June 24, 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
June 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
June 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
June 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
June 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
June 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: June 24, 2002
By: /s/ Richard C. Goldman
Title: Vice President
EX-1
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV TRUST 1999-1
Accounting Date: 10-Jun-02
Determination Date: 14-Jun-02
Monthly Payment Date: 17-Jun-02
Collection Period Ending: 31-May-02
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 14,475,505.00
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 417,184.12
Current Monthly Interest Shortfall/Excess -15,853.33
Recoup of Collection Expenses -7,876.34
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
14,868,959.45
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 3,031,914.36
Amount of Interest Payments Received During the Collection Period 3,047,767.69
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -15,853.33
III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance(2% of the preceding Collection Period Pool Balance, not less than 8,103,401.03
.75% of the Initial Pool Balance and not more than the outstanding principal balance of the Notes)
Beginning Reserve Account Balance 8,350,924.03
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 12,058.03
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account -259,581.03
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) 8,350,924.03
Total Ending Reserve Balance 8,103,401.03
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 3,047,767.69
Scheduled Principal Payments Received 3,410,098.22
Principal Prepayments Received 8,017,639.09
Total Interest and Principal Payments Received 14,475,505.00
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 455,044.81
minus Reasonable Expenses 37,860.69
Net Liquidation Proceeds 417,184.12
Amount Allocable to Interest 0.00
Amount Allocable to Principal 417,184.12
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
14,892,689.12
V. CALCULATION OF SERVICING AND TRUSTEE FEES
417,546,201.68
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
173,977.58
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 417,546,201.68
Pool Balance as of the Current Accounting Date 405,170,051.63
Age of Pool in Months 39
a.2)
Aggregate Note Balance as of Preceding Accounting Date 413,370,739.66
Aggregate Note Balance as of Current Accounting Date 401,118,351.11
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 82 2,911,725.61 0.719%
60-89 Days Delinquent 22 1,179,950.21 0.291%
90-119 Days Delinquent 17 508,250.30 0.125%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 19 948,412.74 0.234%
Cumulative Defaults 758 28,483,967.71 7.030%
Current Month Realized Losses 889,193.11
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.089%
Preceding Realized Losses 1,060,654.60
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.106%
Second Preceding Realized Losses 319,959.77
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.032%
Cumulative Realized Losses 25,640,618.92
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.564%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.40516867
0.40111835
a) 191,096.01
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 0.00
Class A-4 702,176.00
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-4 144,282,739.66 12,252,388.55 132,030,351.11
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) 123,761.50
229,017.67
VIIIPOOL STATISTICS
8.82%
132
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 14,516,180.28
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 14,517,221.95
Amount Due To Servicer (Excess Spread and Recoup of O/C) 352,779.17
EX-2
DEUTSCHE FINANCIAL SERVICES CORPORATION - - MARINE TRUST 1999-2
Accounting Date: 10-Jun-02
Determination Date: 14-Jun-02
Monthly Payment Date: 17-Jun-02
Collection Period Ending: 31-May-02
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 9,349,624.01
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 225,645.37
Current Monthly Interest Shortfall/Excess -47,564.05
Recoup of Collection Expenses -22,488.22
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
9,505,217.11
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,684,727.87
Amount of Interest Payments Received During the Collection Period 1,732,291.92
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -47,564.05
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 10,733,994.44
Deposits to Reserve Account(only if Reserve Account is less than Specified Reserve Account Balance) 250,602.31
Reserve Account Withdrawls(to the extent that there are Interest or Principal payment shortfalls) 0.00
Reserve Account Investment Earnings 15,405.43
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) 10,733,994.44
Total Ending Reserve Balance 11,000,002.18
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 1,732,291.92
Scheduled Principal Payments Received 1,628,565.83
Principal Prepayments Received 5,988,766.26
Total Interest and Principal Payments Received 9,349,624.01
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 263,761.90
minus Reasonable Expenses 38,116.53
Net Liquidation Proceeds 225,645.37
Amount Allocable to Interest 0.00
Amount Allocable to Principal 225,645.37
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
9,575,269.38
V. CALCULATION OF SERVICING AND TRUSTEE FEES
243,844,015.24
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
101,601.67
1,041.67
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 550,000,109.03
Pool Balance as of Preceding Accounting Date 243,844,015.24
Pool Balance as of the Current Accounting Date 236,048,014.74
Age of Pool in Months 37
a.2)
Aggregate Note Balance as of Preceding Accounting Date 238,967,134.94
Aggregate Note Balance as of Current Accounting Date 231,327,054.45
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 44 1,767,025.90 0.749%
60-89 Days Delinquent 6 435,599.85 0.185%
90-119 Days Delinquent 8 220,239.51 0.093%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 3 178,668.41 0.076%
Cumulative Defaults 259 12,535,028.53 5.310%
Current Month Realized Losses 173,365.41
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.032%
Preceding Realized Losses 805,877.61
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.147%
Second Preceding Realized Losses 514,406.11
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.094%
Cumulative Realized Losses 10,615,295.55
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.930%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.42917812
0.42059464
a) 206,821.53
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 329,432.53
