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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): January 15, 1999
------------------------
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,
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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 January 15, 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 December 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 - 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: January 22, 1999
Key Consumer Acceptance Corporation
By: /S/ Craig Platt
--------------------------------
Craig Platt
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EXHIBIT INDEX
EXHIBIT
<TABLE>
<CAPTION>
Page
<S> <C>
20 - Noteholders and Certificateholders Statement for January 15, 1999 5-7
</TABLE>
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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: December 1, 1998 to December 31, 1998
Distribution Date: January 15, 1999
<TABLE>
<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 20,730,204.70 138.2013646
Class A-4 Note Amount 0.00 0.0000000
Class A-5 Note Amount 0.00 0.0000000
Class A-P Note Amount 4,453,894.10 35.6311528
Class B Note Amount 2,304,835.46 36.2281588
Class C Note Amount 880,344.26 36.2281588
Certificates Amount 459,505.97 26.5917809
(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 753,095.75 5.0206383
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 493,241.59 3.9459327
Class B Note Amount 262,615.51 4.1278767
Class C Note Amount 105,880.04 4.3572031
Certificates Amount 97,559.34 5.6457949
(iii) Total Pool Balance of Notes and Certificates (end of Collection Period) 599,034,642.22
(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) 127,419,779.12
Class A-3 Pool Factor (end of Collection Period) 0.8494652
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) 91,788,367.81
Class A-P Pool Factor (end of Collection Period) 0.7343069
Class B Notes Balance (end of Collection Period) 47,717,167.07
Class B Pool Factor (end of Collection Period) 0.7500341
Class C Notes Balance (end of Collection Period) 18,225,827.72
Class C Pool Factor (end of Collection Period) 0.7500341
Certificates Balance (end of Collection Period) 14,083,500.50
</TABLE>
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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: December 1, 1998 to December 31, 1998
Distribution Date: January 15, 1999
<TABLE>
<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>
Certificates Pool Factor (end of Collection Period) 0.8150174
(v) Basic Servicing Fee 523,128.14 0.5001392
(vi) Aggregate Realized Losses 1,656,542.15
Aggregate Net Losses 1,271,279.77
(vii) Reserve Account Balance after Giving Effect to Payments 23,961,385.69
Made on Distribution Date
Specified Reserve Account Balance after Giving Effect to Payments 23,961,385.69
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 4,492,759.82
Made on Distribution Date
Specified Class C Reserve Account Balance after Giving Effect to 4,492,759.82
Payments Made on Distribution Date
Distribution to Seller from Class C Reserve Account 215,393.42
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
</TABLE>
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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: December 1, 1998 to December 31, 1998
Distribution Date: January 15, 1999
<TABLE>
<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 109,661.10
(x) Aggregate Purchase Amount of Receivables Repurchased by the 0.00
Seller or purchased by Servicer
(xi) Delinquent Contracts
Number Balance
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30-59 Days 2110 18,786,418.49
60-89 Days 556 5,093,128.07
90 Days or More 526 4,810,013.25
Additional Information Requested by Bloomberg:
Weighted Average Coupon of Remaining Portfolio (WAC) 0.1150723
Weighted Average Remaining Term of Remaining Portfolio 37.0982453
Net Loss Ratio as of Each Collection Period
(i) Second Preceding Collection Period 0.0074845
(ii) Preceding Collection Period 0.0063117
(iii) Current Collection Period 0.0062176
(vi) Three Month Average 0.0066713
Ending Portfolio Balance 599,034,642.22
</TABLE>
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