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<PAGE> 1
File Pursuant To Rule 424(b)(3)
Registration No. 333-38211
PROSPECTUS SUPPLEMENT
To Prospectus dated December 8, 1997 and
Prospectus Supplement dated December 8, 1997
$1,062,720,000
KEY AUTO FINANCE TRUST 1997-2
$268,000,000 CLASS A-1 5.835% ASSET BACKED NOTES
$132,000,000 CLASS A-2 5.99% ASSET BACKED NOTES
$150,000,000 CLASS A-3 6.10% ASSET BACKED NOTES
$148,000,000 CLASS A-4 6.15% ASSET BACKED NOTES
$151,800,000 CLASS A-5 6.25% ASSET BACKED NOTES
$125,000,000 CLASS A-P 6.15% ASSET BACKED NOTES
$63,620,000 CLASS B 6.30% ASSET BACKED NOTES
$24,300,000 CLASS C 6.65% ASSET BACKED NOTES
KEY CONSUMER ACCEPTANCE CORPORATION
SELLER
KEY BANK USA, NATIONAL ASSOCIATION
SERVICER
The Prospectus dated December 8, 1997 and the Prospectus Supplement dated
December 8, 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
Corporation and McDonald Investments.
In the ordinary course of their respective businesses, Credit Suisse
First Boston Corporation 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
<TABLE>
<CAPTION>
PAGE 1
KEY AUTO FINANCE TRUST 1997-2
SERVICING REPORT
ANNEX A
-------
Servicer: Key Bank USA, N.A.
Indenture Trustee: Bankers Trust Company
Owner Trustee: Chase Manhattan Bank Delaware
Collection Period: May 1, 2000 to May 31, 2000
Distribution Date: June 15, 2000
I. ORIGINAL DEAL PARAMETER INPUTS KEYBANK AFG TOTAL
------- --- -----
<S> <C> <C> <C>
(A) Total Portfolio Balance $948,787,980.96 $97,177,179.83 $1,045,965,160.79
(B) Total Securities Balance $1,080,000,000.00
(C) Class A-1 Notes
(i) Class A-1 Notes Balance 268,000,000.00
(ii) Class A-1 Notes Percentage (C(i)/IB) 24.81%
(iii) Class A-1 Notes Rate 5.835%
(iv) Class A-1 Notes Rate Cap N/A
(v) Class A-1 Notes Accrual Basis Actual/360
(D) Class A-2 Notes
(i) Class A-2 Notes Balance 132,000,000.00
(ii) Class A-2 Notes Percentage (D(i)/IB) 12.22%
(iii) Class A-2 Notes Rate 5.99%
(iv) Class A-2 Notes Rate Cap N/A
(v) Class A-2 Notes Accrual Basis Actual/360
(E) Class A-3 Notes
(i) Class A-3 Notes Balance 150,000,000.00
(ii) Class A-3 Notes Percentage (E(i)/B) 13.89%
(iii) Class A-3 Notes Rate 6.10%
(iv) Class A-3 Notes Rate Cap N/A
(v) Class A-3 Notes Accrual Basis 30/360
(F) Class A-4 Notes
(i) Class A-4 Notes Balance 148,000,000.00
(ii) Class A-4 Notes Percentage (F(i)/IB) 13.70%
(iii) Class A-4 Notes Rate 6.15%
(iv) Class A-4 Notes Rate Cap N/A
(v) Class A-4 Notes Accrual Basis 30/360
(G) Class A-5 Notes
(i) Class A-5 Notes Balance 151,800,000.00
(ii) Class A-5 Notes Percentage (G(i)/IB) 14.06%
(iii) Class A-5 Notes Rate 6.25%
(iv) Class A-5 Notes Rate Cap N/A
(v) Class A-5 Notes Accrual Basis 30/360
(H) Class A-P Notes
(i) Class A-P Notes Balance 125,000,000.00
(ii) Class A-P Notes Percentage (H(i)/IB) 11.57%
(iii) Class A-P Notes Rate 6.15%
(iv) Class A-P Notes Rate Cap N/A
(v) Class A-P Notes Accrual Basis 30/360
(I) Class B Notes
(i) Class B Notes Balance $63,620,000.00
(ii) Class B Notes Percentage (I(i)/IB) 5.89%
(iii) Class B Notes Rate 6.30%
(iv) Class B Notes Rate Cap N/A
(v) Class B Notes Accrual Basis 30/360
(J) Class C Notes
(i) Class C Notes Balance $24,300,000.00
(ii) Class C Notes Percentage (J(i)/IB) 2.25%
</TABLE>
May 2000 Collection Period
<PAGE> 4
<TABLE>
<CAPTION>
PAGE 2
KEY AUTO FINANCE TRUST 1997-2
SERVICING REPORT
<S> <C>
(iii) Class C Notes Rate 6.65%
(iv) Class C Notes Rate Cap N/A
(v) Class C Notes Accrual Basis 30/360
(K) Certificates
(i) Certificates Balance $17,280,000.00
(ii) Certificates Percentage (K(i)/IB) 1.60%
(iii) Certificates Rate 8.05%
(iv) Certificates Rate Cap N/A
(v) Certificates Accrual Basis 30/360
(L) Servicing Fee Rate 1.00%
(M) Portfolio Summary
(i) Weighted Average Coupon (WAC) 11.49%
(ii) Weighted Average Original Maturity (WAOM) 59.40 Mos.
