 13 or 15(d) of the Securities 
Exchange Act of 1934, as amended, the registrant has duly caused this report 
to be signed on its behalf by the undersigned, thereunto duly authorized.

					MMCA AUTO OWNER TRUST 1995-1

					BY:  MMCA AUTO RECEIVABLES, INC.


Date: March 31, 1999	

By:   /s/ Hideyuki Kitamura                          
          Hideyuki Kitamura
       	  Secretary and Treasurer 


	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.

	No annual report, proxy statement, form of proxy or other soliciting 
material has been sent to holders of the Notes during the period covered by 
this report and the registrant does not intend to furnish such materials to 
holders of the Notes subsequent to the filing of this report.
 


Exhibit 99.1

March 31, 1999


The Bank of Tokyo-Mitsubishi, Ltd.,
New York Branch, formerly known as
Mitsubishi Bank Trust Company of New York
1251 Avenue of the Americas
New York, New York 10020
Attention: Mr. Kenichi Tanaka


Chase Manhattan Bank Delaware,
Formerly known as Chemical Bank Delaware
Corporate Trustee Administration Department
1201 Market Street
Wilmington, Delaware 19801
Attention: Mr. John J. Cashin 


             Re: Annual Statement as to Compliance

Gentlemen:

Pursuant to Section 3.10 of that certain Sale and Servicing Agreement (the 
"Agreement") by and among MMCA Auto Owner Trust 1995-1, as Issuer, MMCA Auto 
Receivables, Inc., as Seller, and Mitsubishi Motors Credit of America, Inc., 
as Servicer, I hereby certify the following, as of March 26, 1999: (1) a
review of the activities of the Servicer during the period January 1, 1998 
through December 31, 1998 and of its performance of its obligations under 
the Agreement has been made under my supervision and (2) to the best of my 
knowledge, based on such review, the Servicer has fulfilled all its
obligations under the Agreement throughout such period. 

Sincerely,


MITSUBISHI MOTORS CREDIT OF AMERICA, INC.

/s/ Hideyuki Kitamura
---------------------------------------
    Hideyuki Kitamura 
    Vice President, Secretary and Treasurer



Exhibit 99.2

Report on Management's Assertion on Compliance with
Minimum Servicing Standards Set Forth in the
Uniform Single Attestation Program for Mortgage Bankers


                Independent Accountants' Report

To the Board of Directors and Shareholder 
Mitsubishi Motors Credit of America, Inc. 

We have examined management's assertion that Mitsubishi Motors
Credit of America, Inc. (MMCA) complied with the minimum servicing
standards set forth in the Mortgage Bankers Association of America's
Uniform Single Attestation Program for Mortgage Bankers (USAP) 
except for minimum servicing standards I.4, III.3, III.4, V.2, V.3, 
and V.4, which are inapplicable to servicing automobile loans, 
during the year ended December 31, 1998, included in the accompanying
report titled Report of Management. Management is responsible for 
MMCA's compliance with those requirements. Our responsibility is to 
express an opinion on management's assertion about MMCA's compliance 
based on our examination. 

Our examination was made in accordance with standards established by 
the American Institute of Certified Public Accountants and, 
accordingly, included examining, on a test basis, evidence about 
MMCA'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 MMCA's 
compliance with specified requirements. 

In our opinion, management's assertion that MMCA complied with the 
aforementioned requirements during the year ended December 31, 1998, 
is fairly stated, in all material respects. 

/s/ Ernst & Young LLP 

March 22, 1999