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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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<S> <C> <C>
Delaware 333-12431 52-1995940
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(STATE OR OTHER JURISDICTION OF INCORPORATION) (COMMISSION FILE NUMBER) (I.R.S. EMPLOYER IDENTIFICATION NO.)
c/o Key Bank USA, National Association, as Servicer, 4910 Tiedeman Road, Brooklyn,
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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 6 pages
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Item 5. OTHER EVENTS
On November 16, 1998, Key Auto Finance Trust 1997-1 (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. 5-6
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Exhibit 20
KEY AUTO FINANCE TRUST 1997-1
MONTHLY STATEMENT TO NOTEHOLDERS AND CERTIFICATEHOLDERS
Servicer: Key Bank USA, N.A.
Indenture Trustee: Bankers Trust Company
Owner Trustee: Chase Manhattan Bank Delaware
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Collection Period: October 1 to October 31, 1998
Distribution Date: November 16, 1998
Statement for Class A and Class B Noteholders and Certificateholders Per $1,000 of Original
Pursuant to Section 5.6 of the Sale and Servicing Agreement Class A/Class B
Certificate Amount
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(i) Principal Distribution
Class A-1 Note Amount 9,465,099.06 31.5503302
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 167,658.93 0.5588631
Class A-2 Note Amount 332,750.00 5.0416667
Class A-3 Note Amount 236,472.63 5.1250000
Class B Note Amount 140,304.00 5.3333333
Certificates Amount 112,535.50 6.4166667
(iii) Total Pool Balance of Notes and Certificates (end of Collection Period) 180,912,477.22
(iv) Class A-1 Notes Balance (end of Collection Period) 24,926,477.22
Class A-1 Pool Factor (end of Collection Period) 0.0830883
Class A-2 Notes Balance (end of Collection Period) 66,000,000.00
Class A-2 Pool Factor (end of Collection Period) 1.0000000
Class A-3 Notes Balance (end of Collection Period) 46,141,000.00
Class A-3 Pool Factor (end of Collection Period) 1.0000000
Class B Notes Balance (end of Collection Period) 26,307,000.00
Class B Pool Factor (end of Collection Period) 1.0000000
Certificates Balance (end of Collection Period) 17,538,000.00
Certificates Pool Factor (end of Collection Period) 1.0000000
(v) Basic Servicing Fee 158,647.98 0.3479229
(vi) Aggregate Net Losses 512,769.19
(vii) Reserve Account Balance after Giving Effect to Payments 6,839,790.00
Made on Distribution Date
Specified Reserve Account Balance after Giving Effect to Payments 6,839,790.00
Made on Distribution Date
Draws on Reserve Account 0.00
Deposits to Reserve Account 0.00
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KEY AUTO FINANCE TRUST 1997-1
MONTHLY STATEMENT TO NOTEHOLDERS AND CERTIFICATEHOLDERS
Servicer: Key Bank USA, N.A.
Indenture Trustee: Bankers Trust Company
Owner Trustee: Chase Manhattan Bank Delaware
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Collection Period: October 1 to October 31, 1998
Distribution Date: November 16, 1998
Statement for Class A and Class B Noteholders and Certificateholders Per $1,000 of Original
Pursuant to Section 5.6 of the Sale and Servicing Agreement Class A/Class B
Certificate Amount
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<S> <C> <C>
(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 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 Repurchased by the 0.00
Seller or purchased by Servicer
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(xi) Delinquent Contracts
Number Balance
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<S> <C> <C> <C>
30-59 Days 587 5,524,316.32
60-89 Days 140 1,356,942.34
90 Days or More 161 1,264,375.20
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ADDITIONAL INFORMATION REQUESTED BY BLOOMBERG:
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Weighted Average Coupon of Remaining Portfolio (WAC) 0.1286898
Weighted Average Remaining Term of Remaining Portfolio 37.8538201
Net Loss Ratio as of Each Collection Period
(i) Second Preceding Collection Period 0.0031378
(ii) Preceding Collection Period 0.0018587
(iii) Current Collection Period 0.0026934
(vi) Three Month Average 0.0025633
Ending Portfolio Balance 180,912,477.22
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