(iii) Weighted Average Remaining Maturity (WAM) 49.08 Mos.
(iv) Number of Receivables 96,446
(N) Reserve Account
(i) Reserve Account Initial Deposit Percentage 4.00%
(ii) Reserve Account Initial Deposit $41,838,607.00
(iii) Specified Reserve Account Balance
(a) Percent of Remaining Securities Balance 4.00%
(b) Floor Percent 1.50%
(c) Trigger Percent 6.00%
(O) Class C Reserve Account
(i) Class C Reserve Account Initial Deposit Percentage 0.50%
(ii) Class C Reserve Account Initial Deposit $5,229,826.00
(iii) Specified Class C Reserve Account Balance
(a) Percent of Remaining Pool Balance 0.75%
(b) Floor Percent 0.10%
</TABLE>
May 2000 Collection Period
<PAGE> 5
<TABLE>
<CAPTION>
PAGE 3
KEY AUTO FINANCE TRUST 1997-2
SERVICING REPORT
II. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS KEYBANK AFG TOTAL
------- --- -----
<S> <C> <C> <C>
(A) Total Portfolio Balance $200,658,575.22 $23,923,069.59 $224,581,644.81
(B) Total Securities Balance $224,581,644.81
(C) Cumulative Note and Certificate Pool Factor 0.2079460
(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 $0.00
(ii) Class A-3 Notes Pool Factor 0.0000000
(iii) Class A-3 Notes Interest Carryover Shortfall $0.00
(iv) Class A-3 Notes Principal Carryover Shortfall $0.00
(G) Class A-4 Notes
(i) Class A-4 Notes Balance $6,313,291.40
(ii) Class A-4 Notes Pool Factor 0.0426574
(iii) Class A-4 Notes Interest Carryover Shortfall $0.00
(iv) Class A-4 Notes Principal Carryover Shortfall $0.00
(H) Class A-5 Notes
(i) Class A-5 Notes Balance $151,800,000.00
(ii) Class A-5 Notes Pool Factor 1.0000000
(iii) Class A-5 Notes Interest Carryover Shortfall $0.00
(iv) Class A-5 Notes Principal Carryover Shortfall $0.00
(I) Class A-P Notes
(i) Class A-P Notes Balance $33,970,714.07
(ii) Class A-P Notes Pool Factor 0.2717657
(iii) Class A-P Notes Interest Carryover Shortfall $0.00
(iv) Class A-P Notes Principal Carryover Shortfall $0.00
(J) Class B Notes
(i) Class B Notes Balance $17,660,039.90
(ii) Class B Notes Pool Factor 0.2775863
(iii) Class B Notes Interest Carryover Shortfall $0.00
(iv) Class B Notes Principal Carryover Shortfall $0.00
(K) Class C Notes
(i) Class C Notes Balance $6,745,346.89
(ii) Class C Notes Pool Factor 0.2775863
(iii) Class C Notes Interest Carryover Shortfall $0.00
(iv) Class C Notes Principal Carryover Shortfall $0.00
(L) Certificates
(i) Certificates Balance $8,092,252.55
(ii) Certificates Pool Factor 0.4683017
(iii) Certificates Interest Carryover Shortfall $0.00
(iv) Certificates Principal Carryover Shortfall $0.00
(M) Servicing Fee
(i) Servicing Fee Shortfall $0.00
(N) End of Prior Month Account Balances
(i) Reserve Account $15,003,561.09
(ii) C Reserve Account $1,684,362.34
(iii) Payahead Account $108,843.92
(O) Net Losses on Receivables as of End of Prior Month KEYBANK AFG TOTAL
------- --- -----
(i) Cumulative Net Losses for All Prior Periods $22,784,558.27 $14,256,344.07 $37,040,902.34
(ii) Net Losses for Second Preceding Period $1,884,294.06 $128,139.47 $2,012,433.53
</TABLE>
May 2000 Collection Period
<PAGE> 6
<TABLE>
<CAPTION>
PAGE 4
KEY AUTO FINANCE TRUST 1997-2
SERVICING REPORT
<S> <C> <C> <C>
(iii) Net Loss Ratio for Second Preceding Period 0.0240903
(iii) Net Losses for Preceding Period $83,686.59 $111,258.42 $194,945.01
(iv) Net Loss Ratio for Proceding Period 0.0025164
