ITEM 1A. RISK FACTORS
Not applicable.
ITEM 1B.
ITEM 1B. UNRESOLVED STAFF COMMENTS
Not applicable. The registrant is not an accelerated filer or a large accelerated filer.
ITEM 2.
ITEM 2. PROPERTIES
USAA Auto Owner Trust 2005-4 (the Trust) is governed by an Amended and Restated Trust Agreement dated November 22, 2005, between USAA Acceptance, LLC, as Depositor and Wachovia Trust Company, National Association, as Owner Trustee. The Trust is party to a Sale and Servicing Agreement dated as of November 1, 2005 among USAA Auto Owner Trust 2005-4, as Issuer, USAA Acceptance, LLC, as Depositor, and USAA Federal Savings Bank as Seller and Servicer (the "Sale and Servicing Agreement").
The Trust was established solely for the purpose of acquiring the fixed rate simple interest motor vehicle installment loans and related collateral (the Receivables), issuing its 4.40% Class A-1 Asset Backed Trust Notes, 4.79% Class A-2 Asset Backed Trust Notes, 4.83% Class A-3 Asset Backed Trust Notes, 4.89% Class A-4 Asset Backed Trust Notes pursuant to an Indenture between the Trust and JPMorgan Chase Bank, National Association, as Indenture Trustee, dated as of November 22, 2005, and issuing 5.33% Class B Asset Backed Trust Certificates pursuant to the Trust Agreement, and engaging in related transactions.
The property of the Trust consists of the Receivables described above. A summary of Receivable activity and delinquency information follows (unaudited):
Units ($ in 000's) ------ ------------ Original Receivables outstanding, 54,538 $ 1,112,627 November 1, 2005 Prepayments 1,278 $ 24,851
Receivables outstanding, 53,197 $ 1,086,693 December 31, 2005
Delinquent Receivables as of December 31, 2005:
Units ($ in 000's) ----- ------------
31-60 days 66 $_ 1,092 61-90 days 10 $ 103 91 days or more 0 $ 0 -- -------- Total 76 $ 1,222
Gross losses for the period ending December 31, 2005 were approximately $68,442. Net losses for the period ending December 31, 2005 were approximately $4,674.
Summary of certain distributions made by the Trust as of December 31, 2005 (unaudited):
ITEM 3.
ITEM 3. LEGAL PROCEEDINGS
None.
ITEM 4.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
PART II
ITEM 5.
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
As of December 31, 2005, there are fewer than 300 direct participants of record of the Asset Backed Notes and Asset Backed Certificates. There is no secondary market for these securities.
The information required with respect to "Securities Authorized for Issuance Under Equity Compensation Plans" is not applicable to the registrant.
ITEM 7A.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not applicable.
ITEM 9.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None.
ITEM 9A.
ITEM 9A. CONTROLS AND PROCEDURES
Not applicable.
ITEM 9B.
ITEM 9B. OTHER INFORMATION
None.
ITEM 14.
ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not applicable.
PART IV
ITEM 15.
ITEM 15. EXHIBITS, FINANCIAL STATEMENTS, SCHEDULES AND REPORTS ON FORM 10-K
(a) (1) Pursuant to the Sale & Servicing Agreement, the Servicer is required (i) to deliver an annual statement as to compliance with the provisions of the Sale & Servicing Agreement and certain other matters, (the "Annual Statement of the Servicer") and (ii) to cause a firm of independent public accountants to deliver an annual report as to compliance with the servicing provisions of the Sale and Servicing Agreement (the "Accountants' Annual Report"). Both the Annual Statement of the Servicer and the Accountants' Annual Report are attached as Exhibits 99.3 and 99.4, respectively, to this Report.
(2) Not applicable.
(3) Exhibits:
3.1 Amended and Restated Limited Liability Company Agreement, as amended (incorporated by reference to the registrant's filing on Form 8-K filed with the Commission on October 4, 2006)
4.1 Indenture dated as of November 22, 2005 (incorporated by reference to the Trust's filing on Form 8-K filed with the Commission on November 22, 2005)
4.2 Amended and Restated Trust Agreement dated as of November 22, 2005 (incorporated by reference to the Trust's filing on Form 8-K filed with the Commission on November 22, 2005)
10.1 Sale and Servicing Agreement dated as of November 1, 2005 (incorporated by reference to the Trust's filing on Form 8-K filed with the Commission on November 22, 2005)
31.1 Rule 15d-14(a) Certification
99.1 Administration Agreement dated as of November 22, 2005 (incorporated by reference to the Trust's filing on Form 8-K filed with the Commission on November 22, 2005)
99.2 Receivables Purchase Agreement dated as of November 1, 2005 (incorporated by reference to the Trust's filing on Form 8-K filed with the Commission on November 22, 2005)
99.3 Annual Statement of the Servicer.
99.4 Accountant's Annual Report
(b) See subparagraph (a) (3) above.
(c) Not applicable.
SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURTIES PURSUANT TO SECTION 12 OF THE ACT.
No such annual report, proxy statement, form of proxy or other soliciting material has been sent to Noteholders. The registrant will not be sending an annual report or proxy material to its Noteholders subsequent to the filing of this form.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
USAA FEDERAL SAVINGS BANK, as Servicer
By: /s/ MICHAEL J. BROKER ------------------------------------------ Michael J. Broker (Duly Authorized Officer of USAA Federal Savings Bank, as Servicer, on behalf of the Trust)
EXHIBIT INDEX
PAGE NUMBER EXHIBIT DOCUMENT SEQUENTIAL - ------- --------------------------------------- ----------------------------
3.1 Amended and Restated Limited Liability (incorporated by reference Company Agreement, as amended to the registrant's filing on Form 8-K filed with the Commission on October 4, 2006)
4.1 Indenture dated as of November 22, 2005 (incorporated by reference to the Trust's filing on Form 8-K filed with the Commission on November 22, 2005)
4.2 Amended and Restated Trust Agreement (incorporated by reference dated as of November 22, 2005 to the Trust's filing on Form 8-K filed with the Commission on November 22, 2005)
10.1 Sale and Servicing Agreement (incorporated by reference dated as of November 1, 2005 to the Trust's filing on Form 8-K filed with the Commission on November 22, 2005)
31.1 Rule 15d-14(a) Certification Filed herein
99.1 Administration Agreement (incorporated by reference dated as of November 22, 2005 to the Trust's filing on Form 8-K filed with the Commission on November 22, 2005)
99.2 Receivables Purchase Agreement (incorporated by reference dated as of November 1, 2005 to the Trust's filing on Form 8-K filed with the Commission on November 22, 2005)
99.3 Annual Statement of the Servicer. Filed herein
99.4 Accountants' Annual Report - Filed herein Independent Accountants' Reports and Management Assertions.