<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): October 15, 1998
-----------------
KEY CONSUMER ACCEPTANCE CORPORATION
- -------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in its Charter)
Delaware 333-12431 52-1995940
- -------------------------------------------------------------------------------
(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
- -------------------------------------------------------------------------------
(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 October 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 September 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: October 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
October 15, 1998. 5-6
<PAGE> 1
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: September 1 to September 30, 1998
Distribution Date: October 15, 1998
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
-----------------------------
(i) Principal Distribution
<S> <C> <C> <C>
Class A-1 Note Amount 9,764,913.16 32.5497105
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 215,262.88 0.7175430
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) 190,377,576.28
(iv) Class A-1 Notes Balance (end of Collection Period) 34,391,576.28
Class A-1 Pool Factor (end of Collection Period) 0.1146386
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 166,785.41 0.3657687
(vi) Aggregate Net Losses 372,007.36
(vii) Reserve Account Balance after Giving Effect to Payments 6,839,790.00
Made on Distribution Date
Specified Reserve Account Balance after Giving Effect to Payments 6,839,790.00
Made on Distribution Date
Draws on Reserve Account 0.00
Deposits to Reserve Account 0.00
</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: September 1 to September 30, 1998
Distribution Date: October 15, 1998
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
<S> <C> <C> <C>
(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 Seller 0.00
or purchased by Servicer
(xi) Delinquent Contracts
Number Balance
-----------------------------------------------------
30-59 Days 555 5,445,861.86
60-89 Days 147 1,352,083.85
90 Days or More 171 1,394,277.03
ADDITIONAL INFORMATION REQUESTED BY BLOOMBERG:
Weighted Average Coupon of Remaining Portfolio (WAC) 0.1287540
Weighted Average Remaining Term of Remaining Portfolio 38.7283930
Net Loss Ratio as of Each Collection Period
(i) Second Preceding Collection Period 0.0024028
(ii) Preceding Collection Period 0.0031378
(iii) Current Collection Period 0.0018587
(vi) Three Month Average 0.0024664
Ending Portfolio Balance 190,377,576.28
</TABLE>
Page 2
