USAA FEDERAL SAVINGS BANK (Form: 8-K, Filing Date: …

SECURITIES AND EXCHANGE COMMISSION

FORM 8-K

Current report filing

Filing Date: 2002-02-06 | Period of Report: 2002-01-15

SEC Accession No. 0000908392-02-000008 (HTML Version on )

USAA FEDERAL SAVINGS BANK

CIK:908392| IRS No.: 742291652 | Fiscal Year End: 1231 Type: 8-K | Act: 34 | File No.: 033-65130 | Film No.: 02528042 SIC: 6189 Asset-backed securities

FILER

Mailing Address 10750 MCDERMOTT FREEWAY SAN ANTONIO TX 78288

Business Address 10750 MCDERMOTT FREEWAY SAN ANTONIO TX 78288 2104987479

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SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): 01/15/02

USAA FEDERAL SAVINGS BANK (Originator of the Trust referred to herein) (Exact name of registrant as specified in its charter)

USAA AUTO OWNER TRUST 2001-2 (Issuer with respect to Certificates)

United States (State or other jurisdiction of incorporation)

333-30840-03 (Commission file number)

74-2291652 (IRS employee identification no.)

10750 McDermott Freeway, San Antonio, Texas (Address of principal executive offices)

78288 (Zip Code)

Registrant's telephone number, including area code

(210) 498-2265

Exhibit Index is on Page 4

Page 1 of 6 sequentially numbered pages

Item 5. Other Events

On January 15, 2002, the USAA Auto Owner Trust 2001-2 made the distribution to Certificateholders contemplated

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by the Sale and Servicing Agreement (the "Sale and Servicing Agreement"), dated as of November 1, 2001, between USAA Federal Savings Bank, as Seller and Servicer (the "Bank"), and JP Morgan Chase Bank of New York, as Indenture Trustee.

A copy of the Certificateholder Report for such Distribution Date delivered pursuant to Section 4.6 of the Sale and Servicing Agreement is being filed as an Exhibit to this Current Report on Form 8-K.

Item 7(c).

Exhibits

Exhibit

28.1 Certificateholder Report, dated January 15, 2002, delivered pursuant to Section 4.9 of the Sale and Servicing Agreement, dated as of November 1, 2001, between USAA Federal Savings Bank, as Seller and Servicer, and JP Morgan Chase Bank of New York, as Indenture Trustee.

Page 2

SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Bank has caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

USAA FEDERAL SAVINGS BANK

/s/ MICHAEL J. BROKER ----------------------------By: MICHAEL J. BROKER Title: VICE PRESIDENT -

BANKING COUNSEL

Date: February 5, 2002

Page 3

INDEX TO EXHIBITS

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Exhibit -------

28.1

Sequentially

Description

Numbered Page

-----------

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

Certificateholder

6

Report, dated

January 15, 2002

delivered pursuant to

Section 4.9 of the

Sale and Servicing

Agreement, dated as of

November 1, 2001, between

USAA Federal Savings

Bank, as Seller and

Servicer, and JP

Morgan Chase Bank of New York,

as Indenture Trustee.

Page 4

EXHIBIT 28.1

USAA Auto Owner Trust 2001-2 Seller & Servicer: USAA Federal Savings Bank Indenture Trustee: JP Morgan Chase Bank of New York $697,125,000 Auto Owner Trust 2001-2, Class A $17,875,027 Auto Owner Trust 2001-2, Class B,

MONTHLY SERVICER CERTIFICATE REPORT

Collection Period # Collection Period # Beginning Date Collection Period # End Date Distribution Date

2 12/01/01 12/31/01 01/15/02

I. Available Amount in the Collection Account A. Credits

1. Payments from Obligors Applied to Collection Period a. Principal Payments b. Interest Payments c. Total (a+b)

2. Repurchase Amount From Repurchased Receivable a. Principal Payments b. Interest Payments c. Total (a+b)

3. Recovery of Defaulted Receivable

$24,579,132.42 $4,290,548.47

$28,869,680.89

$3,259,330.87 $13,217.26

$3,272,548.13

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a. Principal Recovery Amount b. Principal Balance of Defaulted Receivable c. Net Principal loss (Realized Loss) 4a.Interest Advance of Servicer 4b.Reimbursement of Interest Advance by Servicer 5. Investment Earnings on Collection Account (as of month end) 6. Overpayment from Obligors 7. Net Adjustments a. to Interest Collections b. to Principal Collections 8. Total Credits (sum 1 through 7) B. Debits 1. Overpayment from Obligors 2. Reimbursement of Interest Advance by Servicer 3. Total Debits C. Total Collections (A-B) 1. Available Interest Collections 2. Available Principal Collections

II. Receivable Pool & Securities Balance A. Original Principal Pool Balance B. Principal Pool Balance as of the Beginning

of the Collection Period C. Principal Pool Balance as of the End of

the Collection Period D. Aggregate Securities Balance as of the Beginning

of the Collection Period E. Aggregate Securities Balance as of the end of the

Collection Period F. Aggregate Notes Balance as of the Beginning of

the Collection Period G. Aggregate Notes Balance as of the End of the

Collection Period

III. Class A and Class B Principal Balances For the Collection Period

A. Principal Balance 1. Class A-1 Beginning Balance 2. Class A-1 Ending Balance 3. Class A-2 Beginning Balance 4. Class A-2 Ending Balance 5. Class A-3 Beginning Balance 6. Class A-3 Ending Balance 7. Class A-4 Beginning Balance 8. Class A-4 Ending Balance 9. Class B Beginning Balance

10. Class B Ending Balance

$1,755.00 $8,318.95 $6,563.95 $72,230.60 $72,230.60

$51,090.31 $0.00

$0.00 $0.00 $32,267,304.93

$0.00 $72,230.60 $72,230.60 $32,195,074.33 $4,356,611.04 $27,838,463.29

$715,000,027.45

$685,957,426.82

$658,110,644.58

$685,957,426.37

$658,110,644.13

$668,082,399.37

$640,235,617.13

$161,957,399.37 $134,110,617.13 $166,000,000.00 $166,000,000.00 $249,000,000.00 $249,000,000.00

$91,125,000.00 $91,125,000.00 $17,875,027.00 $17,875,027.00

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