<PAGE>   1
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                   FORM 10-KSB


      (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, 2000

         [ ]      Transition report pursuant to Section 13 or 15(d) of the
                  Securities Exchange Act of 1934


                        Commission File Number 33-5144-D


                    U.S. AUTOMOBILE ACCEPTANCE SNP-III, INC.
                 (Name of small business issuer in its charter)



            TEXAS                                             75-2669147
 (State or other jurisdiction of                           (I.R.S. Employer
 incorporation or organization)                            Identification No.)


    1120 N.W. 63RD, SUITE 250
     OKLAHOMA CITY, OKLAHOMA                                    73116
(Address of principal executive offices)                       (Zip Code)



                  Registrant's telephone number (405) 843-3135


           SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

                                      None

           SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:

                                      None


Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act during the past 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[ ]
No[ ]



<PAGE>   2



State the aggregate market value of the voting and non-voting common equity held
by non-affiliates computed by reference to the price at which the common equity
was sold, or the average bid and asked price so such common equity, as of a
specified date within the past 60 days.

None


State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date.

1,000 shares


                      DOCUMENTS INCORPORATED BY REFERENCE:

                                      None



                                       2
<PAGE>   3



                                     PART I



ITEM 1. DESCRIPTION OF BUSINESS.


GENERAL

U.S. Automobile Acceptance SNP-III, Inc. (the "Company") was incorporated as a
Texas Corporation in June 1996. The Company is a limited purpose corporation
engaged in the financial services business specializing in the purchase,
management and collection of used motor vehicle sub-prime credit receivables
(the "Contracts"). The Company purchases Contracts, at a discount, created by
the sale of used automobiles and light trucks. The Company has financed its
business through the securitization of the Contracts that it purchases. A public
note offering, began in 1996. The note offering totaled $23,996,000.

The Company's offices are located at 1120 N.W. 63rd, Suite 250, Oklahoma City,
Oklahoma 73116.


PLAN OF LIQUIDATION

The Company has incurred very high customer defaults in its high interest
yielding used automobile sub-prime finance portfolio. In addition the Company
has experienced a high dealership guarantee default rate for many of the
automobile dealers from which automobile finance contracts were purchased.
Accordingly the Company's operating, collection, repossession and collateral
deposition costs, as well as losses from collateral dispositions, general and
administrative expenses and legal costs attempting to enforce recourse
agreements have been much higher that anticipated. Therefore, the decreased size
of the performing contract portfolio has resulted in substantially decreased
interest revenues. USAA SNP-III has incurred finance contract write offs
substantially in excess of originally anticipated amounts.

Accordingly, the Company believes that a plan of orderly liquidation is
appropriate. The orderly liquidation plan provides for continuing monthly
payments of interest to noteholders throughout the year ended December 31, 2001.
During 2001 the Company plans to continue to operate its ordinary business
activities as provided for in the various agreements with it's noteholders and
it's Indenture Trustee. The company believes that an orderly collection process
for it's contracts and following the existing provisions of the note and
indenture agreements will maximize the cash collections of company resulting
ultimately in maximization of cash returns to the noteholders. As of December
31, 2000 noteholders have been paid cash distributions totals approximately
$8,600,000. Cash held in various bank accounts totaling approximately $4,800,000
and the Company's estimated liquidation value of contracts receivable net of
estimated future collection costs, administration and losses approximate an
amount less than $2,000,000.



                                       3
<PAGE>   4



The Company cannot accurately predict the timing and/or how much future cash
distribution will be to noteholders. The Company hopes to distribute
substantially all available cash to noteholders in late year 2001 or early year
2002. There is a possibility that bankruptcy action, state court receivership
action or other legal proceedings could disrupt and substantially reduce future
cash distributions.

There is no assurance that the orderly liquidation plan will work as planned.

In May 2001, Chase Manhattan Bank, as Indenture Trustee notified to the Company
of its failure to provide certain accounting and other information to the
Indenture Trustee. The Company was notified of its failure to provide to the
Trustee or the Noteholders the reports as required by the Indenture is a default
under the terms of the indenture and various related notes agreements. The
Company has ninety days to cure this default, failing which the Trustee may
accelerate the principle and interest due on the Notes. The Company plans to
cure this technical default within the ninety-day grace period.


SECURITIZATION ACTIVITIES

Pursuant to an Indenture Agreement between the Company and Chase Bank of Texas,
formerly Texas Commerce Bank National Association, Texas, the Company has issued
an outstanding aggregate of $23,996,000 in principle amount of its Automobile
Contract Notes Due December 31, 2001 (the "Notes"). The Notes require monthly
interest payments at a rate of 11 % per annum.

