<PAGE> 1
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
(Mark One)
X ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 1997
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ________TO________.
KEY CONSUMER ACCEPTANCE CORPORATION 333-12431
----------------------------------- ---------
Exact name of registrant as specified Commission
in its charter file number
Delaware 52-1995940
---------------------------------- ---------------------
State or other jurisdiction of IRS Employer
incorporation or organization Identification Number
c/o KeyBank USA, Servicer/Administrator
4910 Tiedeman Road,
Brooklyn, Ohio 44144
--------------------
(Address of Principal Executive Office)
Registrant's telephone number, including area code: (216) 689-3335
--------------
Securities registered pursuant to Section 12(b) of the Act: NONE
Securities registered pursuant to Section 12(g) of the Act: NONE
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the last 90 days. X Yes No
--- ---
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained herein, to
the best of the registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. {X}
Page 1
<PAGE> 2
PART I.
ITEM 1. BUSINESS
The Registrant, Key Consumer Acceptance Corporation, is the originator of Key
Auto Finance Trust 1997-1, AFG Receivables Trust 1997-A, AFG Receivables Trust
1997-B and Key Auto Finance Trust 1997-2. Each Trust was formed pursuant to a
Trust Agreement between Registrant, as Depositor, and Chase Manhattan Bank,
Delaware, as Owner Trustee, and dated as of February 21, 1997 as to Trust
1997-1, June 20, 1997 as to Trust 1997-A, September 23, 1997 as to Trust 1997-B,
and December 16, 1997 as to Trust 1997-2. In reliance on Registrant's Form S-3
Registration Statement (File Number 333-38211, amending File Number 333-12431),
each Trust has issued asset-backed notes and certificates.
ITEM 2. PROPERTIES
The assets of each Trust include a pool of motor vehicle promissory notes,
security agreements and retail installment sale contracts secured by new or used
automobiles and light duty trucks. Filed herewith are summaries of the Monthly
Reports for each Trust which sets forth the aggregate information for the
respective Trusts for 1997.
ITEM 3. LEGAL PROCEEDINGS
None.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
PART II.
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED
STOCKHOLDER MATTERS
As of December 31, 1997, there were 23 holders of record for the Class A-1
Notes, 10 holders of record for the Class A-2 Notes, 7 holders of record for the
Class A-3 Notes, 9 holders of record for the Class B Notes and 2 holders of
record for the Certificates of the Key Auto Finance Trust 1997-1.
As of December 31, 1997, there were 21 holders of record for the Class A Notes,
4 holders of record for the Class B Notes, 2 holders of record for the Class C
Notes, and 1 holder of record for the Certificate of the AFG Receivables Trust
1997-A.
As of December 31, 1997, there were 12 holders of record for the Class A Notes,
9 holders of record for the Class B Notes, 1 holder of record for the Class C
Notes, and 1 holder of record for the Certificate of the AFG Receivables Trust
1997-B.
As of December 31, 1997, there were 11 holders of record for the Class A-1
Notes, 8 holders of record for the Class A-2 Notes, 15 holders of record for the
Class A-3 Notes, 11 holders of record for the Class A-4 Notes, 17 holders of
record for the Class A-5 Notes, 25 holders of record for the Class A-P Notes, 4
holders of record for the Class B Notes, 4 holders of record for the Class C
Notes, and 2 holders of record for the Certificates of the Key Auto Finance
Trust 1997-2.
There is no established public market in which any of the Notes or Certificates
described above are traded.
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ITEM 6. SELECTED FINANCIAL DATA.
Omitted.
ITEM 7. MANAGEMENT'S DICUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS.
Omitted.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK.
Omitted.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
Omitted.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
ACCOUNTING AND FINANCIAL DISCLOSURE
None.
PART III
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.
Omitted.
ITEM 11. EXECUTIVE COMPENSATION.
Omitted.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT.
As of December 31, 1997, all of the Notes for each Trusts were registered in the
name of Cede & Co., as nominee of The Depository Trust Company. The books and
records of The Depository Trust Company indicate that each of the participant
institutions identified below are the record owner of in excess of five percent
(5%) of the respective classes of Notes issued by the Trusts. Only such
participant institutions, however , know the identity of the ultimate beneficial
owners of interests in such Notes. The books and records of the Trustee indicate
that the persons identified below are the record owner of in excess of five
percent (5%) of the Certificates issued by the Trusts. Notes and Certificates
registered in the name of the Registrant and its affiliates are set forth below,
regardless of the amount held.
