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Previous: KEY CONSUMER ACCEPTANCE CORP, 8-K, 1998-05-22 |
Next: RANKIN AUTOMOTIVE GROUP INC, 10KSB40, 1998-05-22 |
<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): May 15, 1998
------------------------
KEY CONSUMER ACCEPTANCE CORPORATION
- --------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in its Charter)
Delaware 333-12431 52-1995940
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(STATE OR OTHER JURISDICTION (COMMISSION FILE NUMBER) (I.R.S. EMPLOYER
OF INCORPORATION) IDENTIFICATION NO.)
c/o Key Bank USA, National Association, as Servicer, 4910 Tiedeman 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
----------------------------
Exhibit Index on Page 4
Page 1 of 6 pages
<PAGE> 2
Item 5. OTHER EVENTS
On May 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 April 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
<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: May 20, 1998
Key Consumer Acceptance Corporation
By: /S/ Craig Platt
------------------------------
Craig Platt
<PAGE> 4
EXHIBIT INDEX
EXHIBIT
Page
20 - Noteholder's and Certificateholder's Statement for May 15, 1998. 5-6
<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
<TABLE>
<CAPTION>
Collection Period: April 1 to April 30, 1998
Distribution Date: May 15, 1998
Statement for Class A and Class B Noteholders and Certificateholders
Pursuant to Section 5.6 of the Sale and Servicing Agreement
Per $1,000 of Original
Class A/Class B
Certificate Amount
--------------------------
<S> <C> <C>
(i) Principal Distribution
Class A-1 Note Amount 12,650,833.28 42.1694443
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 491,453.55 1.6381785
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) 244,146,153.68
(iv) Class A-1 Notes Balance (end of Collection Period) 88,160,153.68
Class A-1 Pool Factor (end of Collection Period) 0.2938672
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 212,103.33 0.4651532
(vi) Aggregate Net Losses 786,683.43
</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
<TABLE>
<CAPTION>
Collection Period: April 1 to April 30, 1998
Distribution Date: May 15, 1998
Statement for Class A and Class B Noteholders and Certificateholders
Pursuant to Section 5.6 of the Sale and Servicing Agreement
Per $1,000 of Original
Class A/Class B
Certificate Amount
--------------------------
<S> <C> <C>
(vii) Reserve Account Balance after Giving Effect to Payments 7,324,997.15
Made on Distribution Date
Specified Reserve Account Balance after Giving Effect to Payments 7,324,997.15
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 0.00
Seller or purchased by Servicer
(xi) Delinquent Contracts
Number Balance
------------------------------------------------------
30-59 Days 432 4,479,721.22
60-89 Days 97 1,090,040.63
90 Days or More 216 1,069,936.69
</TABLE>
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