December 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
December 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, 3 & 4
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
December 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
December 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
December 15, 2001 Payment Date Statement to Noteholders
Per Section 5.08 of the Transfer and Servicing Agreement
EX-4 Distribution Financial Services RV/Marine Trust 2001-1
December 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: December 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-Dec-01
Determination Date: 14-Dec-01
Monthly Payment Date: 17-Dec-01
Collection Period Ending: 30-Nov-01
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 17,937,635.58
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 196,988.73
Current Monthly Interest Shortfall/Excess -188,151.44
Recoup of Collection Expenses -7,547.96
Amount of Withdrawal, if any, from Reserve Account 78,358.00
Purchase Amounts for Repurchased Receivables 0.00
18,017,282.91
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 3,588,257.18
Amount of Interest Payments Received During the Collection Period 3,776,408.62
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -188,151.44
III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance(2% of the preceding Collection Period Pool Balance, not less than 9,926,255.80
.75% of the Initial Pool Balance and not more than the outstanding principal balance of the Notes)
Beginning Reserve Account Balance 10,239,284.98
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) 78,358.00
Reserve Account Investment Earnings 19,463.63
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account -254,134.81
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) 10,239,284.98
Total Ending Reserve Balance 9,926,255.80
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 3,776,408.62
Scheduled Principal Payments Received 3,299,859.07
Principal Prepayments Received 10,861,367.89
Total Interest and Principal Payments Received 17,937,635.58
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 214,183.29
minus Reasonable Expenses 17,194.56
Net Liquidation Proceeds 196,988.73
Amount Allocable to Interest 0.00
Amount Allocable to Principal 196,988.73
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
18,134,624.31
V. CALCULATION OF SERVICING AND TRUSTEE FEES
511,964,248.85
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
213,318.44
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 511,964,248.85
Pool Balance as of the Current Accounting Date 496,312,789.85
Age of Pool in Months 33
a.2)
Aggregate Note Balance as of Preceding Accounting Date 506,844,606.36
Aggregate Note Balance as of Current Accounting Date 491,349,661.95
b)
<VAPTION>
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 102 3,624,780.36 0.730%
60-89 Days Delinquent 27 1,481,970.92 0.299%
90-119 Days Delinquent 31 1,127,848.14 0.227%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 25 1,490,232.04 0.300%
Cumulative Defaults 637 23,749,704.15 4.785%
Current Month Realized Losses 1,456,770.04
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.146%
Preceding Realized Losses 565,687.77
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.057%
Second Preceding Realized Losses 1,065,554.15
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.107%
Cumulative Realized Losses 21,139,601.98
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.114%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.49631110
0.49134966
a) 0.00
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 214,294.38
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 45,114,606.36 15,494,944.41 29,619,661.95
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) 156,514.59
-234,872.59
VIIIPOOL STATISTICS
8.81%
139
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 18,017,282.91
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 18,018,324.58
Amount Due To Servicer (Excess Spread and Recoup of O/C) 0.00
EX-2
DEUTSCHE FINANCIAL SERVICES CORPORATION - - MARINE TRUST 1999-2
Accounting Date: 10-Dec-01
Determination Date: 14-Dec-01
Monthly Payment Date: 17-Dec-01
Collection Period Ending: 30-Nov-01
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 10,609,604.03
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 385,462.95
Current Monthly Interest Shortfall/Excess -63,522.57
Recoup of Collection Expenses -2,132.87
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
10,929,411.54
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,985,386.12
Amount of Interest Payments Received During the Collection Period 2,048,908.69
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -63,522.57
III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance (4% of the preceding Collection Period Pool Balance, not less than 2% 11,576,619.90
