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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): April 15, 1998
KEY CONSUMER ACCEPTANCE CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE
(State of Incorporation)
333-12431 52-1995940
(Commission File Number) (IRS Employer Identification No.)
Key Tower
127 Public Square
Cleveland, Ohio 44114-1306
(Address of Principal Executive Offices) (Zip Code)
(216) 689-6300
(Telephone number of Principal Executive Offices)
<PAGE> 2
ITEM - 5: OTHER EVENTS
The Registrant entered into a certain Sale and Servicing Agreement
dated as of September 23, 1997 (the "Agreement") among the Registrant, AFG
Receivables Trust 1997-B, as issuer (the "Issuer"), Key Bank USA, National
Association, as servicer (the "Servicer") and Bankers Trust Company, as
indenture Trustee (the "Indenture Trustee"). Under a Subservicing and Custodial
Agreement dated as of September 23, 1997, AutoFinance Group, Inc. agreed to act
as subservicer and subcustodian for Key Bank USA, National Association. Pursuant
to an Indenture dated September 23, 1997 between the Issuer and the Indenture
Trustee, a new series of notes and certificates (the 1997-B Notes and
Certificates) representing interests in or secured by assets of the AFG
Receivables Trust 1997-B, was created. The 1997-B Notes and Certificates consist
of three classes of Asset Backed Notes and Asset Backed Certificates: the 6.20%
Asset Backed Notes, Class A; the 6.40% Asset Backed Notes, Class B; the 7.00%
Asset Backed Notes, Class C; and Asset Backed Certificates. Only the Notes were
sold to the public. Reference is made to the Registration Statement, as amended,
of Registrant on Form S-3, Registration No. 333-12431, under the Securities Act
of 1933, as amended (the "Securities Act") and to the Prospectus Supplement
thereto dated September 15, 1997, filed in connection therewith pursuant to Rule
424(b) of the Securities and Exchange Commission under the Securities Act, which
describes further the Notes and Certificates and the offering thereof.
On April 15, 1998, a distribution was made to the holders of the 1997-B
Notes and Certificates. Specific information with respect to the distribution,
as prepared by AutoFinance Group, Inc. as subservicer, is filed as Exhibit 20 to
this Current Report on Form 8-K and is incorporated herein by reference.
<TABLE>
<CAPTION>
Item - 7: EXHIBIT INDEX
Sequentially
Exhibit No. Description Numbered Page
----------- ----------- ------------
<S> <C> <C>
20 Settlement Statement of the Issuer for 4
the period ended March 31, 1998
and the related distributions made on
April 15, 1998
</TABLE>
<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: April 27, 1998 KEY CONSUMER ACCEPTANCE
CORPORATION
By /s/ Craig T. Platt
------------------------------
Craig T. Platt
President and Chief Executive Officer
<PAGE> 1
<TABLE>
<CAPTION>
CREDIT SUISSE FIRST BOSTON Exhibit 20 Page 1
Key Bank USA, N.A. Automotive Specialty Finance
MONTHLY SERVICING REPORT -- AFG RECEIVABLES TRUST, 1997-B
March 1, 1998 through March 31, 1998
A. ORIGINAL DEAL PARAMETER INPUTS
<S> <C>
(A) Original Total Portfolio $110,004,479.62
(B) Class A Noteholders' Percentage 67.00%
(C) Original Class A Note Balance $73,703,000.00
(D) Class A Note Rate 6.20%
