<PAGE> 1
Filed Pursuant To rule 424(b)(3)
Registration No. 333-12431
PROSPECTUS SUPPLEMENT
To Prospectus dated February 18, 1997 and
Prospectus Supplement dated February 18, 1997
$438,448,000
KEY AUTO FINANCE TRUST 1997-1
$300,000,000 CLASS A-1 5.85% ASSET BACKED NOTES
$66,000,000 CLASS A-2 6.05% ASSET BACKED NOTES
$46,141,000 CLASS A-3 6.15% ASSET BACKED NOTES
$26,307,000 CLASS B 6.40% ASSET BACKED NOTES
KEY CONSUMER ACCEPTANCE CORPORATION
SELLER
KEY BANK USA, NATIONAL ASSOCIATION
SERVICER
The Prospectus dated February 18, 1997 and the Prospectus Supplement dated
February 18, 1997 are hereby amended and supplemented as indicated below. Terms
used herein and not otherwise defined have the meanings given to them in the
Prospectus and the Prospectus Supplement.
Because this Supplement is to be used in connection with offers and sales
related to market-making transactions in the Notes, the following portions of
the Prospectus and the Prospectus Supplement do not apply and are deemed deleted
from such documents to the extent the documents are used for market-making
transactions:
(a) the pricing table and related footnotes on the front cover page of
the Prospectus Supplement and the sentences on the front cover page of the
Prospectus Supplement with respect to the purchase of the Notes by the
Underwriters from the Seller and the issuance thereof;
(b) the paragraph on the inside front cover of the Prospectus
Supplement regarding the obligation of dealers to deliver a prospectus and a
prospectus supplement; and
(c) the "Underwriting" section of the Prospectus Supplement.
-------------------
This Supplement to the Prospectus and the Prospectus Supplement is to be used by
McDonald Investments in connection with offers and sales from time to time
related to market-making transactions in the Notes in which McDonald Investments
acts as principal. McDonald Investments may also act as agent in such
transactions. Sales will be made at prices related to prevailing prices at the
time of sale.
------------------
MCDONALD INVESTMENTS
A KeyCorp Company
Prospectus Supplement dated August 4, 2000
<PAGE> 2
The "Underwriting" section of the Prospectus Supplement is replaced with the
following:
PLAN OF DISTRIBUTION
The Seller does not intend to apply for listing of the Notes on a
national securities exchange, but has been advised by McDonald Investments Inc.
("McDonald Investments") that it may make a market in the Notes. McDonald
Investments is not obligated, however, to make a market in the Notes and may
discontinue market making at any time without notice. No assurance can be given
as to the liquidity of the trading market for the Notes.
After the initial distribution of the Notes by Credit Suisse First
Boston Corporation and McDonald Investments, the Prospectus and the Prospectus
Supplements may be used by McDonald Investments, a subsidiary of KeyCorp and an
affiliate of the Seller and the Servicer, or its successors, in connection with
offers and sales relating to market making transactions in the Notes. McDonald
Investments may act as principal or agent in such transactions. Such
transactions will be at prices related to prevailing market prices at the time
of sale. Any obligation of McDonald Investments are the sole obligations of
McDonald Investments and do not create any obligations on the part of any
affiliate of McDonald Investments. McDonald Investments is a member of the New
York Stock Exchange.
McDonald Investments may engage in transactions that stabilize,
maintain or otherwise affect the price of the Notes. Specifically, McDonald
Investments may create a short position in the Notes for its own account.
McDonald Investments may bid for and purchase Notes in the open market to cover
such short positions. In addition, McDonald Investments may bid for and purchase
Notes in the open market to stabilize the price of the Notes. These activities
may stabilize or maintain the market price of the Notes above independent market
levels. McDonald Investments is not required to engage in these activities, and
may end these activities at any time.
The Trust may, from time to time, invest the funds in the Trust
Accounts in Eligible Investments acquired from Credit Suisse First Boston and
McDonald Investments.
In the ordinary course of their respective businesses, Credit Suisse
First Boston and McDonald Investments and their respective affiliates have
engaged and may in the future engage in commercial banking and investment
banking transactions with the Seller and its affiliates.
The following section shall be inserted immediately following the section
labelled "Legal Opinions" in the Prospectus Supplement:
ADDITIONAL INFORMATION
For additional information regarding the activities of the Trust
through May 31, 2000, we refer you to the Servicer Report attached as Annex A.
