September 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
September 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
September, 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
September 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
September 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: September 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: 10-Sep-01
Determination Date: 14-Sep-01
Monthly Payment Date: 17-Sep-01
Collection Period Ending: 31-Aug-01
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 17,921,394.88
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 387,847.81
Current Monthly Interest Shortfall/Excess -66,674.63
Recoup of Collection Expenses -2,662.04
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
18,239,906.02
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 4,036,522.75
Amount of Interest Payments Received During the Collection Period 4,103,197.38
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -66,674.63
III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance(2% of the preceding Collection Period Pool Balance, not less than 10,810,657.44
.75% of the Initial Pool Balance and not more than the outstanding principal balance of the Notes)
Beginning Reserve Account Balance 11,103,784.54
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 33,878.47
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account -327,005.57
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) 11,103,784.54
Total Ending Reserve Balance 10,810,657.44
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 4,103,197.38
Scheduled Principal Payments Received 3,681,383.35
Principal Prepayments Received 10,136,814.15
Total Interest and Principal Payments Received 17,921,394.88
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 421,856.35
minus Reasonable Expenses 34,008.54
Net Liquidation Proceeds 387,847.81
Amount Allocable to Interest 0.00
Amount Allocable to Principal 387,847.81
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
18,309,242.69
V. CALCULATION OF SERVICING AND TRUSTEE FEES
555,189,226.98
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
231,328.84
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 555,189,226.98
Pool Balance as of the Current Accounting Date 540,532,871.76
Age of Pool in Months 30
a.2)
Aggregate Note Balance as of Preceding Accounting Date 549,637,334.71
Aggregate Note Balance as of Current Accounting Date 535,127,543.04
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 98 4,018,863.75 0.744%
60-89 Days Delinquent 45 1,457,728.12 0.270%
90-119 Days Delinquent 19 1,022,890.53 0.189%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 28 838,157.72 0.155%
Cumulative Defaults 564 20,534,473.26 3.799%
Current Month Realized Losses 775,844.21
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.078%
Preceding Realized Losses 535,347.89
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.054%
Second Preceding Realized Losses 897,997.65
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.090%
Cumulative Realized Losses 18,051,590.02
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.805%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.54053103
0.53512754
a) 231,328.84
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 417,559.84
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 87,907,334.71 14,509,791.67 73,397,543.04
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) 146,563.55
626,618.00
VIIIPOOL STATISTICS
8.82%
141
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 17,466,724.47
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 17,467,766.14
Amount Due To Servicer (Excess Spread and Recoup of O/C) 773,181.55
EX-2
DEUTSCHE FINANCIAL SERVICES CORPORATION - - MARINE TRUST 1999-2
Accounting Date: 10-Sep-01
Determination Date: 14-Sep-01
Monthly Payment Date: 17-Sep-01
Collection Period Ending: 31-Aug-01
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 11,581,961.60
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 95,396.80
Current Monthly Interest Shortfall/Excess -52,747.56
Recoup of Collection Expenses -2,958.85
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
11,621,651.99
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 2,186,355.84
Amount of Interest Payments Received During the Collection Period 2,239,103.40
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -52,747.56
III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance (4% of the preceding Collection Period Pool Balance, not less than 2% 12,409,156.73
of the Initial Pool Balance and not more than the outstanding principal balance of the Notes)
Beginning Reserve Account Balance 12,799,462.90
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 38,962.67
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account -429,268.84
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) 12,799,462.90
Total Ending Reserve Balance 12,409,156.73
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 2,239,103.40
Scheduled Principal Payments Received 2,038,312.91
Principal Prepayments Received 7,304,545.29
Total Interest and Principal Payments Received 11,581,961.60
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 107,745.70
minus Reasonable Expenses 12,348.90
Net Liquidation Proceeds 95,396.80
