April 19, 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
April 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
April 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
April 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
April 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
April 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: April 19, 2002
By: /s/ Richard C. Goldman
Title: Vice President
EX-1
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV TRUST 1999-1
Accounting Date: 10-Apr-02
Determination Date: 12-Apr-02
Monthly Payment Date: 15-Apr-02
Collection Period Ending: 31-Mar-02
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 15,573,511.15
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 280,683.59
Current Monthly Interest Shortfall/Excess 175,384.47
Recoup of Collection Expenses -7,775.73
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
16,021,803.48
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 3,249,200.09
Amount of Interest Payments Received During the Collection Period 3,073,815.62
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall 175,384.47
III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance(2% of the preceding Collection Period Pool Balance, not less than 8,617,996.47
.75% of the Initial Pool Balance and not more than the outstanding principal balance of the Notes)
Beginning Reserve Account Balance 8,875,095.03
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 12,456.95
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account -269,555.51
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) 8,875,095.03
Total Ending Reserve Balance 8,617,996.47
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 3,073,815.62
Scheduled Principal Payments Received 3,441,940.88
Principal Prepayments Received 9,057,754.65
Total Interest and Principal Payments Received 15,573,511.15
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 302,768.37
minus Reasonable Expenses 22,084.78
Net Liquidation Proceeds 280,683.59
Amount Allocable to Interest 0.00
Amount Allocable to Principal 280,683.59
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
15,854,194.74
V. CALCULATION OF SERVICING AND TRUSTEE FEES
443,754,751.55
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
184,897.81
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 443,754,751.55
Pool Balance as of the Current Accounting Date 430,899,823.46
Age of Pool in Months 37
a.2)
Aggregate Note Balance as of Preceding Accounting Date 439,317,204.03
Aggregate Note Balance as of Current Accounting Date 426,590,825.23
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 104 4,000,664.03 0.928%
60-89 Days Delinquent 24 1,439,540.78 0.334%
90-119 Days Delinquent 29 1,288,701.49 0.299%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 16 355,232.56 0.082%
Cumulative Defaults 715 26,458,159.42 6.140%
Current Month Realized Losses 319,959.77
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.032%
Preceding Realized Losses 713,236.97
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.071%
Second Preceding Realized Losses 583,949.58
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.058%
Cumulative Realized Losses 23,690,771.21
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.369%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.43089836
0.42659083
a) 184,897.81
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 0.00
Class A-4 828,448.79
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-4 170,229,204.03 12,726,378.80 157,502,825.23
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) 128,549.29
783,009.07
VIIIPOOL STATISTICS
8.83%
134
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 15,110,245.12
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 15,111,286.79
Amount Due To Servicer (Excess Spread and Recoup of O/C) 911,558.36
EX-2
DEUTSCHE FINANCIAL SERVICES CORPORATION - - MARINE TRUST 1999-2
Accounting Date: 10-Apr-02
Determination Date: 12-Apr-02
Monthly Payment Date: 15-Apr-02
Collection Period Ending: 31-Mar-02
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 10,693,095.81
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 335,029.61
Current Monthly Interest Shortfall/Excess 96,672.01
Recoup of Collection Expenses -9,493.64
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
11,115,303.79
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,792,358.03
Amount of Interest Payments Received During the Collection Period 1,695,686.02
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall 96,672.01
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 10,814,578.93
Deposits to Reserve Account(only if Reserve Account is less than Specified Reserve Account Balance) 145,452.91
Reserve Account Withdrawls(to the extent that there are Interest or Principal payment shortfalls) 0.00
Reserve Account Investment Earnings 14,990.96
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) 10,814,578.93
Total Ending Reserve Balance 10,975,022.80
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 1,695,686.02
Scheduled Principal Payments Received 1,782,557.09
Principal Prepayments Received 7,214,852.70
Total Interest and Principal Payments Received 10,693,095.81
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 387,540.52
minus Reasonable Expenses 52,510.91
Net Liquidation Proceeds 335,029.61
Amount Allocable to Interest 0.00
Amount Allocable to Principal 335,029.61
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
11,028,125.42
V. CALCULATION OF SERVICING AND TRUSTEE FEES
262,057,426.24
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
109,190.59
1,041.67
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 550,000,109.03
Pool Balance as of Preceding Accounting Date 262,057,426.24
Pool Balance as of the Current Accounting Date 252,527,672.80
Age of Pool in Months 35
a.2)
Aggregate Note Balance as of Preceding Accounting Date 256,816,277.72
Aggregate Note Balance as of Current Accounting Date 247,477,119.34
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 55 1,625,295.21 0.644%
60-89 Days Delinquent 12 386,625.54 0.153%
90-119 Days Delinquent 10 1,068,506.71 0.423%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 8 532,343.65 0.211%
Cumulative Defaults 247 11,352,914.01 4.496%
Current Month Realized Losses 514,406.11
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.094%
Preceding Realized Losses 648,416.40
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.118%
Second Preceding Realized Losses 274,515.26
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.050%
Cumulative Realized Losses 10,441,930.14