<PAGE> 3
KEY AUTO FINANCE TRUST 1997-1
MONTHLY SERVICER REPORT
SERVICER: KEY BANK USA, NATIONAL ASSOCIATION
OWNER TRUSTEE: CHASE MANHATTAN BANK DELAWARE
INDENTURE TRUSTEE: BANKERS TRUST COMPANY
Collection Period: May 1 to May 31, 1000
Distribution Date: June 15, 2000
<TABLE>
<CAPTION>
I. ORIGINAL DEAL PARAMETER INPUTS KEYBANK AFG TOTAL
--------------------------------- ------- --- -----
<S> <C> <C> <C>
(A) Total Portfolio Balance $361,900,619.71 $76,547,430.60 $438,448,050.31
(B) Total Securities Balance $455,986,000.00
(C) Class A-1 Notes
(i) Class A-1 Notes Balance $300,000,000.00
(ii) Class A-1 Notes Percentage (C(i)/IB) 65.79%
(iii) Class A-1 Notes Rate 5.85%
(iv) Class A-1 Notes Rate Cap N/A
(v) Class A-1 Notes Accrual Basis 30/360
(D) Class A-2 Notes
(i) Class A-2 Notes Balance $66,000,000.00
(ii) Class A-2 Notes Percentage (D(i)/IB) 14.47%
(iii) Class A-2 Notes Rate 6.05%
(iv) Class A-2 Notes Rate Cap N/A
(v) Class A-2 Notes Accrual Basis 30/360
(E) Class A-3 Notes
(i) Class A-3 Notes Balance $46,141,000.00
(ii) Class A-3 Notes Percentage (E(i)/B) 10.12%
(iii) Class A-3 Notes Rate 6.15%
(iv) Class A-3 Notes Rate Cap N/A
(v) Class A-3 Notes Accrual Basis 30/360
(F) Class B Notes
(i) Class B Notes Balance $26,307,000.00
(ii) Class B Notes Percentage (F(i)/B) 5.77%
(iii) Class B Notes Rate 6.40%
(iv) Class B Notes Rate Cap N/A
(v) Class B Notes Accrual Basis 30/360
(G) Certificates
(i) Certificates Balance $17,538,000.00
(ii) Certificates Percentage (G(i)/B) 3.85%
(iii) Certificates Rate 7.70%
(iv) Certificates Rate Cap N/A
(v) Certificates Accrual Basis 30/360
(H) Servicing Fee Rate 1.00%
(I) Portfolio Summary
(i) Weighted Average Coupon (WAC) 13.00%
(ii) Weighted Average Original Maturity (WAOM) 60.00 Mos.
(iii) Weighted Average Remaining Maturity (WAM) 58.00 Mos.
(iv) Number of Receivables 36,825
(J) Reserve Account
(i) Reserve Account Initial Deposit Percentage 3.00%
(ii) Reserve Account Initial Deposit $13,679,580.00
(iii) Specified Reserve Account Balance(Greater of)
(a) Percent of Remaining Securities Balance 3.00%
(b) Percent of Initial Securities Balance 1.50%
(c) Trigger Percent 6.00%
(K) Overcollateralization Targets
(i) Percent of Excess Turboed until Class A-1 is fully paid 100.00%
(ii) Overcollateralization Target Level of Remaining Securities Balance 100.00%
(L) Prefunding Account Initial Deposit N/A
</TABLE>
May 2000 - Collection Period Page 1
<PAGE> 4
KEY AUTO FINANCE TRUST 1997-1
MONTHLY SERVICER REPORT
SERVICER: KEY BANK USA, NATIONAL ASSOCIATION
OWNER TRUSTEE: CHASE MANHATTAN BANK DELAWARE
INDENTURE TRUSTEE: BANKERS TRUST COMPANY
<TABLE>
<CAPTION>
II. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS KEYBANK AFG TOTAL
------------------------------------------------- ------- --- -----
<S> <C> <C> <C>
(A) Total Portfolio Balance $49,202,255.23 $8,786,232.10 $57,988,487.33
(B) Total Securities Balance $57,988,487.33
(C) Cumulative Note and Certificate Pool Factor 0.1271716
(D) Class A-1 Notes
(i) Class A-1 Notes Balance $0.00
(ii) Class A-1 Notes Pool Factor 0.0000000
(iii) Class A-1 Notes Interest Carryover Shortfall $0.00
(iv) Class A-1 Notes Principal Carryover Shortfall $0.00
(E) Class A-2 Notes
(i) Class A-2 Notes Balance $0.00
(ii) Class A-2 Notes Pool Factor 0.0000000
(iii) Class A-2 Notes Interest Carryover Shortfall $0.00
(iv) Class A-2 Notes Principal Carryover Shortfall $0.00
(F) Class A-3 Notes
(i) Class A-3 Notes Balance $14,143,487.33
(ii) Class A-3 Notes Pool Factor 0.3065275
(iii) Class A-3 Notes Interest Carryover Shortfall $0.00
(iv) Class A-3 Notes Principal Carryover Shortfall $0.00
(G) Class B Notes
(i) Class B Notes Balance $26,307,000.00
(ii) Class B Notes Pool Factor 1.0000000
(iii) Class B Notes Interest Carryover Shortfall $0.00
(iv) Class B Notes Principal Carryover Shortfall $0.00
