May 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
May 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
May 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
May 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
May 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
May 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: May 20, 2002
By: /s/ Richard C. Goldman
Title: Vice President
EX-1
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV TRUST 1999-1
Accounting Date: 10-May-02
Determination Date: 14-May-02
Monthly Payment Date: 15-May-02
Collection Period Ending: 30-Apr-02
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 15,515,606.59
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 229,247.25
Current Monthly Interest Shortfall/Excess -217,311.74
Recoup of Collection Expenses -7,999.90
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
15,519,542.20
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 3,022,068.62
Amount of Interest Payments Received During the Collection Period 3,239,380.36
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -217,311.74
III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance(2% of the preceding Collection Period Pool Balance, not less than 8,350,924.03
.75% of the Initial Pool Balance and not more than the outstanding principal balance of the Notes)
Beginning Reserve Account Balance 8,617,996.47
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 11,261.17
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account -278,333.61
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) 8,617,996.47
Total Ending Reserve Balance 8,350,924.03
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 3,239,380.36
Scheduled Principal Payments Received 3,548,313.93
Principal Prepayments Received 8,727,912.30
Total Interest and Principal Payments Received 15,515,606.59
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 243,470.16
minus Reasonable Expenses 14,222.91
Net Liquidation Proceeds 229,247.25
Amount Allocable to Interest 0.00
Amount Allocable to Principal 229,247.25
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
15,744,853.84
V. CALCULATION OF SERVICING AND TRUSTEE FEES
430,899,823.46
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
179,541.59
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 430,899,823.46
Pool Balance as of the Current Accounting Date 417,546,201.68
Age of Pool in Months 38
a.2)
Aggregate Note Balance as of Preceding Accounting Date 426,590,825.23
Aggregate Note Balance as of Current Accounting Date 413,370,739.66
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 68 2,164,085.78 0.518%
60-89 Days Delinquent 27 1,427,228.68 0.342%
90-119 Days Delinquent 16 898,235.66 0.215%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 24 1,077,395.55 0.258%
Cumulative Defaults 739 27,535,554.97 6.595%
Current Month Realized Losses 1,060,654.60
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.106%
Preceding Realized Losses 319,959.77
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.032%
Second Preceding Realized Losses 713,236.97
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.071%
Cumulative Realized Losses 24,751,425.81
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.475%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.41754478
0.41337074
a) 162,423.16
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 0.00
Class A-4 766,513.75
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-4 157,502,825.23 13,220,085.57 144,282,739.66
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) 133,536.21
-133,536.21
VIIIPOOL STATISTICS
8.83%
134
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 15,519,542.20
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 15,520,583.87
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-May-02
Determination Date: 14-May-02
Monthly Payment Date: 15-May-02
Collection Period Ending: 30-Apr-02
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 9,472,161.48
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 283,687.75
Current Monthly Interest Shortfall/Excess -130,315.01
Recoup of Collection Expenses -9,679.71
Amount of Withdrawal, if any, from Reserve Account 255,086.59
Purchase Amounts for Repurchased Receivables 0.00
9,870,941.10
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,661,635.02
Amount of Interest Payments Received During the Collection Period 1,791,950.03
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -130,315.01
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 10,975,022.80
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) 255,086.59
Reserve Account Investment Earnings 14,058.23
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) 10,975,022.80
Total Ending Reserve Balance 10,733,994.44
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 1,791,950.03
Scheduled Principal Payments Received 1,538,403.85
Principal Prepayments Received 6,141,807.60
Total Interest and Principal Payments Received 9,472,161.48
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 321,774.69
minus Reasonable Expenses 38,086.94
Net Liquidation Proceeds 283,687.75
Amount Allocable to Interest 0.00
Amount Allocable to Principal 283,687.75
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
9,755,849.23
V. CALCULATION OF SERVICING AND TRUSTEE FEES
252,527,672.80
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
105,219.86
1,041.67
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 550,000,109.03
Pool Balance as of Preceding Accounting Date 252,527,672.80
Pool Balance as of the Current Accounting Date 243,844,015.24
Age of Pool in Months 36
a.2)
Aggregate Note Balance as of Preceding Accounting Date 247,477,119.34
Aggregate Note Balance as of Current Accounting Date 238,967,134.94
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 40 1,259,225.74 0.516%
60-89 Days Delinquent 12 493,558.15 0.202%
90-119 Days Delinquent 6 207,551.11 0.085%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 9 1,003,446.11 0.412%
Cumulative Defaults 256 12,356,360.12 5.067%
Current Month Realized Losses 805,877.61
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.147%
Preceding Realized Losses 514,406.11
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.094%
Second Preceding Realized Losses 648,416.40
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.118%
Cumulative Realized Losses 11,247,807.75
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.045%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.44335267
0.43448570
a) 0.00
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 373,400.78
