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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): December 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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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 December 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 November 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
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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: December 23, 1999
Key Consumer Acceptance Corporation
By: /S/ Craig Platt
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Craig Platt
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EXHIBIT INDEX
EXHIBIT
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Page
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20 - Noteholders and Certificateholders Statement for December 15, 1999. 5-7
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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: November 1, 1999 to November 30, 1999
Distribution Date: December 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
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<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 0.00 0.0000000
Class A-4 Note Amount 15,374,581.50 103.8823074
Class A-5 Note Amount 0.00 0.0000000
Class A-P Note Amount 3,303,235.97 26.4258877
Class B Note Amount 1,717,222.63 26.9918678
Class C Note Amount 655,902.39 26.9918678
Certificates Amount 342,291.75 19.8085502
(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 451,575.45 3.0511855
Class A-5 Note Amount 790,625.00 5.2083333
Class A-P Note Amount 264,169.48 2.1133559
Class B Note Amount 140,680.88 2.2112682
Class C Note Amount 56,719.03 2.3341164
Certificates Amount 66,502.28 3.8485115
(iii) Total Pool Balance of Notes and Certificates (end of Collection Period) 317,009,068.10
(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) 72,737,700.94
Class A-4 Pool Factor (end of Collection Period) 0.4914710
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) 48,242,029.28
Class A-P Pool Factor (end of Collection Period) 0.3859362
Class B Notes Balance (end of Collection Period) 25,079,136.11
Class B Pool Factor (end of Collection Period) 0.3942021
Class C Notes Balance (end of Collection Period) 9,579,110.46
Class C Pool Factor (end of Collection Period) 0.3942021
Certificates Balance (end of Collection Period) 9,571,091.32
Certificates Pool Factor (end of Collection Period) 0.5538826
(v) Basic Servicing Fee 282,001.92 0.2696093
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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: November 1, 1999 to November 30, 1999
Distribution Date: December 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
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<S> <C> <C>
(vi) Aggregate Realized Losses 1,643,467.58
Aggregate Net Losses 1,249,926.65
Cummulative Net Losses for all periods 31,413,497.00
(vii) Reserve Account Balance after Giving Effect to Payments 16,148,936.90
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 0.01
Draws on Reserve Account 51,063.09
Deposits to Reserve Account 0.00
Class C Reserve Account Balance after Giving Effect to Payments 2,377,568.01
Made on Distribution Date
Specified Class C Reserve Account Balance after Giving Effect to 2,377,568.01
Payments Made on Distribution Date
Distribution to Seller from Class C Reserve Account 160,449.26
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
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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: November 1, 1999 to November 30, 1999
Distribution Date: December 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>
(xi) Delinquent Contracts
Number Balance
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30-59 Days 1805 13,438,931.25
60-89 Days 673 4,854,859.27
90 Days or More 392 2,914,243.38
Financed Vehicles Repossessed but not yet charged off 57 457,622.91
ADDITIONAL INFORMATION REQUESTED BY BLOOMBERG:
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Weighted Average Coupon of Remaining Portfolio (WAC) 0.1152606
Weighted Average Remaining Term of Remaining Portfolio 28.0914353
Net Loss Ratio as of Each Collection Period
(i) Second Preceding Collection Period 0.0075742
(ii) Preceding Collection Period 0.0053753
(iii) Current Collection Period 0.0114425
(iv) Three Month Average 0.0081307
Ending Portfolio Balance 317,009,068.10
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