(H) Certificates
(i) Certificates Balance $17,538,000.00
(ii) Certificates Pool Factor 1.0000000
(iii) Certificates Interest Carryover Shortfall $0.00
(iv) Certificates Principal Carryover Shortfall $0.00
(I) Servicing Fee
(i) Servicing Fee Shortfall $0.00
(J) End of Prior Month Account Balances
(i) Reserve Account $6,527,085.63
(ii) Payahead Account $70,837.69
(iii) Prefunding Account N/A
(K) Net Losses on Receivables as of End of Prior Month
(i) Cumulative Net Losses for All Prior Periods $0.00 $0.00 $23,443,988.60
(ii) Net Losses for Second Preceding Period $0.00 $0.00 $528,084.63
(iii) Net Losses for Preceding Period $0.00 $0.00 $69,331.12
(iv) Ratio Net Losses for Second Preceding period 0.0077855
(v) Ratio Net Losses for Preceding period 0.0011163
(L) Delinquencies as of End of Prior Month
(i) Delinquency Ratio for Preceding Period 0.0000000 0.0000000 0.0359892
(ii) Delinquency Ratio for Second Preceding Period 0.0000000 0.0000000 0.0295004
(M) Portfolio Summary as of End of Prior Month
(i) Weighted Average Coupon (WAC) 11.40% 19.55% 12.63%
(ii) Weighted Average Remaining Maturity (WAM) 23.54 Mos. 17.47 Mos. 22.62 Mos.
(iii) Number of Receivables 8,779 1,779 10,558
(iv) Cumulative Balance of Subsequent Receivables Transferred 0.00 $0.00 N/A
</TABLE>
May 2000 - Collection Period Page 2
<PAGE> 5
KEY AUTO FINANCE TRUST 1997-1
MONTHLY SERVICER REPORT
SERVICER: KEY BANK USA, NATIONAL ASSOCIATION
OWNER TRUSTEE: CHASE MANHATTAN BANK DELAWARE
INDENTURE TRUSTEE: BANKERS TRUST COMPANY
<TABLE>
<CAPTION>
III. MONTHLY INPUTS FROM THE MAINFRAME
--------------------------------------
<S> <C> <C>
(A) Principal
(i) Principal Collections
(ii) Prepayments
(iii) Repurchased Loan Proceeds Related to Principal
(iv) Other Refunds Related to Principal
(B) Interest
(i) Interest Collections
(ii) Repurchased Loan Proceeds Related to Interest
(E) Payahead Account
(i) Payments Applied
(ii) Additional Payaheads
(iii) Net Addition to Payahead Account
(F) Portfolio Summary as of End of Month
(i) Weighted Average Coupon (WAC)
(ii) Weighted Average Remaining Maturity (WAM)
(iii) Remaining Number of Receivables
(iv) Remaining Portfolio Balance
(G) Delinquent Receivables KEYCORP AFG
------------------------------------------ -------------------
(i) 30-59 Days Delinquent ($) $2,510,512.45 5.523974% $136,011.91
(ii) 60-89 Days Delinquent ($) $1,065,543.22 2.344554% $0.00
(iii) 90 Days or More Delinquent ($) $746,396.01 1.642323% $0.00
(iv) Financed Vehicles repossessed but not yet
Charged off $0.00 0.000000% $64,348.14
----------------------- ----------------- ------------------
(v) Total ($) $4,322,451.68 9.510851% $200,360.05
(i) 30-59 Days Delinquent (#) 393 4.669677% 29
(ii) 60-89 Days Delinquent (#) 161 1.913023% -
(iii) 90 Days or More Delinquent (#) 122 1.449620% 12
(iv) Financed Vehicles repossessed but not yet
Charged off - 0.000000% -
----------------------- ----------------- ------------------
(v) Total (#) 676 8.032319% 41
(H) Additional Receivables Transferred This Period
(i) Principal Balance
(ii) Weighted Average Coupon
(iii) Weighted Average Remaining Maturity
(I) Recoveries from Prior Month Charge Offs
IV. INPUTS DERIVED FROM OTHER SOURCES
-------------------------------------
(A) Reserve Account Investment Income
(B) Payahead Account Investment Income
(C) Collection Account Investment Income
(D) Note Distribution Account Investment Income
(E) Prefunding Account Investment Earnings
(F) Gross Principal Balance of Defaulted Receivables
(G) Gross Interest Balance of Defaulted Receivables
(H) Aggregate Gross Losses for Collection Period
(I) Liquidated Receivables Information
(i) Liquidation Proceeds Related to Recovery of Principal from
prior month's Charge Offs
(ii) Liquidation Proceeds Related to Recovery of Interest from
prior month's Charge Offs
