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Previous: BROOKDALE LIVING COMMUNITIES INC, 3, 1999-11-23 |
Next: KEY CONSUMER ACCEPTANCE CORP, 8-K, 1999-11-23 |
<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): November 15, 1999
------------------------
KEY CONSUMER ACCEPTANCE CORPORATION
- --------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in its Charter)
Delaware 333-38211
- --------------------------------------------------------------------------------
(STATE OR OTHER JURISDICTION OF INCORPORATION) (COMMISSION FILE NUMBER)
52-1995940
- --------------------------------------------------------------------------------
(I.R.S. EMPLOYER
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
<PAGE> 2
Item 5. OTHER EVENTS
On November 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 October 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
<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: November 23, 1999
Key Consumer Acceptance Corporation
By: /S/ Craig Platt
---------------------------------
Craig Platt
<PAGE> 4
EXHIBIT INDEX
EXHIBIT
Page
20 - Noteholders and Certificateholders Statement for
November 15, 1999. 5-7
<PAGE> 1
<TABLE>
<CAPTION>
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: October 1, 1999 to October 31, 1999
Distribution Date: November 15, 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> <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 0.00 0.0000000
Class A-4 Note Amount 14,978,438.61 101.2056663
Class A-5 Note Amount 0.00 0.0000000
Class A-P Note Amount 3,218,124.48 25.7449958
Class B Note Amount 1,672,976.53 26.2963931
Class C Note Amount 639,002.35 26.2963929
Certificates Amount 333,472.23 19.2981613
(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 0.00 0.0000000
Class A-4 Note Amount 528,339.95 3.5698645
Class A-5 Note Amount 790,625.00 5.2083333
Class A-P Note Amount 280,662.37 2.2452990
Class B Note Amount 149,464.01 2.3493243
Class C Note Amount 60,260.17 2.4798423
Certificates Amount 68,739.32 3.9779700
(iii) Total Pool Balance of Notes and Certificates (end of Collection Period) 338,402,302.35
(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) 88,112,282.43
Class A-4 Pool Factor (end of Collection Period) 0.5953533
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) 51,545,265.25
Class A-P Pool Factor (end of Collection Period) 0.4123621
Class B Notes Balance (end of Collection Period) 26,796,358.74
Class B Pool Factor (end of Collection Period) 0.4211939
Class C Notes Balance (end of Collection Period) 10,235,012.85
Class C Pool Factor (end of Collection Period) 0.4211939
Certificates Balance (end of Collection Period) 9,913,383.07
Certificates Pool Factor (end of Collection Period) 0.5736912
(v) Basic Servicing Fee 299,370.26 0.2862144
(vi) Aggregate Realized Losses 1,098,463.07
Aggregate Net Losses 625,014.80
Cumulative Net Losses for all periods 30,163,570.35
</TABLE>
Page 1
<PAGE> 2
<TABLE>
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: October 1, 1999 to October 31, 1999
Distribution Date: November 15, 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> <C>
(vii) Reserve Account Balance after Giving Effect to Payments 16,200,000.00
Made on Distribution Date
Specified Reserve Account Balance after Giving Effect to Payments 16,200,000.00
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 2,538,017.27
Made on Distribution Date
Specified Class C Reserve Account Balance after Giving Effect to 2,538,017.27
Payments Made on Distribution Date
Distribution to Seller from Class C Reserve Account 156,315.10
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 Seller 0.00
or purchased by Servicer
(xi) Delinquent Contracts
Number Balance
---------------------------------------------------
30-59 Days 2022 15,040,135.46
60-89 Days 602 4,448,224.75
90 Days or More 472 3,401,835.05
Financed Vehicles Repossessed but not yet charged off 60 549,615.30
</TABLE>
Page 2
<PAGE> 3
<TABLE>
<CAPTION>
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: October 1, 1999 to October 31, 1999
Distribution Date: November 15, 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:
- ----------------------------------------------
<S> <C>
Weighted Average Coupon of Remaining Portfolio (WAC) 0.1152357
Weighted Average Remaining Term of Remaining Portfolio 28.9161704
Net Loss Ratio as of Each Collection Period
(i) Second Preceding Collection Period 0.0076909
(ii) Preceding Collection Period 0.0075742
(iii) Current Collection Period 0.0053753
(iv) Three Month Average 0.0068801
Ending Portfolio Balance 338,402,302.33
</TABLE>
Page 3
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