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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): March 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,
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 March 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 February 28, 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: March 24, 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 March 15, 1999. 5-7
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<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: February 1, 1999 to February 28, 1999
Distribution Date: March 15, 1999
<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 19,613,435.04 130.7562336
Class A-4 Note Amount 0.00 0.0000000
Class A-5 Note Amount 0.00 0.0000000
Class A-P Note Amount 4,213,955.62 33.7116450
Class B Note Amount 2,190,670.01 34.4336688
Class C Note Amount 836,738.15 34.4336688
Certificates Amount 436,663.40 25.2698724
(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 545,288.68 3.6352579
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 448,228.18 3.5858255
Class B Note Amount 238,699.55 3.7519577
Class C Note Amount 96,237.72 3.9603998
Certificates Amount 91,467.41 5.2932532
(iii) Total Pool Balance of Notes and Certificates (end of Collection Period) 543,705,280.35
(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) 87,656,470.13
Class A-3 Pool Factor (end of Collection Period) 0.5843765
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) 83,245,202.42
Class A-P Pool Factor (end of Collection Period) 0.6659616
Class B Notes Balance (end of Collection Period) 43,275,910.95
Class B Pool Factor (end of Collection Period) 0.6802249
</TABLE>
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<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: February 1, 1999 to February 28, 1999
Distribution Date: March 15, 1999
<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>
Class C Notes Balance (end of Collection Period) 16,529,466.14
Class C Pool Factor (end of Collection Period) 0.6802249
Certificates Balance (end of Collection Period) 13,198,230.71
Certificates Pool Factor (end of Collection Period) 0.7637865
(v) Basic Servicing Fee 475,830.62 0.4549201
(vi) Aggregate Realized Losses 2,087,491.43
Aggregate Net Losses 1,298,431.40
(vii) Reserve Account Balance after Giving Effect to Payments 21,748,211.21
Made on Distribution Date
Specified Reserve Account Balance after Giving Effect to Payments 21,748,211.21
Made on Distribution Date
Distribution to Seller from Reserve Account 1,091,658.49
Draws on Reserve Account (0.00)
Deposits to Reserve Account 0.00
Class C Reserve Account Balance after Giving Effect to Payments 4,077,789.60
Made on Distribution Date
Specified Class C Reserve Account Balance after Giving Effect to 4,077,789.60
Payments Made on Distribution Date
Distribution to Seller from Class C Reserve Account 204,685.97
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
</TABLE>
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<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: February 1, 1999 to February 28, 1999
Distribution Date: March 15, 1999
<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>
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
<CAPTION>
Number Balance
-----------------------------------------
<S> <C> <C>
30-59 Days 1974 17,734,192.31
60-89 Days 500 4,216,604.46
90 Days or More 501 4,190,874.53
Financed Vehicles Repossessed but not yet charged off 94 874,631.61
<CAPTION>
ADDITIONAL INFORMATION REQUESTED BY BLOOMBERG:
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<S> <C>
Weighted Average Coupon of Remaining Portfolio (WAC) 0.1149057
Weighted Average Remaining Term of Remaining Portfolio 35.5211108
Net Loss Ratio as of Each Collection Period
(i) Second Preceding Collection Period 0.0062218
(ii) Preceding Collection Period 0.0116619
(iii) Current Collection Period 0.0069889
(vi) Three Month Average 0.0082909
Ending Portfolio Balance 543,705,280.35
</TABLE>