(J) Aggregate Net Losses for Collection Period
(K) One Month LIBOR
(L) Days in Accrual Period
(M) Cumulative Turbo Amount
(N) Additional Servicing Fees
(O) Number of Contracts Defaulted During the Collection Period
<CAPTION>
III. MONTHLY INPUTS FROM THE MAINFRAME KEYBANK AFG
-------------------------------------- ------- ---
<S> <C> <C>
(A) Principal
(i) Principal Collections $3,573,680.98 $482,851.42
(ii) Prepayments $0.00 $266,237.53
(iii) Repurchased Loan Proceeds Related to Principal $0.00 $0.00
(iv) Other Refunds Related to Principal $0.00 $0.00
(B) Interest
(i) Interest Collections $493,207.27 $154,329.32
(ii) Repurchased Loan Proceeds Related to Interest $0.00 $0.00
(E) Payahead Account
(i) Payments Applied $0.00 $7,236.65
(ii) Additional Payaheads $0.00 $0.00
(iii) Net Addition to Payahead Account $0.00 ($7,236.65)
(F) Portfolio Summary as of End of Month
(i) Weighted Average Coupon (WAC) 11.39% 19.54%
(ii) Weighted Average Remaining Maturity (WAM) 22.69 Mos. 16.50 Mos.
(iii) Remaining Number of Receivables 8,416 1,688
(iv) Remaining Portfolio Balance 45,447,581.36 7,993,243.21
(G) Delinquent Receivables AFG TOTAL
-------------------------------------- -----------------------
(i) 30-59 Days Delinquent ($) 1.701586% $2,646,524.36
(ii) 60-89 Days Delinquent ($) 0.000000% $1,065,543.22
(iii) 90 Days or More Delinquent ($) 0.000000% $746,396.01
(iv) Financed Vehicles repossessed but not yet
Charged off 0.805032% $64,348.14
-------------- ----------------------- -----------------------
(v) Total ($) 2.506618% $4,522,811.73
(i) 30-59 Days Delinquent (#) 1.718009% 422
(ii) 60-89 Days Delinquent (#) 0.000000% 161
(iii) 90 Days or More Delinquent (#) 0.000000% 122
(iv) Financed Vehicles repossessed but not yet
Charged off 0.000150% 12
-----------------------
-------------- -----------------------
(v) Total (#) 2.428910% 717
(H) Additional Receivables Transferred This Period
(i) Principal Balance N/A N/A
(ii) Weighted Average Coupon N/A N/A
(iii) Weighted Average Remaining Maturity N/A N/A
(I) Recoveries from Prior Month Charge Offs $98,680.81 $73,718.05
IV. INPUTS DERIVED FROM OTHER SOURCES KEYBANK AFG
------------------------------------- ------- ---
(A) Reserve Account Investment Income
(B) Payahead Account Investment Income
(C) Collection Account Investment Income
(D) Note Distribution Account Investment Income
(E) Prefunding Account Investment Earnings
(F) Gross Principal Balance of Defaulted Receivables $180,992.89 $43,899.94
(G) Gross Interest Balance of Defaulted Receivables $17.47 $1,712.03
(H) Aggregate Gross Losses for Collection Period $181,010.36 $45,611.97
(I) Liquidated Receivables Information
(i) Liquidation Proceeds Related to Recovery of Principal from
prior month's Charge Offs $98,680.81 $73,718.05
(ii) Liquidation Proceeds Related to Recovery of Interest from
prior month's Charge Offs $0.00 $0.00
(J) Aggregate Net Losses for Collection Period $82,312.08 ($29,818.11)
(K) One Month LIBOR
(L) Days in Accrual Period
(M) Cumulative Turbo Amount
(N) Additional Servicing Fees
(O) Number of Contracts Defaulted During the Collection Period 24 15
<CAPTION>
III. MONTHLY INPUTS FROM THE MAINFRAME TOTAL
-------------------------------------- -----
<S> <C>
(A) Principal
(i) Principal Collections $4,056,532.40
(ii) Prepayments $266,237.53
(iii) Repurchased Loan Proceeds Related to Principal $0.00
(iv) Other Refunds Related to Principal $0.00
(B) Interest
(i) Interest Collections $647,536.59
(ii) Repurchased Loan Proceeds Related to Interest $0.00
(E) Payahead Account
(i) Payments Applied $7,236.65
(ii) Additional Payaheads $0.00
(iii) Net Addition to Payahead Account ($7,236.65)
(F) Portfolio Summary as of End of Month
(i) Weighted Average Coupon (WAC) 12.61%
(ii) Weighted Average Remaining Maturity (WAM) 21.76 Mos.