(P) Delinquencies as of End of Prior Month TOTAL
-----
(i) Delinquency Ratio for Preceding Period 0.0308639
(ii) Delinquency Ratio for Second Preceding Period 0.0228731
(Q) Portfolio Summary as of End of Prior Month
(i) Weighted Average Coupon (WAC) 10.57% 19.51% 11.52%
(ii) Weighted Average Remaining Maturity (WAM) 23.83 Mos. 26.52 Mos. 24.12 Mos.
(iii) Number of Receivables 34,728 3,504 38,232
</TABLE>
May 2000 Collection Period
<PAGE> 7
<TABLE>
<CAPTION>
PAGE 5
KEY AUTO FINANCE TRUST 1997-2
SERVICING REPORT
<S> <C> <C>
III. MONTHLY INPUTS FROM THE MAINFRAME
(A) Principal
(i) Principal Collections
(ii) Prepayments in Full
(iii) Repurchased Loan Proceeds Related to Principal
(iv) Other Refunds Related to Principal
(B) Interest
(i) Interest Collections
(ii) Repurchased Loan Proceeds Related to Interest
(C) Payahead Account
(i) Payments Applied
(ii) Additional Payaheads
(iii) Net Addition to Payahead Account
(D) Portfolio Summary as of End of Month
(i) Weighted Average Coupon (WAC)
(ii) Weighted Average Remaining Maturity (WAM)
(iii) Remaining Number of Receivables
(iv) Remaining Portfolio Balance
(E) Delinquent Receivables KEYBANK
--------------------------
(i) 30-59 Days Delinquent ($) $8,892,343.10 4.79%
(ii) 60-89 Days Delinquent ($) $3,749,626.92 2.02%
(iii) 90 Days or More Delinquent ($) $2,545,460.24 1.37%
(iv) Financed Vehicles Repossessed but not yet $0.00 0.00%
charged off
--------------------------
(v) Total ($) $15,187,430.26 8.18%
KEYBANK
---------------------------
(i) 30-59 Days Delinquent (#) 1,324 3.99%
(ii) 60-89 Days Delinquent (#) 583 1.76%
(iii) 90 Days or More Delinquent (#) 415 1.25%
(iv) Financed Vehicles Repossessed but not yet 0 0.00%
charged off ---------------------------
(v) Total ($) 2,322 7.00%
(F) Additional Receivables Transferred This Period
(i) Principal Balance
(ii) Weighted Average Coupon
(iii) Weighted Average Remaining Maturity
(G) Recoveries from Prior Month Charge Offs
IV. INPUTS DERIVED FROM OTHER SOURCES
(A) Reserve Account Investment Income
(B) Class C Reserve Account Investment Income
(C) Payahead Account Investment Income
(D) Collection Account Investment Income
(F) Aggregate Net Losses for Collection Period
(G) Net Loss Ratio for Collection Period
(H) Gross Principal Balance of Defaulted Receivables
(I) Gross Interest Balance of Defaulted Receivables
(J) Gross Loss for Collection Period
(K) Net Loss and Liquidated Receivables Information
(i) Liquidation Proceeds Related to Recovery of Principal
(ii) Liquidation Proceeds Related to Recovery of Interest
(L) Days in Accrual Period
(M) Cumulative Turbo Amount
(N) Supplemental Servicing Fees
(O) Number of Contracts Defaulted During the Collection Period
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
(A) Principal KEYBANK AFG
------- ---
(i) Principal Collections 14,419,244.43 $816,334.69
(ii) Prepayments in Full $0.00 $493,494.66
(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 $1,827,426.05 $402,026.84
(ii) Repurchased Loan Proceeds Related to Interest $0.00 $0.00
(C) Payahead Account
(i) Payments Applied $0.00 $21,793.66
(ii) Additional Payaheads $0.00 $0.00
(iii) Net Addition to Payahead Account $0.00 ($21,793.66)
(D) Portfolio Summary as of End of Month
(i) Weighted Average Coupon (WAC) 10.57% 19.51%
(ii) Weighted Average Remaining Maturity (WAM) 23.05 Mos. 25.56 Mos.
