September 23, 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
September 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
September 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
September 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
September 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
September 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: September 23, 2002
By: /s/ Richard C. Goldman
Title: Vice President
EX-1
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV TRUST 1999-1
Accounting Date: 10-Sep-02
Determination Date: 13-Sep-02
Monthly Payment Date: 16-Sep-02
Collection Period Ending: 31-Aug-02
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 13,304,698.79
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 105,313.01
Current Monthly Interest Shortfall/Excess -27,296.53
Recoup of Collection Expenses -14,848.40
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
13,367,866.87
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 2,797,431.75
Amount of Interest Payments Received During the Collection Period 2,824,728.28
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -27,296.53
III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance(2% of the preceding Collection Period Pool Balance, not less than 7,500,025.52
.75% of the Initial Pool Balance and not more than the outstanding principal balance of the Notes)
Beginning Reserve Account Balance 7,683,128.45
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 10,431.87
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account -193,534.80
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) 7,683,128.45
Total Ending Reserve Balance 7,500,025.52
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 2,824,728.28
Scheduled Principal Payments Received 2,623,724.34
Principal Prepayments Received 7,856,246.17
Total Interest and Principal Payments Received 13,304,698.79
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 115,830.20
minus Reasonable Expenses 10,517.19
Net Liquidation Proceeds 105,313.01
Amount Allocable to Interest 0.00
Amount Allocable to Principal 105,313.01
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
13,410,011.80
V. CALCULATION OF SERVICING AND TRUSTEE FEES
384,156,422.39
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
160,065.18
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 384,156,422.39
Pool Balance as of the Current Accounting Date 372,899,116.69
Age of Pool in Months 42
a.2)
Aggregate Note Balance as of Preceding Accounting Date 380,314,858.17
Aggregate Note Balance as of Current Accounting Date 369,170,125.52
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 78 3,096,250.81 0.830%
60-89 Days Delinquent 26 703,758.58 0.189%
90-119 Days Delinquent 20 952,350.78 0.255%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 19 777,335.19 0.208%
Cumulative Defaults 809 30,673,383.83 3.067%
Cumulative Recoveries 12,891,701.64 1.289%
Current Month Realized Losses 672,022.00
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.175%
Preceding Realized Losses 659,006.00
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.172%
Second Preceding Realized Losses 95,431.00
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.025%
Cumulative Realized Losses 17,781,682.19
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.778%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.37289785
0.36917013
a) 160,065.18
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 0.00
Class A-4 541,304.04
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-4 111,226,858.17 11,144,732.65 100,082,125.52
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) 112,573.05
38,672.23
VIIIPOOL STATISTICS
8.82%
130
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 13,216,621.59
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 13,217,663.26
Amount Due To Servicer (Excess Spread and Recoup of O/C) 151,245.28
EX-2
DEUTSCHE FINANCIAL SERVICES CORPORATION - - MARINE TRUST 1999-2
Accounting Date: 10-Sep-02
Determination Date: 13-Sep-02
Monthly Payment Date: 16-Sep-02
Collection Period Ending: 31-Aug-02
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 7,571,024.48
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 252,485.58
Current Monthly Interest Shortfall/Excess 22,699.12
Recoup of Collection Expenses -31,834.98
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
7,814,374.20
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,555,338.40
Amount of Interest Payments Received During the Collection Period 1,532,639.28
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall 22,699.12
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 14,731.96
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account -14,731.96
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 1,532,639.28
Scheduled Principal Payments Received 1,773,743.25
Principal Prepayments Received 4,264,641.95
Total Interest and Principal Payments Received 7,571,024.48
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 298,378.68
minus Reasonable Expenses 45,325.45
Net Liquidation Proceeds 253,053.23
Amount Allocable to Interest 0.00
Amount Allocable to Principal 253,053.23
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
7,824,077.71
V. CALCULATION OF SERVICING AND TRUSTEE FEES
224,909,483.97
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
93,712.28
1,041.67
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 550,000,109.03
Pool Balance as of Preceding Accounting Date 224,909,483.97
Pool Balance as of the Current Accounting Date 218,552,974.58
Age of Pool in Months 40
a.2)
Aggregate Note Balance as of Preceding Accounting Date 220,411,294.29
Aggregate Note Balance as of Current Accounting Date 214,181,915.09
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 35 1,235,720.64 0.565%
60-89 Days Delinquent 10 539,341.40 0.247%
90-119 Days Delinquent 9 265,271.18 0.121%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 4 318,124.19 0.146%
Cumulative Defaults 273 13,130,515.44 2.387%
Cumulative Recoveries 6,194,319.35 1.126%
Current Month Realized Losses 65,639.00
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.029%
Preceding Realized Losses -96,837.00
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) -0.043%
Second Preceding Realized Losses 157,321.00
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.070%
Cumulative Realized Losses 6,936,196.09
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.261%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.39736897
0.38942166
a) 93,712.28
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 233,560.69
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 45,205,294.29 6,229,379.20 38,975,915.09
