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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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): November 16, 1998
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KEY CONSUMER ACCEPTANCE CORPORATION
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(Exact Name of Registrant as Specified in its Charter)
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Delaware 333-12431 52-1995940
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(STATE OR OTHER JURISDICTION OF INCORPORATION) (COMMISSION FILE NUMBER) (I.R.S. EMPLOYER IDENTIFICATION NO.)
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c/o Key Bank USA, National Association, as Servicer, 4910 Tiedeman Road,
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Brooklyn, Ohio 44144, Attn: Yvonne M. Etling
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(Address of Principal Executive Offices)
Registrant's Telephone Number, Including Area Code: (216) 813-6501
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Exhibit Index on Page 4
Page 1 of 7 pages
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Item 5. OTHER EVENTS
On November 16, 1998, Key Auto Finance Trust 1997-2 (the "Trust") made its
regular monthly distribution of funds to holders of the Trust's Asset 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.
The Trust is hereby filing the Noteholder's and Certificateholder's Statement
reflecting the Trust's activities for the period ending October 31, 1998,
including a statistical summary of the delinquency and default characteristics
of the Trust's auto loan portfolio as of such date.
Item 7. EXHIBITS
Exhibit 20 - 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: November 20, 1998
Key Consumer Acceptance Corporation
By: /S/ Craig Platt
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Craig Platt
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EXHIBIT INDEX
EXHIBIT
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Page
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20 - Noteholder's and Certificateholder's Statement for November 16, 1998. 5-7
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Exhibit 20
KEY AUTO FINANCE TRUST 1997-2
MONTHLY STATEMENT TO NOTEHOLDERS AND CERTIFICATEHOLDERS
Servicer: Key Bank USA, N.A.
Indenture Trustee: Bankers Trust Company
Owner Trustee: Chase Manhattan Bank Delaware
Collection Period: October 1, 1998 to October 31, 1998
Distribution Date: November 16, 1998
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<CAPTION>
Statement for Class A, Class B and Class C Noteholders and Certificateholders Per $1,000 of Original
Pursuant to Section 5.6 of the Sale and Servicing Agreement Class A/B/C Note Amount
or Certificate Amount
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<S> <C> <C>
(i) Principal Distribution
Class A-1 Note Amount 0.00 0.0000000
Class A-2 Note Amount 21,403,803.44 162.1500261
Class A-3 Note Amount 168,773.07 1.1251538
Class A-4 Note Amount 0.00 0.0000000
Class A-5 Note Amount 0.00 0.0000000
Class A-P Note Amount 4,634,878.07 37.0790246
Class B Note Amount 2,283,892.85 35.8989760
Class C Note Amount 872,345.12 35.8989760
Certificates Amount 456,741.70 26.4318111
(ii) Interest Distribution
Class A-1 Note Amount 0.00 0.0000000
Class A-2 Note Amount 103,279.30 0.7824189
Class A-3 Note Amount 762,500.00 5.0833333
Class A-4 Note Amount 758,500.00 5.1250000
Class A-5 Note Amount 790,625.00 5.2083333
Class A-P Note Amount 518,846.58 4.1507727
Class B Note Amount 275,286.91 4.3270498
Class C Note Amount 110,988.82 4.5674413
Certificates Amount 100,797.32 5.8331781
(iii) Total Pool Balance of Notes and Certificates (end of Collection Period) 630,111,070.92
(iv) Class A-1 Notes Balance (end of Collection Period) 0.00
Class A-1 Pool Factor (end of Collection Period) 0.0000000
Class A-2 Notes Balance (end of Collection Period) 0.00
Class A-2 Pool Factor (end of Collection Period) 0.0000000
Class A-3 Notes Balance (end of Collection Period) 149,831,226.93
Class A-3 Pool Factor (end of Collection Period) 0.9988748
Class A-4 Notes Balance (end of Collection Period) 148,000,000.00
Class A-4 Pool Factor (end of Collection Period) 1.0000000
Class A-5 Notes Balance (end of Collection Period) 151,800,000.00
Class A-5 Pool Factor (end of Collection Period) 1.0000000
Class A-P Notes Balance (end of Collection Period) 96,603,477.78
Class A-P Pool Factor (end of Collection Period) 0.7728278
Class B Notes Balance (end of Collection Period) 50,151,707.41
Class B Pool Factor (end of Collection Period) 0.7883010
Class C Notes Balance (end of Collection Period) 19,155,713.45
Class C Pool Factor (end of Collection Period) 0.7883010
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KEY AUTO FINANCE TRUST 1997-2
MONTHLY STATEMENT TO NOTEHOLDERS AND CERTIFICATEHOLDERS
Servicer: Key Bank USA, N.A.