Page 3
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ITEM 12. (continued)
- --------------------------------------------------------------------------------
KEY AUTO FINANCE TRUST 1997-1
<TABLE>
<CAPTION>
Name and Amount and Nature
Title of Address of Beneficial of Beneficial Ownership Percent of
Class Owner (in thousands) Class
- -------------------- ---------------------- ------------------------ -----------
<S> <C> <C> <C>
Trust 1997-1 The Bank of New York $114,075 38%
5.85% Asset Backed 925 Patterson Plank Road
Notes, Class A-1 Secaucus, NJ 07094
Chase Manhattan Bank $58,000 19%
4 New York Plaza, 13th Floor
New York, NY 10004
SSB - Custodian $63,000 21%
Global Corp Action Dept JAB5W
P.P. Box 1631
Boston, MA 02105-1631
SSB - Bank Portfolio $25,000 8.3%
225 Franklin Street
Boston, MA 02110
Trust 1997-1 Bankers Trust Company
6.05% Asset Backed c/o BT Services Tennessee Inc. $5,885 8.9%
Notes, Class A-2 648 Grassmere Park Drive
Nashville, TN 37211
Chase Manhattan Bank $6,000 9%
4 New York Plaza, 13th Floor
New York, NY 10004
Chase Manhattan Bank/Chemical $10,000 15%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
CITIBANK, N.A. $16,500 25%
P.O. Box 30576
Tampa, FL 33630-3576
Northern Trust Company
801 S. Canal C-IN $13,000 19.7%
Chicago, IL 60607
SSB - Custodian $8,000 12%
Global Corp Action Dept JAB5W
P.P. Box 1631
Boston, MA 02105-1631
</TABLE>
Page 4
<PAGE> 5
ITEM 12. (continued)
- --------------------------------------------------------------------------------
KEY AUTO FINANCE TRUST 1997-1 (CONTINUED)
<TABLE>
<CAPTION>
Name and Amount and Nature
Title of Address of Beneficial of Beneficial Ownership Percent of
Class Owner (in thousands) Class
- -------------------- ---------------------- ------------------------ -----------
<S> <C> <C> <C>
Trust 1997-1 Bank of New York $12,411 26.9%
6.15% Asset Backed 925 Patterson Plank Rd.
Notes, Class A-3 Secaucus, NJ 07094
Bankers Trust Company $2,480 5.3%
c/o BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211
Boston Safe Deposit and $10,395 22.5%
Trust Company
c/o Mellon Bank N.A.
Three Mellon Bank Center
Room 153-3015
Pittsburgh, PA 15259
NBD Bank $2,675 5.8%
611 Woodward Avenue
Detroit, MI 48226
SSB - Custodian $13,865 30%
Global Corp Action Dept JAB5W
P.P. Box 1631
Boston, MA 02105-1631
WACHOVIA Bank, N.A. $4,000 8.6%
100 N. Main Street, NC 37121
Winston-Salem, NC 27150
Trust 1997-1 Brown Brothers Harriman & Co. $2,107 8%
6.40% Asset Backed 63 Wall Street, 8th Floor
Notes, Class B New York, NY 10005
Chase Manhattan Bank $18,259 69.4%
4 New York Plaza, 13th Floor
New York, NY 10004
SSB - Custodian $2,550 9.7%
Global Corp Action Dept JAB5W
P.P. Box 1631
Boston, MA 02105-1631
</TABLE>
Page 5
<PAGE> 6
ITEM 12. (continued)
- --------------------------------------------------------------------------------
KEY AUTO FINANCE TRUST 1997-1 (CONTINUED)
<TABLE>
<CAPTION>
Name and Amount and Nature
Title of Address of Beneficial of Beneficial Ownership Percent of
Class Owner (in thousands) Class
- ------------------- ---------------------- ------------------------ -----------
<S> <C> <C> <C>
Trust 1997-1 CEDE & CO $2,538 14.5%
7.70% Asset Backed c/o The Depository Trust Company
Certificates P.O. Box 20
Bowling Green Station
New York, NY 10004
Prudential Insurance Company $15,000 85.5%
America - Structured Finance
One Gateway Center, 11th Floor
Newark, NJ 07102-5311
</TABLE>
- --------------------------------------------------------------------------------
AFG RECEIVABLES TRUST 1997-A
<TABLE>
<CAPTION>
Name and Amount and Nature
Title of Address of Beneficial of Beneficial Ownership Percent of
Class Owner (in thousands) Class
- ------------------- ---------------------- ------------------------ -----------
<S> <C> <C>
Trust 1997-A Bank of New York $18,175 24.6%
6.35% Asset Backed 925 Patterson Plank Road
Notes, Class A Secaucus, NJ 07094
Bank One Trust Company $6,000 8.1%
30 West Spring Street
Columbus, OH 43266-0581
Boston Safe Deposit and $4,350 5.9%
Trust Company
c/o Mellon Bank N.A.
