Item 1.		Business
Not applicable.
Item 2.
Item 2.		Properties
MMCA Auto Owner Trust 1995-1 (the "Trust") was formed on November 21, 1995 pursuant to a Trust Agreement (the "Trust Agreement"), dated as of November 21, 1995, between MMCA Auto Receivables Inc., as depositor ("MARI"), and Chemical Bank Delaware, as owner trustee. Pursuant to the Trust Agreement, the Trust issued asset-backed certificates evidencing an interest in the trust property (the "Certificates") and a separate certificate evidencing an interest in the trust property (the "Final Payment Certificate"). The Certificates were privately placed and the Final Payment Certificate is held by MMCA Auto Receivables Inc.
Pursuant to an Indenture, dated as of December 1, 1995, between the Trust, as issuer and Mitsubishi Bank Trust Company of New York, as indenture trustee (the "Indenture Trustee"), the Trust issued a single class of asset-backed notes (the "Notes"). The Notes were registered and publicly offered and sold.
The assets of the Trust primarily include a pool of motor vehicle retail installment sale contracts originated by Mitsubishi Motors Credit of America, Inc. ("MMCA") and secured by new and used motor vehicles and light- and medium-duty trucks. The Trust's business activities include acquiring and holding the assets of the Trust, issuing the Notes, the Certificates and the Final Payment Certificate and distributing payments on the Notes, the Certificates and the Final Payment Certificate.
Rider A:
Pursuant to a Sale and Servicing Agreement, dated as of December 1, 1995 among the Trust, as issuer, MARI, as seller, and MMCA, as servicer, MMCA administers and services the Trust's pool of motor vehicle retail installment contracts.
Rider B:
The payment of principal and interest on the Notes could be delayed if MMCA, in its capacity as servicer, or the Indenture Trustee experience problems in their computer programs relating to the year 2000. Many existing computer programs use only two digits to identify a year. These programs could fail or produce erroneous results during the transition from the year 1999 to the year 2000 and afterwards. MMCA has evaluated the impact of preparing its systems for the year 2000. It has identified areas of potential impact and is implementing conversion efforts. It believes its mission-critical applications, including its systems for collections on motor vehicle retail installment sale contracts and servicing motor vehicle retail installment sale contracts, are already year 2000 compliant. MMCA's target is to have all other systems ready for the year 2000 in advance of December 31, 1999.
If MMCA, in its capacity as the servicer of the Trust's pool of motor vehicle retail installment sale contracts, does not have a computer system that is year 2000 compliant by the year 2000, MMCA's ability to service the receivables may be materially and adversely affected. If the Indenture Trustee does not have a computer system that is year 2000 compliant by the year 2000, the Indenture Trustee's ability to make distributions on the Notes may be materially and adversely affected.
Item 2.		Properties (continued)
The following tables set forth the delinquency experience with respect to the level payments due each month on the Trust's motor vehicle retail installment sale contracts but does not include the delinquency experience with respect to balloon payments due at the end of the term of the Trust's contracts which provide for such payments. The period of delinquency is based on the number of days for which more than 10% of a level payment is contractually past due, and the delinquency rate as a percentage of the balance outstanding represents delinquent dollars as a percentage of dollars outstanding.
				December 31, 1998 				Contracts 	Balances 				 		of Receivables Delinquent Contracts: 	(i) 30-59 Days 	1,297 	 	$5,297,141.64 	 (ii) 60-89 Days 		 509		 $2,033,596.07 	 (iii) 90 Days or More	 211	 	 $847,882.83
				December 31, 1998 					% of Contracts 	% of Balance 				 	Outstanding 	Outstanding Delinquency Rates: (i) 30-59 Days Delinquent 	 9.49%	 	9.80% (ii) 60-89 Days Delinquent 		 3.72% 		3.76% (iii) 90 Days or More Delinquent	 1.54%		 1.57%
The following table sets forth the net loss experience with respect to the payments due each month on the Trust's motor vehicle retail installment sale contracts, including contracts that provide for balloon payments at the end of the terms of such contracts.
	 			December 31, 1998 				Contracts 	Amount Aggregate Net Losses	 	1,500	 	$3,918,087.32
Item 3.
Item 3.		Legal Proceedings
There is nothing to report with regard to this item.
Item 4.
Item 4.		Submission of Matters to a Vote of Security Holders
There is nothing to report with regard to this item.
PART II
Item 5.
Item 5.		Market for the Registrant's Common Equity and Related 		Stockholder Matters
The holder of record of all the Notes as of December 31, 1998 was Cede & Co., the nominee of The Depository Trust Company ("DTC") in the United States. An investor holding Notes is not entitled to receive a certificate representing such Notes except in limited circumstances. Accordingly, Cede & Co. is the sole holder of record of the Notes, which it holds on behalf of brokers, dealers, banks and other participants in the DTC system. Such participants may hold Notes for their own accounts or for the accounts of their customers. The address of Cede & Co. is:
				Cede & Co. 				c/o The Depository Trust Company 				Seven Hanover Square 				New York, New York 10004
The holders of record of all of the Certificates as of December 31, 1998 were Hare & Co., All State Life Insurance Co. and MMCA Auto Receivables Inc. The holder of record of the Final Payment Certificate as of December 31, 1998 was MMCA Auto Receivables Inc.