of the Initial Pool Balance and not more than the outstanding principal balance of the Notes)
Beginning Reserve Account Balance 11,939,453.97
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 21,740.14
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account -384,574.21
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) 11,939,453.97
Total Ending Reserve Balance 11,576,619.90
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 2,048,908.69
Scheduled Principal Payments Received 1,590,937.12
Principal Prepayments Received 6,969,758.22
Total Interest and Principal Payments Received 10,609,604.03
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 439,606.53
minus Reasonable Expenses 54,143.58
Net Liquidation Proceeds 385,462.95
Amount Allocable to Interest 0.00
Amount Allocable to Principal 385,462.95
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
10,995,066.98
V. CALCULATION OF SERVICING AND TRUSTEE FEES
298,486,349.30
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
124,369.31
1,041.67
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 550,000,109.03
Pool Balance as of Preceding Accounting Date 298,486,349.30
Pool Balance as of the Current Accounting Date 289,415,497.48
Age of Pool in Months 31
a.2)
Aggregate Note Balance as of Preceding Accounting Date 292,516,622.31
Aggregate Note Balance as of Current Accounting Date 283,627,187.53
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 70 2,895,326.81 1.000%
60-89 Days Delinquent 16 714,108.77 0.247%
90-119 Days Delinquent 8 286,616.71 0.099%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 11 510,156.48 0.176%
Cumulative Defaults 206 9,267,514.91 3.202%
Current Month Realized Losses 418,813.51
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.076%
Preceding Realized Losses 311,955.59
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.057%
Second Preceding Realized Losses 469,256.61
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.085%
Cumulative Realized Losses 8,769,924.15
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.595%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.52620989
0.51568580
a) 124,369.31
0.00
b)
Class A-1 0.00
Class A-2 45,755.08
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 9,181,622.31 8,889,434.78 292,187.53
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) 181,417.04
142,212.91
VIIIPOOL STATISTICS
8.25%
162
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 10,605,781.59
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 10,606,823.26
Amount Due To Servicer (Excess Spread and Recoup of O/C) 323,629.95
EX-3
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV TRUST 1999-3
Accounting Date: 10-Dec-01
Determination Date: 14-Dec-01
Monthly Payment Date: 17-Dec-01
Collection Period Ending: 30-Nov-01
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 6,288,570.34
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 166,086.64
Current Monthly Interest Shortfall/Excess -76,483.90
Recoup of Collection Expenses -7,342.75
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
6,370,830.33
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,622,215.51
Amount of Interest Payments Received During the Collection Period 1,698,699.41
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -76,483.90
III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance(2% of the preceding Collection Period Pool Balance, not less than 4,453,921.83
.75% of the Initial Pool Balance and not more than the outstanding principal balance of the Notes)
Beginning Reserve Account Balance 4,556,947.06
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 8,598.57
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account -111,623.80
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) 4,556,947.06
Total Ending Reserve Balance 4,453,921.83
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 1,698,699.41
Scheduled Principal Payments Received 1,441,054.66
Principal Prepayments Received 3,148,816.27
Total Interest and Principal Payments Received 6,288,570.34
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 180,350.00
minus Reasonable Expenses 14,263.36
Net Liquidation Proceeds 166,086.64
Amount Allocable to Interest 0.00
Amount Allocable to Principal 166,086.64
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
6,454,656.98
V. CALCULATION OF SERVICING AND TRUSTEE FEES
227,847,352.76
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
94,936.40
708.33
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 374,531,023.45
Pool Balance as of Preceding Accounting Date 227,847,352.76
Pool Balance as of the Current Accounting Date 222,696,091.49
Age of Pool in Months 29
a.2)
Aggregate Note Balance as of Preceding Accounting Date 225,568,879.23
Aggregate Note Balance as of Current Accounting Date 220,469,130.58
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 61 2,257,928.09 1.014%
60-89 Days Delinquent 15 589,506.05 0.265%