Amount Allocable to Interest 0.00
Amount Allocable to Principal 95,396.80
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
11,677,358.40
V. CALCULATION OF SERVICING AND TRUSTEE FEES
319,986,572.39
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
133,327.74
1,041.67
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 550,000,109.03
Pool Balance as of Preceding Accounting Date 319,986,572.39
Pool Balance as of the Current Accounting Date 310,228,918.24
Age of Pool in Months 28
a.2)
Aggregate Note Balance as of Preceding Accounting Date 313,586,840.94
Aggregate Note Balance as of Current Accounting Date 304,024,339.88
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 51 1,676,839.84 0.541%
60-89 Days Delinquent 15 661,907.10 0.213%
90-119 Days Delinquent 8 494,551.94 0.159%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 7 414,795.95 0.134%
Cumulative Defaults 179 7,826,861.54 2.523%
Current Month Realized Losses 414,795.95
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.075%
Preceding Realized Losses 268,864.00
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.049%
Second Preceding Realized Losses 81,001.64
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.015%
Cumulative Realized Losses 7,569,898.44
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.376%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.56405247
0.55277153
a) 133,327.74
0.00
b)
Class A-1 0.00
Class A-2 150,755.01
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 30,251,840.94 9,562,501.06 20,689,339.88
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) 195,153.09
33,692.68
VIIIPOOL STATISTICS
8.25%
165
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 11,392,806.22
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 11,393,847.89
Amount Due To Servicer (Excess Spread and Recoup of O/C) 228,845.77
EX-3
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV TRUST 1999-3
Accounting Date: 10-Sep-01
Determination Date: 14-Sep-01
Monthly Payment Date: 17-Sep-01
Collection Period Ending: 31-Aug-01
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 6,205,074.67
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 175,291.49
Current Monthly Interest Shortfall/Excess -49,897.85
Recoup of Collection Expenses -2,662.04
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
6,327,806.27
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,781,897.62
Amount of Interest Payments Received During the Collection Period 1,831,795.47
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -49,897.85
III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance(2% of the preceding Collection Period Pool Balance, not less than 4,736,178.66
.75% of the Initial Pool Balance and not more than the outstanding principal balance of the Notes)
Beginning Reserve Account Balance 4,831,292.91
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 14,667.25
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account -109,781.50
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) 4,831,292.91
Total Ending Reserve Balance 4,736,178.66
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 1,831,795.47
Scheduled Principal Payments Received 1,471,422.22
Principal Prepayments Received 2,901,856.98
Total Interest and Principal Payments Received 6,205,074.67
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 192,365.56
minus Reasonable Expenses 17,074.07
Net Liquidation Proceeds 175,291.49
Amount Allocable to Interest 0.00
Amount Allocable to Principal 175,291.49
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
6,380,366.16
V. CALCULATION OF SERVICING AND TRUSTEE FEES
241,564,645.51
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
100,651.94
708.33
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 374,531,023.45
Pool Balance as of Preceding Accounting Date 241,564,645.51
Pool Balance as of the Current Accounting Date 236,808,932.79
Age of Pool in Months 26
a.2)
Aggregate Note Balance as of Preceding Accounting Date 239,148,999.05
Aggregate Note Balance as of Current Accounting Date 234,440,843.46
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 56 1,776,403.31 0.750%
60-89 Days Delinquent 16 750,138.58 0.317%
90-119 Days Delinquent 6 114,097.67 0.048%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 11 382,433.52 0.161%
Cumulative Defaults 182 6,634,773.26 2.802%
Current Month Realized Losses 382,433.52
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.102%
Preceding Realized Losses 53,628.26
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.014%
Second Preceding Realized Losses 278,149.62
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.074%
Cumulative Realized Losses 6,293,306.18
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.680%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.63228122
0.62595845
a) 100,651.94
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 231,774.70
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 0.00 0.00 0.00
Class A-3 43,254,999.05 4,708,155.59 38,546,843.46
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) 47,557.13
128,144.75
VIIIPOOL STATISTICS
8.89%
149
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 6,152,104.39
Plus: Trustee Fee 708.33
TOTAL WIRE TO CHASE 6,152,812.72
Amount Due To Servicer (Excess Spread and Recoup of O/C) 175,701.88