Three Mellon Bank Center
Room 153-3015
Pittsburgh, PA 15259
Chase Manhattan Bank $6,190 8.3%
4 New York Plaza, 13th Floor
New York, NY 10004
Investors Bank & Trust/M.F. Custody $5,000 6.7%
200 Clarendon Street
15th Floor Hancock Tower
Boston, MA 02116
KeyBank National Association $1,000 1.2%
4900 Tiedeman Road
Brooklyn, Ohio 44144
</TABLE>
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<PAGE> 7
ITEM 12. (continued)
- --------------------------------------------------------------------------------
AFG RECEIVABLES TRUST 1997-A (CONTINUED)
<TABLE>
<CAPTION>
Name and Amount and Nature
Title of Address of Beneficial of Beneficial Ownership Percent of
Class Owner (in thousands) Class
-------- --------------------- ------------------------ ----------
<S> <C> <C> <C>
Trust 1997-A National City Bank $10,000 13.6%
6.35% Asset Backed 1900 East 9th Street
Notes, Class A Cleveland, Ohio 44114
(continued)
Northern Trust Company $3,750 5%
801 S. Canal C-IN
Chicago, IL 60607
SSB - Custodian $12,603 17%
Global Corp Action Dept JAB5W
P.P. Box 1631
Boston, MA 02105-1631
Trust 1997-A Bank of New York $8,000 42.8%
6.65% Asset Backed 925 Patterson Plank Road
Notes, Class B Secaucus, NJ 07094
Bank One Trust Company $6,701 35.8%
30 West Spring Street
Columbus, OH 43266-0581
Chase Manhattan Bank $3,000 16%
4 New York Plaza, 13th Floor
New York, NY 10004
Huntington National Bank $1,000 5.3%
Attn: Proxy Dept HC1040
41 South High Street
Columbus, OH 43287
Trust 1997-A First Union National Bank $9,000 81.8%
7.20% Asset Backed 401 South Tryon Street
Notes, Class C TR OPSCMG NC 1151
Charlotte, NC 28288
Northern Trust Company $2,000 18.2%
801 S. Canal C-IN
Chicago, IL 60607
Trust 1997-A Key Consumer Acceptance Corp. $6,601 100%
Certificate Key Bank USA
127 Public Square
Cleveland, OH 44114-1306
</TABLE>
Page 7
<PAGE> 8
ITEM 12. (continued)
- --------------------------------------------------------------------------------
AFG RECEIVABLES TRUST 1997-B
<TABLE>
<CAPTION>
Name and Amount and Nature
Title of Address of Beneficial of Beneficial Ownership Percent of
Class Owner (in thousands) Class
-------- --------------------- ------------------------ ----------
<S> <C> <C> <C>
Trust 1997-B Bankers Trust Company $26,478 35.9%
6.20% Asset Backed c/o BT Services Tennessee Inc.
Notes, Class A 648 Grassmere Park Drive
Nashville, TN 37211
Bank One Trust Company, N.A. $4,234 5.7%
235 W. Schrock Road
Brooksedge Village
Westerville, OH 43081
Boston Safe Deposit and $8,500 11.5%
Trust Company
c/o Mellon Bank N.A.
Three Mellon Bank Center
Room 153-3015
Pittsburgh, PA 15259
Chase Manhattan Bank/Chemical $4,998 6.8%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
CITIBANK, N.A. $8,863 12%
P.O. Box 30576
Tampa, FL 33630-3576
National City Bank $4,371 5.9%
1900 East 9th Street
Cleveland, OH 44114
Northern Trust Company $5,244 7.1%
801 S. Canal C-IN
Chicago, IL 60607
SSB - Custodian $6,780 9.1%
Global Corp Action Dept JAB5W
P.P. Box 1631
Boston, MA 02105-1631
</TABLE>
Page 8
<PAGE> 9
ITEM 12. (continued)
- --------------------------------------------------------------------------------
AFG RECEIVABLES TRUST 1997-B (CONTINUED)
<TABLE>
<CAPTION>
Name and Amount and Nature
Title of Address of Beneficial of Beneficial Ownership Percent of
Class Owner (in thousands) Class
-------- --------------------- ------------------------ ----------
<S> <C> <C> <C>
Trust 1997-B Bank of New York $5,000 26.7%
6.65% Asset Backed 925 Patterson Plank Road
Notes, Class B Secaucus, NJ 07094
Bankers Trust Company $5,350 28.6%
c/o BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211
SSB - Custodian $4,500 24%
Global Corp Action Dept JAB5W
P.P. Box 1631
Boston, MA 02105-1631
Star Bank, National Association $2,600 13.9%
P.O. Box 1118
Mail Location 6120
Cincinnati, OH 45201-1118
Trust 1997-B SSB - Custodian $11,000 100%
7.00% Asset Backed Global Corp Action Dept JAB5W
Notes, Class C P.P. Box 1631
Boston, MA 02105-1631
Trust 1997-B Key Consumer Acceptance Corp. $6,601 100%
Certificate Key Bank USA
127 Public Square
Cleveland, OH 44114-1306
</TABLE>
- --------------------------------------------------------------------------------
KEY AUTO FINANCE TRUST 1997-2
<TABLE>
<CAPTION>
Name and Amount and Nature
Title of Address of Beneficial of Beneficial Ownership Percent of
Class Owner (in thousands) Class
-------- --------------------- ------------------------ ----------
<S> <C> <C> <C>
Trust 1997-2 The Bank of New York $53,000 19.7%
5.835% Asset Backed 925 Patterson Plank Road
Notes, Class A-1 Secaucus, NJ 07094
</TABLE>
Page 9
<PAGE> 10
ITEM 12. (continued)
- --------------------------------------------------------------------------------
KEY AUTO FINANCE TRUST 1997-2 (CONTINUED)
<TABLE>
<CAPTION>
Name and Amount and Nature
Title of Address of Beneficial of Beneficial Ownership Percent of
Class Owner (in thousands) Class
-------- --------------------- ------------------------ ----------
<S> <C> <C> <C>
Trust 1997-2 Bankers Trust Company $14,000 5.2%
5.835% Asset Backed c/o BT Services Tennessee Inc.