(E) Class B Noteholders' Percentage 17.00%
(F) Original Class B Note Balance $18,700,000.00
(G) Class B Note Rate 6.40%
(H) Class C Noteholders' Percentage 10.00%
(I) Original Class C Note Balance $11,000,000.00
(J) Class C Note Rate 7.00%
(K) Class D Certificateholders' Percentage 6.00%
(L) Original Class D Certificate Balance $6,601,479.62
(M) Class D Certificate Rate 0.00%
(N) Servicing Fee Rate 3.50%
(O) Original Weighted Average Coupon (WAC) 20.03%
(P) Original Weighted Average Remaining Term (WAM) 54.45 months
(Q) Number of Contracts 9,006
(R) Reserve Account ("RA")
(i) Maximum Specified Reserve Balance 5,500,223.98
(ii) Minimum Specified Reserve Balance 2,200,089.59
(iii) Initial Deposit 1,650,067.19
(S) Noteholders' Percentage 94.00%
B. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS Total Trust
------------
(A) Total Portfolio Outstanding $89,678,259.67
(B) Total Portfolio Pool Factor 0.8152237
(C) Class A Note Balance $59,736,867.19
(D) Class A Principal Factor 0.8105079
(E) Class A Interest Carryover Shortfall 0.00
(F) Class A Principal Carryover Shortfall 0.00
(G) Class B Note Balance $15,156,498.60
(H) Class B Principal Factor 0.8105079
(I) Class B Interest Carryover Shortfall 0.00
(J) Class B Principal Carryover Shortfall 0.00
(K) Class C Note Balance $8,915,587.41
(L) Class C Principal Factor 0.8105079
(M) Class C Interest Carryover Shortfall 0.00
(N) Class C Principal Carryover Shortfall 0.00
(O) Class D Certificate Balance $5,869,306.48
(P) Reserve Account Balance 3,072,515.86
(Q) Payahead Account Balance 272,356.89
(R) Aggregate Subordinated Servicing Fees to Date 1,800,615.02
(S) Current Servicing Fees Accrued but Unpaid (after first Nine Months) 0.00
(T) Cumulative Net Losses for All Prior Periods 5,791,184.10
(U) Weighted Average Coupon of Remaining Portfolio (WAC) 19.96%
(V) Weighted Average Remaining Term of Remaining Portfolio (WAM) 48.88 months
(W) Number of Contracts 7,888
C. INPUTS FROM THE MAINFRAME
(A) Precomputed Contracts
(i) Principal Payments Received $2,034,383.41
(ii) Interest Payments Received 1,519,519.50
(iii) Repurchased Loan Principal 0.00
(iv) Repurchased Loan Interest 0.00
(B) Partial Prepayments - Amount Added to Payahead Account 0.00
(C) Amount Applied From Payahead Account 102,836.33
(D) Weighted Average Coupon of Remaining Portfolio (WAC) 19.95%
(E) Weighted Average Remaining Maturity of Remaining Portfolio (WAM) 47.85 months
(F) Remaining Number of Contracts 7,672
(G) Delinquent Contracts
<CAPTION>
Contracts Amount
--------- ------
<S> <C> <C> <C> <C> <C>
(i) 30-59 Days Delinquent 160 2.09% $1,784,170.92 2.07%
(ii) 60-89 Days Delinquent 0 0.00% 0.00 0.00%
(iii) 90 Days or More Delinquent 0 0.00% 0.00 0.00%
D. INPUTS DERIVED FROM OTHER SOURCES
(A) Aggregate Net Losses for Collection Period $770,895.15
(B) Liquidated Contracts
(i) Gross Principal Balance of Liquidated Receivables $1,630,168.34
(ii) Net Liquidation Proceeds Received During the Collection Period 623,149.59
(iii) Recoveries on Previously Liquidated Contracts 236,123.60
(C) Number of Financed Vehicles Repossessed but not yet Charged off 146
I hereby certify that this Servicing Report has been prepared in accordance with
the Pooling and Servicing Agreement dated September 1, 1997, and is correct, to
the best of my knowledge.