(iii) Remaining Number of Receivables 33,180 3,384
(iv) Remaining Portfolio Balance 185,691,386.99 $22,377,854.95
(E) Delinquent Receivables AFG TOTAL
--------------------------------- ---------------------
(i) 30-59 Days Delinquent ($) $470,533.08 2.10% $9,362,876.18
(ii) 60-89 Days Delinquent ($) $0.00 0.00% $3,749,626.92
(iii) 90 Days or More Delinquent ($) $0.00 0.00% $2,545,460.24
(iv) Financed Vehicles Repossessed but not yet $311,958.94 1.39% $311,958.94
charged off
-------------------------------- ---------------------
(v) Total ($) $782,492.02 3.50% $15,969,922.28
AFG
-------------------------------- ---------------------
(i) 30-59 Days Delinquent (#) 66 1.95% 1390
(ii) 60-89 Days Delinquent (#) 0 0.00% 583
(iii) 90 Days or More Delinquent (#) 0 0.00% 415
(iv) Financed Vehicles Repossessed but not yet 46 1.36% 46
charged off -------------------------------- ---------------------
(v) Total ($) 112 3.31% 2434
(F) Additional Receivables Transferred This Period
(i) Principal Balance $0.00 $0.00
(ii) Weighted Average Coupon 0.00% 0.00%
(iii) Weighted Average Remaining Maturity 0.00 Mos. 0.00 Mos.
(G) Recoveries from Prior Month Charge Offs $233,791.84 $135,644.65
IV. INPUTS DERIVED FROM OTHER SOURCES KEYBANK AFG
------- ---
(A) Reserve Account Investment Income
(B) Class C Reserve Account Investment Income
(C) Payahead Account Investment Income
(D) Collection Account Investment Income
(F) Aggregate Net Losses for Collection Period $314,151.96 $99,740.64
(G) Net Loss Ratio for Collection Period 0.0015656 0.0041692
(H) Gross Principal Balance of Defaulted Receivables $547,943.80 $235,385.29
(I) Gross Interest Balance of Defaulted Receivables $2,275.75 $0.00
(J) Gross Loss for Collection Period $550,219.55 $235,385.29
(K) Net Loss and Liquidated Receivables Information
(i) Liquidation Proceeds Related to Recovery of Principal $0.00 $0.00
(ii) Liquidation Proceeds Related to Recovery of Interest $233,791.84 $135,644.65
(L) Days in Accrual Period
(M) Cumulative Turbo Amount
(N) Supplemental Servicing Fees
(O) Number of Contracts Defaulted During the Collection Period 98 38
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
(A) Principal TOTAL
-----
(i) Principal Collections $15,235,579.12
(ii) Prepayments in Full $493,494.66
(iii) Repurchased Loan Proceeds Related to Principal $0.00
(iv) Other Refunds Related to Principal $0.00
(B) Interest
(i) Interest Collections $2,229,452.89
(ii) Repurchased Loan Proceeds Related to Interest $0.00
(C) Payahead Account
(i) Payments Applied $21,793.66
(ii) Additional Payaheads $0.00
(iii) Net Addition to Payahead Account ($21,793.66)
(D) Portfolio Summary as of End of Month
(i) Weighted Average Coupon (WAC) 11.54%
(ii) Weighted Average Remaining Maturity (WAM) 23.32 Mos.
