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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): March 16, 1998
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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 NUMBER) (I.R.S
JURISDICTION EMPLOYER
OF INCORPORATION) IDENTIFICATION NO.)
c/o Key Bank USA, National Association, as Servicer, 4910 Tiedeman
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Road, 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 March 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
February 28, 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 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: March 20, 1998
Key Consumer Acceptance Corporation
By: /S/ Craig Platt
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Craig Platt
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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: March 20, 1998
Key Consumer Acceptance Corporation
By:
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Craig Platt
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Exhibit 99
<TABLE>
<CAPTION>
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: February 1, 1998 to February 28, 1998
Distribution Date: March 16, 1998
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>
(i) Principal Distribution
Class A-1 Note Amount 37,000,718.62 138.0623829
Class A-2 Note Amount 0.00 0.0000000
Class A-3 Note Amount 0.00 0.0000000
Class A-4 Note Amount 0.00 0.0000000
Class A-5 Note Amount 0.00 0.0000000
Class A-P Note Amount 0.00 0.0000000
Class B Note Amount 0.00 0.0000000
Class C Note Amount 0.00 0.0000000
Certificates Amount 0.00 0.0000000
(ii) Interest Distribution
Class A-1 Note Amount 833,O84.31 3.1085236
Class A-2 Note Amount 593,010.00 4.4925000
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 640,625.00 5.1250000
Class B Note Amount 334,005.00 5.2500000
Class C Note Amount 134,662.50 5.5416667
Certificates Amount 115,920.00 6.7083333
(iii) Total Pool Balance of Notes and Certificates (end of Collection Period) 965,364,162.95
(iv) Class A-1 Notes Balance (end of Collection Period) 153,364,162.95
Class A-1 Pool Factor (end of Collection Period) 0.5722543
Class A-2 Notes Balance (end of Collection Period) 132,000,000.00
Class A-2 Pool Factor (end of Collection Period) 1.0000000
Class A-3 Notes Balance (end of Collection Period) 150,000,000.00
Class A-3 Pool Factor (end of Collection Period) 1.0000000
Class A-4 Notes Balance (end of Collection Period) 148,000,000.00
Class A-4 Pool Factor (end of Collection Period) 1.0000000
</TABLE>
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<TABLE>
<CAPTION>
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: February 1, 1998 to February 28, 1998
Distribution Date: March 16, 1998
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>
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) 125,000,000.00
Class A-P Pool Factor (end of Collection Period) 1.0000000
Class B Notes Balance (end of Collection Period) 63,620,000.00
Class B Pool Factor (end of Collection Period) 1.0000000
Class C Notes Balance (end of Collection Period) 24,300,000.00
Class C Pool Factor (end of Collection Period) 1.0000000
Certificates Balance (end of Collection Period) 17,280,000.00
Certificates Pool Factor (end of Collection Period) 1.0000000
(v) Basic Servicing Fee 814,909.88 0.7790985
(vi) Aggregate Realized Losses 1,847,085.89
Aggregate Net Losses 1,133,019.52
(vii) Reserve Account Balance after Giving Effect to Payments 37,755,954.20
Made on Distribution Date
Specified Reserve Account Balance after Giving Effect to Payments 37,755,954.20
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 5,229,826.00
Made on Distribution Date
Specified Class C Reserve Account Balance after Giving Effect to 5,229,826.00
Payments Made on Distribution Date
Distribution to Seller from Class C Reserve Account 0.00
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
</TABLE>
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<TABLE>
<CAPTION>
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: February 1, 1998 to February 28, 1998
Distribution Date: March 16, 1998
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>
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
Certificates Principal Carryover Shortfall 0.00 0.0000000
(ix) Additional Principal Distributable Amount 3,007,722.17
(x) Aggregate Purchase Amount of Receivables Repurchased by the 0.00
Seller or purchased by Servicer
(xi) Delinquent Contracts
Number Balance
-------------------------------------
30-59 Days 1177 12,400,483.81
60-89 Days 291 3,063,453.17
90 Days or More 202 2,374,285.12
</TABLE>
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