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) 127,130.19
143,035.92
VIIIPOOL STATISTICS
8.31%
153
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 7,544,208.09
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 7,545,249.76
Amount Due To Servicer (Excess Spread and Recoup of O/C) 270,166.11
EX-3
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV TRUST 1999-3
Accounting Date: 10-Sep-02
Determination Date: 13-Sep-02
Monthly Payment Date: 16-Sep-02
Collection Period Ending: 31-Aug-02
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 5,684,551.60
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 100,485.11
Current Monthly Interest Shortfall/Excess -37,304.25
Recoup of Collection Expenses -13,189.00
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
5,734,543.46
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,344,316.60
Amount of Interest Payments Received During the Collection Period 1,381,620.85
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -37,304.25
III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance(2% of the preceding Collection Period Pool Balance, not less than 3,575,787.62
.75% of the Initial Pool Balance and not more than the outstanding principal balance of the Notes)
Beginning Reserve Account Balance 3,670,236.41
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 4,964.32
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account -99,413.11
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) 3,670,236.41
Total Ending Reserve Balance 3,575,787.62
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 1,381,620.85
Scheduled Principal Payments Received 1,380,029.05
Principal Prepayments Received 2,922,901.70
Total Interest and Principal Payments Received 5,684,551.60
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 108,014.90
minus Reasonable Expenses 7,529.79
Net Liquidation Proceeds 100,485.11
Amount Allocable to Interest 0.00
Amount Allocable to Principal 100,485.11
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
5,785,036.71
V. CALCULATION OF SERVICING AND TRUSTEE FEES
183,511,820.65
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
76,463.26
708.33
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 374,531,023.45
Pool Balance as of Preceding Accounting Date 183,511,820.65
Pool Balance as of the Current Accounting Date 178,789,380.95
Age of Pool in Months 38
a.2)
Aggregate Note Balance as of Preceding Accounting Date 181,676,702.44
Aggregate Note Balance as of Current Accounting Date 177,001,487.14
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 45 1,065,282.21 0.596%
60-89 Days Delinquent 14 355,867.04 0.199%
90-119 Days Delinquent 8 277,127.11 0.155%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 13 419,508.95 0.235%
Cumulative Defaults 290 11,217,014.25 2.995%
Cumulative Recoveries 5,062,141.15 1.352%
Current Month Realized Losses 319,024.00
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.174%
Preceding Realized Losses 46,591.00
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.025%
Second Preceding Realized Losses 21,885.00
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.012%
Cumulative Realized Losses 6,154,873.10
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.643%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.47736868
0.47259502
a) 26,593.53
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 0.00
Class A-4 401,165.14
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 72,390,702.44 4,675,215.30 67,715,487.14
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) 47,224.40
-47,224.40
VIIIPOOL STATISTICS
8.87%
139
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 5,734,543.46
Plus: Trustee Fee 708.33
TOTAL WIRE TO CHASE 5,735,251.79
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-Sep-02
Determination Date: 13-Sep-02
Monthly Payment Date: 16-Sep-02
Collection Period Ending: 31-Aug-02
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 12,232,809.49
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 104,989.62
Current Monthly Interest Shortfall/Excess -8,721.95
Recoup of Collection Expenses 638.00
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
12,329,715.16
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 3,199,569.78
Amount of Interest Payments Received During the Collection Period 3,208,291.73
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -8,721.95
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 1,340,542.33
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 1,955.13
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) 1,340,542.33
Total Ending Reserve Balance 1,342,497.46
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 3208291.73
Scheduled Principal Payments Received 2,127,421.72
Principal Prepayments Received 6,897,096.04
Total Interest and Principal Payments Received 12,232,809.49
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 117603.07
minus Reasonable Expenses 12,613.45
Net Liquidation Proceeds 104,989.62
Amount Allocable to Interest 0.00
Amount Allocable to Principal 104,989.62
c)
Amount Allocable to Interest 0
Amount Allocable to Principal 0.00
12337799.11
V. CALCULATION OF SERVICING AND TRUSTEE FEES
422,184,589.88
multiplied by Servicer Fee Rate 0.75%
divided by Months per Year 0
263,865.37
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 529,467,226.64
Pool Balance as of Preceding Accounting Date 422,184,589.88
Pool Balance as of the Current Accounting Date 412,837,725.81
Age of Pool in Months 10
a.2)
Aggregate Note Balance as of Preceding Accounting Date 423,556,770.91
Aggregate Note Balance as of Current Accounting Date 413,259,516.28
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 61 2,524,515.50 0.612%
60-89 Days Delinquent 17 1,011,644.66 0.245%
90-119 Days Delinquent 11 259,639.22 0.063%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 11 322,346.31 0.078%
Cumulative Defaults 75 2,432,954.86 0.460%
Cumulative Recoveries 940,048.28 0.178%
Current Month Realized Losses 217,356.69
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.051%
Preceding Realized Losses 97,585.37
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.023%
Second Preceding Realized Losses 243,027.42
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.058%
Cumulative Realized Losses 1,492,906.58
Cumulative Realized Losses as Percentage of Initial Pool Balance 0.282%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.77972291
0.76148796
a) 263,865.37
0.00
b)
Class A-1 164,163.41
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 69,856,770.91 10,297,254.63 59,559,516.28
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%
168
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 12,329,715.16
TOTAL WIRE TO HSBC 12,329,715.16
Amount Due To Servicer 0.00