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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, 1999
----------------------
KEY CONSUMER ACCEPTANCE CORPORATION
- --------------------------------------------------------------------------------
(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,
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 7 pages
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Item 5. OTHER EVENTS
On April 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 March 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: April 19, 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 April 15, 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: March 1, 1999 to March 31, 1999
Distribution Date: April 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 23,952,801.21 159.6853414
Class A-4 Note Amount 0.00 0.0000000
Class A-5 Note Amount 0.00 0.0000000
Class A-P Note Amount 5,146,270.46 41.1701636
Class B Note Amount 2,675,343.87 42.0519313
Class C Note Amount 1,021,861.93 42.0519313
Certificates Amount 533,272.80 30.8606947
(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 445,587.06 2.9705804
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 426,631.66 3.4130533
Class B Note Amount 227,198.53 3.5711810
Class C Note Amount 91,600.79 3.7695799
Certificates Amount 88,538.14 5.1237350
(iii) Total Pool Balance of Notes and Certificates (end of Collection Period) 510,375,730.08
(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) 63,703,668.92
Class A-3 Pool Factor (end of Collection Period) 0.4246911
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) 78,098,931.96
Class A-P Pool Factor (end of Collection Period) 0.6247915
Class B Notes Balance (end of Collection Period) 40,600,567.08
Class B Pool Factor (end of Collection Period) 0.6381730
Class C Notes Balance (end of Collection Period) 15,507,604.21
Class C Pool Factor (end of Collection Period) 0.6381730
Certificates Balance (end of Collection Period) 12,664,957.91
</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: March 1, 1999 to March 31, 1999
Distribution Date: April 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) 0.7329258
(v) Basic Servicing Fee 453,087.73 0.4331767
(vi) Aggregate Realized Losses 2,178,219.90
Aggregate Net Losses 1,499,659.27
(vii) Reserve Account Balance after Giving Effect to Payments 20,415,029.20
Made on Distribution Date
Specified Reserve Account Balance after Giving Effect to Payments 20,415,029.20
Made on Distribution Date
Distribution to Seller from Reserve Account 1,333,182.01
Draws on Reserve Account 0.00
Deposits to Reserve Account 0.00
Class C Reserve Account Balance after Giving Effect to Payments 3,827,817.98
Made on Distribution Date
Specified Class C Reserve Account Balance after Giving Effect to 3,827,817.98
Payments Made on Distribution Date
Distribution to Seller from Class C Reserve Account 249,971.62
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: March 1, 1999 to March 31, 1999
Distribution Date: April 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 0.00
(x) Aggregate Purchase Amount of Receivables Repurchased by the Seller
or purchased by Servicer 0.00
(xi) Delinquent Contracts
Number Balance
------------------------------------------------
30-59 Days 1553 13,319,679.44
60-89 Days 363 2,963,310.38
90 Days or More 422 3,443,242.72
Financial Vehicles Repossessed but not yet charged off 96 905,023.05
ADDITIONAL INFORMATION REQUESTED BY BLOOMBERG:
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Weighted Average Coupon of Remaining Portfolio (WAC) 0.1149653
Weighted Average Remaining Term of Remaining Portfolio 34.5483965
Net Loss Ratio as of Each Collection Period
(i) Second Preceding Collection Period 0.0116619
(ii) Preceding Collection Period 0.0069889
(iii) Current Collection Period 0.0085363
(iv) Three Month Average 0.0090624
ENDING PORTFOLIO BALANCE 510,375,730.08
</TABLE>
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