UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                           Washington, D.C.  20549

                                  FORM 10-Q

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

             For the quarterly period ended DECEMBER 31, 1995

                                      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 33-21796

                          JHM ACCEPTANCE CORPORATION
             (Exact name of registrant as specified in its charter)

                    DELAWARE                             52-1472693
          State or other jurisdiction of          (I.R.S. Employer
          incorporation or organization)          Identification No.)

     c/o EXECUTIVE OFFICES, INC., 42C READS WAY, NEW CASTLE, DE   19720
       (Address of principal executive offices)                  (Zip Code)

             Registrant's telephone number, include area code:  (302) 323-8100

             1105 NORTH MARKET STREET, SUITE 1300, WILMINGTON, DE  19899
          (Former name, former address and former fiscal year if changed
             from 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 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 the number of shares outstanding of each of the
             issuer's classes of common stock, as of the latest practicable
             date.



             At February 7, 1996, the registrant had 7 shares of common stock
             outstanding.
<PAGE>
                         JHM ACCEPTANCE CORPORATION

                             INDEX TO FORM 10-Q

                      For Quarter Ended December 31, 1995
                              
                                                                        Page
                                                                       Number

                    PART I.    FINANCIAL INFORMATION

       Item 1.   Financial Statements                                      3
                 Balance Sheets (unaudited) as of December 31, 1995
                  and March 31, 1995                                       4
                 Statements of Income (unaudited) for the three
                  months and nine months ended December 31, 1995
                  and December 31, 1994                                    5
                 Statements of Cash Flows (unaudited) for the nine
                  months ended December 31, 1995 and December 31, 1994     6
                 Notes to Financial Statements (unaudited)               7-8

       Item 2.   Management's Discussion and Analysis of Financial
                  Condition and Results of Operations                      9

                    PART II.    OTHER INFORMATION

       Item 6.   Exhibits and Reports on Form 8-K                         10

                 SIGNATURES                                               11


<PAGE>
                           PART I.    FINANCIAL INFORMATION


          Item 1.  Financial Statements

          The financial statements included herein have been prepared by
          JHM Acceptance Corporation ("JMAC"), without audit, pursuant
          to the rules and regulations of the Securities and Exchange
          Commission ("SEC").  Certain information and footnote disclosures
          normally included in financial statements prepared in accordance
          with generally accepted accounting principles have been condensed
          or omitted pursuant to such SEC rules and regulations, although
          JMAC believes that the disclosures are adequate to make the
          information presented not misleading. In the opinion of Management,
          all adjustments (consisting of normal recurring adjustments)
          necessary to fairly present the financial position, results of
          operations and cash flows at December 31, 1995, and for all the
          periods presented have been made.

          It is suggested that these financial statements be read in
          conjunction with the financial statements and notes thereto
          included in JMAC's report on Form 10-K for the fiscal year
          ended March 31, 1995.

<PAGE>
<TABLE>
                             JHM ACCEPTANCE CORPORATION
                                  BALANCE SHEETS    
                                   (unaudited)
                               
<CAPTION>
                                              
                                      December 31,1995       March 31,1995
                                         --------              -------- 
<S>                                      <C>                   <C>      
             
ASSETS

Cash                                      $ 208,000            $ 200,000
Goodwill, net of accumulated
 amortization of $1,378,000 and
 $1,265,000, respectively                   111,000              224,000
                                          ---------            ---------
Total Assets                              $ 319,000             $424,000
                                          =========            =========
</TABLE>

<TABLE>
<CAPTION>
LIABILITIES AND STOCKHOLDER'S EQUITY
<S>                                      <C>                   <C>      
                               
Liabilities:
Due to affiliates                         $ 207,000            $ 199,000
                                           --------            ---------   

Total Liabilities                           207,000              199,000
                                           --------            ---------
Stockholder's Equity:
Common stock - $10 par value,
 10,000 shares authorized, 7 shares
 issued and outstanding                       1,000                1,000
Additional paid-in capital                3,127,000            3,126,000
Retained deficit                         (3,016,000)          (2,902,000)
                                          ---------            ---------
Total Stockholder's Equity                  112,000              225,000
                                          ---------            ---------  
Total Liabilities and
      Stockholder's Equity                 $319,000             $424,000
                                          =========            =========