Vice-President 04/10/98
- ---------------------------------------------------------- ------------
Signature Title Date
</TABLE>
<PAGE> 2
<TABLE>
<CAPTION>
CREDIT SUISSE FIRST BOSTON Exhibit 20 Page 2
Key Bank USA, N.A. Automotive Specialty Finance
MONTHLY SERVICING REPORT -- AFG RECEIVABLES TRUST, 1997-B
March 1, 1998 through March 31, 1998
I. COLLECTIONS
<S> <C>
(A) Principal Payments Received (C(A)i) $2,034,383.41
(B) Interest Payments Received (C(A)ii) 1,519,519.50
(C) Aggregate Net Liquidation Proceeds Received (D(E)ii+iii) 859,273.19
(D) Principal on Repurchased Contracts (C(A)iii) 0.00
(E) Interest on Repurchased Contracts (C(A)iv) 0.00
-------------
(F) Total Collections (A+B+C+D+E) $4,413,176.10
-------------
(G) Total Available Amount (F) $4,413,176.10
II. DISTRIBUTIONS
(A) Principal Payments Received (C(A)i) $2,034,383.41
(B) Principal on Repurchased Contracts (C(A)iii) 0.00
(C) Gross Principal Balance of Liquidated Receivables (D(E)i) 1,630,168.34
-----------
(D) Principal Distribution Amount (A+B+C) $3,664,551.75
(E) Current Servicing Fee (Subordinated) $261,561.59
(F) Accrued and Unpaid Servicing Fees for Prior Collection Periods (B(S)) 0.00
-----------
(G) Total Servicing Fees Payable 0.00
(H) Servicing Fees Paid from Collection Account 0.00
(I) Reserve Account Draw for Servicing Fees Payable 0.00
(J) Servicing Fee Shortfall 0.00
(K) Current Subordinated Servicing Fee 261,561.59
(L) Aggregate Subordinated Servicing Fees Before (P) 2,062,176.61
(M) Class A Distributable Amount
(i) Class A Monthly Interest Distributable Amount $308,640.48
(ii) Class A Interest Distributable Amount 308,640.48
(iii) Class A Monthly Principal Distributable Amount 2,455,278.38
(iv) Class A Principal Distributable Amount 2,455,278.38
-----------
(v) Total Distributable Amount (i+ii) $2,763,918.86
(vi) Class A Interest Paid from Collection Account 308,640.48
(vii) Reserve Account Draw for Class A Interest Payable $0.00
(viii) Class A Interest Carryover Shortfall $0.00
(ix) Class A Principal Paid from Collection Account 2,455,278.38
(x) Reserve Account Draw for Class A Principal Payable 0.00
(xi) Class A Principal Carryover Shortfall 0.00
(N) Class B Distributable Amount
(i) Class B Monthly Interest Distributable Amount $80,834.66
(ii) Class B Interest Distributable Amount 80,834.66
(iii) Class B Monthly Principal Distributable Amount 622,955.72
(iv) Class B Principal Distributable Amount 622,955.72
----------
(v) Total Distributable Amount (i+ii) $703,790.38
(vi) Class B Interest Paid from Collection Account 80,834.66
(vii) Reserve Account Draw for Class B Interest Payable $0.00
(viii) Class B Interest Carryover Shortfall $0.00
(ix) Class B Principal Paid from Collection Account 622,955.72
(x) Reserve Account Draw for Class B Principal Payable 0.00
(xi) Class B Principal Carryover Shortfall 0.00
(O) Class C Distributable Amount
(i) Class C Monthly Interest Distributable Amount $52,007.59
(ii) Class C Interest Distributable Amount 52,007.59
(iii) Class C Monthly Principal Distributable Amount 366,444.54
(iv) Class C Principal Distributable Amount 366,444.54
-----------
(v) Total Distributable Amount (i+ii) $418,452.13
(vi) Class C Interest Paid from Collection Account 52,007.59
(vii) Reserve Account Draw for Class C Interest Payable $0.00
(viii) Class C Interest Carryover Shortfall $0.00
(ix) Class C Principal Paid from Collection Account 366,444.54
(x) Reserve Account Draw for Class C Principal Payable 0.00
(xi) Class C Principal Carryover Shortfall 0.00
(P) Payment of Subordinated Servicing Fees
(i) Aggregate Subordinated Servicing Fees from Current and Prior Periods (II(L)) $2,062,176.61
(ii) Subordinated Servicing Fees Paid from Collection Account 0.00
(iii) Aggregate Subordinated Servicing Fees to Date (i-ii) $2,062,176.61