The Notes are secured by the Contracts (and the related motor vehicle collateral
and by additional collateral support agreements provided by automobile
dealerships) purchased by the Company. In addition, the net proceeds of the
offering and the Company's excess cash after payment of interest and allowed
expenses secures the Notes.


CONTRACT PURCHASING AND COLLECTING ACTIVITIES

The Company's Contracts are purchased, usually at a discount, generally from
automobile dealerships. The Company's Contract collecting activities are
conducted through services provided by the Servicer pursuant to an agreement
with the Company. The Contracts were generally purchased at discounts below the
total future net principle balance owed on such Contracts. The Company did not
participate in the retail sales by the automobile dealer of the financed
vehicles from which the Contracts arise. The Company has discontinued purchasing
Contracts.



ITEM 2. DESCRIPTION OF PROPERTY.

The Company has no material physical properties.



                                       4
<PAGE>   5



ITEM 3. LEGAL PROCEEDINGS.

Management is not aware of any legal proceedings pending against the Company or
its assets. The Company has in the ordinary course of business filed numerous
legal proceedings against various automobile dealers for breach of contract and
failure to honor dealer recourse agreements.

See Item 1 Plan of Liquidation


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

Not applicable


                                     PART II



ITEM 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.

There is no established public market for the Company's common equity.



ITEM 6. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.

The Company has continued to incur substantial operating losses resulting
principally from poor performance of its contract receivable portfolio
substantial operating, legal, administrative and collateral disposition costs
and decreased interest revenues related to the defaulted contracts. Many
automobile dealers have failed to honor dealer recourse agreement resulting in
legal actions against many dealers. The contract receivables of the Company have
not performed as expected.

See Item 1 Plan of Liquidation


ITEM 7. FINANCIAL STATEMENTS.

See index at page F-1.


ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE

None



                                       5
<PAGE>   6



                                    PART III



ITEM 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE
WITH SECTION 16(a) OF THE EXCHANGE ACT.

The name, age, background and principal occupation of the sole director and
executive officer of the Company is set forth below:

Mr. Michael R. Marshall, age 52, is Chairman of the Board and President of the
Company. Mr. Marshall holds a Bachelor of Business Administration Degree in
Accounting which he obtained in 1971 from Texas A & M University. From 1971
through 1977 Mr. Marshall was employed at Coopers & Lybrand, Certified Public
Accountants, which he served in various positions including general practice
manager of its Oklahoma City office. Mr. Marshall was self-employed from 1977 to
1982 as a practicing Certified Public Accountant and as a corporate financial
consultant and since 1982 has specialized in assisting companies in the
placement, collection and liquidation of debt finance transactions.
Additionally, from 1981 through 1988, Mr. Marshall was the President of Settlers
Energy Corporation, an independent oil and gas company located in Oklahoma,
which specialized in purchasing, managing and liquidation of secured oil and gas
industry loans of distressed financial institutions.


ITEM 10. EXECUTIVE COMPENSATION.

None


ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.

At December 31, 2001, the ownership of the Company's common stock is as follows:

<TABLE>
<CAPTION>
                                                               AMOUNT AND NATURE OF BENEFICIAL
           NAME AND ADDRESS OF                     NUMBER          OWNERSHIP PERCENTAGE OF
            BENEFICIAL OWNER                      OF SHARES         CLASS OUTSTANDING (1)
            ----------------                      ---------         ---------------------
<S>                                               <C>               <C>
U.S. Automobile Acceptance Corporation (1)
1120 N.W. 63rd, Suite 250
Oklahoma City, OK 73116                             1,000                  100%
</TABLE>



ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

U.S. Automobile Acceptance Corporation is the owner 100% of the issued and
outstanding common stock of the Company. The Company's contracts have been



                                       6
<PAGE>   7



administrated, serviced and collected on behalf of the Company by U.S.
Automobile Service Corporation, an affiliate. The Servicer subcontracts a
portion of the servicing of the contracts to qualified automobile dealers and
other qualified subcontractors. The Servicer is paid for services provided. In
addition, the Company's Parent has been paid a monthly investor administration
fee of 1/12th of 1% of the aggregate principal amount of the Notes outstanding,
and 1/12th of 1% of aggregate funds held in investment accounts and other
allowed expenses.


