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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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 17, 1999
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KEY CONSUMER ACCEPTANCE CORPORATION
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(Exact Name of Registrant as Specified in its Charter)
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<S> <C> <C>
Delaware 333-38211 52-1995940
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(STATE OR OTHER JURISDICTION OF INCORPORATION) (COMMISSION FILE NUMBER) (I.R.S. EMPLOYER IDENTIFICATION NO.)
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c/o Key Bank USA, National Association, as Servicer, 4910 Tiedeman Road,
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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 May 17, 1999, 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 Noteholders and Certificateholders Statement,
filed herewith as an Exhibit to this Form 8-K, to Noteholders and
Certificateholders of record.
The Trust is hereby filing the Noteholders and Certificateholders Statement
reflecting the Trust's activities for the period ending April 30, 1999,
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 - Noteholders and Certificateholders 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: May 25, 1999
Key Consumer Acceptance Corporation
By: /s/ CRAIG PLATT
--------------------------------
Craig Platt
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EXHIBIT INDEX
EXHIBIT
Page
20 - Noteholders and Certificateholders Statement for May 17, 1999. 5-7
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Exhibit 20
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: April 1, 1999 to April 30, 1999
Distribution Date: May 17, 1999
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<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/B/C Note Amount
or 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 19,810,676.86 132.0711790
Class A-4 Note Amount 0.00 0.0000000
Class A-5 Note Amount 0.00 0.0000000
Class A-P Note Amount 4,256,333.12 34.0506649
Class B Note Amount 2,212,700.40 34.7799497
Class C Note Amount 845,152.78 34.7799497
Certificates Amount 441,054.69 25.5239980
(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 323,826.98 2.1588466
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 400,257.03 3.2020562
Class B Note Amount 213,152.98 3.3504083
Class C Note Amount 85,937.97 3.5365421
Certificates Amount 84,960.77 4.9167112
(iii) Total Pool Balance of Notes and Certificates (end of Collection Period) 482,809,812.24
(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) 0.00
Class A-2 Pool Factor (end of Collection Period) 0.0000000
Class A-3 Notes Balance (end of Collection Period) 43,892,992.06
Class A-3 Pool Factor (end of Collection Period) 0.2926199
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) 73,842,598.84
Class A-P Pool Factor (end of Collection Period) 0.5907408
Class B Notes Balance (end of Collection Period) 38,387,866.68
Class B Pool Factor (end of Collection Period) 0.6033931
Class C Notes Balance (end of Collection Period) 14,662,451.43
Class C Pool Factor (end of Collection Period) 0.6033931
Certificates Balance (end of Collection Period) 12,223,903.22
Certificates Pool Factor (end of Collection Period) 0.7074018
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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: April 1, 1999 to April 30, 1999
Distribution Date: May 17, 1999
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<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/B/C Note Amount
or Certificate Amount
-------------------------
<S> <C> <C>
(v) Basic Servicing Fee 425,313.11 0.4066226
(vi) Aggregate Realized Losses 1,673,433.22
Aggregate Net Losses 1,017,194.95
(vii) Reserve Account Balance after Giving Effect to Payments 19,312,392.49
Made on Distribution Date
Specified Reserve Account Balance after Giving Effect to Payments 19,312,392.49
Made on Distribution Date
Distribution to Seller from Reserve Account 1,102,636.71
Draws on Reserve Account (0.00)
Deposits to Reserve Account 0.00
Class C Reserve Account Balance after Giving Effect to Payments 3,621,073.59
Made on Distribution Date
Specified Class C Reserve Account Balance after Giving Effect to 3,621,073.59
Payments Made on Distribution Date
Distribution to Seller from Class C Reserve Account 206,744.39
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
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
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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: April 1, 1999 to April 30, 1999
Distribution Date: May 17, 1999
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<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/B/C Note Amount
or Certificate Amount
-------------------------
<S> <C> <C>
(ix) Additional Principal Distributable Amount 0.00
(x) Aggregate Purchase Amount of Receivables Repurchased by the Seller
or purchased by Servicer 0.00
(xi) Delinquent Contracts
Number Balance
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30-59 Days 1301 11,121,716.08
60-89 Days 420 3,335,983.87
90 Days or More 384 2,825,483.06
Financed Vehicles Repossessed but not yet charged off 87 805,147.65
ADDITIONAL INFORMATION REQUESTED BY BLOOMBERG:
Weighted Average Coupon of Remaining Portfolio (WAC) 0.1150157
Weighted Average Remaining Term of Remaining Portfolio 33.7509380
Net Loss Ratio as of Each Collection Period
(i) Second Preceding Collection Period 0.0069889
(ii) Preceding Collection Period 0.0085363
(iii) Current Collection Period 0.0061450
(iv) Three Month Average 0.0072234
Ending Portfolio Balance 482,809,812.24
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