July 15, 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
July 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
July 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
July 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
July 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
July 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: July 15, 2002
By: /s/ Richard C. Goldman
Title: Vice President
EX-1
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV TRUST 1999-1
Accounting Date: 10-Jul-02
Determination Date: 12-Jul-02
Monthly Payment Date: 15-Jul-02
Collection Period Ending: 30-Jun-02
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 12,838,850.38
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 398,585.08
Current Monthly Interest Shortfall/Excess 29,975.31
Recoup of Collection Expenses -2,546.03
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
13,264,864.74
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 2,870,644.21
Amount of Interest Payments Received During the Collection Period 2,840,668.90
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall 29,975.31
III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance(2% of the preceding Collection Period Pool Balance, not less than 7,893,557.08
.75% of the Initial Pool Balance and not more than the outstanding principal balance of the Notes)
Beginning Reserve Account Balance 8,103,401.03
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 10,235.85
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account -220,079.80
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) 8,103,401.03
Total Ending Reserve Balance 7,893,557.08
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 2,840,668.90
Scheduled Principal Payments Received 2,825,344.28
Principal Prepayments Received 7,172,837.20
Total Interest and Principal Payments Received 12,838,850.38
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 430,604.23
minus Reasonable Expenses 32,019.15
Net Liquidation Proceeds 398,585.08
Amount Allocable to Interest 0.00
Amount Allocable to Principal 398,585.08
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
13,237,435.46
V. CALCULATION OF SERVICING AND TRUSTEE FEES
405,170,051.63
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
168,820.85
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 405,170,051.63
Pool Balance as of the Current Accounting Date 394,677,853.96
Age of Pool in Months 40
a.2)
Aggregate Note Balance as of Preceding Accounting Date 401,118,351.11
Aggregate Note Balance as of Current Accounting Date 390,731,075.42
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 87 2,184,054.46 0.553%
60-89 Days Delinquent 26 1,143,035.58 0.290%
90-119 Days Delinquent 15 902,408.49 0.229%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 15 494,016.19 0.125%
Cumulative Defaults 773 28,977,983.90 7.342%
Current Month Realized Losses 467,454.19
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.047%
Preceding Realized Losses 889,193.11
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.089%
Second Preceding Realized Losses 1,060,654.60
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.106%
Cumulative Realized Losses 26,108,073.11
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.611%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.39467651
0.39073108
a) 168,820.85
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 0.00
Class A-4 642,547.71
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-4 132,030,351.11 10,387,275.69 121,643,075.42
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) 104,921.98
590,778.79
VIIIPOOL STATISTICS
8.82%
131
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 12,569,163.97
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 12,570,205.64
Amount Due To Servicer (Excess Spread and Recoup of O/C) 695,700.77
EX-2
DEUTSCHE FINANCIAL SERVICES CORPORATION - - MARINE TRUST 1999-2
Accounting Date: 10-Jul-02
Determination Date: 12-Jul-02
Monthly Payment Date: 15-Jul-02
Collection Period Ending: 30-Jun-02
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 7,747,468.00
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 8,751.34
Current Monthly Interest Shortfall/Excess 55,283.59
Recoup of Collection Expenses -10,927.82
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
7,800,575.11
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,585,406.19
Amount of Interest Payments Received During the Collection Period 1,530,122.60
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall 55,283.59
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) 0.00
Reserve Account Investment Earnings 13,507.59
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account -13,507.59
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 11,000,002.18
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 1,530,122.60
Scheduled Principal Payments Received 1,341,644.82
Principal Prepayments Received 4,875,700.58
Total Interest and Principal Payments Received 7,747,468.00
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 13,310.05
minus Reasonable Expenses 4,558.71
Net Liquidation Proceeds 8,751.34
Amount Allocable to Interest 0.00
Amount Allocable to Principal 8,751.34
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
7,756,219.34
V. CALCULATION OF SERVICING AND TRUSTEE FEES
236,048,014.74
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
98,353.34
1,041.67
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 550,000,109.03
Pool Balance as of Preceding Accounting Date 236,048,014.74
Pool Balance as of the Current Accounting Date 229,664,596.66
Age of Pool in Months 38
a.2)
Aggregate Note Balance as of Preceding Accounting Date 231,327,054.45
Aggregate Note Balance as of Current Accounting Date 225,071,304.73
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 28 1,079,092.30 0.470%
60-89 Days Delinquent 9 615,262.27 0.268%
90-119 Days Delinquent 5 109,905.71 0.048%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 5 166,072.68 0.072%
Cumulative Defaults 264 12,701,101.21 5.530%
Current Month Realized Losses 165,972.07
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.030%
Preceding Realized Losses 173,365.41
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.032%
Second Preceding Realized Losses 805,877.61
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.147%
Cumulative Realized Losses 11,587,145.23
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.107%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.41757191
0.40922055
a) 98,353.34
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 289,958.78
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 56,121,054.45 6,255,749.72 49,865,304.73