(Q) Certificateholders' Distributable Amount
(i) Certificateholders' Distributable Amount $219,873.11
(ii) Certificateholders' Distributable Amount Paid from Collection Account 0.00
</TABLE>
<PAGE> 3
<TABLE>
<CAPTION>
CREDIT SUISSE FIRST BOSTON Exhibit 20 Page 3
Key Bank USA, N.A. Automotive Specialty Finance
MONTHLY SERVICING REPORT -- AFG RECEIVABLES TRUST, 1997-B
March 1, 1998 through March 31, 1998
III. PAYAHEAD ACCOUNT INFORMATION
<S> <C>
(A) Beginning Period Balance (B(Q)) $272,356.89
(B) Amounts Applied to Payahead Account (C(B)) 0.00
(C) Amounts Withdrawn from Payahead Account (C(C)) 102,836.33
-----------------
(D) Ending Period Balance $169,520.56
IV. POOL BALANCES AND PORTFOLIO INFORMATION
Begin. of Period End of Period
(A) Balances and Principal Factors
(i) Total Pool Balance $89,678,259.67 $86,013,707.92
(ii) Total Pool Factor 0.8152237 0.7819110
(iii) Receivables Balance 89,678,259.67 86,013,707.92
(iv) Prefunding Account Balance 0.00 0.00
(v) Class A Note Balance $59,736,867.19 $57,281,588.81
(vi) Class A Principal Factor 0.8105079 0.7771948
(vii) Class B Note Balance $15,156,498.60 $14,533,542.88
(viii) Class B Principal Factor 0.8105079 0.7771948
(ix) Class C Note Balance $8,915,587.41 $8,549,142.87
(viii) Class C Principal Factor 0.8105079 0.7771948
(ix) Class D Certificate Balance $5,869,306.48 $5,649,433.38
(B) Portfolio Information
(i) Weighted Average Coupon (WAC) 19.96% 19.95%
(ii) Weighted Average Remaining Maturity (WAM) 48.88 months 47.85 months
(iii) Remaining Number of Contracts 7,888 7,672
V. RECONCILIATION OF RESERVE ACCOUNT ("RA")
(A) Beginning RA Balance (B(H)) $3,072,515.86
(B) Draw for Servicing Fee (II(I)) 0.00
(C) Draw for Class A Interest Distributable Amount (II(M(vii))) 0.00
(D) Draw for Class B Interest Distributable Amount (II(N(vii))) 0.00
(E) Draw for Class C Interest Distributable Amount (II(O(vii))) 0.00
(F) Draw for Class A Principal Distributable Amount (II(M(iv))) 0.00
(G) Draw for Class B Principal Distributable Amount (II(N(x))) 0.00
(H) Draw for Class C Principal Distributable Amount (II(O(x))) 0.00
(I) Overcollateralization Amount $28,732,119.11
(J) Maximum Specified Reserve Balance 5,500,223.98
(K) Specified Reserve Account Balance 5,500,223.98
(L) Amount Available for Deposit to the RA 527,014.72
-----------------
(M) RA Balance Prior to Release $3,599,530.59
(N) Specified Reserve Account Balance 5,500,223.98
(O) Reserve Account Release 0.00
(P) Ending Reserve Account Balance $3,599,530.59
VI. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
(A) Aggregate Net Losses for Collection Period (VII(B)i-ii-iii) $770,895.15
(B) Liquidated Contracts
(i) Gross Principal Balance of Liquidated Receivables (D(E)i) $1,630,168.34
(ii) Net Liquidation Proceeds Received During the Collection Period (D(E)ii) 623,149.59
(iii) Recoveries on Previously Liquidated Contracts (D(E)iii) 236,123.60
(C) Cumulative Net Losses for all Periods (VI(A)+B(T)) 6,562,079.25
<CAPTION>
(D) Delinquent and Repossessed Contracts
Contracts Amount
--------- ------
<S> <C> <C> <C> <C> <C>
(i) 30-59 Days Delinquent (C(G)i) 160 2.09% $1,784,170.92 2.07%
(ii) 60-89 Days Delinquent (C(G)ii) 0 0.00% 0.00 0.00%
(iii) 90 Days or More Delinquent (C(G)iii) 0 0.00% 0.00 0.00%
(iv) Financed Vehicles Repossessed but not yet Charged off
and Contracts Delinquent over 60 days(D(E)) 146 1.90% 1,636,419.91 1.90%
</TABLE>
<PAGE> 4
<TABLE>
<CAPTION>
CREDIT SUISSE FIRST BOSTON Exhibit 20 Page 4
Key Bank USA, N.A. Automotive Specialty Finance
MONTHLY SERVICING REPORT -- AFG RECEIVABLES TRUST, 1997-B
March 1, 1998 through March 31, 1998
VII. TESTS FOR INCREASE IN RESERVE ACCOUNT BALANCE
(A) Ratio of Net Losses to the Pool Balance as of Each Collection
Period.