Notes, Class A-1 648 Grassmere Park Drive
(continued) Nashville, TN 37211
CORESTATES Bank, N.A. $16,100 6%
P.O. Box 7618 F.C. #1-9-1-21
Philadelphia, PA 19106-7618
NBD Bank $50,000 18.6%
611 Woodward Avenue
Detroit, MI 48226
SSB - Custodian $36,000 13.4%
Global Corp Action Dept JAB5W
P.P. Box 1631
Boston, MA 02105-1631
SUNTRUST Bank, Atlanta $55,000 20.5%
c/o ADP Proxy Services
Trust 1997-2 Chase Manhattan Bank $19,000 14.3%
5.99% Asset Backed 4 New York Plaza, 13th Floor
Notes, Class A-2 New York, NY 10004
Northern Trust Company $24,000 18.2%
801 S. Canal C-IN
Chicago, IL 60607
SSB - Custodian $55,000 41.6%
Global Corp Action Dept JAB5W
P.P. Box 1631
Boston, MA 02105-1631
SSB - Bank Portfolio $25,000 18.9%
225 Franklin Street
Boston, MA 02110
Trust 1997-2 Chase Manhattan Bank $137,750 91.8%
6.11% Asset Backed 4 New York Plaza, 13th Floor
Notes, Class A-3 New York, NY 10004
KeyBank National Association $1,375 less than 1%
4900 Tiedeman Road
Brooklyn, Ohio 44144
</TABLE>
Page 10
<PAGE> 11
ITEM 12. (continued)
- --------------------------------------------------------------------------------
KEY AUTO FINANCE TRUST 1997-2 (CONTINUED)
<TABLE>
<CAPTION>
Name and Amount and Nature
Title of Address of Beneficial of Beneficial Ownership Percent of
Class Owner (in thousands) Class
-------- --------------------- ------------------------ ----------
<S> <C> <C> <C>
Trust 1997-2 The Bank of New York $11,800 7.9%
6.15% Asset Backed 925 Patterson Plank Road
Notes, Class A-4 Secaucus, NJ 07094
Bankers Trust Company $14,800 10%
c/o BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211
Boston Safe Deposit and $33,500 22.6%
Trust Company
c/o Mellon Bank N.A.
Three Mellon Bank Center
Room 153-3015
Pittsburgh, PA 15259
Chase Manhattan Bank $70,100 47.3%
4 New York Plaza, 13th Floor
New York, NY 10004
SSB - Custodian $14,000 9.4%
Global Corp Action Dept JAB5W
P.P. Box 1631
Boston, MA 02105-1631
Trust 1997-2 The Bank of New York $22,850 15.1%
6.25% Asset Backed 925 Patterson Plank Road
Notes, Class A-5 Secaucus, NJ 07094
Bankers Trust Company $17,770 11.7%
c/o BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211
Brown Brothers Harriman & Co. $9,530 6.27%
63 Wall Street, 8th Floor
New York, NY 10005
Chase Manhattan Bank $40,740 26.8%
4 New York Plaza, 13th Floor
New York, NY 10004
</TABLE>
Page 11
<PAGE> 12
ITEM 12. (continued)
- --------------------------------------------------------------------------------
KEY AUTO FINANCE TRUST 1997-2 (CONTINUED)
<TABLE>
<CAPTION>
Name and Amount and Nature
Title of Address of Beneficial of Beneficial Ownership Percent of
Class Owner (in thousands) Class
-------- --------------------- ------------------------ ----------
<S> <C> <C> <C>
Trust 1997-2 Chase Manhattan Bank $9,250 6%
6.25% Asset Backed Correspondence Clearance Services
Notes, Class A-5 4 New York Plaza, 11th Floor
(continued) New York, NY 10014
KeyBank National Association $950 less than 1%
4900 Tiedeman Road
Brooklyn, Ohio 44144
Northern Trust Company $23,150 15.2%
801 S. Canal C-IN
Chicago, IL 60607
SB - Custodian $20,345 13.4%
Global Corp Action Dept JAB5W
P.P. Box 1631
Boston, MA 02105-1631
Trust 1997-2 Bankers Trust Company $8,725 6.9%
6.15% Asset Backed c/o BT Services Tennessee Inc.
Notes, Class A-P 648 Grassmere Park Drive
Nashville, TN 37211
Boston Safe Deposit and . $27,725 22.2%
Trust Company
c/o Mellon Bank N.A.
Three Mellon Bank N.A.
Pittsburgh, PA 15259
Chase Manhattan Bank $35,175 28.1%
4 New York Plaza, 13th Floor
New York, NY 10004
Fifth Third Bank/ $31,000 24.8%
State Teachers Retirement of Ohio
275 East Broad Street
Columbus, Ohio 43215
Northern Trust Company $6,325 5%
801 S. Canal C-IN
Chicago, IL 60607
</TABLE>
Page 12
<PAGE> 13
ITEM 12. (continued)
- --------------------------------------------------------------------------------
KEY AUTO FINANCE TRUST 1997-2 (CONTINUED)
<TABLE>
<CAPTION>
Name and Amount and Nature
Title of Address of Beneficial of Beneficial Ownership Percent of
Class Owner (in thousands) Class
-------- --------------------- ------------------------ ----------
<S> <C> <C> <C>
Trust 1997-2 Bank of New York $11,050 17.4%
6.30% Asset Backed 925 Patterson Plank Road
Notes, Class B Secaucus, NJ 07094
Brown Brothers Harriman & Co. $5,930 9.3%
63 Wall Street, 8th Floor
New York, NY 10005
Chase Manhattan Bank $43,680 68.7%
4 New York Plaza, 13th Floor
New York, NY 10004
Trust 1997-2 Bank of New York $8,520 35%
6.65% Asset Backed 925 Patterson Plank Road
Notes, Class C Secaucus, NJ 07094
Brown Brothers Harriman & Co. $1,740 7.1%
63 Wall Street, 8th Floor
New York, NY 10005
Chase Manhattan Bank $9,040 37.2%
4 New York Plaza, 13th Floor
New York, NY 10004
First Union National Bank $5,000 20.5%
401 South Tryon Street
TR OPSCMG NC 1151
Charlotte, NC 28288
Trust 1997-2 Credit Suisse/First Boston $17,200 99.5%
8.05% Asset Backed 5 World Trade Center 7th Floor
Certificates New York, NY 10048
Key Consumer Acceptance Corp. $80 less than 1%
Key Bank USA
127 Public Square
Cleveland, OH 44114-1306
</TABLE>
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
None.
