June 20, 2001
Securities and Exchange Commission
450 Fifth Street, N.W.
Judiciary Plaza
Washington, D.C. 20549
Re: Form 8-K Deutsche Recreational Asset Funding Corporation
Registration No. 333-56303
On behalf of Deutsche Recreational Asset Funding Corporation, a Nevada
corporation ("Registrant"), I am transmitting herewith for filing, pursuant
to the requirements of the Securities and Exchange Commission's Electronic
Data Gathering, Analysis and Retrieval System, Form 8-K.
Please send either confirmation or suspense notification to e:mail address
Pat.o-malley@db.com at your earliest convenience.
Sincerely,
/s/ Richard C. Goldman
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
June 15, 2001
(Date of earliest event reported)
DEUTSCHE RECREATIONAL ASSET FUNDING CORPORATION
(Exact name of registrant as specified in its charter)
Nevada 333-56303 91-1904587
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) identification No.)
655 Maryville Centre Drive
St. Louis, Missouri 63141
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (314) 523-3000
Item 5. Other Events.
Copies of the monthly payment date statements to noteholders, as required by
the Transfer and Servicing Agreement are being filed as Exhibits 1, 2 and 3
of this current report on Form 8-K.
Item 7.(c). Exhibits.
Exhibit
Number Document Description
EX-1 Distribution Financial Services RV Trust 1999-1
June 15, 2001 Payment Date Statement to Noteholders
Per Section 5.08 of the Transfer and Servicing Agreement
EX-2 Distribution Financial Services Marine Trust 1999-2
June 15, 2001 Payment Date Statement to Noteholders
Per Section 5.08 of the Transfer and Servicing Agreement
EX-3 Distribution Financial Services RV Trust 1999-3
June 15, 2001 Payment Date Statement to Noteholders
Per Section 5.08 of the Transfer and Servicing Agreement
SIGNATURES
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.
DEUTSCHE RECREATIONAL ASSET FUNDING CORPORATION
(Registrant)
Date: June 20, 2001
By: /s/ Richard C. Goldman
Name: Richard C. Goldman
Title: Vice President
EX-1
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV TRUST 1999-1
Accounting Date: 11-Jun-01
Determination Date: 14-Jun-01
Monthly Payment Date: 15-Jun-01
Collection Period Ending: 31-May-01
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 18,384,701.75
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 707,116.05
Current Monthly Interest Shortfall/Excess -42,400.41
Recoup of Collection Expenses 586.37
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
19,050,003.76
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 4,389,236.82
Amount of Interest Payments Received During the Collection Period 4,431,637.23
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -42,400.41
III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance(2% of the preceding Collection Period Pool Balance, not less than 11,675,176.24
.75% of the Initial Pool Balance and not more than the outstanding principal balance of the Notes)
Beginning Reserve Account Balance 11,969,780.13
Deposits to Reserve Account(only if Reserve Account is less than Specified Reserve Account Balance) 0.00
Reserve Account Withdrawls(to the extent that there are Interest or Principal payment shortfalls) 0.00
Reserve Account Investment Earnings 45,435.68
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account -340,039.57
Balance and over-collateralization amounts has been met)
Amount in Reserve Account as of Determination Date(excluding amount to be paid on next Payment Date) 11,969,780.13
Total Ending Reserve Balance 11,675,176.24
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 4,431,637.23
Scheduled Principal Payments Received 4,078,144.27
Principal Prepayments Received 9,874,920.25
Total Interest and Principal Payments Received 18,384,701.75
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 784,129.51
minus Reasonable Expenses 77,013.46
Net Liquidation Proceeds 707,116.05
Amount Allocable to Interest 0.00
Amount Allocable to Principal 707,116.05
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
19,091,817.80
V. CALCULATION OF SERVICING AND TRUSTEE FEES
598,489,006.65
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
249,370.42
1,041.67
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 1,000,003,402.96
Pool Balance as of Preceding Accounting Date 598,489,006.65
Pool Balance as of the Current Accounting Date 583,758,811.76
Age of Pool in Months 27
a.2)
Aggregate Note Balance as of Preceding Accounting Date 592,504,116.58
Aggregate Note Balance as of Current Accounting Date 577,921,223.64
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 113 5,059,004.94 0.867%
60-89 Days Delinquent 31 1,299,743.77 0.223%
90-119 Days Delinquent 24 983,752.61 0.169%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 21 777,130.37 0.133%
