KEY CONSUMER ACCEPTANCE CORP
8-K, 1998-04-22
ASSET-BACKED SECURITIES
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<PAGE>   1



                       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):         April 15, 1998
                                                   -----------------------------





                       KEY CONSUMER ACCEPTANCE CORPORATION
- --------------------------------------------------------------------------------
             (Exact Name of Registrant as Specified in its Charter)



<TABLE>
                  <S>                                  <C>                           <C>
                  Delaware                             333-12431                     52-1995940
- ----------------------------------------------------------------------------------------------------------------
(STATE OR OTHER JURISDICTION OF INCORPORATION)   (COMMISSION FILE NUMBER)   (I.R.S. EMPLOYER IDENTIFICATION NO.)
</TABLE>


c/o Key Bank USA, National Association, as Servicer, 4910 Tiedeman Road,
- --------------------------------------------------------------------------------
Brooklyn, Ohio 44144, Attn: Yvonne M. Etling
- --------------------------------------------------------------------------------
                    (Address of Principal Executive Offices)


Registrant's Telephone Number, Including Area Code: (216) 813-6501
                                                    ----------------------------




                             Exhibit Index on Page 4
                                Page 1 of 6 pages


<PAGE>   2


Item 5.       OTHER EVENTS

On April 15, 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 March 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







<PAGE>   3



                                    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 20, 1998


                                       Key Consumer Acceptance Corporation



                                       By:           /S/ CRAIG PLATT
                                           -------------------------------------
                                                     Craig Platt


<PAGE>   4


                                  EXHIBIT INDEX





EXHIBIT


<TABLE>
<CAPTION>
                                                                                        Page

<C>                                                                                      <C>
20  -  Noteholder's and Certificateholder's Statement for April 15, 1998.                5-6
</TABLE>




<PAGE>   1
                                                                      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


Collection Period:  March 1 to March 31, 1998
Distribution Date:  April 15, 1998

<TABLE>
<CAPTION>
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
                                                                                                -----------------------------
<S>                                                                                  <C>                                  <C>
(i)    Principal Distribution
          Class A-1 Note Amount                                                      13,746,873.55                        45.8229118
          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                                                         558,469.56                         1.8615652
          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)      256,796,986.96


(iv)   Class A-1 Notes Balance (end of Collection Period)                           100,810,986.96
       Class A-1 Pool Factor (end of Collection Period)                                                                    0.3360366
       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                                                              222,715.00                         0.4884251


(vi)   Aggregate Net Losses                                                             889,768.29
</TABLE>



                                     Page 1
<PAGE>   2
                          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


Collection Period:  March 1 to March 31, 1998
Distribution Date:  April 15, 1998

<TABLE>
<CAPTION>
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
                                                                                                -----------------------------
<S>                                                                                  <C>                                  <C>
(vii)   Reserve Account Balance after Giving Effect to Payments                       7,704,804.79
       Made on Distribution Date
        Specified Reserve Account Balance after Giving Effect to Payments             7,704,804.79
       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 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 Seller                     0.00
       or purchased by Servicer


(xi)  Delinquent Contracts
                                                                             Number                          Balance
                                                              ------------------------------------------------------------------
           30-59 Days                                                         479                             5,216,207.68
           60-89 Days                                                          83                               738,137.29
           90 Days or More                                                    257                             1,504,611.16
</TABLE>




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