February 20, 2002
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
February 15, 2002
(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
February 15, 2002 Payment Date Statement to Noteholders
Per Section 5.08 of the Transfer and Servicing Agreement
EX-2 Distribution Financial Services Marine Trust 1999-2
February 15, 2002 Payment Date Statement to Noteholders
Per Section 5.08 of the Transfer and Servicing Agreement
EX-3 Distribution Financial Services RV Trust 1999-3
February 15, 2002 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
February 15, 2002 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: February 20, 2002
By: /s/Richard C. Goldman
Name: Richard C. Goldman
Title: Vice President
EX-1
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV TRUST 1999-1
Accounting Date: 08-Feb-02
Determination Date: 14-Feb-02
Monthly Payment Date: 15-Feb-02
Collection Period Ending: 31-Jan-02
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 21,060,918.35
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 149,991.46
Current Monthly Interest Shortfall/Excess -107,656.44
Recoup of Collection Expenses -1,723.12
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
21,101,530.25
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 3,511,054.67
Amount of Interest Payments Received During the Collection Period 3,618,711.11
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -107,656.44
III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance(2% of the preceding Collection Period Pool Balance, not less than 9,247,068.96
.75% of the Initial Pool Balance and not more than the outstanding principal balance of the Notes)
Beginning Reserve Account Balance 9,604,635.61
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 15,244.84
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account -372,811.49
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) 9,604,635.61
Total Ending Reserve Balance 9,247,068.96
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 3,618,711.11
Scheduled Principal Payments Received 3,478,302.43
Principal Prepayments Received 13,963,904.81
Total Interest and Principal Payments Received 21,060,918.35
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 164,860.32
minus Reasonable Expenses 14,868.86
Net Liquidation Proceeds 149,991.46
Amount Allocable to Interest 0.00
Amount Allocable to Principal 149,991.46
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
21,210,909.81
V. CALCULATION OF SERVICING AND TRUSTEE FEES
480,231,780.28
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
200,096.58
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 480,231,780.28
Pool Balance as of the Current Accounting Date 462,353,448.01
Age of Pool in Months 35
a.2)
Aggregate Note Balance as of Preceding Accounting Date 475,429,462.48
Aggregate Note Balance as of Current Accounting Date 457,729,913.53
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 132 5,173,723.60 1.119%
60-89 Days Delinquent 34 966,045.36 0.209%
90-119 Days Delinquent 22 1,000,589.27 0.216%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 15 436,125.03 0.094%
Cumulative Defaults 680 25,290,093.40 5.470%
Current Month Realized Losses 583,949.58
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.058%
Preceding Realized Losses 934,022.91
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.093%
Second Preceding Realized Losses 1,456,770.04
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.146%
Cumulative Realized Losses 22,657,574.47
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.266%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.46235187
0.45772991
a) 200,096.58
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 65,072.45
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 13,699,462.48 13,699,462.48 0.00
Class A-4 192,642,000.00 4,000,086.47 188,641,913.53
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) 178,783.32
649,984.83
VIIIPOOL STATISTICS
8.82%
136
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 20,272,762.10
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 20,273,803.77
Amount Due To Servicer (Excess Spread and Recoup of O/C) 828,768.15
EX-2
DEUTSCHE FINANCIAL SERVICES CORPORATION - - MARINE TRUST 1999-2
Accounting Date: 08-Feb-02
Determination Date: 14-Feb-02
Monthly Payment Date: 15-Feb-02
Collection Period Ending: 31-Jan-02
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 10,708,168.11
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 137,263.88
Current Monthly Interest Shortfall/Excess -29,064.63
Recoup of Collection Expenses 3,122.40
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
10,819,489.76
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,905,619.06
Amount of Interest Payments Received During the Collection Period 1,934,683.69
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -29,064.63
III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance (4% of the preceding Collection Period Pool Balance, not less than 2% 11,000,002.18
of the Initial Pool Balance and not more than the outstanding principal balance of the Notes)
Beginning Reserve Account Balance 11,155,493.84
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 17,707.74
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account -173,199.40
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) 11,155,493.84
Total Ending Reserve Balance 11,000,002.18
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 1,934,683.69
Scheduled Principal Payments Received 2,313,245.94
Principal Prepayments Received 6,460,238.48
Total Interest and Principal Payments Received 10,708,168.11
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 182,595.07
minus Reasonable Expenses 45,331.19
Net Liquidation Proceeds 137,263.88
Amount Allocable to Interest 0.00
Amount Allocable to Principal 137,263.88
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
10,845,431.99
V. CALCULATION OF SERVICING AND TRUSTEE FEES
278,887,345.91
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
116,203.06
1,041.67
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 550,000,109.03
Pool Balance as of Preceding Accounting Date 278,887,345.91
Pool Balance as of the Current Accounting Date 269,502,940.66
Age of Pool in Months 33
a.2)
Aggregate Note Balance as of Preceding Accounting Date 273,309,598.99
Aggregate Note Balance as of Current Accounting Date 264,112,881.85
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 64 2,709,007.93 1.005%
60-89 Days Delinquent 20 857,128.24 0.318%
90-119 Days Delinquent 13 765,485.15 0.284%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 13 610,920.83 0.227%
Cumulative Defaults 226 10,113,103.96 3.753%
Current Month Realized Losses 274,515.26
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.050%
Preceding Realized Losses 234,668.22