90-119 Days Delinquent 11 445,746.17 0.200%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 13 561,390.34 0.252%
Cumulative Defaults 212 7,593,940.56 3.410%
Current Month Realized Losses 515,913.65
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.138%
Preceding Realized Losses 246,669.31
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.066%
Second Preceding Realized Losses 118,361.15
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.032%
Cumulative Realized Losses 7,174,250.29
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.916%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.59459985
0.58865389
a) 551.63
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 159,007.89
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 29,674,879.23 5,099,748.65 24,575,130.58
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) 51,512.62
-51,512.62
VIIIPOOL STATISTICS
8.88%
146
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 6,370,830.33
Plus: Trustee Fee 708.33
TOTAL WIRE TO CHASE 6,371,538.66
Amount Due To Servicer (Excess Spread and Recoup of O/C) 0.00
EX-4
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV/MARINE TRUST 2001-1
Accounting Date: 10-Dec-01
Determination Date: 14-Dec-01
Monthly Payment Date: 17-Dec-01
Collection Period Ending: 30-Nov-01
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 10,473,252.06
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 0.00
Current Monthly Interest Shortfall/Excess -70,716.69
Recoup of Collection Expenses 0.00
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
10,402,535.37
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 3,937,884.66
Amount of Interest Payments Received During the Collection Period 4,008,601.35
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -70,716.69
III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Reserve Account Required Amount (not more than the outstanding principal balance of the Notes) 3,971,004.00
Beginning Reserve Account Balance 1,323,668.00
Deposits to Reserve Account (only if Reserve Account is less than the Reserve Account Required Amount) 0.00
Reserve Account Withdrawls(to the extent that there are Interest or Principal payment shortfalls) 0.00
Reserve Account Investment Earnings 348.30
Withdrawals from Reserve Account due to Servicer (to the extent that the Required Reserve Account 0.00
Amount has been met)
Amount in Reserve Account as of Determination Date (excluding amount to be paid on next Payment Date) 1,323,668.00
Total Ending Reserve Balance 1,324,016.30
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 4,008,601.35
Scheduled Principal Payments Received 2,281,266.96
Principal Prepayments Received 4,183,383.75
Total Interest and Principal Payments Received 10,473,252.06
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 0.00
minus Reasonable Expenses 0.00
Net Liquidation Proceeds 0.00
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
10,473,252.06
V. CALCULATION OF SERVICING AND TRUSTEE FEES
529,467,225.18
multiplied by Servicer Fee Rate 0.75%
divided by Months per Year 0
330,917.02
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 529,467,226.64
Pool Balance as of Preceding Accounting Date 529,467,225.18
Pool Balance as of the Current Accounting Date 523,002,574.47
Age of Pool in Months 1
a.2)
Aggregate Note Balance as of Preceding Accounting Date 542,700,000.00
Aggregate Note Balance as of Current Accounting Date 533,857,530.70
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 33 805,318.65 0.154%
60-89 Days Delinquent 0 0.00 0.000%
90-119 Days Delinquent 0 0.00 0.000%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 0 0.00 0.000%
Cumulative Defaults 0 0.00 0.000%
Current Month Realized Losses 0.00
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.000%
Preceding Realized Losses 0.00
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.000%
Second Preceding Realized Losses 0.00
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.000%
Cumulative Realized Losses 0.00
Cumulative Realized Losses as Percentage of Initial Pool Balance 0.000%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.98779019
0.98370652
a) 330,917.02
0.00
b)
Class A-1 266,490.00
Class A-2 109,350.00
Class A-3 213,300.00
Class A-4 269,325.00
Class A-5 223,923.25
Class B 63,753.45
Class C 31,796.10
Class D 51,211.25
Noteholders' Monthly
Beginning Principal Distributable Ending
Balance Amount Balance
Class A-1 189,000,000.00 8,842,469.30 180,157,530.70
Class A-2 54,000,000.00 0.00 54,000,000.00
Class A-3 90,000,000.00 0.00 90,000,000.00
Class A-4 95,000,000.00 0.00 95,000,000.00
Class A-5 72,350,000.00 0.00 72,350,000.00
Class B 19,830,000.00 0.00 19,830,000.00
Class C 9,270,000.00 0.00 9,270,000.00
Class D 13,250,000.00 0.00 13,250,000.00
c) 0.00
VIIIPOOL STATISTICS
9.10%
177
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 10,402,535.37
TOTAL WIRE TO HSBC 10,402,535.37
Amount Due To Servicer 0.00