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):
                               February 23, 1995


                         PREMIER ACCEPTANCE CORPORATION
                            (a Delaware corporation)
                             222 South Ninth Street
                          Minneapolis, Minnesota 55402
                            Telephone (612) 342-6673


              Commission File Nos. 33-21775, 33-25070 and 33-33261
                   IRS Employer Identification No. 41-1615279

                     Total Number of Pages This Report: 24
                       Location of Exhibit Index: Page 3


Items 1-4.     Not applicable.

Item 5.        Other Events.

               On February  23,  1995,  Premier  Acceptance  Corporation  issued
               $14,000,000    aggregate    principal   amount   of   its   8.00%
               Mortgage-Backed  Bonds,  Series 28,  Class A, as  described  in a
               Prospectus  dated  November 18, 1994 and a Prospectus  Supplement
               dated  January  23,  1995  previously  filed with the  Commission
               pursuant to Rule 424, and $1,000  aggregate  principal  amount of
               its  Mortgage-Backed  Bonds,  Series  28,  Class  B.  The  Series
               Supplement  relating to such bonds is filed as an exhibit to this
               report.

Item 6.        Not Applicable.

Item 7.        Financial   Statements,   Pro  Forma  Financial  Information  and
               Exhibits.

               Exhibit 4.1 -- Series Supplement dated as of February 23, 1995 to
               Indenture   dated  as  of  November  23,  1988  between   Premier
               Acceptance  Corporation,  as issuer,  and Norwest Bank Minnesota,
               N.A.  (as  successor  to First  Bank  National  Association),  as
               trustee, relating to the Series 28 Bonds.

Item 8.        Not Applicable.

     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 hereunto duly authorized.

                                    PREMIER ACCEPTANCE CORPORATION


                                    By /s/ Mark A. Lindgren
                                    Its Vice President

Dated:  February 23, 1995

                                 EXHIBIT INDEX

Exhibit      Page   Description

Exhibit 4.1   4     Series Supplement dated as of February 23, 1995 to Indenture
                    dated as of November  23, 1988  between  Premier  Acceptance
                    Corporation, as issuer, and Norwest Bank Minnesota, N.A. (as
                    successor to First Bank National  Association),  as trustee,
                    relating to the Series 28 Bonds.
[{"type": "8-K", "sequence": "1", "description": "8K FOR SERIES 28", "secsgml_size_bytes": 3090}]
{"company-data": {"conformed-name": "PREMIER ACCEPTANCE CORP /MN/", "cik": "0000833374", "assigned-sic": "6189", "irs-number": "411615279", "state-of-incorporation": "DE", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "033-21775", "film-number": "95518754"}, "business-address": {"street1": "PIPER JAFFRAY TOWER", "street2": "222 S NINTH ST", "city": "MINNEAPOLIS", "state": "MN", "zip": "55402", "phone": "6123426673"}, "former-company": {"former-conformed-name": "PREMIER MORTGAGE CORP /MN/", "date-changed": "19880609"}}
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):
                               February 23, 1995

                         PREMIER ACCEPTANCE CORPORATION
                            (a Delaware corporation)
                             222 South Ninth Street
                          Minneapolis, Minnesota 55402
                            Telephone (612) 342-6673

              Commission File Nos. 33-21775, 33-25070 and 33-33261
                   IRS Employer Identification No. 41-1615279

                     Total Number of Pages This Report: 24
                       Location of Exhibit Index: Page 3

Items 1-4.     Not applicable.

Item 5.        Other Events.

               On February  23,  1995,  Premier  Acceptance  Corporation  issued
               $14,000,000    aggregate    principal   amount   of   its   8.00%
               Mortgage-Backed  Bonds,  Series 28,  Class A, as  described  in a
               Prospectus  dated  November 18, 1994 and a Prospectus  Supplement
               dated  January  23,  1995  previously  filed with the  Commission
               pursuant to Rule 424, and $1,000  aggregate  principal  amount of
               its  Mortgage-Backed  Bonds,  Series  28,  Class  B.  The  Series
               Supplement  relating to such bonds is filed as an exhibit to this
               report.

Item 6.        Not Applicable.

Item 7.        Financial   Statements,   Pro  Forma  Financial  Information  and
               Exhibits.

               Exhibit 4.1 -- Series Supplement dated as of February 23, 1995 to
               Indenture   dated  as  of  November  23,  1988  between   Premier
               Acceptance  Corporation,  as issuer,  and Norwest Bank Minnesota,
               N.A.  (as  successor  to First  Bank  National  Association),  as
               trustee, relating to the Series 28 Bonds.

Item 8.        Not Applicable.

     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 hereunto duly authorized.

                                    PREMIER ACCEPTANCE CORPORATION

                                    By /s/ Mark A. Lindgren
                                    Its Vice President

Dated:  February 23, 1995

                                 EXHIBIT INDEX

Exhibit      Page   Description

Exhibit 4.1   4     Series Supplement dated as of February 23, 1995 to Indenture
                    dated as of November  23, 1988  between  Premier  Acceptance
                    Corporation, as issuer, and Norwest Bank Minnesota, N.A. (as
                    successor to First Bank National  Association),  as trustee,
                    relating to the Series 28 Bonds.