(iii) Remaining Number of Receivables 36,564
(iv) Remaining Portfolio Balance $208,069,241.94
(E) Delinquent Receivables TOTAL
-------------------------------
(i) 30-59 Days Delinquent ($) $4.50%
(ii) 60-89 Days Delinquent ($) 1.80%
(iii) 90 Days or More Delinquent ($) 1.22%
(iv) Financed Vehicles Repossessed but not yet
charged off
------------------------------
(v) Total ($) 7.68%
TOTAL
-----------------------------
(i) 30-59 Days Delinquent (#) 3.80%
(ii) 60-89 Days Delinquent (#) 1.59%
(iii) 90 Days or More Delinquent (#) 1.13%
(iv) Financed Vehicles Repossessed but not yet 0.13%
charged off -----------------------------
(v) Total ($) 6.66%
(F) Additional Receivables Transferred This Period
(i) Principal Balance $0.00
(ii) Weighted Average Coupon #DIV/0!
(iii) Weighted Average Remaining Maturity #DIV/0!
(G) Recoveries from Prior Month Charge Offs $369,436.49
IV. INPUTS DERIVED FROM OTHER SOURCES TOTAL
-----
(A) Reserve Account Investment Income $64,115.53
(B) Class C Reserve Account Investment Income $8,024.98
(C) Payahead Account Investment Income $478.79
(D) Collection Account Investment Income $8,440.09
(F) Aggregate Net Losses for Collection Period $413,892.60
(G) Net Loss Ratio for Collection Period 0.0018429
(H) Gross Principal Balance of Defaulted Receivables $783,329.09
(I) Gross Interest Balance of Defaulted Receivables $2,275.75
(J) Gross Loss for Collection Period $785,604.84
(K) Net Loss and Liquidated Receivables Information
(i) Liquidation Proceeds Related to Recovery of Principal $0.00
(ii) Liquidation Proceeds Related to Recovery of Interest $369,436.49
(L) Days in Accrual Period 31 Days
(M) Cumulative Turbo Amount 34,034,839.21
(N) Supplemental Servicing Fees 0.00
(O) Number of Contracts Defaulted During the Collection Period 136
</TABLE>
May 2000 Collection Period
<PAGE> 8
<TABLE>
<CAPTION>
PAGE 6
KEY AUTO FINANCE TRUST 1997-2
SERVICING REPORT
MONTHLY COLLECTIONS
-------------------
KEYBANK AFG TOTAL
------- --- -----
<S> <C> <C> <C>
V. INTEREST COLLECTIONS
(A) Interest Collections $1,827,426.05 $402,026.84 $2,229,452.89
(B) Repurchased Loan Proceeds Related to Interest $0.00 $0.00 $0.00
(C) Recoveries from Prior Month Charge Offs $233,791.84 $135,644.65 $369,436.49
-------------- -------------- --------------
(D) Total Interest Collections $2,061,217.89 $537,671.49 $2,598,889.38
VI. PRINCIPAL COLLECTIONS
(A) Principal Payments Received $14,419,244.43 $1,309,829.35 $15,729,073.78
(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 $14,419,244.43 $1,309,829.35 $15,729,073.78
$16,480,462.32 $1,847,500.84 $18,327,963.16
VII. TOTAL INTEREST AND PRINCIPAL COLLECTIONS
</TABLE>
<TABLE>
<CAPTION>
MONTHLY DISTRIBUTIONS
---------------------
<S> <C>
VIII. FEE DISTRIBUTIONS
(A) Servicing Fee
(i) Servicing Fee Due $187,151.37
(ii) Servicing Fee Paid (after reserve fund draw) 187,151.37
-----------
(iii) Servicing Fee Shortfall (after reserve fund draw) $0.00
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
-----------
(iii) Class A-1 Notes Interest Shortfall (after reserve fund draw) $0.00
(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
-----------
(iii) Class A-2 Notes Interest Shortfall (after reserve fund draw) $0.00
(C) Class A-3 Notes
(i) Class A-3 Notes Interest Due $0.00
(ii) Class A-3 Notes Interest Paid (after reserve fund draw) 0.00
-----------
(iii) Class A-3 Notes Interest Shortfall (after reserve fund draw) $0.00
(D) Class A-4 Notes
(i) Class A-4 Notes Interest Due $32,355.62
(ii) Class A-4 Notes Interest Paid (after reserve fund draw) 32,355.62
-----------
(iii) Class A-4 Notes Interest Shortfall (after reserve fund draw) $0.00
(E) Class A-5 Notes
(i) Class A-5 Notes Interest Due $790,625.00