(iii) Remaining Number of Receivables 10,104
(iv) Remaining Portfolio Balance $53,440,824.57
(G) Delinquent Receivables TOTAL
----------------------------------------
(i) 30-59 Days Delinquent ($) 4.952252%
(ii) 60-89 Days Delinquent ($) 1.993875%
(iii) 90 Days or More Delinquent ($) 1.396678%
(iv) Financed Vehicles repossessed but not yet
Charged off 0.120410%
----------------------------------------
(v) Total ($) 8.463215%
(i) 30-59 Days Delinquent (#) 4.176564%
(ii) 60-89 Days Delinquent (#) 1.593428%
(iii) 90 Days or More Delinquent (#) 1.207443%
(iv) Financed Vehicles repossessed but not yet 0.118765%
Charged off
----------------------------------------
(v) Total (#) 7.096200%
(H) Additional Receivables Transferred This Period
(i) Principal Balance N/A
(ii) Weighted Average Coupon N/A
(iii) Weighted Average Remaining Maturity N/A
(I) Recoveries from Prior Month Charge Offs $172,398.86
IV. INPUTS DERIVED FROM OTHER SOURCES TOTAL
------------------------------------- -----
(A) Reserve Account Investment Income $27,693.62
(B) Payahead Account Investment Income $306.39
(C) Collection Account Investment Income $2,235.67
(D) Note Distribution Account Investment Income $0.00
(E) Prefunding Account Investment Earnings N/A
(F) Gross Principal Balance of Defaulted Receivables $224,892.83
(G) Gross Interest Balance of Defaulted Receivables $1,729.50
(H) Aggregate Gross Losses for Collection Period $226,622.33
(I) Liquidated Receivables Information $0.00
(i) Liquidation Proceeds Related to Recovery of Principal from
prior month's Charge Offs $172,398.86
(ii) Liquidation Proceeds Related to Recovery of Interest from
prior month's Charge Offs $0.00
(J) Aggregate Net Losses for Collection Period $52,493.97
(K) One Month LIBOR N/A
(L) Days in Accrual Period 31 Days
(M) Cumulative Turbo Amount 17,537,949.69
(N) Additional Servicing Fees 1.00%
(O) Number of Contracts Defaulted During the Collection Period 39
</TABLE>
May 2000 - Collection Period Page 3
<PAGE> 6
KEY AUTO FINANCE TRUST 1997-1
MONTHLY SERVICER REPORT
SERVICER: KEY BANK USA, NATIONAL ASSOCIATION
OWNER TRUSTEE: CHASE MANHATTAN BANK DELAWARE
INDENTURE TRUSTEE: BANKERS TRUST COMPANY
<TABLE>
<CAPTION>
MONTHLY COLLECTIONS
-------------------
V. INTEREST COLLECTIONS KEYBANK AFG TOTAL
----------------------- -----------
<S> <C> <C> <C>
(A) Interest Collections $ 493,207.27 $154,329.32 $647,536.59
(B) Liquidation Proceeds Related to Interest $98,680.81 $73,718.05 $172,398.86
(C) Repurchased Loan Proceeds Related to Interest $0.00 $0.00 $0.00
------------- ----------- -----------
(D) Total Interest Collections $591,888.08 $228,047.37 $819,935.45
VI. PRINCIPAL COLLECTIONS
-------------------------
(A) Principal Payments Received $3,573,680.98 $749,088.95 4,322,769.93
(B) Repurchased Loan Proceeds Related to Principal 0.00 0.00 0.00
(C) Other Refunds Related to Principal 0.00 0.00 0.00
------------- ----------- -----------
(D) Total Principal Collections $3,573,680.98 $749,088.95 4,322,769.93
VIII. TOTAL COLLECTIONS $4,165,569.06 $977,136.32 5,142,705.38
-----------------------
MONTHLY DISTRIBUTIONS
---------------------
VIII. FEE DISTRIBUTIONS Per $1,000
----------------------- of Securities
(A) Servicing Fee -------------
(i) Servicing Fee Due $ 48,323.74