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) 127,668.36
41,288.99
VIIIPOOL STATISTICS
8.32%
154
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 7,631,617.76
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 7,632,659.43
Amount Due To Servicer (Excess Spread and Recoup of O/C) 168,957.35
EX-3
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV TRUST 1999-3
Accounting Date: 10-Jul-02
Determination Date: 12-Jul-02
Monthly Payment Date: 15-Jul-02
Collection Period Ending: 30-Jun-02
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 5,006,622.43
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 128,974.26
Current Monthly Interest Shortfall/Excess 13,632.62
Recoup of Collection Expenses -7,038.11
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
5,142,191.20
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,385,337.21
Amount of Interest Payments Received During the Collection Period 1,371,704.59
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall 13,632.62
III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance(2% of the preceding Collection Period Pool Balance, not less than 3,771,017.47
.75% of the Initial Pool Balance and not more than the outstanding principal balance of the Notes)
Beginning Reserve Account Balance 3,846,733.01
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 4,826.57
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account -80,542.11
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) 3,846,733.01
Total Ending Reserve Balance 3,771,017.47
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 1,371,704.59
Scheduled Principal Payments Received 1,441,269.52
Principal Prepayments Received 2,193,648.32
Total Interest and Principal Payments Received 5,006,622.43
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 144,160.71
minus Reasonable Expenses 15,186.45
Net Liquidation Proceeds 128,974.26
Amount Allocable to Interest 0.00
Amount Allocable to Principal 128,974.26
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
5,135,596.69
V. CALCULATION OF SERVICING AND TRUSTEE FEES
192,336,650.68
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
80,140.27
708.33
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 374,531,023.45
Pool Balance as of Preceding Accounting Date 192,336,650.68
Pool Balance as of the Current Accounting Date 188,550,873.57
Age of Pool in Months 36
a.2)
Aggregate Note Balance as of Preceding Accounting Date 190,413,284.17
Aggregate Note Balance as of Current Accounting Date 186,665,364.83
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 50 1,008,867.64 0.535%
60-89 Days Delinquent 20 703,508.19 0.373%
90-119 Days Delinquent 7 148,160.93 0.079%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 6 150,859.27 0.080%
Cumulative Defaults 273 10,694,506.06 5.672%
Current Month Realized Losses 145,406.27
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.039%
Preceding Realized Losses 351,368.08
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.094%
Second Preceding Realized Losses 350,505.66
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.094%
Cumulative Realized Losses 9,520,537.93
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.542%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.50343192
0.49839764
a) 126,817.15
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 0.00
Class A-4 449,580.37
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 81,127,284.17 3,747,919.34 77,379,364.83
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) 37,857.77
148,447.08
VIIIPOOL STATISTICS
8.87%
141
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 4,955,886.35
Plus: Trustee Fee 708.33
TOTAL WIRE TO CHASE 4,956,594.68
Amount Due To Servicer (Excess Spread and Recoup of O/C) 186,304.85
EX-4
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV/MARINE TRUST 2001-1
Accounting Date: 10-Jul-02
Determination Date: 12-Jul-02
Monthly Payment Date: 15-Jul-02
Collection Period Ending: 30-Jun-02
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 13,833,830.86
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 168,377.06
Current Monthly Interest Shortfall/Excess 67,484.02
Recoup of Collection Expenses 108.45
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
14,069,800.39
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 3,272,744.20
Amount of Interest Payments Received During the Collection Period 3,205,260.18
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall 67,484.02
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 1,336,636.34
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 1,926.76
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) 1,336,636.34
Total Ending Reserve Balance 1,338,563.10
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 3,205,260.18
Scheduled Principal Payments Received 3,190,768.92
Principal Prepayments Received 7,437,801.76
Total Interest and Principal Payments Received 13,833,830.86
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 319,804.43
minus Reasonable Expenses 151,427.37
Net Liquidation Proceeds 168,377.06
Amount Allocable to Interest 0.00
Amount Allocable to Principal 168,377.06
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
14,002,207.92
V. CALCULATION OF SERVICING AND TRUSTEE FEES
444,968,398.43
multiplied by Servicer Fee Rate 0.75%
divided by Months per Year 0
278,105.25
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 529,467,226.64
Pool Balance as of Preceding Accounting Date 444,968,398.43
Pool Balance as of the Current Accounting Date 433,928,423.27
Age of Pool in Months 8
a.2)
Aggregate Note Balance as of Preceding Accounting Date 448,390,430.12
Aggregate Note Balance as of Current Accounting Date 436,425,689.24
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 53 1,830,581.45 0.422%
60-89 Days Delinquent 15 464,777.39 0.107%
90-119 Days Delinquent 9 401,758.27 0.093%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 12 411,404.48 0.095%
Cumulative Defaults 57 1,847,659.14 0.426%
Current Month Realized Losses 243,027.42
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.046%
Preceding Realized Losses 279,689.52
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.053%
Second Preceding Realized Losses 359,521.76
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.068%
Cumulative Realized Losses 811,975.38
Cumulative Realized Losses as Percentage of Initial Pool Balance 0.153%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.81955672
0.80417485
a) 278,105.25
0.00
b)
Class A-1 222,522.51
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 94,690,430.12 11,964,740.88 82,725,689.24
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) 14,069,800.39
TOTAL WIRE TO HSBC 14,069,800.39
Amount Due To Servicer 0.00