SECURITIES AND EXCHANGE COMMISSION

                     Washington, D.C. 20549

                           FORM IO-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 September 30, 1996   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    33-66804                               

             U.S. AUTOMOBILE ACCEPTANCE SNP-I, INC.              
            (Exact name of registrant as specified in its charter) 
        

  Delaware                                           75-2498504 
(State of incorporation)                (I.R.S. Employer
Identification No.)
               
 1120 NW 63rd , Suite G-106,  Oklahoma City, Oklahoma 73116       
                (Address of principal executive offices)

                    (405) 843-3135                               
          (Registrant's telephone number, including area code)

                           N/A
  (Former name, former address & former fiscal year, if changed
since last
report)

     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 123 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               

       APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
          PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

     Indicate by check mark whether the registrant has filed all
documents and reports required to be filed  by Sections 12, 13 or
15(d) of the Securities Exchange Act of 1934 subsequent to the
distribution of securities under a plan confirmed by a court.

 Yes                        No                 Not Applicable.

APPLICABLE ONLY TO CORPORATE ISSUERS:

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

       1,000 shares of Common Stock
       
PART I - FINANCIAL INFORMATION

  Item 1. Financial Statements
   See Attached
       
  Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
  
U.S. Automobile Acceptance SNP-I, Inc., formerly U.S. Automobile
Acceptance Corporation (the Company) was incorporated in Delaware
on June 17, 1993 for the purpose of purchasing, collecting and
servicing motor vehicle retail installment contracts (the
"Contracts").  In mid-December 1994, the Company completed the sale
of a publicly registered note offering in the amount of $2,386,000. 
The Company is now in normal operations and is purchasing,
collecting and servicing motor vehicle retail installment
contracts.  As of September 30, 1996 the Company had approximately
500 Contracts outstanding with aggragate future payments due of
approximately $2,000,000.  


PART II - OTHER INFORMATION


     Item 1.  Legal Proceedings

            None
     
   Item 2. Changes in Securities
                     
            None

   Item 3.  Defaults Upon Senior Securities

            None

  Item 4.  Submission of Matters to a Vote of Security Holders
  
            None

  Item 5. Other Information

            None

  Item 6. Exhibits and Reports on Form 8-K

            None


                             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.

                         (Registrant) U. S. Automobile Acceptance
                                      SNP-I, Inc.


Date:   November 7, 1996  

                                   (Signature)                    
                                   Michael R. Marshall
                                   President and Chief
                                   Financial Officer