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 63,761,134.94 7,640,080.49 56,121,054.45
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) 155,920.01
185,406.63
VIIIPOOL STATISTICS
8.32%
155
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 9,414,492.78
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 9,415,534.45
Amount Due To Servicer (Excess Spread and Recoup of O/C) 90,724.33
EX-3
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV TRUST 1999-3
Accounting Date: 10-Jun-02
Determination Date: 14-Jun-02
Monthly Payment Date: 17-Jun-02
Collection Period Ending: 31-May-02
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 5,699,715.95
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 124,860.39
Current Monthly Interest Shortfall/Excess -32,400.55
Recoup of Collection Expenses -6,368.00
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
5,785,807.79
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,446,913.39
Amount of Interest Payments Received During the Collection Period 1,479,313.94
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -32,400.55
III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance(2% of the preceding Collection Period Pool Balance, not less than 3,846,733.01
.75% of the Initial Pool Balance and not more than the outstanding principal balance of the Notes)
Beginning Reserve Account Balance 3,939,867.26
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 5,586.40
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account -98,720.65
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) 3,939,867.26
Total Ending Reserve Balance 3,846,733.01
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 1,479,313.94
Scheduled Principal Payments Received 1,239,104.63
Principal Prepayments Received 2,981,297.38
Total Interest and Principal Payments Received 5,699,715.95
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 134,845.53
minus Reasonable Expenses 9,985.14
Net Liquidation Proceeds 124,860.39
Amount Allocable to Interest 0.00
Amount Allocable to Principal 124,860.39
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
5,824,576.34
V. CALCULATION OF SERVICING AND TRUSTEE FEES
197,000,461.68
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
82,083.53
708.33
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 374,531,023.45
Pool Balance as of Preceding Accounting Date 197,000,461.68
Pool Balance as of the Current Accounting Date 192,336,650.68
Age of Pool in Months 35
a.2)
Aggregate Note Balance as of Preceding Accounting Date 195,030,457.06
Aggregate Note Balance as of Current Accounting Date 190,413,284.17
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 49 1,251,454.77 0.651%
60-89 Days Delinquent 13 351,617.68 0.183%
90-119 Days Delinquent 5 148,621.43 0.077%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 14 443,408.99 0.231%
Cumulative Defaults 267 10,543,785.48 5.482%
Current Month Realized Losses 351,368.08
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.094%
Preceding Realized Losses 350,505.66
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.094%
Second Preceding Realized Losses 742,338.07
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.198%
Cumulative Realized Losses 9,375,131.66
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.503%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.51353997
0.50840460
a) 61,898.21
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 0.00
Class A-4 475,167.20
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 0.00 0.00 0.00
Class A-4 85,744,457.06 4,617,172.89 81,127,284.17
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) 46,638.11
-46,638.11
VIIIPOOL STATISTICS
8.87%
141
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 5,785,807.79
Plus: Trustee Fee 708.33
TOTAL WIRE TO CHASE 5,786,516.12
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-Jun-02
Determination Date: 14-Jun-02
Monthly Payment Date: 17-Jun-02
Collection Period Ending: 31-May-02
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 15,527,651.27
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 33,244.38
Current Monthly Interest Shortfall/Excess 2,810.17
Recoup of Collection Expenses -7,535.28
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
15,556,170.54
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 3,461,269.26
Amount of Interest Payments Received During the Collection Period 3,458,459.09
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall 2,810.17
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 1,334,619.50
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 2,016.84
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) 1,334,619.50
Total Ending Reserve Balance 1,336,636.34
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 3,458,459.09
Scheduled Principal Payments Received 2,861,463.87
Principal Prepayments Received 9,207,728.31
Total Interest and Principal Payments Received 15,527,651.27
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 36,958.98
minus Reasonable Expenses 3,714.60
Net Liquidation Proceeds 33,244.38
Amount Allocable to Interest 0.00
Amount Allocable to Principal 33,244.38
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
15,560,895.65
V. CALCULATION OF SERVICING AND TRUSTEE FEES
457,350,524.51
multiplied by Servicer Fee Rate 0.75%
divided by Months per Year 0
285,844.08
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 529,467,226.64
Pool Balance as of Preceding Accounting Date 457,350,524.51
Pool Balance as of the Current Accounting Date 444,968,398.43
Age of Pool in Months 7
a.2)
Aggregate Note Balance as of Preceding Accounting Date 461,802,284.46
Aggregate Note Balance as of Current Accounting Date 448,390,430.12
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 49 1,666,918.18 0.375%
60-89 Days Delinquent 16 586,682.57 0.132%
90-119 Days Delinquent 8 312,764.27 0.070%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 11 312,933.90 0.070%
Cumulative Defaults 45 1,436,254.66 0.323%
Current Month Realized Losses 279,689.52
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.053%
Preceding Realized Losses 359,521.76
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.068%
Second Preceding Realized Losses 202,530.46
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.038%
Cumulative Realized Losses 568,947.96
Cumulative Realized Losses as Percentage of Initial Pool Balance 0.107%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.84040782
0.82622154
a) 285,844.08
0.00
b)
Class A-1 254,040.37
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-1 108,102,284.46 13,411,854.34 94,690,430.12
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%
170
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 15,556,170.54
TOTAL WIRE TO HSBC 15,556,170.54
Amount Due To Servicer 0.00