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.899%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.45914113
0.44995840
a) 221,483.48
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 421,653.10
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 81,610,277.72 9,339,158.38 72,271,119.34
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) 190,595.06
-45,142.15
VIIIPOOL STATISTICS
8.27%
157
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 11,115,303.79
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 11,116,345.46
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: 10-Apr-02
Determination Date: 12-Apr-02
Monthly Payment Date: 15-Apr-02
Collection Period Ending: 31-Mar-02
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 7,350,388.13
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 197,551.82
Current Monthly Interest Shortfall/Excess 68,613.94
Recoup of Collection Expenses -1,446.94
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
7,857,614.81
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,515,795.67
Amount of Interest Payments Received During the Collection Period 1,447,181.73
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall 68,613.94
III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance(2% of the preceding Collection Period Pool Balance, not less than 4,036,265.55
.75% of the Initial Pool Balance and not more than the outstanding principal balance of the Notes)
Beginning Reserve Account Balance 4,171,403.84
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) 242,507.86
Reserve Account Investment Earnings 5,787.39
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) 4,171,403.84
Total Ending Reserve Balance 3,934,683.37
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 1,447,181.73
Scheduled Principal Payments Received 1,406,990.79
Principal Prepayments Received 4,496,215.61
Total Interest and Principal Payments Received 7,350,388.13
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 214,331.12
minus Reasonable Expenses 16,779.30
Net Liquidation Proceeds 197,551.82
Amount Allocable to Interest 0.00
Amount Allocable to Principal 197,551.82
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
7,547,939.95
V. CALCULATION OF SERVICING AND TRUSTEE FEES
208,570,191.81
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
86,904.25
708.33
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 374,531,023.45
Pool Balance as of Preceding Accounting Date 208,570,191.81
Pool Balance as of the Current Accounting Date 201,813,277.38
Age of Pool in Months 33
a.2)
Aggregate Note Balance as of Preceding Accounting Date 206,484,489.89
Aggregate Note Balance as of Current Accounting Date 199,795,144.61
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 80 2,104,195.99 1.043%
60-89 Days Delinquent 15 418,693.65 0.207%
90-119 Days Delinquent 9 660,425.78 0.327%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 11 853,708.03 0.423%
Cumulative Defaults 246 9,464,172.17 4.690%
Current Month Realized Losses 742,338.07
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.198%
Preceding Realized Losses 219,494.27
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.059%
Second Preceding Realized Losses 325,426.84
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.087%
Cumulative Realized Losses 8,673,257.92
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.316%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.53884262
0.53345423
a) 0.00
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 56,747.37
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 10,590,489.89 6,689,345.28 3,901,144.61
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) 67,569.15
-310,077.01
VIIIPOOL STATISTICS
8.88%
143
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 7,857,614.81
Plus: Trustee Fee 708.33
TOTAL WIRE TO CHASE 7,858,323.14
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-Apr-02
Determination Date: 12-Apr-02
Monthly Payment Date: 15-Apr-02
Collection Period Ending: 31-Mar-02
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 16,581,348.16
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 0.00
Current Monthly Interest Shortfall/Excess 165,303.50
Recoup of Collection Expenses -2,785.00
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
16,743,866.66
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 3,692,629.19
Amount of Interest Payments Received During the Collection Period 3,527,325.69
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall 165,303.50
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 1,330,603.11
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 2,025.48
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) 1,330,603.11
Total Ending Reserve Balance 1,332,628.59
IV. COLLECTIONS ON RECEIVABLES
a) 3,527,325.69
Interest Payments Received 2,954,648.43
Scheduled Principal Payments Received 10,099,374.04
Principal Prepayments Received 16,581,348.16
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
16,581,348.16
V. CALCULATION OF SERVICING AND TRUSTEE FEES
485,677,115.79
multiplied by Servicer Fee Rate 0.75%
divided by Months per Year 0
303,548.20
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 529,467,226.64
Pool Balance as of Preceding Accounting Date 485,677,115.79
Pool Balance as of the Current Accounting Date 472,420,562.86
Age of Pool in Months 5
a.2)
Aggregate Note Balance as of Preceding Accounting Date 492,260,764.46
Aggregate Note Balance as of Current Accounting Date 477,750,495.55
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 61 2,716,162.53 0.575%
60-89 Days Delinquent 16 513,244.93 0.109%
90-119 Days Delinquent 14 1,026,712.52 0.217%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 12 202,530.46 0.043%
Cumulative Defaults 20 314,393.54 0.067%
Current Month Realized Losses 202,530.46
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.038%
Preceding Realized Losses 86,727.98
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.016%
Second Preceding Realized Losses 0.00
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.000%
Cumulative Realized Losses 289,258.44
Cumulative Realized Losses as Percentage of Initial Pool Balance 0.055%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.89225648
0.88032153
a) 303,548.20
0.00
b)
Class A-1 325,617.80
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-1 138,560,764.46 14,510,268.91 124,050,495.55
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%
172
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 16,743,866.66
TOTAL WIRE TO HSBC 16,743,866.66
Amount Due To Servicer 0.00