ITEM 13. EXHIBITS AND REPORTS ON FROM 8-K

         a) Exhibits

         EXHIBIT
         NUMBER   EXHIBIT

         3.1      -        Articles of Incorporation of U.S. Automobile
                           Acceptance SNP-III, Inc. (1)
         3.2      -        Bylaws of U.S. Automobile Acceptance SNP-III, Inc.
                           (1)
         4.1      -        Indenture Agreement between U.S. Automobile
                           Acceptance SNP-III, Inc. and Texas Commerce Bank
                           National Association, as Trustee, with respect to the
                           11% Automobile Contract Notes due December 31,
                           2001(1)
         4.2      -        Form of 11% Automobile Contract Note due December 31,
                           2001
         10.3     -        Servicing Agreement between U.S. Automobile
                           Acceptance SNP-III, Inc. and U.S. Automobile Service
                           Corporation (1)


         (b) Reports on Form 8-K:

         No reports on Form 8-K were filed.


--------------------------------------------------------------------------------

(1) Incorporated by reference to the Company's Form SB-2 Registration Statement

--------------------------------------------------------------------------------



                                       7
<PAGE>   8



                                   SIGNATURES

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                          U.S. AUTOMOBILE ACCEPTANCE SNP-III, INC.

                     By /s/ MICHAEL R. MARSHALL
                        -----------------------------------------
                         Michael R. Marshall, President

                     Date  July 26, 2001
                          ---------------------------------------



In accordance with the Exchange Act, this report has been signed below by the
following person on behalf of the registrant and in the capacities and on the
dates indicated.


                     By /s/ MICHAEL R. MARSHALL
                        -----------------------------------------
                        Michael R. Marshall,President and Director
                        (Principal Executive Officer and
                                  Principal Financial Officer)

                     Date July 26, 2001
                          ---------------------------------------



SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION
15(d) OF THE EXCHANGE ACT BY NON-REPORTING ISSUERS



                                       8
<PAGE>   9
                    U.S. AUTOMOBILE ACCEPTANCE SNP-III, INC.
                         (a limited purpose corporation)

                              FINANCIAL STATEMENTS

                          INDEX TO FINANCIAL STATEMENTS


<TABLE>
<CAPTION>
                                                                                             PAGE
                                                                                             ----
<S>                                                                                          <C>
Independent Auditor's Report                                                                  F-2

Statement of Net Assets (Liabilities)
     in Liquidation as of December 31, 2000                                                   F-3

Statement of Changes in Net Assets
     in Liquidation for the year ended
     December 31, 2000                                                                        F-4

Notes to Financial Statements                                                                 F-5

</TABLE>


All financial statement schedules are omitted because they are not applicable,
not required, or the information required to be set forth therein is included in
the financial statements or the notes thereto.




                                       F-1
<PAGE>   10

                           [TYSON HOPKINS LETTERHEAD]


                          INDEPENDENT AUDITOR'S REPORT



Board of Directors
U.S. Automobile Acceptance SNP-III, Inc.

I have audited the statement of net assets (liabilities) in liquidation of U.S.
Automobile Acceptance SNP-III, Inc. (a Texas Corporation) as of December 31,
2000. In addition, I have audited the statement of changes in net assets in
liquidation for the year ended December 31, 2000. These financial statements are
the responsibility of the Company's management. My responsibility is to express
an opinion on these financial statements based on my audit.

I conducted my audit in accordance with generally accepted audit standards.
Those standards require that I plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principals used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
I believe that my audit provides a reasonable basis for my opinion.

The Company has incurred very high customer defaults in its high interest
yielding used automobile sub-prime finance portfolio. In addition the Company
has experienced a high dealership guarantee default rate for many of the
automobile dealers from which automobile finance contracts were purchased.
Accordingly the Company's operating, collection, repossession and collateral
deposition costs, as well as losses from collateral dispositions, general and
administrative expenses and legal costs attempting to enforce recourse
agreements have been much higher that anticipated. Therefore, the decreased size
of the performing contract portfolio has resulted in substantially decreased
interest revenues. USAA SNP-III has incurred finance contract write offs
substantially in excess of originally anticipated amounts.

The Company has adopted a liquidation plan. Accordingly, the accompanying
statements are prepared on a liquidation basis.

In my opinion, the financial statements referred to above present fairly, in all
material respects, the net assets (liabilities) in liquidation of U.S.
Automobile Acceptance SNP-III, Inc. as of December 31, 2000, and the changes in
net assets in liquidation for the year then ended, in conformity with generally
accepted accounting principals applied on the basis of accounting described in
the preceding paragraph.