Page 13
<PAGE> 14
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM
8-K
(a) (1) FINANCIAL STATEMENTS
Not applicable.
(a) (2) FINANCIAL STATEMENT SCHEDULES
Not applicable.
(a) (3) EXHIBITS
<TABLE>
<CAPTION>
Designation Description Method of Filing
----------- ----------- ----------------
<S> <C> <C>
Exhibit 99.1 Key Auto Finance Trust 1997-1 Filed with this report.
Officers Certificate dated as of
March 26, 1998, for the year ending
December 31, 1997.
Exhibit 99.2 Key Auto Finance Trust 1997-1 Filed with this report.
Report of Independent Accountants
on internal control over securitized
receivables.
Exhibit 99.3 Key Auto Finance Trust 1997-1 Filed with this report.
Management's Report on Internal
Control over Securitized Receivables.
Exhibit 99.4 Summary of Monthly Reports, Filed with this report.
Key Auto Finance Trust 1997-1
Exhibit 99.5 Summary of Monthly Reports, Filed with this report.
AFG Receivables Trust 1997-A
Exhibit 99.6 Summary of Monthly Reports, Filed with this report.
AFG Receivables Trust 1997-B
Exhibit 99.7 Summary of Monthly Reports, Filed with this report.
Key Auto Finance Trust 1997-2
</TABLE>
Note: Pursuant to the Sale and Servicing Agreement which each Trust
entered into with Registrant, as Seller, KeyBank USA, National Association, as
Servicer, and Bankers Trust Company, as Indenture Trustee, and dated as of
February 21, 1997 as to Trust 1997-1, June 20, 1997 as to Trust 1997-A,
September 23, 1997 as to Trust 1997-B and December 16, 1997 as to Trust 1997-2
(each a "Sale and Servicing Agreement"), Servicer is required to provide
annually, by specified dates, for specified periods, an Officer's Certificate
with respect to the performance of its obligations as Servicer under the
pertinent Sale and Servicing Agreement and a Report of Independent Certified
Public Accountants with respect to said performance. As of the date hereof, only
the Officer's Certificate and Accountants' Report with respect to the Trust
1997-1 Sale and Servicing Agreement are required and have been prepared. Such
Certificate and Report are attached hereto as Exhibits 99.1 and 99.2. As
Servicer delivers the required Officer's Certificates and Accountants' Reports
for the other Trusts, pursuant to the pertinent Sale and Servicing Agreement,
such items will be included in Registrant's future Current Report on Form 8-K
filings.
Page 14
<PAGE> 15
ITEM 14. (continued)
<TABLE>
<CAPTION>
Form 8-K's filed during last quarter of 1997:
---------------------------------------------
<S> <C>
Monthly Statement to Noteholders Key Consumer Acceptance Corporation
and Certificateholders for the period Form 8-K dated October 21, 1997.
September 1, 1997-September 30, 1997
Key Auto Finance Trust 1997-1
Monthly Statement to Noteholders Key Consumer Acceptance Corporation
and Certificateholders for the period Form 8-K dated November 21, 1997.
October 1, 1997-October 31, 1997
Key Auto Finance Trust 1997-1
Monthly Statement to Noteholders Key Consumer Acceptance Corporation
and Certificateholders for the period Form 8-K dated December 16, 1997.
November 1, 1997-November 30, 1997
Key Auto Finance Trust 1997-1
Monthly Servicer Report for the Key Consumer Acceptance Corporation
period September 1 - 30, 1997 Form 8-K dated October 29, 1997. AFG
Receivables Trust 1997-A
Monthly Servicer Report for the Key Consumer Acceptance Corporation
period October 1 - 31, 1997 Form 8-K dated November 20, 1997.
AFG Receivables Trust 1997-A
Monthly Servicer Report for the Key Consumer Acceptance Corporation
period November 1 - 30, 1997 Form 8-K dated December 26, 1997.
AFG Receivables Trust 1997-A
Monthly Servicer Report for the Key Consumer Acceptance Corporation
period September 1 - 30, 1997 Form 8-K dated October 29, 1997.
AFG Receivables Trust 1997-B
Monthly Servicer Report for the Key Consumer Acceptance Corporation
period October 1 - 31, 1997 Form 8-K dated November 20, 1997.