Indenture Trustee: Bankers Trust Company
Owner Trustee: Chase Manhattan Bank Delaware
Collection Period: October 1, 1998 to October 31, 1998
Distribution Date: November 16, 1998
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<CAPTION>
Statement for Class A, Class B and Class C Noteholders and Certificateholders Per $1,000 of Original
Pursuant to Section 5.6 of the Sale and Servicing Agreement Class A/B/C Note Amount
or Certificate Amount
-----------------------
<S> <C> <C>
Certificates Balance (end of Collection Period) 14,568,945.35
Certificates Pool Factor (end of Collection Period) 0.8431103
(v) Basic Servicing Fee 548,267.75 0.5241740
(vi) Aggregate Realized Losses 2,413,979.92
Aggregate Net Losses 1,682,635.25
(vii) Reserve Account Balance after Giving Effect to Payments 25,174,997.83
Made on Distribution Date
Specified Reserve Account Balance after Giving Effect to Payments 25,174,997.83
Made on Distribution Date
Distribution to Seller from Reserve Account 0.00
Draws on Reserve Account 0.00
Deposits to Reserve Account 0.00
Class C Reserve Account Balance after Giving Effect to Payments 4,720,312.09
Made on Distribution Date
Specified Class C Reserve Account Balance after Giving Effect to 4,720,312.09
Payments Made on Distribution Date
Distribution to Seller from Class C Reserve Account 214,097.67
Draws on Class C Reserve Account 0.00
Deposits to Class C 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 Interest Carryover Shortfall 0.00 0.0000000
Class A-4 Notes Interest Carryover Shortfall 0.00 0.0000000
Class A-5 Notes Interest Carryover Shortfall 0.00 0.0000000
Class A-P Notes Interest Carryover Shortfall 0.00 0.0000000
Class B Notes Interest Carryover Shortfall 0.00 0.0000000
Class C 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 A-4 Notes Principal Carryover Shortfall 0.00 0.0000000
Class A-5 Notes Principal Carryover Shortfall 0.00 0.0000000
Class A-P Notes Principal Carryover Shortfall 0.00 0.0000000
Class B Notes Principal Carryover Shortfall 0.00 0.0000000
Class C Notes Principal Carryover Shortfall 0.00 0.0000000
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KEY AUTO FINANCE TRUST 1997-2
MONTHLY STATEMENT TO NOTEHOLDERS AND CERTIFICATEHOLDERS
Servicer: Key Bank USA, N.A.
Indenture Trustee: Bankers Trust Company
Owner Trustee: Chase Manhattan Bank Delaware
Collection Period: October 1, 1998 to October 31, 1998
Distribution Date: November 16, 1998
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<CAPTION>
Statement for Class A, Class B and Class C Noteholders and Certificateholders Per $1,000 of Original
Pursuant to Section 5.6 of the Sale and Servicing Agreement Class A/B/C Note Amount
or Certificate Amount
-------------------------------
<S> <C> <C>
Certificates Principal Carryover Shortfall 0.00 0.0000000
(ix) Additional Principal Distributable Amount 1,274,078.23
(x) Aggregate Purchase Amount of Receivables Repurchased by the 0.00
Seller or purchased by Servicer
(xi) Delinquent Contracts
Number Balance
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30-59 Days 1737 16,702,110.83
60-89 Days 436 3,905,542.02
90 Days or More 411 3,789,371.86
ADDITIONAL INFORMATION REQUESTED BY BLOOMBERG:
Weighted Average Coupon of Remaining Portfolio (WAC) 0.1149869
Weighted Average Remaining Term of Remaining Portfolio 38.7414400
Net Loss Ratio as of Each Collection Period
(i) Second Preceding Collection Period 0.0072531
(ii) Preceding Collection Period 0.0074845
(iii) Current Collection Period 0.0078426
(vi) Three Month Average 0.0075267
Ending Portfolio Balance 629,374,945.66
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