TYSON HOPKINS
Oklahoma City, Oklahoma
July 24, 2001




                                       F-2
<PAGE>   11
                    U.S. AUTOMOBILE ACCEPTANCE SNP-III, INC.
                         (a limited purpose corporation)

              STATEMENT OF NET ASSETS (LIABILITIES) IN LIQUIDATION
                             As of December 31, 2000


<TABLE>
<CAPTION>
                                     ASSETS


<S>                                                                            <C>
Cash and cash equivalents                                                      $  4,834,794

Contracts receivable, less allowance for credit
     losses and liquidation costs of $1,502,326                                   1,291,071
                                                                               ------------

         TOTAL NET ASSETS IN LIQUIDATION                                       $  6,125,865
                                                                               ============


                     LIABILITIES AND STOCKHOLDERS' (DEFICIT)

Notes payable, includes amounts not ultimately
     recoverable by noteholders                                                $ 23,996,000

Accrued interest payable                                                            219,963
                                                                               ------------

                          TOTAL LIABILITIES                                      24,215,963
                                                                               ------------

Stockholders' equity:

   Common Stock                                                                       1,000

   Additional Paid in Capital                                                        49,000

   Accumulated Deficit                                                          (18,140,098)
                                                                               ------------

                     TOTAL STOCKHOLDERS' (DEFICIT)                              (18,090,098)
                                                                               ------------

         TOTAL NET LIABILITIES IN LIQUIDATION                                  $  6,125,865
                                                                               ============
</TABLE>



                 See accompanying notes to financial statements


                                       F-3
<PAGE>   12

                    U.S. AUTOMOBILE ACCEPTANCE SNP-III, INC.
                         (a limited purpose corporation)

                STATEMENT OF CHANGES IN NET ASSETS IN LIQUIDATION
                      For the year ended December 31, 2000

<TABLE>
<S>                                                                       <C>
Total assets at December 31, 1999                                         $ 9,765,420

Changes in net assets for the year ended December 31, 2000:

     Cash collections in excess of expenses                                 1,819,453

     Cash distributed to noteholders                                       (2,639,466)

     Decrease in contracts receivable                                      (2,819,542)
                                                                          -----------

                                     TOTAL ASSETS AT DECEMBER 31, 2000    $ 6,125,865
                                                                          ===========
</TABLE>



                 See accompanying notes to financial statements


                                       F-4
<PAGE>   13

                    U.S. AUTOMOBILE ACCEPTANCE SNP-III, INC.
                         (a limited purpose corporation)

                          NOTES TO FINANCIAL STATEMENTS


1.  DESCRIPTION OF BUSINESS

GENERAL - U.S. Automobile Acceptance SNP-III, Inc. (herein referred to as
"Company" or "SNP-III") was incorporated on June 1996 as a Texas Corporation.
The company was formed to conduct an asset backed note offering and to use the
proceeds to purchase, collect and service high yield sub-prime credit retail
automobile and light truck financing contacts ("Contracts").

ASSET-BACKED NOTE OFFERING - The Company filed a Registration Statement in 1996
with the Securities and Exchange Commission and various state security boards
with respect to its offering of up to $24,00,000 of 11% Promissory Notes due
December 31, 2001. Note subscription totaled $23,996,000.

The notes were issued under the terms of an Indenture Agreement between the
Company and Chase Bank, formerly Texas Commerce Bank National Association, as
Trustee. The Notes are secured by the contracts and proceeds thereof.

PROPOSED PLAN OF LIQUIDATION - The Company has incurred very high customer
defaults in its high interest yielding used automobile sub-prime finance
portfolio. In addition the Company has experienced a high dealership guarantee
default rate for many of the automobile dealers from which automobile finance
contracts were purchased. Accordingly the Company's operating, collection,
repossession and collateral deposition costs, as well as losses from collateral
dispositions, general and administrative expenses and legal costs attempting to
enforce recourse agreements have been much higher than anticipated. Therefore,
the decreased size of the performing contract portfolio has resulted in
substantially decreased interest revenues. USAA SNP-III has incurred finance
contract write offs substantially in excess of originally anticipated amounts.

Accordingly, the Company has adopted a plan of orderly liquidation. The orderly
liquidation plan provides for continuing monthly payments of interest to
noteholders throughout the year ended December 31, 2001. During 2001 the Company
plans to continue to operate its ordinary business activities as provided for in
the various agreements with it's noteholders and it's Indenture Trustee. The
company believes that an orderly collection process for it's contracts and
following the existing provisions of the note and indenture agreements will
maximize the cash collections of the Company resulting ultimately in
maximization of cash returns to the noteholders. As of December 31, 2000
noteholders have been paid cash distribution totaling approximately $8,600,000.
Cash held in various bank accounts totals approximately $4,800,000 and the
Company's estimated liquidation value of contracts receivable net of estimated
future collection costs, administration and losses approximate an amount less
than $2,000,000.

