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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): August 16, 1999
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KEY CONSUMER ACCEPTANCE CORPORATION
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(Exact Name of Registrant as Specified in its Charter)
Delaware 333-38211 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 August 16, 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 July 31, 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: August 24, 1999
Key Consumer Acceptance Corporation
By: /S/ Craig Platt
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Craig Platt
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EXHIBIT INDEX
EXHIBIT
Page
20 - Noteholders and Certificateholders Statement for August 16, 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
<TABLE>
<CAPTION>
Collection Period: July 1, 1999 to July 31, 1999
Distribution Date: August 16, 1999
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 6,209,978.12 41.3998541
Class A-4 Note Amount 11,329,562.25 76.5510963
Class A-5 Note Amount 0.00 0.0000000
Class A-P Note Amount 3,768,378.40 30.1470272
Class B Note Amount 1,959,031.91 30.7927052
Class C Note Amount 748,262.74 30.7927052
Certificates Amount 390,491.27 22.5978747
(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 31,567.39 0.2104493
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 336,950.21 2.6956017
Class B Note Amount 179,439.56 2.8204898
Class C Note Amount 72,345.56 2.9771836
Certificates Amount 76,374.03 4.4197932
(iii) Total Pool Balance of Notes and Certificates (end of Collection Period) 405,969,409.16
(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) 0.00
Class A-3 Pool Factor (end of Collection Period) 0.0000000
Class A-4 Notes Balance (end of Collection Period) 136,670,437.75
Class A-4 Pool Factor (end of Collection Period) 0.9234489
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) 61,978,007.42
Class A-P Pool Factor (end of Collection Period) 0.4958241
Class B Notes Balance (end of Collection Period) 32,219,931.63
Class B Pool Factor (end of Collection Period) 0.5064434
Class C Notes Balance (end of Collection Period) 12,306,575.58
Class C Pool Factor (end of Collection Period) 0.5064434
Certificates Balance (end of Collection Period) 10,994,456.78
Certificates Pool Factor (end of Collection Period) 0.6362533
(v) Basic Servicing Fee 358,645.93 0.3428852
(vi) Aggregate Realized Losses 1,254,742.79
Aggregate Net Losses 790,628.74
Cummulative Net Losses for all periods 27,593,928.11
</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
<TABLE>
<CAPTION>
Collection Period: July 1, 1999 to July 31, 1999
Distribution Date: August 16, 1999
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>
(vii) Reserve Account Balance after Giving Effect to Payments 16,238,776.37
Made on Distribution Date
Specified Reserve Account Balance after Giving Effect to Payments 16,238,776.37
Made on Distribution Date
Distribution to Seller from Reserve Account 976,228.18
Draws on Reserve Account (0.00)
Deposits to Reserve Account 0.00
Class C Reserve Account Balance after Giving Effect to Payments 3,044,770.57
Made on Distribution Date
Specified Class C Reserve Account Balance after Giving Effect to 3,044,770.57
Payments Made on Distribution Date
Distribution to Seller from Class C Reserve Account 183,042.78
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
(ix) Additional Principal Distributable Amount (0.00)
(x) Aggregate Purchase Amount of Receivables Repurchased by the 0.00
Seller or purchased by Servicer
(xi) Delinquent Contracts
Number Balance
-------------------------------------------------
30-59 Days 1628 12,834,079.70
60-89 Days 466 3,695,651.08
90 Days or More 385 2,819,976.20
Financed Vehicles Repossessed but not yet charged off 76 661,079.48
</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
<TABLE>
<CAPTION>
Collection Period: July 1, 1999 to July 31, 1999
Distribution Date: August 16, 1999
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
-------------------------------
ADDITIONAL INFORMATION REQUESTED BY BLOOMBERG:
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<S> <C>
Weighted Average Coupon of Remaining Portfolio (WAC) 0.1151550
Weighted Average Remaining Term of Remaining Portfolio 31.3123313
Net Loss Ratio as of Each Collection Period
(i) Second Preceding Collection Period 0.0067183
(ii) Preceding Collection Period 0.0061572
(iii) Current Collection Period 0.0056720
(iv) Three Month Average 0.0061825
Ending Portfolio Balance 405,969,409.16
</TABLE>
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