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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): November 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
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(STATE OR OTHER JURISDICTION OF INCORPORATION) (COMMISSION FILE NUMBER)
52-1995940
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(I.R.S. EMPLOYER
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 6 pages
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Item 5. OTHER EVENTS
On November 15, 1999, Key Auto Finance Trust 1999-1 (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
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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: November 23, 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
November 15, 1999. 5-6
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<TABLE>
<CAPTION>
EXHIBIT 20
KEY AUTO FINANCE TRUST 1999-1
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 12,718,940.30 0.0849061
Class A-3 Note Amount 0.00 0.0000000
Class A-4 Note Amount 0.00 0.0000000
Class B Note Amount 1,272,650.33 0.0328825
Class C Note Amount 895,554.13 0.0328825
Certificates Amount 335,430.28 0.0265492
(ii) Interest Distribution
Class A-1 Note Amount 0.00 0.0000000
Class A-2 Note Amount 640,195.03 4.5406389
Class A-3 Note Amount 451,807.50 4.6916667
Class A-4 Note Amount 683,567.50 4.8583333
Class B Note Amount 189,108.52 5.0000000
Class C Note Amount 157,027.55 5.9000000
Certificates Amount 96,942.37 7.8166667
(iii) Total Pool Balance of Notes and Certificates (end of Collection Period) 439,608,257.78
(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) 128,273,340.62
Class A-2 Pool Factor (end of Collection Period) 0.8562973
Class A-3 Notes Balance (end of Collection Period) 96,300,000.00
Class A-3 Pool Factor (end of Collection Period) 1.0000000
Class A-4 Notes Balance (end of Collection Period) 140,700,000.00
Class A-4 Pool Factor (end of Collection Period) 1.0000000
Class B Notes Balance (end of Collection Period) 36,549,054.04
Class B Pool Factor (end of Collection Period) 0.9443468
Class C Notes Balance (end of Collection Period) 25,719,284.99
Class C Pool Factor (end of Collection Period) 0.9443468
Certificates Balance (end of Collection Period) 12,066,578.13
Certificates Pool Factor (end of Collection Period) 0.9550658
(v) Basic Servicing Fee 375,347.86 0.6759076
(vi) Aggregate Realized Losses 972,822.93
Aggregate Net Losses 602,467.76
Cumulative Net Losses for all periods 4,103,028.41
(vii) Reserve Account Balance after Giving Effect to Payments 13,094,747.44
Made on Distribution Date
Specified Reserve Account Balance after Giving Effect to Payments 13,094,747.44
Made on Distribution Date
Distribution to Seller from Reserve Account 0.00
Draws on Reserve Account 0.00
Deposits to 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
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<TABLE>
<CAPTION>
KEY AUTO FINANCE TRUST 1999-1
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>
Class A-4 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 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 1,296,718.38
(x) Aggregate Purchase Amount of Receivables Repurchased by the 10,866.79
Seller or purchased by Servicer
(xi) Delinquent Contracts
Number Balance
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30-59 Days 832 12,286,094.84
60-89 Days 213 3,302,211.86
90 Days or More 165 2,412,681.12
Financed Vehicles Repossessed but not yet charged off 78 899,711.17
ADDITIONAL INFORMATION REQUESTED BY BLOOMBERG:
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Weighted Average Coupon of Remaining Portfolio (WAC) 0.1138308
Weighted Average Remaining Term of Remaining Portfolio 52.8046698
Net Loss Ratio as of Each Collection Period
(i) Second Preceding Collection Period 0.0075061
(ii) Preceding Collection Period 0.0087316
(iii) Current Collection Period 0.0130928
(iv) Three Month Average 0.0097768
Ending Portfolio Balance 436,491,581.24
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