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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): September 15, 1998
--------------------------
KEY CONSUMER ACCEPTANCE CORPORATION
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(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
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Exhibit Index on Page 4
Page 1 of 7 pages
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Item 5. OTHER EVENTS
On September 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 August 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
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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: September 22, 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
September 15, 1998. 5-7
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<TABLE>
<CAPTION>
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: August 1, 1998 to August 31, 1998
Distribution Date: September 15, 1998
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
-------------------------------
(i) Principal Distribution
<S> <C> <C> <C>
Class A-1 Note Amount 0.00 0.0000000
Class A-2 Note Amount 26,424,585.63 200.1862548
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 5,677,334.49 45.4186759
Class B Note Amount 2,722,464.36 42.7925866
Class C Note Amount 1,039,859.85 42.7925866
Certificates Amount 549,366.55 31.7920455
(ii) Interest Distribution
Class A-1 Note Amount 0.00 0.0000000
Class A-2 Note Amount 476,731.94 3.6116056
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 604,066.93 4.8325354
Class B Note Amount 317,274.20 4.9870197
Class C Note Amount 127,917.06 5.2640764
Certificates Amount 111,590.63 6.4577909
(iii) Total Pool Balance of Notes and Certificates
(end of Collection Period) 730,202,553.15
(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) 72,374,273.88
Class A-2 Pool Factor (end of Collection Period) 0.5482900
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
</TABLE>
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<TABLE>
<CAPTION>
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: August 1, 1998 to August 31, 1998
Distribution Date: September 15, 1998
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> <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) 112,189,385.07
Class A-P Pool Factor (end of Collection Period) 0.8975151
Class B Notes Balance (end of Collection Period) 57,710,715.81
Class B Pool Factor (end of Collection Period) 0.9071159
Class C Notes Balance (end of Collection Period) 22,042,917.23
Class C Pool Factor (end of Collection Period) 0.9071159
Certificates Balance (end of Collection Period) 16,085,261.15
Certificates Pool Factor (end of Collection Period) 0.9308600
(v) Basic Servicing Fee 632,066.74 0.6042904
(vi) Aggregate Realized Losses 2,779,776.81
Aggregate Net Losses 1,804,046.82
(vii) Reserve Account Balance after Giving Effect to Payments 28,965,787.30
Made on Distribution Date
Specified Reserve Account Balance after Giving Effect to Payments 28,965,787.30
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
</TABLE>
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<TABLE>
<CAPTION>
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: August 1, 1998 to August 31, 1998
Distribution Date: September 15, 1998
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> <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 2,078,201.70
(x) Aggregate Purchase Amount of Receivables Repurchased by the 0.00
Seller or purchased by Servicer
(xi) Delinquent Contracts
Number Balance
---------------------------------------------------
30-59 Days 1692 16,269,207.92
60-89 Days 419 3,992,137.92
90 Days or More 370 3,435,932.58
ADDITIONAL INFORMATION REQUESTED BY BLOOMBERG:
Weighted Average Coupon of Remaining Portfolio (WAC) 0.1149686
Weighted Average Remaining Term of Remaining Portfolio 40.4689261
Net Loss Ratio as of Each Collection Period
(i) Second Preceding Collection Period 0.0067442
(ii) Preceding Collection Period 0.0066099
(iii) Current Collection Period 0.0073008
(vi) Three Month Average 0.0068850
Ending Portfolio Balance 724,144,682.59
</TABLE>
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