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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): June 15, 1999
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KEY CONSUMER ACCEPTANCE CORPORATION
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(Exact Name of Registrant as Specified in its Charter)
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<S> <C> <C>
Delaware 333-38211 52-1995940
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(STATE OR OTHER JURISDICTION OF INCORPORATION) (COMMISSION FILE NUMBER) (I.R.S. EMPLOYER IDENTIFICATION NO.)
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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 June 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 May 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: June 22, 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 June 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: May 1, 1999 to May 31, 1999
Distribution Date: June 15, 1999
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<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 18,081,152.78 120.5410185
Class A-4 Note Amount 0.00 0.0000000
Class A-5 Note Amount 0.00 0.0000000
Class A-P Note Amount 3,884,744.06 31.0779524
Class B Note Amount 2,019,525.85 31.7435689
Class C Note Amount 771,368.72 31.7435688
Certificates Amount 402,549.45 23.2956860
(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 223,122.71 1.4874847
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 378,443.32 3.0275466
Class B Note Amount 201,536.30 3.1678136
Class C Note Amount 81,254.42 3.3438032
Certificates Amount 82,002.02 4.7454871
(iii) Total Pool Balance of Notes and Certificates (end of Collection Period) 457,650,471.37
(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) 25,811,839.28
Class A-3 Pool Factor (end of Collection Period) 0.1720789
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) 69,957,854.78
Class A-P Pool Factor (end of Collection Period) 0.5596628
Class B Notes Balance (end of Collection Period) 36,368,340.83
Class B Pool Factor (end of Collection Period) 0.5716495
Class C Notes Balance (end of Collection Period) 13,891,082.71
Class C Pool Factor (end of Collection Period) 0.5716495
Certificates Balance (end of Collection Period) 11,821,353.77
Certificates Pool Factor (end of Collection Period) 0.6841061
(v) Basic Servicing Fee 402,341.51 0.3846605
(vi) Aggregate Realized Losses 1,692,730.04
Aggregate Net Losses 1,053,052.96
Cummulative Net Losses for all periods 25,892,003.52
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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: May 1, 1999 to May 31, 1999
Distribution Date: June 15, 1999
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<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>
(vii) Reserve Account Balance after Giving Effect to Payments 18,306,018.85
Made on Distribution Date
Specified Reserve Account Balance after Giving Effect to Payments 18,306,018.85
Made on Distribution Date
Distribution to Seller from Reserve Account 1,006,373.64
Draws on Reserve Account (0.00)
Deposits to Reserve Account 0.00
Class C Reserve Account Balance after Giving Effect to Payments 3,432,378.54
Made on Distribution Date
Specified Class C Reserve Account Balance after Giving Effect to 3,432,378.54
Payments Made on Distribution Date
Distribution to Seller from Class C Reserve Account 188,695.05
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 0.00
Seller or purchased by Servicer
(xi) Delinquent Contracts
Number Balance
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30-59 Days 1629 13,232,330.83
60-89 Days 384 3,173,763.27
90 Days or More 371 2,834,881.99
Financed Vehicles Repossessed but not yet charged off 64 602,385.79
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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: May 1, 1999 to May 31, 1999
Distribution Date: June 15, 1999
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<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>
ADDITIONAL INFORMATION REQUESTED BY BLOOMBERG:
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Weighted Average Coupon of Remaining Portfolio (WAC) 0.1150492
Weighted Average Remaining Term of Remaining Portfolio 32.9763389
Net Loss Ratio as of Each Collection Period
(i) Second Preceding Collection Period 0.0085363
(ii) Preceding Collection Period 0.0061450
(iii) Current Collection Period 0.0067183
(iv) Three Month Average 0.0071332
Ending Portfolio Balance 457,650,471.37
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