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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 (Date of earliest event reported): March 17, 1997
KEY AUTO FINANCE TRUST 1997-1
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(Issuer)
KEY CONSUMER ACCEPTANCE CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 333-12431 52-1995940
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(State or other Commission File (I.R.S. Employer
jurisdiction of Number Identification No.)
incorporation or
organization)
c/o KeyBank USA, National
Association, as Servicer, 5000
Tiedeman Road, Brooklyn, Ohio
Attn: Yvonne M. Etling 44144
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(Address of principal (Zip Code)
executive offices)
Registrant's telephone number, including area code: (216) 813-6501
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ITEM 5. Other Events
------------
On March 17, 1997, the Key Auto Finance Trust 1997-1 (the "Trust") made
its first monthly distribution of funds to holders of the Trust's Assets Backed
Notes and Certificates and distributed the Noteholder's and Certificateholder's
Statement, filed herewith as an Exhibit to this Form 8-K, to Noteholders and
Certificateholders of record.
In reliance upon certain no-action letters, the Trust is hereby filing the
Certificateholder's Statement reflecting the Trust's activities for the period
ending February 28, 1997, including a statistical summary of the delinquency and
default characteristics of the Trust's auto loan portfolio as of such date.
ITEM 7. Exhibits
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Exhibit 99 - Noteholder's and Certificateholder's Statement
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SIGNATURE
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.
Date: April 1, 1997
Key Auto Finance Trust 1997-1
By: Key Consumer Acceptance Corporation
By: /s/ Craig Platt
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Craig Platt
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Exhibit 99
Key Auto Finance Trust 1997-1
Monthly Statement to Noteholders and Certificateholders
Servicer: KeyBank USA, N.A.
Indenture Trustee: Bankers Trust Company
Owner Trustee: Chase Manhattan Bank Delaware
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Collection Period: February 1 to February 28, 1997
Distribution Date: March 17, 1997
Statement for Class A and Class B Per $1,000 of Original
Pursuant to Section 5.6 of the Sale Class A/Class B
and Servicing Agreement Certificate Amount
-----------------------
(i) Principal Distribution
Class A-1 Note Amount 15,759,613.10 52.5320437
Class A-2 Note Amount 0.00 0.0000000
Class A-3 Note Amount 0.00 0.0000000
Class B Note Amount 0.00 0.0000000
Certificates Amount 0.00 0.0000000
(ii) Interest Distribution
Class A-1 Note Amount 1,170,000.00 3.9000000
Class A-2 Note Amount 266,200.00 4.0333333
Class A-3 Note Amount 189,178.10 4.1000000
Class B Note Amount 112,243.20 4.2666667
Certificates Amount 90,028.40 5.1333333
(iii) Total Pool Balance of 440,226,386.90
Notes and Certificates (end of
Collection Period)
(iv) Class A-1 Notes Balance (end 284,240,386.90
of Collection Period)
Class A-1 Pool Factor (end 0.9474680
of Collection Period)
Class A-2 Notes Balance (end 66,000,000.00
of Collection Period)
Class A-2 Pool Factor (end 1.0000000
of Collection Period)
Class A-3 Notes Balance (end 46,141,000.00
of Collection Period)
Class A-3 Pool Factor (end 1.0000000
of Collection Period)
Class B Notes Balance (end 26,307,000.00
of Collection Period)
Class B Pool Factor (end 1.0000000
of Collection Period)
Certificates Balance (end 17,538,000.00
of Collection Period)
Certificates Pool Factor (end 1.0000000
of Collection Period)
(v) Basic Servicing Fee 292,298.70 0.6410256
(vi) Aggregate Net Losses 10,131.02
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Exhibit 99
Key Auto Finance Trust 1997-1
Monthly Statement to Noteholders and Certificateholders
Servicer: KeyBank USA, N.A.
Indenture Trustee: Bankers Trust Company
Owner Trustee: Chase Manhattan Bank Delaware
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Collection Period: February 1 to February 28, 1997
Distribution Date: March 17, 1997
Statement for Class A and Class B
Noteholders and Certificateholders Per $1,000 of Original
Pursuant to Section 5.6 of the Sale Class A/Class B
and Servicing Agreement Certificate Amount
----------------------
(vii) Reserve Account Balance 13,209,161.48
after Giving Effect to Payments
Made on Distribution Date
Specified Reserve Account 13,209,161.48
Balance after Giving Effect to
Payments Made on Distribution
Date
Draws on Reserve Account 0.00
Deposits to Reserve Account 0.00
(viii) Class A-1 Notes Interest Carryover Shortfall 0.00 0.0000000
Class A-2 Notes Interest Carryover Shortfall 0.00 0.0000000
Class A-3 Notes InterestCarryover Shortfall 0.00 0.0000000
Class B Notes Interest Carryover Shortfall 0.00 0.0000000
Certificates Interest Carryover Shortfall 0.00 0.0000000
Class A-1 Notes Principal Carryover Shortfall 0.00 0.0000000
Class A-2 Notes Principal Carryover Shortfall 0.00 0.0000000
Class A-3 Notes Principal Carryover Shortfall 0.00 0.0000000
Class B Notes Principal Carryover Shortfall 0.00 0.0000000
Certificates Principal Carryover Shortfall 0.00 0.0000000
(ix) Additional Principal Distributable Amount 0.00
(x) Aggregate Purchase Amount of Receivables 0.00
Repurchased by the Seller or purchased by
Servicer
(xi) Delinquent Contracts
Number Balance
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30-59 Days 273 3,569,397.34
60-89 Days 2 48,462.11
90 Days or More 0 0.00