(ii) Servicing Fee Paid (after reserve fund draw) 48,323.74 0.1059764
-----------
(iii) Servicing Fee Shortfall (after reserve fund draw) $0.00 0.0000000
IX. INTEREST DISTRIBUTIONS
--------------------------
(A) Class A-1 Notes
(i) Class A-1 Notes Interest Due $0.00
(ii) Class A-1 Notes Interest Paid (after reserve fund draw) 0.00 0.0000000
-----------
(iii) Class A-1 Notes Interest Shortfall (after reserve fund draw) $0.00 0.0000000
(B) Class A-2 Notes
(i) Class A-2 Notes Interest Due $0.00
(ii) Class A-2 Notes Interest Paid (after reserve fund draw) 0.00 0.0000000
-----------
(iii) Class A-2 Notes Interest Shortfall (after reserve fund draw) $0.00 0.0000000
(C) Class A-3 Notes
(i) Class A-3 Notes Interest Due $ 72,485.37
(ii) Class A-3 Notes Interest Paid (after reserve fund draw) 72,485.37 1.5709537
-----------
(iii) Class A-3 Notes Interest Shortfall (after reserve fund draw) $0.00 0.0000000
(D) Class B Notes
(i) Class B Notes Interest Due $140,304.00
(ii) Class B Notes Interest Paid (after reserve fund draw) 140,304.00 5.3333333
-----------
(iii) Class B Notes Interest Shortfall (after reserve fund draw) $0.00 0.0000000
(E) Total Note Interest
(i) Total Note Interest Due $212,789.37
(ii) Total Note Interest Paid (after reserve fund draw) 212,789.37 0.4853241
-----------
(iii) Total Note Interest Shortfall (after reserve fund draw) $0.00 0.0000000
</TABLE>
May 2000 - Collection Period
Page 4
<PAGE> 7
KEY AUTO FINANCE TRUST 1997-1
MONTHLY SERVICER REPORT
SERVICER KEY: BANK USA, NATIONAL ASSOCIATION
OWNER TRUSTEE: CHASE MANHATTAN BANK DELAWARE
INDENTURE TRUSTEE: BANKERS TRUST COMPANY
<TABLE>
<CAPTION>
(F) Certificates
<S> <C> <C>
(i) Certificates Interest Due $112,535.50
(ii) Certificates Monthly Interest Paid (after reserve fund draw) 112,535.50 6.4166687
-------------
(iii) Certificates Monthly Interest Shortfall (after reserve fund draw) $0.00 0.0000000
(G) Total Note and Certificate Interest
(i) Total Note and Certificate Interest Due $325,324.87
(ii) Total Note and Certificate Interest Paid (after reserve fund draw) 325,324.87 0.7134536
-------------
(iii) Total Note and Certificate Interest Shortfall (after reserve fund draw) $0.00 0.0000000
X. PRINCIPAL DISTRIBUTIONS
--------------------------
(A) Noteholders' Principal Distribution Amounts
(i) Noteholders' Regular Principal Distribution Amount $4,547,662.76
(ii) Noteholders' Accelerated Principal Distribution Amount 0.00
-------------
(iii) Noteholders' Total Principal Distribution Amount $4,547,662.76
(B) Class A-1 Notes Principal
(i) Class A-1 Notes Principal Due $0.00
(ii) Class A-1 Notes Principal Paid (after reserve fund draw) 0.00
-------------
(iii) Class A-1 Notes Principal Shortfall (after reserve fund draw) $0.00 0.0000000
(iv) Class A-1 Notes Accelerated Principal from Excess Interest Distribution Amount $0.00
(iv) Class A-1 Notes Accelerated Principal from Reserve Fund Excess Distribution Amount $0.00
-------------
(v) Class A-1 NotesTotal Principal Paid $0.00 0.0000000
(C) Class A-2 Notes Principal
(i) Class A-2 Notes Principal Due $0.00
(ii) Class A-2 Notes Principal Paid (after reserve fund draw) 0.00 0.0000000
-------------
(iii) Class A-2 Notes Principal Shortfall (after reserve fund draw) $0.00 0.0000000
(D) Class A-3 Notes Principal