AFG Receivables Trust 1997-B
Monthly Servicer Report for the Key Consumer Acceptance Corporation
period November 1 - 30, 1997 Form 8-K dated December 26, 1997.
AFG Receivables Trust 1997-B
</TABLE>
Page 15
<PAGE> 16
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.
Date: March 27, 1998 RE: Key Auto Finance Trust 1997-1
AFG Receivables Trust, 1997-A
AFG Receivables Trust, 1997-B
Key Auto Finance Trust 1997-2
Key Consumer Acceptance Corporation, Registrant
By: /S/ Craig T. Platt
-------------------------------------------
Name: Craig T. Platt
Title: President & Chief Executive Officer
Page 16
<PAGE> 1
Exhibit 99.1
KEY AUTO FINANCE TRUST 1997-1
OFFICER'S CERTIFICATE OF SERVICER
To: Chase Manhattan Bank Delaware, as Owner Trustee
Bankers Trust Company, as Indenture Trustee
Moody's Investors Service, Inc.
Standard & Poor's Ratings Group
Fitch Investors Service, L.P.
Pursuant to Section 4.10 of the Sale and Servicing Agreement dated as
of February 21, 1997 among Key Auto Finance Trust 1997-1, as Issuer, Key
Consumer Acceptance Corporation, as Seller, Key Bank USA, National Association,
as Servicer and Bankers Trust Company, as Indenture Trustee (the "Agreement"),
the undersigned hereby certifies that (i) a review of the activities of Servicer
from the Closing Date (February 21, 1997) through December 31, 1997, and of its
performance under the Agreement has been made under the undersigned officer's
supervision and (ii) to the best of the undersigned officer's knowledge, based
on such review, Servicer has fulfilled all its obligations in all material
respects under the Agreement throughout such period.
IN WITNESS WHEREOF, I have executed this Certificate this 26th day of
March, 1998.
KEY BANK USA, NATIONAL ASSOCIATION
as Servicer
By: /S/ Craig T. Platt
---------------------------------------
Craig T. Platt
Senior Vice President
Page 17
<PAGE> 1
Exhibit 99.2
Report of Independent Accountants
To the Board of Directors of
Key Bank USA, National Association
We have examined management's assertion, included in the accompanying Report of
Management on Internal Control over Securitized Receivables, that Key Bank USA,
National Association maintained effective internal control over servicing
securitized receivables of Key Consumer Acceptance Corp. as of December 31,
1997.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
obtaining an understanding of internal control over servicing of securitized
receivables, testing and evaluating the design and operating effectiveness of
the internal control, and such other procedures as we considered necessary in
the circumstances. We believe that our examination provides a reasonable basis
for our opinion.
Because of the inherent limitations in any internal control, errors or fraud may
occur and not be detected. Also, projections of any evaluation of internal
control over servicing securitized receivables to future periods are subject to
the risk that internal control may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or procedures may
deteriorate.
In our opinion, management's assertion, that that Key Bank USA, National
Association maintained effective internal control over servicing securitized
receivables of Key Consumer Acceptance Corp. as of December 31, 1997, is fairly
stated, in all material respects, based upon criteria established in "Internal
Control - Integrated Framework" issued by the Committee of Sponsoring
Organizations of the Treadway Commission.
Ernst & Young LLP
March 27, 1998
Page 18
<PAGE> 1
Exhibit 99.3
MANAGEMENT REPORT ON INTERNAL CONTROL OVER
SERVICING OF SECURITIZED RECEIVABLES
March 27, 1998
Key Bank USA, National Association management is responsible for establishing
and maintaining effective internal control over servicing of securitized
receivables, which is designed to provide reasonable assurance regarding the
proper servicing of securitized receivables activity and balances. The system
contains monitoring mechanisms, and actions are taken to correct deficiencies as
they are identified.
There are inherent limitations in the effectiveness of any internal control
including the possibility of human error and the circumvention or overriding of
controls - and therefore can provide only reasonable assurance with respect to
servicing of securitized receivables. Further, because of changes in conditions,
the effectiveness of internal control may vary over time.
Key Bank USA, National Association management assessed its internal control over
servicing of securitized receivables as of December 31, 1997. This assessment
was based on criteria for effective internal control described in "Internal
Control- Integrated Framework" issued by the Committee of Sponsoring
Organizations of the Treadway Commission. Based on this assessment, management
believes that Key Bank USA, National Association maintained effective internal
control over servicing of securitized receivables as of December 31, 1997.
/S/ Craig T. Platt
- ------------------------------------------
Craig T. Platt
President and Chief Executive Officer
Key Consumer Acceptance Corporation
and
Senior Vice President
Key Bank USA, National Association
/S/ John T. Largent, Jr.
- ------------------------------------------
John T. Largent, Jr.
Executive Vice President and
Group Manager of Loan Services
Key Services Corp.
