July 18, 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
July 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
July 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
July 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
July 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: July 18, 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: 10-Jul-01
Determination Date: 13-Jul-01
Monthly Payment Date: 16-Jul-01
Collection Period Ending: 30-Jun-01
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 18,523,787.54
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 492,091.19
Current Monthly Interest Shortfall/Excess -79,148.06
Recoup of Collection Expenses -7,866.76
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
18,928,863.91
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 4,122,742.93
Amount of Interest Payments Received During the Collection Period 4,201,890.99
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -79,148.06
III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance(2% of the preceding Collection Period Pool Balance, not less than 11,367,202.36
.75% of the Initial Pool Balance and not more than the outstanding principal balance of the Notes)
Beginning Reserve Account Balance 11,675,176.24
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 39,734.25
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account -347,708.13
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) 11,675,176.24
Total Ending Reserve Balance 11,367,202.36
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 4,201,890.99
Scheduled Principal Payments Received 3,903,775.57
Principal Prepayments Received 10,418,120.98
Total Interest and Principal Payments Received 18,523,787.54
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 517,213.43
minus Reasonable Expenses 25,122.24
Net Liquidation Proceeds 492,091.19
Amount Allocable to Interest 0.00
Amount Allocable to Principal 492,091.19
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
19,015,878.73
V. CALCULATION OF SERVICING AND TRUSTEE FEES
583,758,811.76
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
243,232.84
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 583,758,811.76
Pool Balance as of the Current Accounting Date 568,360,118.03
Age of Pool in Months 28
a.2)
Aggregate Note Balance as of Preceding Accounting Date 577,921,223.64
Aggregate Note Balance as of Current Accounting Date 562,676,516.85
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 86 3,304,804.53 0.581%
60-89 Days Delinquent 38 1,777,021.57 0.313%
90-119 Days Delinquent 19 622,756.52 0.110%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 24 1,076,797.18 0.189%
Cumulative Defaults 522 19,143,772.65 3.368%
Current Month Realized Losses 897,997.65
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.090%
Preceding Realized Losses 593,293.58
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.059%
Second Preceding Realized Losses 771,195.05
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.077%
Cumulative Realized Losses 16,740,397.92
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.674%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.56835818
0.56267652
a) 243,232.84
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 551,908.31
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-3 116,191,223.64 15,244,706.79 100,946,516.85
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) 153,986.94
426,984.91
VIIIPOOL STATISTICS
8.82%
143
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 18,347,892.06
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 18,348,933.73
Amount Due To Servicer (Excess Spread and Recoup of O/C) 580,971.85
EX-2
DEUTSCHE FINANCIAL SERVICES CORPORATION - - MARINE TRUST 1999-2
Accounting Date: 10-Jul-01
Determination Date: 13-Jul-01
Monthly Payment Date: 16-Jul-01
Collection Period Ending: 30-Jun-01
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 12,537,868.95
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 280,420.66
Current Monthly Interest Shortfall/Excess -43,469.27
Recoup of Collection Expenses -6,804.64
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
12,768,015.70
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 2,274,790.82
Amount of Interest Payments Received During the Collection Period 2,318,260.09
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -43,469.27
III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance (4% of the preceding Collection Period Pool Balance, not less than 2% 13,178,755.15
of the Initial Pool Balance and not more than the outstanding principal balance of the Notes)
Beginning Reserve Account Balance 21,918,666.96
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 73,728.86
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account -8,813,640.67
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) 21,918,666.96
Total Ending Reserve Balance 13,178,755.15
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 2,318,260.09
Scheduled Principal Payments Received 2,275,298.37
Principal Prepayments Received 7,944,310.49
Total Interest and Principal Payments Received 12,537,868.95
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 340,646.20
minus Reasonable Expenses 60,225.54
Net Liquidation Proceeds 280,420.66
Amount Allocable to Interest 0.00
