UNITED STATES 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 December 19, 2000 Commission File Number 333-35847-03 FIRST SECURITY AUTO OWNER TRUST 1998-1 (Exact name of registrant as specified in its charter) State of incorporation Delaware I.R.S. Employer Identification No. 87-6240825 Address of principal executive offices 79 South Main, P.O. Box 30006 Salt Lake City, Utah Zip Code 84130-0006 Registrant's telephone number, including area code (801) 246-5891 Item 7. Financial Statements and Exhibits Pursuant to its agreement with certificate holders, this report is filed to report data relating to this trust as contained in the monthly servicing report sent to certificate holders by the trustee. Attached as Exhibit A is a copy of the monthly servicing report for the period October 24, 2000 through November 23, 2000. 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. FIRST SECURITY AUTO OWNER TRUST 1998-1 (Registrant) By: FIRST SECURITY BANK, N.A. (Seller and Servicer) /s/ Brad D. Hardy December 19, 2000 __________________________________________________________ __________________ Brad D. Hardy (Date) Authorized Officer EXHIBIT A

First Security Auto Owner Trust 1998-1 Monthly Statement to Noteholders Servicer: First Security Bank, N.A. ~~September~~October 24, 2000 Thru ~~October~~November 23, 2000 Distribution Date: 1112-15-00 Statement for Class A and Class B Noteholders Pursuant Per $1,000 of Original to Section 4.7 of the Sale and Servicing Agreement Class A/Class B Note Amount (i) Principal Distribution Class A-1 Amount - - Class A-2 Amount - - Class A-3 Amount 1312,~~097~~995,~~136~~082.4865 38.~~9251~~6218 Class B Amount - - (ii) Interest Distribution Class A-1 Amount - - Class A-2 Amount - - Class A-3 Amount ~~845~~790,~~116~~086.1232 2.~~5117~~3482 Class B Amount 167,474.21 4.9583 (iii) Basic Servicing Fee ~~195~~184,~~762~~847.1890 0.~~2611~~2465 (iv) Outstanding Advances (end of preceding collection period) - (v) Aggregate Receivables (end of preceding collection period) ~~234~~221,~~914~~817,~~618~~481.4698 (vi) Class A-1 Note Balance (end of Collection Period) - Class A-1 Pool Factor (end of Collection Period) - Class A-2 Note Balance (end of Collection Period) - Class A-2 Pool Factor (end of Collection Period) - Class A-3 Note Balance (end of Collection Period) ~~188~~175,~~041~~046,~~170~~087.5388 Class A-3 Pool Factor (end of Collection Period) 0.~~5588646~~5202428 Class B Note Balance (end of Collection Period) 33,776,311.45 Class B Pool Factor (end of Collection Period) 1.0000000 Total Pool Balance (end of Collection Period) ~~221~~208,~~817~~822,~~481~~399.9833 (vii) Realized Losses ~~365~~559,~~920~~385.0930 (viii) Noteholders Interest Carryover Shortfall - Noteholders Principal Carryover Shortfall - (ix) Aggregate Purchase Amount of Receivables Repurchased by the Sellers or purchased by Servicers - (x) Reserve Account Balance 14,994,926.23 Average Delinquency Ratio 0.~~8788~~9428% Average Net Loss Ratio 1.~~2532~~5262% Specified Reserve Account Balance 14,994,926.23

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