Page 19
<PAGE> 1
Exhibit 99.4
Key Auto Finance Trust 1997-1
Summary 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, 1997 to December 31, 1997
<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 147,655,808.20 492.1860273
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 10,959,290.71 36.5309690
Class A-2 Note Amount 3,260,950.00 49.4083333
Class A-3 Note Amount 2,317,431.77 50.2250010
Class B Note Amount 1,374,979.20 52.2666667
Certificates Amount 1,102,847.90 62.8833333
(iii) Total Pool Balance of Notes and Certificates (end of Collection Period) 308,330,191.80
(iv) Class A-1 Notes Balance (end of Collection Period) 152,344,191.80
Class A-1 Pool Factor (end of Collection Period) 0.5078140
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 3,066,239.30 6.7244154
(vi) Aggregate Net Losses 9,382,406.76
</TABLE>
Page 20
<PAGE> 2
Exhibit 99.4 (continued)
Key Auto Finance Trust 1997-1
Summary 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, 1997 to December 31, 1997
<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 9,250,100.97
Made on Distribution Date
Specified Reserve Account Balance after Giving Effect to Payments 9,250,100.97
Made on Distribution Date
Draws on Reserve Account 4,397.28
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 74,901.66
Seller or purchased by Servicer
(xi) Delinquent Contracts Number Balance
----------------------------------
30-59 Days 651 $7,175,513.70
60-89 Days 176 $2,035,476.52
90 Days or More 235 $1,798,258.12
</TABLE>
Page 21
<PAGE> 1
Exhibit 99.5
AFG Receivables Trust 1997-A
Summary Statement to Noteholders and Certificateholders
Servicer: Key Bank USA, N.A.
Sub Servicer: Auto Finance Group, Inc.
Indenture Trustee: Bankers Trust Company
Owner Trustee: Chase Manhattan Bank Delaware
Collection Period: June 1, 1997 through December 31, 1997
<TABLE>
<CAPTION>
Statement for Class A, Class B and Class C Noteholders and Certificateholders Per $1,000 of Outstanding
Pursuant to Section 5.6 of the Sale and Servicing Agreement Class A/Class B/Class C
Total for Period Certificate Amount
---------------- ------------------
<S> <C> <C>
(i) Principal Distribution
Class A Note Amount 16,430,705 222.9312948
Class B Note Amount 4,169,038 222.9312951
Class C Note Amount 2,452,244 222.9312945
Certificates Amount 986,524 149.4292393
(ii) Interest Distribution
Class A Note Amount 2,435,940 33.0507632
Class B Note Amount 647,283 34.61221646
Class C Note Amount 412,224 37.47488182
(iii) Total Pool Balance of Notes and Certificates (end of Collection Period) 85,967,434
(iv) Class A Notes Balance (end of Collection Period) 57,272,295
Class A Pool Factor (end of Collection Period) 0.7814799
Class B Notes Balance (end of Collection Period) 14,531,962
Class B Pool Factor (end of Collection Period) 0.7770687
Class C Notes Balance (end of Collection Period) 8,547,756
Class C Pool Factor (end of Collection Period) 0.7770687
Certificates Balance (end of Collection Period) 5,615,421
(v) Basic Servicing Fee 2,064,237 18.76477713
(vi) Aggregate Net Losses 6,838,630
(vii) Reserve Account Balance after Giving Effect to Payments
Made on Distribution Date 2,925,227
Specified Reserve Account Balance after Giving Effect to Payments
Made on Distribution Date 12,895,115
Draws on Reserve Account 489,983
Deposits to Reserve Account 1,765,121
</TABLE>
Page 22
<PAGE> 2
Exhibit 99.5 (continued)
AFG Receivables Trust 1997-A
Summary Statement to Noteholders and Certificateholders
Servicer: Key Bank USA, N.A.
Sub Servicer: Auto Finance Group, Inc.
Indenture Trustee: Bankers Trust Company
Owner Trustee: Chase Manhattan Bank Delaware
Collection Period: June 1, 1997 through December 31, 1997
<TABLE>
<CAPTION>
Statement for Class A, Class B and Class C Noteholders and Certificateholders Per $1,000 of Outstanding
Pursuant to Section 5.6 of the Sale and Servicing Agreement Class A/Class B/Class C
Total for Period Certificate Amount
---------------- ------------------
<S> <C> <C>
(viii) Class A Notes Interest Carryover Shortfall 0 0
Class B Notes Interest Carryover Shortfall 0 0
Class C Notes Interest Carryover Shortfall 0 0
Class A Notes Principal Carryover Shortfall 0 0
Class B Notes Principal Carryover Shortfall 0 0
Class C Notes Principal Carryover Shortfall 0 0
(ix) Aggregate Purchase Amount of Receivables Repurchased by the Seller
or purchased by Servicer 0
(x) Delinquent Contracts Number Balance
---------------------------------
30-59 Days 206 2,386,409
60-89 Days 0 0
90 Days or More 0 0
</TABLE>
Page 23
<PAGE> 1
Exhibit 99.6
AFG Receivables Trust 1997-B
Summary Statement to Noteholders and Certificateholders
Servicer: Key Bank USA, N.A.
Sub Servicer: Auto Finance Group, Inc.