(ii) Class A-5 Notes Interest Paid (after reserve fund draw) 790,625.00
-----------
(iii) Class A-5 Notes Interest Shortfall (after reserve fund draw) $0.00
(F) Class A-P Notes
(i) Class A-P Notes Interest Due $174,099.91
(ii) Class A-P Notes Interest Paid (after reserve fund draw) 174,099.91
-----------
(iii) Class A-P Notes Interest Shortfall (after reserve fund draw) $0.00
(G) Class B Notes
(i) Class B Notes Interest Due $92,715.21
(ii) Class B Notes Interest Paid (after reserve fund draw) 92,715.21
-----------
(iii) Class B Notes Interest Shortfall (after reserve fund draw) $0.00
(H) Class C Notes
(i) Class C Notes Interest Due $37,380.46
(ii) Class C Notes Interest Paid (after reserve fund draw) 37,380.46
-----------
</TABLE>
May 2000 Collection Period
<PAGE> 9
<TABLE>
<CAPTION>
PAGE 7
KEY AUTO FINANCE TRUST 1997-2
SERVICING REPORT
<S> <C>
(iii) Class C Notes Interest Shortfall (after reserve fund draw) $0.00
(I) Total Note Interest
(i) Total Note Interest Due $1,127,176.20
(ii) Total Note Interest Paid (after reserve fund draw) 1,127,176.20
-------------
(iii) Total Note Interest Shortfall (after reserve fund draw) $0.00
(J) Certificates
(i) Certificates Interest Due $54,285.53
(ii) Certificates Monthly Interest Paid (after reserve fund draw) 54,285.53
---------------
(iii) Certificates Monthly Interest Shortfall (after reserve fund draw) $0.00
(K) Total Note and Certificate Interest
(i) Total Note and Certificate Interest Due $1,181,461.73
(ii) Total Note and Certificate Interest Paid (after reserve fund draw) 1,181,461.73
---------------
(iii) Total Note and Certificate Interest Shortfall (after reserve fund draw) $0.00
X. PRINCIPAL DISTRIBUTIONS
(A) Noteholders' Principal Distribution Amounts
(i) Total Regular Principal Distribution Amount $16,512,402.87
(ii) Total Accelerated Principal Distribution Amount ($0.00)
---------------
(iii) Total Principal Distribution Amount $16,512,402.87
(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
(iv) Class A-1 Notes Accelerated Principal from Excess Interest
Distribution Amount ($0.00)
---------------
(v) Class A-1 Notes Total Principal Paid ($0.00)
(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
---------------
(iii) Class A-2 Notes Principal Shortfall (after reserve fund draw) $0.00
(iv) Class A-2 Notes Accelerated Principal from Excess Interest
Distribution Amount $0.00
---------------
(v) Class A-2 Notes Total Principal Paid $0.00
(D) Class A-3 Notes Principal
(i) Class A-3 Notes Principal Due $0.00
(ii) Class A-3 Notes Principal Paid (after reserve fund draw) 0.00
---------------
(iii) Class A-3 Notes Principal Shortfall (after reserve fund draw) $0.00
(iv) Class A-3 Notes Accelerated Principal from Excess Interest
Distribution Amount $0.00
---------------
(v) Class A-3 Notes Total Principal Paid $0.00
(E) Class A-4 Notes Principal
(i) Class A-4 Notes Principal Due $6,313,291.40
(ii) Class A-4 Notes Principal Paid (after reserve fund draw) 6,313,291.40
---------------
(iii) Class A-4 Notes Principal Shortfall (after reserve fund draw) $0.00
(iv) Class A-4 Notes Accelerated Principal from Excess Interest
Distribution Amount $0.00
---------------
(v) Class A-4 Notes Total Principal Paid $6,313,291.40
(F) Class A-5 Notes Principal
(i) Class A-5 Notes Principal Due $5,553,604.50
(ii) Class A-5 Notes Principal Paid (after reserve fund draw) 5,553,604.50
---------------
(iii) Class A-5 Notes Principal Shortfall (after reserve fund draw) $0.00
(iv) Class A-5 Notes Accelerated Principal from Excess Interest
Distribution Amount $0.00
----------------
(v) Class A-5 Notes Total Principal Paid $5,553,604.50
</TABLE>
May 2000 Collection Period
<PAGE> 10
<TABLE>
<CAPTION>
PAGE 8