Amount Allocable to Principal 280,420.66
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
12,818,289.61
V. CALCULATION OF SERVICING AND TRUSTEE FEES
339,775,139.61
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
141,572.97
1,041.67
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 550,000,109.03
Pool Balance as of Preceding Accounting Date 339,775,139.61
Pool Balance as of the Current Accounting Date 329,468,878.86
Age of Pool in Months 26
a.2)
Aggregate Note Balance as of Preceding Accounting Date 333,596,877.29
Aggregate Note Balance as of Current Accounting Date 322,879,501.28
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 41 1,545,479.72 0.469%
60-89 Days Delinquent 15 1,831,842.46 0.556%
90-119 Days Delinquent 9 335,758.33 0.102%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 7 86,651.89 0.026%
Cumulative Defaults 166 7,118,467.79 2.161%
Current Month Realized Losses 81,001.64
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.015%
Preceding Realized Losses 705,929.43
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.128%
Second Preceding Realized Losses 62,920.02
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.011%
Cumulative Realized Losses 6,886,238.49
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.252%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.59903421
0.58705364
a) 155,140.60
0.00
b)
Class A-1 0.00
Class A-2 250,471.69
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 0.00 0.00 0.00
Class A-2 50,261,877.29 10,717,376.01 39,544,501.28
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
509,920.24
VIIIPOOL STATISTICS
8.25%
167
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 12,669,210.72
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 12,670,252.39
Amount Due To Servicer (Excess Spread and Recoup of O/C) 98,804.98
EX-3
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV TRUST 1999-3
Accounting Date: 10-Jul-01
Determination Date: 13-Jul-01
Monthly Payment Date: 16-Jul-01
Collection Period Ending: 30-Jun-01
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 8,185,442.50
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 66,198.37
Current Monthly Interest Shortfall/Excess -36,256.11
Recoup of Collection Expenses -3,479.58
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
8,211,905.18
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,801,485.72
Amount of Interest Payments Received During the Collection Period 1,837,741.83
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -36,256.11
III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance(2% of the preceding Collection Period Pool Balance, not less than 4,909,263.69
.75% of the Initial Pool Balance and not more than the outstanding principal balance of the Notes)
Beginning Reserve Account Balance 5,041,780.70
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 17,176.15
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account -149,693.16
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) 5,041,780.70
Total Ending Reserve Balance 4,909,263.69
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 1,837,741.83
Scheduled Principal Payments Received 1,415,670.69
Principal Prepayments Received 4,932,029.98
Total Interest and Principal Payments Received 8,185,442.50
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 77,544.30
minus Reasonable Expenses 11,345.93
Net Liquidation Proceeds 66,198.37
Amount Allocable to Interest 0.00
Amount Allocable to Principal 66,198.37
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
8,251,640.87
V. CALCULATION OF SERVICING AND TRUSTEE FEES
252,089,034.75
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
105,037.10
708.33
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 374,531,023.45
Pool Balance as of Preceding Accounting Date 252,089,034.75
Pool Balance as of the Current Accounting Date 245,463,184.46
Age of Pool in Months 24
a.2)
Aggregate Note Balance as of Preceding Accounting Date 249,568,144.40
Aggregate Note Balance as of Current Accounting Date 243,008,552.62
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 44 984,547.42 0.401%
60-89 Days Delinquent 16 467,535.04 0.190%
90-119 Days Delinquent 4 129,198.71 0.053%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 15 278,149.62 0.113%
Cumulative Defaults 168 6,153,558.23 2.507%
Current Month Realized Losses 278,149.62
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.074%
Preceding Realized Losses 170,197.80
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.045%
Second Preceding Realized Losses 87,801.93
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.023%
Cumulative Realized Losses 5,857,244.40
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.564%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.65538812
0.64883428
a) 105,037.10
0.00
b)
Class A-1 0.00
Class A-2 25,890.62
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 5,204,144.40 5,204,144.40 0.00
Class A-3 48,470,000.00 1,355,447.38 47,114,552.62
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) 66,258.51
83,886.60
VIIIPOOL STATISTICS
8.89%
150
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 8,061,760.07
Plus: Trustee Fee 708.33
TOTAL WIRE TO CHASE 8,062,468.40
Amount Due To Servicer (Excess Spread and Recoup of O/C) 150,145.11