(i) Class A-3 Notes Principal Due $4,547,662.76
(ii) Class A-3 Notes Principal Paid (after reserve fund draw) 4,547,662.76 98.5601257
-------------
(iii) Class A-3 Notes Principal Shortfall (after reserve fund draw) $0.00 0.0000000
(E) Class B Notes Principal
(i) Class B Notes Principal Due $0.00
(ii) Class B Notes Principal Paid (after reserve fund draw) 0.00 0.0000000
-------------
(iii) Class B Notes Principal Shortfall (after reserve fund draw) $0.00 0.0000000
(F) Total Notes Principal
(i) Total Notes Principal Due $4,547,662.76
(ii) Total Notes Principal Paid (after reserve fund draw) 4,547,662.76 10.3721827
-------------
(iii) Total Notes Principal Shortfall (after reserve fund draw) $0.00 0.0000000
(G) Certificates Principal
(i) Certificates Principal Due $0.00
(ii) Certificates Principal Paid (after reserve fund draw) 0.00 0.0000000
-------------
(iii) Certificates Principal Shortfall (after reserve fund draw) $0.00 0.0000000
(H) Total Notes and Certificates Principal
(i) Total Notes and Certificates Principal Due $4,547,662.76
(ii) Total Notes and Certificates Principal Paid (after reserve fund draw) 4,547,662.76 9.9732508
-------------
(iii) Total Notes and Certificates Principal Shortfall (after reserve fund draw) $0.00
(I) Remaining Available Principal and Interest $0.00
(J) Additional Servicing Fees
(i) Additional Servicing Fees Due $0.00
(ii) Additional Servicing Fees Paid $0.00
(iii) Additional Servicing Fees Shortfall $0.00
(K) Distribution to Seller $0.00
</TABLE>
May 2000 - Collection Period
Page 5
<PAGE> 8
KEY AUTO FINANCE TRUST 1997-1
MONTHLY SERVICER REPORT
SERVICER: KEY BANK USA, NATIONAL ASSOCIATION
OWNER TRUSTEE: CHASE MANHANTTAN BANK DELAWARE
INDENTURE TRUSTEE: BANKERS TRUST COMPANY
<TABLE>
<CAPTION>
DISTRIBUTIONS SUMMARY
---------------------
<S> <C> <C>
(A) Total Collections $5,142,705.38
(B) Amount of Draw from Reserve Account 0.00
(C) Amount of Release from Reserve Account 0.00
(D) Total Amount Available for Distribution 5,142,705.38
(E) Required Distributions 4,921,311.37
(F) Amount of Deposit into Reserve Account 221,394.01
(G) DistributionbtoiSeller 0.00
(H) Total Distributions 5,142,705.38
PORTFOLIO AND SECURITY SUMMARY
------------------------------
Beginning End
XI. POOL BALANCES AND PORTFOLIO INFORMATION of Period of Period
------------------------------------------- -------------- --------------
(A) Balances and Principal Factors
(i) Aggregate Balance of Notes $40,450,487.33 $35,902,824.57
(ii) Note Pool Factor 0.0922583 0.0818862
(iii) Class A-1 Notes Balance 0.00 0.00
(iv) Class A-1 Notes Pool Factor 0.0000000 0.0000000
(v) Class A-2 Notes Balance 0.00 0.00
(vi) Class A-2 Notes Pool Factor 0.0000000 0.0000000
(vii) Class A-3 Notes Balance 14,143,487.33 9,595,824.57
(viii) Class A-3 Notes Pool Factor 0.3065275 0.2079674
(ix) Class B Notes Balance 26,307,000.00 26,307,000.00
(x) Class B Notes Pool Factor 1.0000000 1.0000000
(iv) Certificates Balance 17,538,000.00 17,538,000.00
(x) Certificates Pool Factor 1.0000000 1.0000000
(xi) Total Principal Balance of Notes and Certificates 57,988,487.33 53,440,824.57
(B) Portfolio Information
(i) Weighted Average Coupon (WAC) 12.63% 12.61%
(ii) Weighted Average Remaining Maturity (WAM) 22.62 Mos. 21.76 Mos.
