KEY CONSUMER ACCEPTANCE CORP
8-K, 1998-11-24
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): November 9, 1998


                       Key Consumer Acceptance Corporation
             (Exact name of registrant as specified in its charter)

                                    Delaware
                            (State of Incorporation)


       33-12431                                           52-1995940
(Commission File Number)                    (IRS Employer Identification Number)


                     c/o Key Bank USA, National Association
                             Servicer/Administrator
                               4910 Tiedeman Road
                              Brooklyn, Ohio 44144
          (Address of principal executive offices, including zip code)


                                 (216) 689-3335
              (Registrant's telephone number, including area code)


<PAGE>   2




Item 5.  Other Events.
- -------  -------------

<TABLE>
<S>                                         <C>  
         Key Auto Finance Trust 1997-1      (Registration No. 33-12431, amended by File No. 
         -----------------------------       333-38211)

         Key Auto Finance Trust 1997-2      (Registration No. 33-12431, amended by File No. 
         -----------------------------       333-38211)

         AFG Receivables Trust 1997-A       (Registration No. 33-12431, amended by File No. 
         -----------------------------       333-38211)

         AFG Receivables Trust 1997-B       (Registration No. 33-12431, amended by File No. 
         -----------------------------       333-38211)
</TABLE>

         Pursuant to an Agreement and Plan of Merger dated as of June 15, 1998
between KeyCorp and McDonald & Company Investments, Inc. ("McDonald"), a
full-service investment banking and securities brokerage company headquartered
in Cleveland, Ohio, on October 23, 1998, McDonald was merged with and into
KeyCorp. On November 9, 1998, the merger of Key Capital Markets, Inc., a
wholly-owned broker-dealer subsidiary of KeyCorp, into McDonald & Company
Securities, Inc. (a wholly-owned subsidiary of the former McDonald) was
completed and the surviving entity was renamed McDonald Investments Inc., A
KeyCorp Company. McDonald Investments Inc., as successor to Key Capital Markets,
Inc., may engage in market making transactions in connection with the securities
offered by the trusts listed above.

         McDonald Investments Inc. is a member of the New York Stock
Exchange, Inc. and is an affiliate of the seller and servicer for
the trusts listed above.













<PAGE>   3


                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

Dated: November 19, 1998      KEY CONSUMER ACCEPTANCE CORPORATION

                              By: /s/ Richard S. Hawrylak
                                 --------------------------------------
                                      Richard S. Hawrylak
                                      Assistant Secretary






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