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.043%
Second Preceding Realized Losses 418,813.51
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.076%
Cumulative Realized Losses 9,279,107.63
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.687%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.49000525
0.48020524
a) 116,203.06
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 506,868.59
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 0.00 0.00 0.00
Class A-3 98,103,598.99 9,196,717.14 88,906,881.85
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) 187,688.11
-175,543.06
VIIIPOOL STATISTICS
8.26%
159
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 10,807,344.71
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 10,808,386.38
Amount Due To Servicer (Excess Spread and Recoup of O/C) 12,145.05
EX-3
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV TRUST 1999-3
Accounting Date: 08-Feb-02
Determination Date: 14-Feb-02
Monthly Payment Date: 15-Feb-02
Collection Period Ending: 31-Jan-02
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 6,160,684.30
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 48,729.97
Current Monthly Interest Shortfall/Excess -7,980.99
Recoup of Collection Expenses -1,888.00
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
6,199,545.28
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,614,713.35
Amount of Interest Payments Received During the Collection Period 1,622,694.34
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -7,980.99
III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance(2% of the preceding Collection Period Pool Balance, not less than 4,266,101.77
.75% of the Initial Pool Balance and not more than the outstanding principal balance of the Notes)
Beginning Reserve Account Balance 4,363,493.24
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 6,864.35
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account -104,255.82
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) 4,363,493.24
Total Ending Reserve Balance 4,266,101.77
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 1,622,694.34
Scheduled Principal Payments Received 1,754,524.14
Principal Prepayments Received 2,783,465.82
Total Interest and Principal Payments Received 6,160,684.30
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 53,665.56
minus Reasonable Expenses 4,935.59
Net Liquidation Proceeds 48,729.97
Amount Allocable to Interest 0.00
Amount Allocable to Principal 48,729.97
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
6,209,414.27
V. CALCULATION OF SERVICING AND TRUSTEE FEES
218,174,662.21
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
90,906.11
708.33
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 374,531,023.45
Pool Balance as of Preceding Accounting Date 218,174,662.21
Pool Balance as of the Current Accounting Date 213,305,088.41
Age of Pool in Months 31
a.2)
Aggregate Note Balance as of Preceding Accounting Date 215,992,915.59
Aggregate Note Balance as of Current Accounting Date 211,172,037.53
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 58 2,222,754.52 1.042%
60-89 Days Delinquent 25 1,225,290.94 0.574%
90-119 Days Delinquent 11 309,742.47 0.145%
120+ Days Delinquent 1 21,828.99 0.010%
Current Period Defaults 6 331,583.84 0.155%
Cumulative Defaults 226 8,337,230.61 3.909%
Current Month Realized Losses 325,426.84
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.087%
Preceding Realized Losses 211,748.45
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.057%
Second Preceding Realized Losses 515,913.65
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.138%
Cumulative Realized Losses 7,711,425.58
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.059%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.56952582
0.56383060
a) 90,906.11
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 107,696.69
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 20,098,915.59 4,820,878.06 15,278,037.53
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) 48,695.74
19,846.52
VIIIPOOL STATISTICS
8.88%
145
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 6,131,003.02
Plus: Trustee Fee 708.33
TOTAL WIRE TO CHASE 6,131,711.35
Amount Due To Servicer (Excess Spread and Recoup of O/C) 68,542.26
EX-4
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV/MARINE TRUST 2001-1
Accounting Date: 08-Feb-02
Determination Date: 14-Feb-02
Monthly Payment Date: 15-Feb-02
Collection Period Ending: 31-Jan-02
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 15,156,812.12
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 0.00
Current Monthly Interest Shortfall/Excess -26,323.56
Recoup of Collection Expenses 0.00
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
15,130,488.56
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 3,883,992.94
Amount of Interest Payments Received During the Collection Period 3,910,316.50
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -26,323.56
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 1,326,511.01
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 2,221.97
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) 1,326,511.01
Total Ending Reserve Balance 1,328,732.98
IV. COLLECTIONS ON RECEIVABLES
a) 3,910,316.50
Interest Payments Received 2,837,131.95
Scheduled Principal Payments Received 8,409,363.67
Principal Prepayments Received 15,156,812.12
Total Interest and Principal Payments Received
b) 0.00
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
c) 0.00
Amount Allocable to Interest 0.00
Amount Allocable to Principal
15,156,812.12
V. CALCULATION OF SERVICING AND TRUSTEE FEES
508,290,207.60
multiplied by Servicer Fee Rate 0.75%
divided by Months per Year 0
317,681.38
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 529,467,226.64
Pool Balance as of Preceding Accounting Date 508,290,207.60
Pool Balance as of the Current Accounting Date 497,043,711.98
Age of Pool in Months 3
a.2)
Aggregate Note Balance as of Preceding Accounting Date 517,508,427.11
Aggregate Note Balance as of Current Accounting Date 504,685,001.48
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 80 3,361,101.01 0.676%
60-89 Days Delinquent 23 762,986.57 0.154%
90-119 Days Delinquent 9 128,609.43 0.026%
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
0.93876200
0.92995209
a) 317,681.38
0.00
b)
Class A-1 384,949.80
Class A-2 182,250.00
Class A-3 355,500.00
Class A-4 448,875.00
Class A-5 373,205.42
Class B 106,255.75
Class C 52,993.50
Class D 85,352.08
Noteholders' Monthly
Beginning Principal Distributable Ending
Balance Amount Balance
Class A-1 163,808,427.11 12,823,425.63 150,985,001.48
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%
174
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 15,130,488.56
TOTAL WIRE TO HSBC 15,130,488.56
Amount Due To Servicer 0.00