The Company cannot accurately predict the timing and/or how much future cash
distribution will be to noteholders. The Company hopes to distribute
substantially all available cash to noteholders in late year 2001 or early year
2002. There is a possibility that bankruptcy action,





                                       F-5
<PAGE>   14


                    U.S. AUTOMOBILE ACCEPTANCE SNP-III, INC.
                         (a limited purpose corporation)

                          NOTES TO FINANCIAL STATEMENTS


state court receivership action or other legal proceedings could disrupt and
substantially reduce future cash distributions.

There is no assurance that any proposed early liquidation plan will be
successful.

In May 2001, Chase Manhattan Bank, as Indenture Trustee notified to the Company
of its failure to provide certain accounting and other information to the
Indenture Trustee. The Company was notified its failure to provide to the
Trustee or the Noteholders the reports as required by the Indenture is a default
under the terms of the indenture and various related notes agreements. The
Company has ninety days to cure this default, failing which the Trustee may
accelerate the principle and interest due on the Notes. The Company plans to
cure this technical default within the ninety-day grace period.

Presently it cannot be determined whether the amounts realizable from the
disposition of the remaining assets or the amounts that creditors may agree to
accept in settlement of the obligations due them will differ materially from the
amounts shown in the accompanying financial statements.

2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION - The Company has adopted a plan of liquidation.
Accordingly, the Company has adopted the liquidation basis of accounting in
which the assets and liabilities are presented on a net realizable value basis.
Assets are reflected at estimated current value less allowance for realization
costs. Liabilities are reduced to the net assets available for their payment.

USE OF ESTIMATES - The preparation of financial statements in conformity with
the generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities, the disclosures regarding contingent assets and liabilities at the
date of the financial statements, and the amounts of revenues and expenses
reported during the period. Actual results could differ from those estimates.

CASH AND CASH EQUIVALENTS - The Company considers all investments with a
maturity of three months or less, when purchased, to be cash equivalents. The
use of cash of the Company is restricted by the terms of the indenture agreement
between the Company and Chase Bank, as Indenture Trustee.

FINANCE CONTRACTS - Finance Contracts are stated a Contract balance less an
allowance for collection cost and estimated future losses.


                                       F-6

<PAGE>   15

                    U.S. AUTOMOBILE ACCEPTANCE SNP-III, INC.
                         (a limited purpose corporation)

                          NOTES TO FINANCIAL STATEMENTS


CREDIT LOSSES - The Company has incurred and continues to incur high credit
losses. The Company advises that these credit losses resulted principally from
higher than anticipated repossession rates and failure of automobile dealers to
honor their recourse and contract replacement agreements. The Company has taken
legal action against defaulting dealers which is their policy, but does not
expect any significant future recovery. The Company charges off contracts
receivable as an individual contract is determined to be uncollectible.

INCOME TAXES - The Company has adopted SFAS No. 109, Accounting for Income
Taxes, whereby deferred income taxes reflect the net tax effects of (a)
temporary differences between the carrying amounts of assets and liabilities for
financial reporting purposes and the amounts used for income tax reporting
purposes, and (b) net operating loss carry forwards. The Company has incurred an
aggregate tax and financial reporting loss from incorporation and accordingly
has no income tax liability.

3.  NOTES PAYABLE

The Company had outstanding notes payable of $23,996,000. The Notes bear
interest at 11% payable monthly, and the principal is due December 31, 2001.

The notes have been issued under the terms of an Indenture Agreement between the
Company and Chase Bank, as trustee. The Notes are collateralized by the
Contracts and proceeds thereof. Under the terms of the various agreements Chase
holds a security agreement for the benefit of the noteholders, serves as paying
agent, note registrar, serves a escrow agent.

See note 1 Proposed Plan of Liquidation

4.  RELATED PARTY TRANSACTIONS

U.S. Automobile Service Corporation ("USASC") contractually administers,
services and collects Contracts on behalf of SNP-III and is paid for services
provided. U.S. Automobile Acceptance Corporation ("USAAC") is paid a monthly
investor administration fee of 1/12th of 1% of the aggregate principal amount of
the Notes outstanding, and 1/12th of 1% of the aggregate funds held in
investment accounts. All other general and administrative expenses are paid by
SNP-III or reimbursed to USAAC.


                                       F-7