KEY AUTO FINANCE TRUST 1997-2
SERVICING REPORT
<S> <C>
(G) Class A-P Notes Principal
(i) Class A-P Notes Principal Due $2,549,608.09
(ii) Class A-P Notes Principal Paid (after reserve fund draw) 2,549,608.09
-----------------
(iii) Class A-P Notes Principal Shortfall (after reserve fund draw) $0.00
(iv) Class A-P Notes Accelerated Principal from Excess Interest
Distribution Amount $0.00
-----------------
(v) Class A-P Notes Total Principal Paid $2,549,608.09
(H) Class B Notes Principal
(i) Class B Notes Principal Due $1,325,441.10
(ii) Class B Notes Principal Paid (after reserve fund draw) 1,325,441.10
-----------------
(iii) Class B Notes Principal Shortfall (after reserve fund draw) $0.00
(I) Class C Notes Principal
(i) Class C Notes Principal Due $506,259.33
(ii) Class C Notes Principal Paid (after reserve fund draw) 506,259.33
-----------------
(iii) Class C Notes Principal Shortfall (after reserve fund draw) $0.00
(J) Total Notes Principal
(i) Total Notes Principal Due $16,248,204.42
(ii) Total Notes Principal Paid (after reserve fund draw) 16,248,204.42
-----------------
(iii) Total Notes Principal Shortfall (after reserve fund draw)
(K) Certificates Principal
(i) Certificates Principal Due $264,198.45
(ii) Certificates Principal Paid (after reserve fund draw) 264,198.45
-----------------
(iii) Certificates Principal Shortfall (after reserve fund draw) $0.00
(L) Total Notes and Certificates Principal
(i) Total Notes and Certificates Principal Due $16,512,402.87
(ii) Total Notes and Certificates Principal Paid (after reserve fund draw) 16,512,402.87
--------------
(iii) Total Notes and Certificates Principal Shortfall (after reserve
fund draw) $0.00
(M) Supplemental Servicing Fees
(i) Supplemental Servicing Fees Due $0.00
(ii) Supplemental Servicing Fees Paid 0.00
--------------
(iii) Supplemental Servicing Fees Shortfall $0.00
</TABLE>
<TABLE>
<CAPTION>
DISTRIBUTIONS SUMMARY
---------------------
<S> <C>
(A) Total Collections $18,327,963.16
(B) Amount of Draw from Reserve Account 0.00
(C) Amount of Release from Reserve Account (0.00)
(D) Total Amount Available for Distribution 18,327,963.16
(E) Required Distributions 17,881,015.97
(F) Amount of Deposit into Reserve Account 446,947.19
(G) Amount Released to Issuer 0.00
(H) Total Distributions 18,327,963.16
</TABLE>
May 2000 Collection Period
<PAGE> 11
<TABLE>
<CAPTION>
PAGE 9
KEY AUTO FINANCE TRUST 1997-2
SERVICING REPORT
PORTFOLIO AND SECURITY SUMMARY
------------------------------
Beginning End
of Period of Period
XI. POOL BALANCES AND PORTFOLIO INFORMATION ---------------------- ---------------------
<S> <C> <C>
(A) Balances and Principal Factors
(i) Aggregate Balance of Notes $216,489,392.26 $200,241,187.84
(ii) Note Pool Factor 0.2079460 0.1884233
(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 0.00 0.00
(viii) Class A-3 Notes Pool Factor 0.0000000 0.0000000
(ix) Class A-4 Notes Balance 6,313,291.40 0.00
(x) Class A-4 Notes Pool Factor 0.0426574 0.0000000
(xi) Class A-5 Notes Balance 151,800,000.00 146,246,395.50
(xii) Class A-5 Notes Pool Factor 1.0000000 0.9634150
(xiii) Class A-P Notes Balance 33,970,714.07 31,421,105.98
(xiv) Class A-P Notes Pool Factor 0.2717657 0.2513688
(xv) Class B Notes Balance 17,660,039.90 16,334,598.80
(xvi) Class B Notes Pool Factor 0.2775863 0.2567526
(xvii) Class C Notes Balance 6,745,346.89 6,239,087.56
(xviii) Class C Notes Pool Factor 0.2775863 0.2567526
(xix) Certificates Balance 8,092,252.55 7,828,054.10
(xx) Certificates Pool Factor 0.4683017 0.4530124
(xxi) Total Principal Balance of Notes 224,581,644.81 208,069,241.94
and Certificates
(B) Portfolio Information 11.52% 11.54%
(i) Weighted Average Coupon (WAC) 24.12 Mos. 23.32 Mos.
