SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 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): October 1, 2003


                CREDIT AND ASSET REPACKAGING VEHICLE CORPORATION

               (Exact Name of Registrant as Specified in Charter)


  Delaware                          1-16709                13-4182182
  (State or Other Jurisdiction      (Commission            (IRS Employer
  of Incorporation)                 File Number)         Identification No.)


85 Broad Street, New York, New York                           10004
(Address of Principal Executive Offices)                    (Zip Code)

      Registrant's telephone number, including area code: (212) 902-1000










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


Trustee's Report with respect to the October 1, 2003 Distribution Date for the
Public Credit and Repackaged SecuritiesSM (PCARS)SM Trust Allstate Financing II
Certificates Series 2001-1






































                                   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 hereunto duly authorized.

                                            CREDIT AND ASSET REPACKAGING
                                            VEHICLE CORPORATION


Date:  October 1, 2003     By:   /s/ Ram Sundaram
                             ------------------------------------------------
                           Name: Ram Sundaram
                           Title: President








EXHIBIT INDEX

Exhibit

99.      Trustee's Report in respect to the October 1, 2003 Distribution Date
         for the Public Credit and Repackaged SecuritiesSM
         (PCARS)SM Trust Allstate Financing II Certificates Series 2001-1
















                                   Exhibit 99

To the Holders of

Public Credit and Repackaged SecuritiesSM (PCARS)SM Trust Allstate Financing II
Certificates Series 2001-1, CUSIP: 744393208 (the "Certificates")

Wells Fargo Bank Minnesota, National Association, as Trustee for the Public
Credit and Repackaged SecuritiesSM (PCARS)SM Trust Series 2001-1, hereby gives
notice with respect to the Distribution occurring on October 1, 2003 (the
"Distribution Date") as follows:

1.  The amount of the distribution payable to the Certificateholders on the
    Distribution Date allocable to principal and premium, if any, and interest
    expressed as a dollar amount per Certificate, is as set forth below:

 Principal       Interest                Premium           Total Distribution
 ---------      ---------                -------           ------------------
$0.00           $0.14895833778          $0.00                   $0.14895833778

2.   The applicable interest rate: 7.15%

3.   The aggregate stated principal amount of the Securities as of such
     Distribution Date was $26,000,000.00. The interest rate applicable
     to the Securities for the immediately following Security Accrual
     Period is 7.83%

4.   The amounts received by the Trustee in respect of the Securities
     during the immediately preceding Security Accrual Period
     was $1,017,900.00.

5.   The amounts paid by the Trustee to the Swap Counterparty under the Monthly
     Payment Swap Agreement during the immediately preceding Calculation Period
     was $1,017,900.00.

6.   The amounts received by the Trustee as payments under the Monthly Payment
     Swap Agreement during the immediately preceding Calculation Period
     was $167,578.13

7.   The Principal Balance at the close of business on the Business Day
     immediately preceding the Distribution Date was $28,125,000.00

8.   The current ratings of the Certificates and the Securities are "A2"
     by Moody's Investors and "A-" by Standard & Poor's.

9.   There was no cumulative amount of Extraordinary Trust Expenses, as of the
     Distribution Date.

          Wells Fargo Bank Minnesota, National Association, as Trustee