<FN>
The accompanying notes are an integral part of these balance sheets.
</TABLE>
<PAGE>
<TABLE>


                             JHM ACCEPTANCE CORPORATION
                                STATEMENTS OF INCOME
                                     (unaudited)
                                    


<CAPTION>
                               For the three               For the nine   
                               months ended                months ended
                               December 31,                December 31,
                           1995          1994          1995          1994
                        ----------   ----------     ----------    ----------
<S>                     <C>          <C>            <C>           <C>
REVENUES

Interest and other
 income                  $       0    $       0      $       0     $      0
                         ---------    ---------      ---------     --------
                     
Total Revenues                   0            0              0            0
                         ---------    ---------      ---------     --------

EXPENSES

Goodwill amortization        6,000       11,000        114,000       23,000                        

Accounting, legal,          
 administrative and 
 other expenses                  0            0          1,000        2,000  
                         ----------    ---------     ----------     --------
Total Expenses               6,000       11,000        115,000       25,000
                         ----------    ---------     ----------     --------
Net Loss                 $(  6,000)    $(11,000)     $(115,000)    $(25,000)
                         ==========    =========     ==========    =========

<FN>
The accompanying notes are an integral part of these statements.
</TABLE>
<PAGE>
<TABLE>


                               JHM ACCEPTANCE CORPORATION
                                STATEMENTS OF CASH FLOWS
                                      (unaudited)

<CAPTION>
                                         For the nine          For the nine         
                                         months ended          months ended
                                      December 31, 1995      December 31, 1994  
                                      ------------------    ------------------
<S>                                   <C>                   <C>

CASH FLOWS FROM OPERATING ACTIVITIES:

Net Loss                               $(108,000)              $ (25,000)

Adjustments to reconcile net loss
 to net cash used in operating
 activities:

Goodwill amortization                    107,000                  23,000
Increase in due to affiliates              4,000                  13,000
                                       ----------              ----------
Total Adjustments                        111,000                  36,000

Net Cash Provided by Operating
 Activities                                3,000                  11,000

CASH FLOWS FROM FINANCING ACTIVITIES:

Capital contribution                       1,000                   3,000
                                        ---------               ---------  
Net Cash Provided by Financing
 Activities                                1,000                   3,000
                                        ---------               ---------
Net increase in cash                       4,000                  14,000
                                                      
Cash, beginning of period                200,000                 180,000
                                        ---------              ----------   
Cash, end of period                     $204,000                $194,000
                                       ==========              =========== 
<FN> 
The accompanying notes are an integral part of these statements.
</TABLE>

<PAGE>



                                 JHM ACCEPTANCE CORPORATION
                                NOTES TO FINANCIAL STATEMENTS
                                      December 31, 1995
                                        (unaudited) 


Note 1.    General

The accompanying financial statements reflect the accounts of JHM Acceptance
 Corporation ("JMAC").  The unaudited statements as of December 31, 1995
 and 1994, respectively, reflect, in the opinion of management, all
 adjustments (normal recurring in nature) necessary to present fairly the
 financial position as of December 31, 1995 and the results of operations and
 cash flows for the nine months ended December 31, 1995 and 1994, respectively.
 These financial statements have been prepared by JMAC, without audit,
 pursuant to the rules and regulations of the Securities and Exchange
 Commission. Certain information and footnote disclosures normally included
 in financial statements prepared in accordance with generally accepted
 accounting principles have been condensed or omitted pursuant to such rules
 and regulations, although JMAC believes that the disclosures are adequate to
 make the information presented not misleading.  It is suggested that
 these financial statements be read in conjunction with the financial
 statements and notes thereto included in JMAC's report on Form 10-K for
 the fiscal year ended March 31, 1995.

Note 2.   Organization

JHM Acceptance Corporation was organized as a Delaware corporation on
 March 31, 1986.  Prior to March 7, 1988, JMAC was known as Oxford
 Acceptance Corporation and from March 7, 1988 to May 24, 1988,
 JMAC was known as Montgomery Acceptance Corporation.