(ii) Weighted Average Remaining Maturity (WAM) 38,232 36,564
(iii) Remaining Number of Receivables $224,581,644.81 $208,069,241.94
(iv) Portfolio Receivable Balance
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF ACCOUNTS
-------------------
<S> <C>
XII. RECONCILIATION OF RESERVE ACCOUNT
(A) Beginning Reserve Account Balance $15,003,561.09
(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 446,947.19
(D) Reserve Account Balance Prior to Release 15,003,561.09
(E) Reserve Account Required Amount 16,200,000.00
(F) Reserve Account Available to Release to Turbo (0.00)
(G) Reserve Account Available to Release to Issuer 0.00
(H) Ending Reserve Account Balance 15,450,508.28
XIII. RECONCILIATION OF CLASS C RESERVE ACCOUNT
(A) Beginning Class C Reserve Account Balance $1,684,362.34
(B) Draws
(i) Draw for Interest 0.00
(ii) Draw for Principal 0.00
(C) C Reserve Account Balance Prior to Release 1,684,362.34
(D) C Reserve Account Required Amount 1,560,519.31
(E) C Reserve Account Release to Issuer 123,843.03
(F) Ending C Reserve Account Balance 1,560,519.31
XIII. RECONCILIATION OF PAYAHEAD ACCOUNT
(A) Beginning Payahead Account Balance $108,843.92
</TABLE>
May 2000 Collection Period
<PAGE> 12
<TABLE>
<CAPTION>
PAGE 10
KEY AUTO FINANCE TRUST 1997-2
SERVICING REPORT
<S> <C> <C> <C> <C>
(B) Payments Applied $0.00 $21,793.66 $21,793.66
(C) Additional Payaheads $0.00 $0.00 $0.00
(D) Net Addition to Payahead Account $0.00 ($21,793.66) ($21,793.66)
(E) Ending Payahead Account Balance $87,050.26
XIV. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
(A) Liquidated Contracts KEYBANK AFG TOTAL
------- --- -----
(i) Defaulted Contracts related to Principal $547,943.80 $235,385.29 $783,329.09
(ii) Defaulted Contracts related to Interest $2,275.75 $0.00 $2,275.75
(iii) Recoveries on Previously Liquidated Contracts 233,791.84 135,644.65 $369,436.49
(B) Aggregate Net Losses for Collection Period 314,151.96 99,740.64 $413,892.60
(C) Net Loss Rate for Collection Period (annualized) 0.0057399
(D) Net Loss Ratio for Second Preceding Period
(annualized) 0.0240903
(E) Net Loss Ratio for Preceding Period(annualized) 0.0025164
(F) Cumulative Net Losses for all Periods 23,098,710.23 14,356,084.71 37,454,794.94
(G) Delinquent Receivables Dollar Amount Units
------------ -----------
(i) 60-89 Days Delinquent 3,749,626.92 0.0159446
(ii) 90 Days or More Delinquent 2,545,460.24 0.0113500
(iii) Financed Vehicles Repossessed but
not yet charged off 311,958.94 0.0012581
(iv) Total 6,607,046.10 0.0285527
XV. TESTS FOR INCREASE IN SPECIFIED RESERVE ACCOUNT BALANCE*
(A) Ratio of Aggregate Net Losses to the Average
Pool Balance
(i) Cumulative Net Losses 0.0358088
(B) Ratio of Aggregate Balance of Contracts Delinquent
60 Days or More to the Outstanding Balance
of Receivables.
(i) Second Preceding Collection Period 0.0228731
(ii) Preceding Collection Period 0.0308639
(iii) Current Collection Period 0.0317541
(iv) Three Month Average (Avg(i,ii,iii)) 0.0284970
(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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