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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): September 15, 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 September 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 August 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: September 20, 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
September 15, 1999. 5-7
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<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: August 1, 1999 to August 31, 1999
Distribution Date: September 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 17,544,361.07 118.5429802
Class A-5 Note Amount 0.00 0.0000000
Class A-P Note Amount 3,769,414.10 30.1553128
Class B Note Amount 1,959,570.34 30.8011685
Class C Note Amount 748,468.39 30.8011685
Certificates Amount 390,598.60 22.6040856
(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 700,435.99 4.7326756
Class A-5 Note Amount 790,625.00 5.2083333
Class A-P Note Amount 317,637.29 2.5410983
Class B Note Amount 169,154.64 2.6588281
Class C Note Amount 68,198.94 2.8065407
Certificates Amount 73,754.48 4.2681991
(iii) Total Pool Balance of Notes and Certificates (end of Collection Period) 381,556,996.66
(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) 119,126,076.68
Class A-4 Pool Factor (end of Collection Period) 0.8049059
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) 58,208,593.32
Class A-P Pool Factor (end of Collection Period) 0.4656687
Class B Notes Balance (end of Collection Period) 30,260,361.29
Class B Pool Factor (end of Collection Period) 0.4756423
Class C Notes Balance (end of Collection Period) 11,558,107.19
Class C Pool Factor (end of Collection Period) 0.4756423
Certificates Balance (end of Collection Period) 10,603,858.18
Certificates Pool Factor (end of Collection Period) 0.6136492
(v) Basic Servicing Fee 338,307.84 0.3234408
(vi) Aggregate Realized Losses 1,430,359.58
Aggregate Net Losses 1,009,466.81
Cummulative Net Losses for all periods 28,603,394.92
</TABLE>
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<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: August 1, 1999 to August 31, 1999
Distribution Date: September 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> <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 38,776.37
Draws on Reserve Account (0.00)
Deposits to Reserve Account 0.00
Class C Reserve Account Balance after Giving Effect to Payments 2,861,677.47
Made on Distribution Date
Specified Class C Reserve Account Balance after Giving Effect to 2,861,677.47
Payments Made on Distribution Date
Distribution to Seller from Class C Reserve Account 183,093.10
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
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30-59 Days 1603 12,207,182.20
60-89 Days 499 3,809,154.56
90 Days or More 373 2,771,325.00
Financed Vehicles Repossessed but not yet charged off 62 527,757.91
</TABLE>
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<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: August 1, 1999 to August 31, 1999
Distribution Date: September 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>
ADDITIONAL INFORMATION REQUESTED BY BLOOMBERG:
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Weighted Average Coupon of Remaining Portfolio (WAC) 0.1151836
Weighted Average Remaining Term of Remaining Portfolio 30.4843866
Net Loss Ratio as of Each Collection Period
(i) Second Preceding Collection Period 0.0061572
(ii) Preceding Collection Period 0.0056720
(iii) Current Collection Period 0.0076909
(iv) Three Month Average 0.0065067
Ending Portfolio Balance 381,556,996.66
</TABLE>
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