<S> <C>
(i) Second Preceeding Collection Period 15.83%
(ii) Preceeding Collection Period 16.68%
(iii) Current Collection Period 10.32%
(iv) Three Month Average (Avg(i,ii,iii)) 14.28%
(B) Ratio of Balance of Contracts Delinquent 60 Days or More and
Balance of Financed Vehicles Repossessed but not Charged off to
the Outstanding Pool Balance as of Each Collection Period.
(i) Second Preceeding Collection Period 2.91%
(ii) Preceeding Collection Period 2.11%
(iii) Current Collection Period 1.90%
(iv) Three Month Average (Avg(i,ii,iii)) 2.31%
(C) Cumulative Net Loss Ratio 5.97%
(D) Loss and Delinquency Trigger Indicator Trigger Was Not Hit
VIII. RECONCILIATION OF COLLECTION ACCOUNT
(A) Collection Account Beginning Balance (I(H)) 4,413,176.10
(B) Servicing Fee Paid (II(H)) 0.00
(C) Class A Interest Paid (II(M(vi))) 308,640.48
(D) Class B Interest Paid (II(N(vi))) 80,834.66
(E) Class C Interest Paid (II(O(vi))) 52,007.59
(F) Class A Principal Paid (II(M(ix))) 2,455,278.38
(G) Class B Principal Paid (II(N(ix))) 622,955.72
(H) Class C Principal Paid (II(O(ix))) 366,444.54
(I) Reserve Account Deposit 527,014.72
(J) Previously Subordinated Servicing Fees Paid (II(P(ii))) 0.00
(K) Certificateholders' Distributable Amount Paid (II(Q(ii))) 0.00
(L) Releases to Seller 0.00
</TABLE>
<PAGE> 5
<TABLE>
<CAPTION>
AFG Receivables Trust 1997-B Exhibit 20 Page 5
Monthly 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: March 1, 1998 through March 31, 1998
Distribution Date: 04/15/98
Month: 7
Statement for Class A, Class B and Class C Noteholders and Certificateholders
Pursuant to Section 5.6 of the Sale and Servicing Per $1,000 of Outstanding
Agreement Class A/Class B/Class C
Certificate Amount
-----------------------
(i) Principal Distribution
<S> <C> <C>
Class A Note Amount 2,455,278.38 41.1015591
Class B Note Amount 622,955.72 41.1015591
Class C Note Amount 366,444.54 41.1015591
Certificates Amount 219,873.11 37.4615137
(ii) Interest Distribution
Class A Note Amount 308,640.48 5.1666667
Class B Note Amount 80,834.66 5.3333334
Class C Note Amount 52,007.59 5.8333330
(iii) Total Pool Balance of Notes and Certificates (end of Collection Period) 86,013,707.92
(iv) Class A Notes Balance (end of Collection Period) 57,281,588.81
Class A Pool Factor (end of Collection Period) 0.7771948
Class B Notes Balance (end of Collection Period) 14,533,542.88
Class B Pool Factor (end of Collection Period) 0.7771948
Class C Notes Balance (end of Collection Period) 8,549,142.87
Class C Pool Factor (end of Collection Period) 0.7771948
Certificates Balance (end of Collection Period) 5,649,433.38
(v) Basic Servicing Fee 261,561.59 2.9166667
(vi) Aggregate Net Losses 770,895.15
(vii) Reserve Account Balance after Giving Effect to Payments
Made on Distribution Date 3,599,530.59
Specified Reserve Account Balance after Giving Effect to Payments
Made on Distribution Date 5,500,223.98
Draws on Reserve Account 0.00
Deposits to Reserve Account 527,014.72
(viii) Class A 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
Class A 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
(ix) Aggregate Purchase Amount of Receivables Repurchased by the Seller
or purchased by Servicer 0.00
(x) Delinquent Contracts
Number Balance
-----------------------------------------------
30-59 Days 160 1,784,170.92
60-89 Days 0 0.00
90 Days or More 0 0.00
</TABLE>
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