Cumulative Defaults 498 18,066,975.47 3.095%
Current Month Realized Losses 593,293.58
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.059%
Preceding Realized Losses 771,195.05
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.077%
Second Preceding Realized Losses 817,734.76
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.082%
Cumulative Realized Losses 15,842,400.27
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.584%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.58375683
0.57792122
a) 249,370.42
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 621,177.05
Class A-4 937,524.40
Class A-5 794,616.95
Class A-6 322,902.77
Class B 132,500.00
Class C 120,500.00
Noteholders'
Beginning Monthly Principal Ending
Balance Distributable Amount Balance
Class A-1 0.00 0.00 0.00
Class A-2 0.00 0.00 0.00
Class A-3 130,774,116.58 14,582,892.94 116,191,223.64
Class A-4 192,642,000.00 0.00 192,642,000.00
Class A-5 159,722,000.00 0.00 159,722,000.00
Class A-6 64,366,000.00 0.00 64,366,000.00
Class B 25,000,000.00 0.00 25,000,000.00
Class C 20,000,000.00 0.00 20,000,000.00
c) 147,301.95
1,141,217.28
VIIIPOOL STATISTICS
8.82%
144
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 17,761,484.53
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 17,762,526.20
Amount Due To Servicer (Excess Spread and Recoup of O/C) 1,288,519.23
EX-2
DEUTSCHE FINANCIAL SERVICES CORPORATION - - MARINE TRUST 1999-2
Accounting Date: 11-Jun-01
Determination Date: 14-Jun-01
Monthly Payment Date: 15-Jun-01
Collection Period Ending: 31-May-01
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 11,866,852.95
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 292,759.36
Current Monthly Interest Shortfall/Excess -80,582.92
Recoup of Collection Expenses 3,007.98
Amount of Withdrawal, if any, from Reserve Account 309,334.97
Purchase Amounts for Repurchased Receivables 0.00
12,082,037.37
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 2,399,933.45
Amount of Interest Payments Received During the Collection Period 2,480,516.37
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -80,582.92
III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance (4% of the preceding Collection Period Pool Balance, not less than 2% 13,591,005.58
of the Initial Pool Balance and not more than the outstanding principal balance of the Notes)
Beginning Reserve Account Balance 21,836,735.93
Deposits to Reserve Account(only if Reserve Account is less than Specified Reserve Account Balance) 0.00
Reserve Account Withdrawls(to the extent that there are Interest or Principal payment shortfalls) 0.00
Reserve Account Investment Earnings 81,931.03
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account 0.00
Balance and over-collateralization amounts has been met)
Amount in Reserve Account as of Determination Date (excluding amount to be paid on next Payment Date) 21,836,735.93
Total Ending Reserve Balance 21,918,666.96
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 2,480,516.37
Scheduled Principal Payments Received 1,881,504.87
Principal Prepayments Received 7,504,831.71
Total Interest and Principal Payments Received 11,866,852.95
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 356,711.00
minus Reasonable Expenses 63,951.64
Net Liquidation Proceeds 292,759.36
Amount Allocable to Interest 0.00
Amount Allocable to Principal 292,759.36
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
12,159,612.31
V. CALCULATION OF SERVICING AND TRUSTEE FEES
349,879,832.02
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
145,783.26
1,041.67
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 550,000,109.03
Pool Balance as of Preceding Accounting Date 349,879,832.02
Pool Balance as of the Current Accounting Date 339,775,139.61
Age of Pool in Months 25
a.2)
Aggregate Note Balance as of Preceding Accounting Date 343,701,569.70
Aggregate Note Balance as of Current Accounting Date 333,596,877.29
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 41 2,503,218.88 0.737%
60-89 Days Delinquent 19 1,912,739.83 0.563%
90-119 Days Delinquent 7 76,765.66 0.023%
120+ Days Delinquent 1 28,601.73 0.008%
Current Period Defaults 8 718,355.83 0.211%
Cumulative Defaults 159 7,031,815.90 2.070%
Current Month Realized Losses 705,929.43
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.128%
Preceding Realized Losses 62,920.02
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.011%
Second Preceding Realized Losses 822,451.88
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.150%
Cumulative Realized Losses 6,805,236.85
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.237%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.61777286
0.60656445
a) 145,783.26
0.00
b)
Class A-1 21,998.03
Class A-2 276,908.88
Class A-3 558,666.50
Class A-4 357,517.80