JMAC was organized for the purpose of issuing and selling collateralized
 mortgage obligations ("Bonds"), other notes and obligations, and acquiring,
 owning, holding, and pledging Mortgage-Backed Certificates guaranteed by
 the Government National Mortgage Association ("GNMA Certificates"),
 Guaranteed Mortgage Pass-Through Certificates issued by the Federal National
 Mortgage Association ("FNMA Certificates"), Mortgage Participation
 Certificates issued by the Federal Home Loan Mortgage Corporation
 ("FHLMC Certificates") (collectively, the "Mortgage Certificates") and
 obligations of others which are secured by the types of instruments
 referred to above. 

 Note 3.  Basis of Presentation

As of March 31, 1989, JMAC had sold the residual cash flows for all
 outstanding series of Bonds.  As a result, JMAC currently has no sources
 of cash flow from operations.  All cash flows from the Mortgage
 Certificates are restricted and must be paid first to the bondholders and
 then any excess (net of expenses) is distributed to the residual interest
 holders.  JMAC has no responsibility for expenses related to its remaining
 three Series A, C, and E Bonds.




<PAGE>

Note 4.  Summary of Significant Accounting Policies

Goodwill

Goodwill represents the value attributed to the benefits of contracts for
 bond administration services.  An affiliate performs the servicing and
 records the related revenue.  Goodwill is amortized using a level yield
 method.  The method adjusts goodwill amortization to reflect changes in
 prepayment speeds on the Mortgage Certificates.

Income Taxes

In accordance with an informal tax sharing plan, JMAC files a consolidated
 tax return with its parent, JDS Capital Corporation, formerly known as JHM 
 Capital Corporation.  In accordance with the plan, JMAC receives no benefit
 for net operating losses.  No significant timing differences exist as of
 December 31, 1995.  No provision for taxes has been recorded for the nine
 months ended December 31, 1995 and December 31, 1994 due to net operating
 losses.


<PAGE>

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

Capital Resources and Liquidity

JMAC's sources of funds with respect to its Bonds are receipts of principal
 and interest on the Mortgage Certificates, pledged as collateral for each
 series of Bonds, and the reinvestment income thereon.  Management believes
 that these sources of funds will be sufficient to pay the Bonds in
 accordance with their terms.  As of March 31, 1989, JMAC had sold the
 residual cash flows for all of its outstanding series.  As a result, JMAC
 currently has (a) no sources of cash flows as all cash flows from the
 Mortgage Certificates are restricated and must be paid first to the
 bondholders and then any excess (net of expenses) is distributed to the
 residual interest holders; and (b) no responsibilty for expenses related 
 to its three remaining series.

At December 31, 1995, JMAC had a remaining balance available for issuance of
 additional bonds of $399,750,000 from previous shelf registrations. 
 A post-effective Amendment No. 2 to Form S-11 on Form S-3 was filed with
 the Commission on October 17, 1990.

Results of Operations

JMAC issued its Series A Bonds in June, 1987, Series C Bonds
 in October, 1987 and Series E Bonds in March, 1989.  The prepayment
 rates on the mortgage certificates securing certain of JMAC's bonds
 affect the related goodwill amortization.

Goodwill amortization increased to $114,000 for the nine months ended
 December 31, 1995 compared to $23,000 for the nine months ended
 December 31, 1994.  The increase is due to the redemption of JMAC Series B
 and the resulting amortization of the related goodwill. 






<PAGE>
                            JHM ACCEPTANCE CORPORATION

                                   FORM 10-Q

                           PART II.    OTHER INFORMATION


Item 6.Exhibits and Reports on Form 8-K

          (a) Exhibits - None

          (b) No reports on Form 8-K were filed during the quarter ended
               December 31, 1995.


<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.

                                   JHM ACCEPTANCE CORPORATION
                                          (Registrant)


 February 7, 1996                   Stephen P. Gavula
 Date                               Stephen P. Gavula
                                    Chairman of the Board of Directors
                                    and Chief Executive Officer

 February 7, 1996                   Arthur F. Trudel
 Date                               Arthur F. Trudel
                                    Senior Vice President
                                    and Chief Financial and Accounting Officer