<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): July 15, 1999
------------------------------
KEY CONSUMER ACCEPTANCE CORPORATION
- -------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in its Charter)
<TABLE>
<S> <C> <C>
Delaware 333-38211 52-1995940
- ----------------------------------------------------------------------------------------------------------------
(State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
</TABLE>
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 6 pages
<PAGE> 2
Item 5. OTHER EVENTS
On July 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 June 30, 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: July 21, 1999
Key Consumer Acceptance Corporation
By: /S/ Craig Platt
---------------------------------------
Craig Platt
<PAGE> 4
EXHIBIT INDEX
EXHIBIT
Page
20 - Noteholders and Certificateholders Statement for July 15, 1999. 5-6
<PAGE> 1
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: June 1, 1999 to June 30, 1999
Distribution Date: July 15, 1999
<TABLE>
<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 17,679,761.61 163.7014964
Class A-2 Note Amount 0.00 0.0000000
Class A-3 Note Amount 0.00 0.0000000
Class A-4 Note Amount 0.00 0.0000000
Class B Note Amount 0.00 0.0000000
Class C Note Amount 0.00 0.0000000
Certificates Amount 0.00 0.0000000
(ii) Interest Distribution
Class A-1 Note Amount 235,687.93 4.1333333
Class A-2 Note Amount 658,246.17 4.3941667
Class A-3 Note Amount 451,807.50 4.6916667
Class A-4 Note Amount 683,567.50 4.8583333
Class B Note Amount 193,515.00 5.0000000
Class C Note Amount 160,686.50 5.9000000
Certificates Amount 98,758.03 7.8166667
(iii) Total Pool Balance of Notes and Certificates (end of Collection Period) 504,713,799.33
(iv) Class A-1 Notes Balance (end of Collection Period) 39,341,509.33
Class A-1 Pool Factor (end of Collection Period) 0.3642732
Class A-2 Notes Balance (end of Collection Period) 149,800,000.00
Class A-2 Pool Factor (end of Collection Period) 1.0000000
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) 38,703,000.00
Class B Pool Factor (end of Collection Period) 1.0000000
Class C Notes Balance (end of Collection Period) 27,235,000.00
Class C Pool Factor (end of Collection Period) 1.0000000
Certificates Balance (end of Collection Period) 12,634,290.00
Certificates Pool Factor (end of Collection Period) 1.0000000
(v) Basic Servicing Fee 426,623.16 0.7682415
(vi) Aggregate Realized Losses 804,558.28
Aggregate Net Losses 552,750.09
Cummulative Net Losses for all periods 1,064,561.67
(vii) Reserve Account Balance after Giving Effect to Payments 14,885,087.30
Made on Distribution Date
Specified Reserve Account Balance after Giving Effect to Payments 14,885,087.30
Made on Distribution Date
</TABLE>
Page 1
<PAGE> 2
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: June 1, 1999 to June 30, 1999
Distribution Date: July 15, 1999
<TABLE>
<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>
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
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 1,901,547.65
(x) Aggregate Purchase Amount of Receivables Repurchased by the 0.00
Seller or purchased by Servicer
(xi) Delinquent Contracts
Number Balance
--------------------------------------------------
30-59 Days 387 5,904,424.59
60-89 Days 94 1,436,357.48
90 Days or More 87 1,338,733.20
Financed Vehicles Repossessed but not yet charged off 77 920,829.91
ADDITIONAL INFORMATION REQUESTED BY BLOOMBERG:
- ---------------------------------------------
Weighted Average Coupon of Remaining Portfolio (WAC) 0.1141404
Weighted Average Remaining Term of Remaining Portfolio 56.5127070
Net Loss Ratio as of Each Collection Period
(i) Second Preceding Collection Period 0.0023416
(ii) Preceding Collection Period 0.0042473
(iii) Current Collection Period 0.0055930
(iv) Three Month Average 0.0040606
Ending Portfolio Balance 496,169,576.81
</TABLE>
Page 2