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 72,271,119.34 8,509,984.40 63,761,134.94
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) 173,673.16
-428,759.75
VIIIPOOL STATISTICS
8.27%
157
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 9,870,941.10
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 9,871,982.77
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-May-02
Determination Date: 14-May-02
Monthly Payment Date: 15-May-02
Collection Period Ending: 30-Apr-02
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 5,701,944.62
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 430,799.36
Current Monthly Interest Shortfall/Excess -90,268.08
Recoup of Collection Expenses -861.00
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
6,041,614.90
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,435,065.16
Amount of Interest Payments Received During the Collection Period 1,525,333.24
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -90,268.08
III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance(2% of the preceding Collection Period Pool Balance, not less than 3,940,009.23
.75% of the Initial Pool Balance and not more than the outstanding principal balance of the Notes)
Beginning Reserve Account Balance 3,934,683.37
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 5,183.89
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) 3,934,683.37
Total Ending Reserve Balance 3,939,867.26
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 1,525,333.24
Scheduled Principal Payments Received 1,493,568.67
Principal Prepayments Received 2,683,042.71
Total Interest and Principal Payments Received 5,701,944.62
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 473,230.12
minus Reasonable Expenses 42,430.76
Net Liquidation Proceeds 430,799.36
Amount Allocable to Interest 0.00
Amount Allocable to Principal 430,799.36
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
6,132,743.98
V. CALCULATION OF SERVICING AND TRUSTEE FEES
201,813,277.38
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
84,088.87
708.33
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 374,531,023.45
Pool Balance as of Preceding Accounting Date 201,813,277.38
Pool Balance as of the Current Accounting Date 197,000,461.68
Age of Pool in Months 34
a.2)
Aggregate Note Balance as of Preceding Accounting Date 199,795,144.61
Aggregate Note Balance as of Current Accounting Date 195,030,457.06
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 46 1,191,542.83 0.605%
60-89 Days Delinquent 19 577,176.52 0.293%
90-119 Days Delinquent 12 373,319.16 0.190%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 7 636,204.32 0.323%
Cumulative Defaults 253 10,100,376.49 5.127%
Current Month Realized Losses 350,505.66
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.094%
Preceding Realized Losses 742,338.07
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.198%
Second Preceding Realized Losses 219,494.27
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.059%
Cumulative Realized Losses 9,023,763.58
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.409%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.52599237
0.52073248
a) 144,501.56
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 20,903.63
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 3,901,144.61 3,901,144.61 0.00
Class A-4 86,608,000.00 863,542.94 85,744,457.06
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) 48,128.15
-48,128.15
VIIIPOOL STATISTICS
8.87%
143
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 6,041,614.90
Plus: Trustee Fee 708.33
TOTAL WIRE TO CHASE 6,042,323.23
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-May-02
Determination Date: 14-May-02
Monthly Payment Date: 15-May-02
Collection Period Ending: 30-Apr-02
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 17,916,031.21
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 449,405.46
Current Monthly Interest Shortfall/Excess -219,833.88
Recoup of Collection Expenses -6,178.44
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
18,139,424.35
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 3,435,086.20
Amount of Interest Payments Received During the Collection Period 3,654,920.08
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -219,833.88
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 1,332,628.59
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 1,990.91
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) 1,332,628.59
Total Ending Reserve Balance 1,334,619.50
IV. COLLECTIONS ON RECEIVABLES
a) 3,654,920.08
Interest Payments Received 2,454,363.70
Scheduled Principal Payments Received 11,806,747.43
Principal Prepayments Received 17,916,031.21
Total Interest and Principal Payments Received
b) 501,286.15
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 51,880.69
minus Reasonable Expenses 449,405.46
Net Liquidation Proceeds 0.00
Amount Allocable to Interest 449,405.46
Amount Allocable to Principal
c) 0.00
Amount Allocable to Interest 0.00
Amount Allocable to Principal
18,365,436.67
V. CALCULATION OF SERVICING AND TRUSTEE FEES
472,420,562.86
multiplied by Servicer Fee Rate 0.75%
divided by Months per Year 0
295,262.85
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 529,467,226.64
Pool Balance as of Preceding Accounting Date 472,420,562.86
Pool Balance as of the Current Accounting Date 457,350,524.51
Age of Pool in Months 6
a.2)
Aggregate Note Balance as of Preceding Accounting Date 477,750,495.55
Aggregate Note Balance as of Current Accounting Date 461,802,284.46
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 53 1,864,504.63 0.408%
60-89 Days Delinquent 12 686,363.60 0.150%
90-119 Days Delinquent 13 335,722.06 0.073%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 14 808,927.22 0.177%
Cumulative Defaults 34 1,123,320.76 0.246%
Current Month Realized Losses 359,521.76
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.068%
Preceding Realized Losses 202,530.46
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.038%
Second Preceding Realized Losses 86,727.98
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.016%
Cumulative Realized Losses 648,780.20
Cumulative Realized Losses as Percentage of Initial Pool Balance 0.123%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.86379383
0.85085859
a) 295,262.85
0.00
b)
Class A-1 291,518.66
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-1 124,050,495.55 15,989,537.69 108,060,957.86
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%
171
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 18,139,424.35
TOTAL WIRE TO HSBC 18,139,424.35
Amount Due To Servicer 0.00