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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): July 15, 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.)
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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 July 15, 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 June 30, 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: July 20, 1998
Key Consumer Acceptance Corporation
By: /S/ Craig Platt
-----------------------------------
Craig Platt
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EXHIBIT INDEX
EXHIBIT
Page
20 - Noteholder's and Certificateholder's Statement for July 15, 1998. 5-7
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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: June 1, 1998 to June 30, 1998
Distribution Date: July 15, 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>
(i) Principal Distribution
Class A-1 Note Amount 30,904,183.22 115.3141165
Class A-2 Note Amount 6,207,559.37 47.0269649
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 1,333,697.01 10.6695761
Class B Note Amount 434,348.69 6.8272350
Class C Note Amount 165,901.81 6.8272350
Certificates Amount 88,223.42 5.1055218
(ii) Interest Distribution
Class A-1 Note Amount 150,271.59 0.5607149
Class A-2 Note Amount 658,900.00 4.9916667
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) 803,770,269.70
(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) 125,792,440.63
Class A-2 Pool Factor (end of Collection Period) 0.9529730
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
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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: June 1, 1998 to June 30, 1998
Distribution Date: July 15, 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>
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) 123,666,302.99
Class A-P Pool Factor (end of Collection Period) 0.9893304
Class B Notes Balance (end of Collection Period) 63,185,651.31
Class B Pool Factor (end of Collection Period) 0.9931728
Class C Notes Balance (end of Collection Period) 24,134,098.19
Class C Pool Factor (end of Collection Period) 0.9931728
Certificates Balance (end of Collection Period) 17,191,776.58
Certificates Pool Factor (end of Collection Period) 0.9948945
(v) Basic Servicing Fee 691,433.37 0.6610482
(vi) Aggregate Realized Losses 2,443,767.82
Aggregate Net Losses 1,824,343.46
(vii) Reserve Account Balance after Giving Effect to Payments 31,732,075.86
Made on Distribution Date
Specified Reserve Account Balance after Giving Effect to Payments 31,732,075.86
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
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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: June 1, 1998 to June 30, 1998
Distribution Date: July 15, 1998
<TABLE>
<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>
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
Certificates Principal Carryover Shortfall 0.00 0.0000000
(ix) Additional Principal Distributable Amount 2,715,766.72
(x) Aggregate Purchase Amount of Receivables Repurchased by the
Seller or purchased by Servicer 0.00
(xi) Delinquent Contracts
Number Balance
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30-59 Days 1394 14,077,742.97
60-89 Days 304 3,131,117.54
90 Days or More 315 3,145,186.79
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