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 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 number    33-66804                                


                      U.S. AUTOMOBILE ACCEPTANCE SNP-1, INC.      
     (formerly named U.S. Automobile Acceptance Corporation)
 (Exact name of registrant as specified in its charter)          

           Delaware                                75-2498504     
(State or other jurisdiction of        (I.R.S. Employer Identification No.)
incorporation or organization)

       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)

                      Not Applicable                              
(Former name, former address and 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.
<PAGE>
             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-1, Inc., formerly named 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 March 31, 1997 the Company had
  approximately 286 Contracts outstanding.  In accordance with it's
  note offering terms, the company ceased purchasing contracts
  except for replacement transactions as of January 1, 1997.

                   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-1, Inc.   


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