(iii) Remaining Number of Receivables 10,558 10,104
(iv) Portfolio Receivable Balance $57,988,487.33 $53,440,824.57
(C) Overcollateralization
(i) Dollar Amount $0.00 $0.00
(iii) Percent 0.000% 0.000%
SUMMARY OF ACCOUNTS
-------------------
XII. RECONCILIATION OF PREFUNDING ACCOUNT
-----------------------------------------
(A) Beginning of Month Prefunding Account Balance N/A
(B) Principal Balance of Loans Purchased During the Period N/A
(C) End of Month Prefunding Account Balance N/A
XIII. RECONCILIATION OF PAYAHEAD ACCOUNT
----------------------------------------
(A) Beginning of Month Payahead Account Balance $70,837.69
(B) Draws
(i) Payments Applied $7,236.65
(C) Additional Payaheads Deposited into the Payahead Account 0.00
(D) End of Month Payahead Account Balance 63,601.04
</TABLE>
May 2000 - Collection Period
Page 6
<PAGE> 9
KEY AUTO FINANCE TRUST 1997-1
MONTHLY SERVICER REPORT
SERVICER KEY: BANK USA, NATIONAL ASSOCIATION
OWNER TRUSTEE: CHASE MANHATTAN BANK DELAWARE
INDENTURE TRUSTEE: BANKERS TRUST COMPANY
<TABLE>
<CAPTION>
XIV. RECONCILIATION OF RESERVE ACCOUNT
--------------------------------------
<S> <C>
(A) Beginning Reserve Account Balance
(B) Draws
(i) Draw for Servicing Fee
(ii) Draw for Interest
(iii) Draw for Principal
(C) Excess Interest Deposited into the Reserve Account
(D) Reserve Account Balance Prior to Release
(E) Reserve Account Required Amount
(G) Reserve Account Release to Turbo
(G) Reserve Account Release to Issuer
(H) Ending Reserve Account Balance
XV. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
---------------------------------------------
(A) Liquidation Proceeds
(B) Aggregate Net Losses for Collection Period
(C) Charge-off Rate for Collection Period (annualized)
(D) Cumulative Net Losses for all Periods
(E) Delinquent Receivables % of Ending Portfolio Balance
-------------------------------
(i) 60-89 Days Delinquent 0.0199387
(ii) 90 Days or More Delinquent 0.0139668
(iii) Financed Vehicles repossessed but not yet Charged off 0.0012041
(iv) Total 0.0351096
XVI. TESTS FOR INCREASE IN SPECIFIED RESERVE ACCOUNT BALANCE*
-------------------------------------------------------------
(A) Ratio of Aggregate Net Losses to the Average Pool Balance
(i) Second Preceding Collection Period
(ii) Preceding Collection Period
(iii) Current Collection Period
(iv) Three Month Average (Avg(i,ii,iii))
(v) Net Loss Trigger
(B) Ratio of Aggregate Balance of Contracts Delinquent 60 Days or More to
the Outstanding Balance of Receivables.
(i) Second Preceding Collection Period
(ii) Preceding Collection Period
(iii) Current Collection Period
(iv) Three Month Average (Avg(i,ii,iii))
(v) Net Delinquency Trigger
(C) Loss and Delinquency Trigger Indicator
---------------------------------------------------
*Based on aggregate balances of Key Bank and AFG.
<CAPTION>
XIV. RECONCILIATION OF RESERVE ACCOUNT
<S> <C> <C> <C> <C>
(A) Beginning Reserve Account Balance $ 6,527,085.63
(B) Draws
(i) Draw for Servicing Fee 0.00
(ii) Draw for Interest 0.00
(iii) Draw for Principal 0.00
(C) Excess Interest Deposited into the Reserve Account 221,394.01
(D) Reserve Account Balance Prior to Release 6,748,479.64
(E) Reserve Account Required Amount 6,839,790.00 0.1279881
(G) Reserve Account Release to Turbo 0.00
(G) Reserve Account Release to Issuer 0.00
(H) Ending Reserve Account Balance 6,748,479.64
XV. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY KEYBANK AFG TOTAL
--------------------------------------------- ---------- ---------- --------------
(A) Liquidation Proceeds $98,680.81 $73,718.05 172,398.86
(B) Aggregate Net Losses for Collection Period 52,493.97
(C) Charge-off Rate for Collection Period (annualized) 0.0028266
(D) Cumulative Net Losses for all Periods 23,496,482.57
(E) Delinquent Receivables Units
---------------------------------
(i) 60-89 Days Delinquent 161 0.0159343
(ii) 90 Days or More Delinquent 122 0.0120744
(iii) Financed Vehicles repossessed but not yet Charged off 12 0.0011876
(iv) Total 295 0.0291964
XVI. TESTS FOR INCREASE IN SPECIFIED RESERVE ACCOUNT BALANCE*
-------------------------------------------------------------
(A) Ratio of Aggregate Net Losses to the Average Pool Balance
(i) Second Preceding Collection Period 0.0077855
(ii) Preceding Collection Period 0.0011163
(iii) Current Collection Period 0.0009052
(iv) Three Month Average (Avg(i,ii,iii)) 0.0032690
(v) Net Loss Trigger 0.0325000
(B) Ratio of Aggregate Balance of Contracts Delinquent
60 Days or More to the Outstanding Balance of Receivables.
(i) Second Preceding Collection Period 0.0295004
(ii) Preceding Collection Period 0.0359892
(iii) Current Collection Period 0.0351096
(iv) Three Month Average (Avg(i,ii,iii)) 0.0335331
(v) Net Delinquency Trigger 0.0175000
(C) Loss and Delinquency Trigger Indicator Trigger was hit
---------------------------------------------------
*Based on aggregate balances of Key Bank and AFG.
</TABLE>
May 2000 - Collection Period
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