March 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
March 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
March 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
March 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
March 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
March 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: March 20, 2002
By: /s/ Richard C. Goldman
Title: Vice President
EX-1
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV TRUST 1999-1
Accounting Date: 11-Mar-02
Determination Date: 14-Mar-02
Monthly Payment Date: 15-Mar-02
Collection Period Ending: 28-Feb-02
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 21,043,398.96
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 1,042,219.16
Current Monthly Interest Shortfall/Excess -229,080.07
Recoup of Collection Expenses -7,753.45
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
21,848,784.60
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 3,028,455.89
Amount of Interest Payments Received During the Collection Period 3,257,535.96
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -229,080.07
III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance(2% of the preceding Collection Period Pool Balance, not less than 8,875,095.03
.75% of the Initial Pool Balance and not more than the outstanding principal balance of the Notes)
Beginning Reserve Account Balance 9,247,068.96
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 12,699.65
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account -384,673.58
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) 9,247,068.96
Total Ending Reserve Balance 8,875,095.03
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 3,257,535.96
Scheduled Principal Payments Received 3,543,736.07
Principal Prepayments Received 14,242,126.93
Total Interest and Principal Payments Received 21,043,398.96
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 1,111,286.79
minus Reasonable Expenses 69,067.63
Net Liquidation Proceeds 1,042,219.16
Amount Allocable to Interest 0.00
Amount Allocable to Principal 1,042,219.16
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
22,085,618.12
V. CALCULATION OF SERVICING AND TRUSTEE FEES
462,353,448.01
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
192,647.27
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 462,353,448.01
Pool Balance as of the Current Accounting Date 443,754,751.55
Age of Pool in Months 36
a.2)
Aggregate Note Balance as of Preceding Accounting Date 457,729,913.53
Aggregate Note Balance as of Current Accounting Date 439,317,204.03
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 84 3,310,491.71 0.746%
60-89 Days Delinquent 44 2,207,573.45 0.497%
90-119 Days Delinquent 18 346,623.85 0.078%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 19 812,833.46 0.183%
Cumulative Defaults 699 26,102,926.86 5.882%
Current Month Realized Losses 713,236.97
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.071%
Preceding Realized Losses 583,949.58
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.058%
Second Preceding Realized Losses 934,022.91
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.093%
Cumulative Realized Losses 23,370,811.44
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.337%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.44375324
0.43931720
a) 192,647.27
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 0.00
Class A-4 918,057.31
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 0.00 0.00 0.00
Class A-4 188,641,913.53 18,412,709.50 170,229,204.03
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) 185,986.96
768,863.84
VIIIPOOL STATISTICS
8.82%
136
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 20,893,933.80
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 20,894,975.47
Amount Due To Servicer (Excess Spread and Recoup of O/C) 954,850.80
EX-2
DEUTSCHE FINANCIAL SERVICES CORPORATION - - MARINE TRUST 1999-2
Accounting Date: 11-Mar-02
Determination Date: 14-Mar-02
Monthly Payment Date: 15-Mar-02
Collection Period Ending: 28-Feb-02
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 8,552,068.01
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 141,331.81
Current Monthly Interest Shortfall/Excess -145,495.75
Recoup of Collection Expenses -4,172.36
Amount of Withdrawal, if any, from Reserve Account 199,780.56
Purchase Amounts for Repurchased Receivables 0.00
8,743,512.27
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,668,524.24
Amount of Interest Payments Received During the Collection Period 1,814,019.99
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -145,495.75
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 11,000,002.18
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) 199,780.56
Reserve Account Investment Earnings 14,357.31
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) 11,000,002.18
Total Ending Reserve Balance 10,814,578.93
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 1,814,019.99
Scheduled Principal Payments Received 1,638,091.04
Principal Prepayments Received 5,099,956.98
Total Interest and Principal Payments Received 8,552,068.01
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 168,343.24
minus Reasonable Expenses 27,011.43
Net Liquidation Proceeds 141,331.81
Amount Allocable to Interest 0.00
Amount Allocable to Principal 141,331.81
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
8,693,399.82
V. CALCULATION OF SERVICING AND TRUSTEE FEES
269,502,940.66
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
112,292.89
1,041.67
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 550,000,109.03
Pool Balance as of Preceding Accounting Date 269,502,940.66
Pool Balance as of the Current Accounting Date 262,057,426.24
Age of Pool in Months 34
a.2)
Aggregate Note Balance as of Preceding Accounting Date 264,112,881.85
Aggregate Note Balance as of Current Accounting Date 256,816,277.72
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 48 2,620,843.63 1.000%
60-89 Days Delinquent 15 1,090,697.18 0.416%
90-119 Days Delinquent 9 545,702.48 0.208%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 13 707,466.40 0.270%
Cumulative Defaults 239 10,820,570.36 4.129%
Current Month Realized Losses 648,416.40
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.118%
Preceding Realized Losses 274,515.26
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.050%
Second Preceding Realized Losses 234,668.22
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.043%
Cumulative Realized Losses 9,927,524.03
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.805%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.47646795
0.46693869
a) 0.00