Indenture Trustee: Bankers Trust Company
Owner Trustee: Chase Manhattan Bank Delaware
Collection Period: September 1, 1997 through December 31, 1997
<TABLE>
<CAPTION>
Statement for Class A, Class B and Class C Noteholders and Certificateholders Per $1,000 of Outstanding
Pursuant to Section 5.6 of the Sale and Servicing Agreement Class A/Class B/Class C
Total for Period Certificate Amount
---------------- ------------------
<S> <C> <C>
(i) Principal Distribution
Class A Note Amount 8,385,671 76.23026698
Class B Note Amount 2,127,621 28.8674944
Class C Note Amount 1,251,542 66.92378536
Certificates Amount 232,436 21.13055636
(ii) Interest Distribution
Class A Note Amount 1,367,369 18.55242622
Class B Note Amount 358,122 19.14986739
Class C Note Amount 230,409 20.94628818
(iii) Total Pool Balance of Notes and Certificates (end of Collection Period) 98,007,210
(iv) Class A Notes Balance (end of Collection Period) 65,317,329
Class A Pool Factor (end of Collection Period) 0.8909384
Class B Notes Balance (end of Collection Period) 16,573,379
Class B Pool Factor (end of Collection Period) 0.8862235
Class C Notes Balance (end of Collection Period) 9,748,458
Class C Pool Factor (end of Collection Period) 0.8862235
Certificates Balance (end of Collection Period) 6,369,044
(v) Basic Servicing Fee 1,240,396 11.27587089
(vi) Aggregate Net Losses 3,190,717
(vii) Reserve Account Balance after Giving Effect to Payments
Made on Distribution Date 3,165,701
Specified Reserve Account Balance after Giving Effect to Payments
Made on Distribution Date 14,701,082
Draws on Reserve Account 127,841
Deposits to Reserve Account 1,643,475
</TABLE>
Page 24
<PAGE> 2
Exhibit 99.6 (continued)
AFG Receivables Trust 1997-B
Summary Statement to Noteholders and Certificateholders
Servicer: Key Bank USA, N.A.
Sub Servicer: AutoFinance Group, Inc.
Indenture Trustee: Bankers Trust Company
Owner Trustee: Chase Manhattan Bank Delaware
Collection Period: September 1, 1997 through December 31, 1997
<TABLE>
<CAPTION>
Statement for Class A, Class B and Class C Noteholders and Certificateholders Per $1,000 of Outstanding
Pursuant to Section 5.6 of the Sale and Servicing Agreement Class A/Class B/Class C
Total for Period Certificate Amount
---------------- ------------------
<S> <C> <C>
(viii) Class A Notes Interest Carryover Shortfall 0 0
Class B Notes Interest Carryover Shortfall 0 0
Class C Notes Interest Carryover Shortfall 0 0
Class A Notes Principal Carryover Shortfall 0 0
Class B Notes Principal Carryover Shortfall 0 0
Class C Notes Principal Carryover Shortfall 0 0
(ix) Aggregate Purchase Amount of Receivables Repurchased by the Seller or
purchased by Servicer 0
(x) Delinquent Contracts Number Balance
---------------------------------
30-59 Days 215 2,613,788
60-89 Days 0 0
90 Days or More 0 0
</TABLE>
Page 25
<PAGE> 1
Exhibit 99.7
Key Auto Finance Trust 1997-2
Summary Statement to Noteholders and Certificateholders
Servicer: Key Bank USA, N.A.
Indenture Trustee: Bankers Trust Company
Owner Trustee: Chase Manhattan Bank Delaware
Collection Period: December 1, 1997 to December 31, 1997
<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/Class B/Class C
Certificate Amount
------------------
<S> <C> <C>
(i) Principal Distribution
Class A-1 Note Amount 0.00 0.0000000
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 0.00 0.0000000
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
(iii) Total Pool Balance of Notes and Certificates (end of Collection Period) 1,080,000,000.00
(iv) Class A-1 Notes Balance (end of Collection Period) 268,000,000.00
Class A-1 Pool Factor (end of Collection Period) 1.0000000
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
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
</TABLE>
Page 26
<PAGE> 2
Exhibit 99.7 (continued)
Key Auto Finance Trust 1997-2
Summary Statement to Noteholders and Certificateholders
Servicer: Key Bank USA, N.A.
Indenture Trustee: Bankers Trust Company
Owner Trustee: Chase Manhattan Bank Delaware
Collection Period: December 1, 1997 to December 31, 1997
<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/Class B/Class C
Certificate Amount
------------------
<S> <C> <C>
(iv) (continued)
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 00.00 0.0000000
(vi) Aggregate Net Losses 00.00
(vii) Reserve Account Balance after Giving Effect to Payments 41,838,607.00
Made on Distribution Date
Specified Reserve Account Balance after Giving Effect to Payments 41,838,607.00
Made on Distribution Date
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
Class C Specified Reserve Account Balance after Giving Effect to Payments 5,229,826.00
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 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
</TABLE>
Page 27
<PAGE> 3
Exhibit 99.7 (continued)
Key Auto Finance Trust 1997-2
Summary Statement to Noteholders and Certificateholders
Servicer: Key Bank USA, N.A.
Indenture Trustee: Bankers Trust Company
Owner Trustee: Chase Manhattan Bank Delaware
Collection Period: December 1, 1997 to December 31, 1997
<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/Class B/Class C
Certificate Amount
------------------
<S> <C> <C>
(viii) (continued)
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 0.00
(x) Aggregate Purchase Amount of Receivables Repurchased by the 0.00
Seller or purchased by Servicer
(xi) Delinquent Contracts Number Balance
---------------------------------
30-59 Days 0 $0.00
60-89 Days 0 $0.00
90 Days or More 0 $0.00
</TABLE>
Page 28