Item 6.
Item 6.		Selected Financial Data
Not applicable.
Item 7.
Item 7.		Management's Discussion and Analysis of Financial Condition 		and Results of Operations
Not applicable.
Item 7A.
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk
Not applicable.
Item 8.
Item 8.		Financial Statements and Supplementary Data
Not applicable.
Item 9.
Item 9.		Changes in and Disagreements with Accountants on Accounting 		and Financial Disclosure
There is nothing to report with regard to this item.
PART III
Item 10.
Item 10.		Directors and Executive Officers of the Registrant
Not applicable.
Item 11
Item 11 		Executive Compensation
Not applicable.
Item 12.
Item 12.		Security Ownership of Certain Beneficial Owners 			and Management
There is nothing to report with regard to this item.
Item 13.
Item 13.		Certain Relationships and Related Transactions
There is nothing to report with regard to this item.
PART IV
Item 14.
Item 14.		Exhibits, Financial Statement Schedules, and Reports on Form 8-K
		(a)	1.	Not applicable. 			2.	Not applicable. 		 	3.	Exhibits: 			 	99.1 Annual Statement as to Compliance. 	 			99.2 Annual Independent Public Accountant's 	 			Servicing Report.
		(b)	Reports on Form 8-K.
	The Registrant has filed Current Reports on Form 8-K with the Securities and Exchange Commission dated February 9, 1998, March 9, 1998, April 9, 1998, May 8, 1998, June 9, 1998, July 9, 1998, August 7, 1998, September 9, 1998, October 9, 1998, November 9, 1998, December 7, 1998 and January 7, 1999.
		(c)	See (a) 3 above.
		(d)	Not applicable.
SIGNATURES
	Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
					MMCA AUTO OWNER TRUST 1995-1
					BY: MMCA AUTO RECEIVABLES, INC.
Date: March 31, 1999	
By: /s/ Hideyuki Kitamura Hideyuki Kitamura 	 Secretary and Treasurer
	SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT.
	No annual report, proxy statement, form of proxy or other soliciting material has been sent to holders of the Notes during the period covered by this report and the registrant does not intend to furnish such materials to holders of the Notes subsequent to the filing of this report.
Exhibit 99.1
March 31, 1999
The Bank of Tokyo-Mitsubishi, Ltd., New York Branch, formerly known as Mitsubishi Bank Trust Company of New York 1251 Avenue of the Americas New York, New York 10020 Attention: Mr. Kenichi Tanaka
Chase Manhattan Bank Delaware, Formerly known as Chemical Bank Delaware Corporate Trustee Administration Department 1201 Market Street Wilmington, Delaware 19801 Attention: Mr. John J. Cashin
Re: Annual Statement as to Compliance
Gentlemen:
Pursuant to Section 3.10 of that certain Sale and Servicing Agreement (the "Agreement") by and among MMCA Auto Owner Trust 1995-1, as Issuer, MMCA Auto Receivables, Inc., as Seller, and Mitsubishi Motors Credit of America, Inc., as Servicer, I hereby certify the following, as of March 26, 1999: (1) a review of the activities of the Servicer during the period January 1, 1998 through December 31, 1998 and of its performance of its obligations under the Agreement has been made under my supervision and (2) to the best of my knowledge, based on such review, the Servicer has fulfilled all its obligations under the Agreement throughout such period.
Sincerely,
MITSUBISHI MOTORS CREDIT OF AMERICA, INC.
/s/ Hideyuki Kitamura - --------------------------------------- Hideyuki Kitamura Vice President, Secretary and Treasurer
Exhibit 99.2
Report on Management's Assertion on Compliance with Minimum Servicing Standards Set Forth in the Uniform Single Attestation Program for Mortgage Bankers
Independent Accountants' Report
To the Board of Directors and Shareholder Mitsubishi Motors Credit of America, Inc.
We have examined management's assertion that Mitsubishi Motors Credit of America, Inc. (MMCA) complied with the minimum servicing standards set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers (USAP) except for minimum servicing standards I.4, III.3, III.4, V.2, V.3, and V.4, which are inapplicable to servicing automobile loans, during the year ended December 31, 1998, included in the accompanying report titled Report of Management. Management is responsible for MMCA's compliance with those requirements. Our responsibility is to express an opinion on management's assertion about MMCA's compliance based on our examination.
Our examination was made in accordance with standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about MMCA's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on MMCA's compliance with specified requirements.
In our opinion, management's assertion that MMCA complied with the aforementioned requirements during the year ended December 31, 1998, is fairly stated, in all material respects.
/s/ Ernst & Young LLP
March 22, 1999