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 459,352.22
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 88,906,881.85 7,296,604.13 81,610,277.72
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) 148,910.29
-460,983.74
VIIIPOOL STATISTICS
8.26%
158
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 8,743,512.27
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 8,744,553.94
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-Mar-02
Determination Date: 14-Mar-02
Monthly Payment Date: 15-Mar-02
Collection Period Ending: 28-Feb-02
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 5,986,534.67
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 366,403.13
Current Monthly Interest Shortfall/Excess -100,204.45
Recoup of Collection Expenses -1,024.00
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
6,251,709.35
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,424,667.15
Amount of Interest Payments Received During the Collection Period 1,524,871.60
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -100,204.45
III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance(2% of the preceding Collection Period Pool Balance, not less than 4,171,403.84
.75% of the Initial Pool Balance and not more than the outstanding principal balance of the Notes)
Beginning Reserve Account Balance 4,266,101.77
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 5,583.44
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account -100,281.37
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) 4,266,101.77
Total Ending Reserve Balance 4,171,403.84
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 1,524,871.60
Scheduled Principal Payments Received 1,586,704.59
Principal Prepayments Received 2,874,958.48
Total Interest and Principal Payments Received 5,986,534.67
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 387,983.88
minus Reasonable Expenses 21,580.75
Net Liquidation Proceeds 366,403.13
Amount Allocable to Interest 0.00
Amount Allocable to Principal 366,403.13
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
6,352,937.80
V. CALCULATION OF SERVICING AND TRUSTEE FEES
213,305,088.41
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
88,877.12
708.33
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 374,531,023.45
Pool Balance as of Preceding Accounting Date 213,305,088.41
Pool Balance as of the Current Accounting Date 208,570,191.81
Age of Pool in Months 32
a.2)
Aggregate Note Balance as of Preceding Accounting Date 211,172,037.53
Aggregate Note Balance as of Current Accounting Date 206,484,489.89
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 60 1,534,652.76 0.736%
60-89 Days Delinquent 17 897,504.92 0.430%
90-119 Days Delinquent 14 966,406.77 0.463%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 9 273,233.53 0.131%
Cumulative Defaults 235 8,610,464.14 4.128%
Current Month Realized Losses 219,494.27
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.059%
Preceding Realized Losses 325,426.84
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.087%
Second Preceding Realized Losses 211,748.45
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.057%
Cumulative Realized Losses 7,930,919.85
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.118%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.55688362
0.55131482
a) 88,877.12
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 81,864.82
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 15,278,037.53 4,687,547.64 10,590,489.89
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) 47,348.96
234,548.65
VIIIPOOL STATISTICS
8.88%
144
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 5,969,811.74
Plus: Trustee Fee 708.33
TOTAL WIRE TO CHASE 5,970,520.07
Amount Due To Servicer (Excess Spread and Recoup of O/C) 281,897.61
EX-4
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV/MARINE TRUST 2001-1
Accounting Date: 11-Mar-02
Determination Date: 14-Mar-02
Monthly Payment Date: 15-Mar-02
Collection Period Ending: 28-Feb-02
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 14,903,831.55
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 25,135.10
Current Monthly Interest Shortfall/Excess -228,779.60
Recoup of Collection Expenses -6,051.21
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
14,694,135.84
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 3,420,318.84
Amount of Interest Payments Received During the Collection Period 3,649,098.44
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -228,779.60
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 1,328,732.98
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 1,870.13
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) 1,328,732.98
Total Ending Reserve Balance 1,330,603.11
IV. COLLECTIONS ON RECEIVABLES
a) 3,649,098.44
Interest Payments Received 2,203,266.61
Scheduled Principal Payments Received 9,051,466.50
Principal Prepayments Received 14,903,831.55
Total Interest and Principal Payments Received
b) 27,830.00
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 2,694.90
minus Reasonable Expenses 25,135.10
Net Liquidation Proceeds 0.00
Amount Allocable to Interest 25,135.10
Amount Allocable to Principal
c) 0.00
Amount Allocable to Interest 0.00
Amount Allocable to Principal
14,928,966.65
V. CALCULATION OF SERVICING AND TRUSTEE FEES
497,043,711.98
multiplied by Servicer Fee Rate 0.75%
divided by Months per Year 0
310,652.32
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 529,467,226.64
Pool Balance as of Preceding Accounting Date 497,043,711.98
Pool Balance as of the Current Accounting Date 485,677,115.79
Age of Pool in Months 4
a.2)
Aggregate Note Balance as of Preceding Accounting Date 504,685,001.48
Aggregate Note Balance as of Current Accounting Date 492,260,764.46
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 56 2,184,970.93 0.450%
60-89 Days Delinquent 21 1,292,125.41 0.266%
90-119 Days Delinquent 13 218,693.01 0.045%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 8 111,863.08 0.023%
Cumulative Defaults 8 111,863.08 0.023%
Current Month Realized Losses 86,727.98
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.016%
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 86,727.98
Cumulative Realized Losses as Percentage of Initial Pool Balance 0.016%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.91729401
0.90705871
a) 310,652.32
0.00
b)
Class A-1 354,814.75
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-1 150,985,001.48 12,424,237.02 138,560,764.46
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%
173
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 14,694,135.84
TOTAL WIRE TO HSBC 14,694,135.84
Amount Due To Servicer 0.00