Class A-5 299,946.45
Class B 190,575.00
Class C 139,516.67
Noteholders'
Beginning Monthly Principal Ending
Balance Distributable Amount Balance
Class A-1 4,799,569.70 4,799,569.70 0.00
Class A-2 55,567,000.00 5,305,122.71 50,261,877.29
Class A-3 108,129,000.00 0.00 108,129,000.00
Class A-4 66,207,000.00 0.00 66,207,000.00
Class A-5 53,999,000.00 0.00 53,999,000.00
Class B 33,000,000.00 0.00 33,000,000.00
Class C 22,000,000.00 0.00 22,000,000.00
c) 0.00
-13,567.63
VIIIPOOL STATISTICS
8.25%
168
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 12,082,037.37
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 12,083,079.04
Amount Due To Servicer (Excess Spread and Recoup of O/C) 0.00
EX-3
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV TRUST 1999-3
Accounting Date: 11-Jun-01
Determination Date: 14-Jun-01
Monthly Payment Date: 15-Jun-01
Collection Period Ending: 31-May-01
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 7,539,067.02
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 216,695.19
Current Monthly Interest Shortfall/Excess -50,780.90
Recoup of Collection Expenses -5,350.26
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
7,699,631.05
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,917,136.10
Amount of Interest Payments Received During the Collection Period 1,967,917.00
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -50,780.90
III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance(2% of the preceding Collection Period Pool Balance, not less than 5,041,780.70
.75% of the Initial Pool Balance and not more than the outstanding principal balance of the Notes)
Beginning Reserve Account Balance 5,157,818.92
Deposits to Reserve Account(only if Reserve Account is less than Specified Reserve Account Balance) 0.00
Reserve Account Withdrawls(to the extent that there are Interest or Principal payment shortfalls) 0.00
Reserve Account Investment Earnings 19,561.59
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account -135,599.81
Balance and over-collateralization amounts has been met)
Amount in Reserve Account as of Determination Date (excluding amount to be paid on next Payment Date) 5,157,818.92
Total Ending Reserve Balance 5,041,780.70
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 1,967,917.00
Scheduled Principal Payments Received 1,664,760.32
Principal Prepayments Received 3,906,389.70
Total Interest and Principal Payments Received 7,539,067.02
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 234,238.94
minus Reasonable Expenses 17,543.75
Net Liquidation Proceeds 216,695.19
Amount Allocable to Interest 0.00
Amount Allocable to Principal 216,695.19
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
7,755,762.21
V. CALCULATION OF SERVICING AND TRUSTEE FEES
257,890,945.85
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
107,454.56
708.33
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 374,531,023.45
Pool Balance as of Preceding Accounting Date 257,890,945.85
Pool Balance as of the Current Accounting Date 252,089,034.75
Age of Pool in Months 23
a.2)
Aggregate Note Balance as of Preceding Accounting Date 255,312,036.39
Aggregate Note Balance as of Current Accounting Date 249,568,144.40
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 56 1,258,392.29 0.499%
60-89 Days Delinquent 14 295,257.41 0.117%
90-119 Days Delinquent 13 229,186.43 0.091%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 9 230,761.08 0.092%
Cumulative Defaults 153 5,875,408.61 2.331%
Current Month Realized Losses 170,197.80
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.045%
Preceding Realized Losses 87,801.93
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.023%
Second Preceding Realized Losses 333,992.11
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.089%
Cumulative Realized Losses 5,579,094.78
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.490%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.67307918
0.66634843
a) 107,454.56
0.00
b)
Class A-1 0.00
Class A-2 54,466.48
Class A-3 259,718.42
Class A-4 479,952.67
Class A-5 211,728.83
Class A-6 314,456.13
Class B 55,943.93
Class C 49,440.60
Noteholders'
Beginning Monthly Principal Ending
Balance Distributable Amount Balance
Class A-1 0.00 0.00 0.00
Class A-2 10,948,036.39 5,743,891.99 5,204,144.40
Class A-3 48,470,000.00 0.00 48,470,000.00
Class A-4 86,608,000.00 0.00 86,608,000.00
Class A-5 37,585,000.00 0.00 37,585,000.00
Class A-6 54,847,000.00 0.00 54,847,000.00
Class B 9,363,000.00 0.00 9,363,000.00
Class C 7,491,000.00 0.00 7,491,000.00
c) 58,019.11
364,558.33
VIIIPOOL STATISTICS
8.89%
151
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 7,277,053.61
Plus: Trustee Fee 708.33
TOTAL WIRE TO CHASE 7,277,761.94
Amount Due To Servicer (Excess Spread and Recoup of O/C) 422,577.44