January 29, 2003
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
Mary.Nguyen@etrade.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
January 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
January 15, 2003 Payment Date Statement to Noteholders
Per Section 5.08 of the Transfer and Servicing Agreement
EX-2 Distribution Financial Services Marine Trust 1999-2
January 15, 2003 Payment Date Statement to Noteholders
Per Section 5.08 of the Transfer and Servicing Agreement
EX-3 Distribution Financial Services RV Trust 1999-3
January 15, 2003 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
January 15, 2003 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: January 29, 2003
By: /s/ Richard C. Goldman
Title: Vice President
EX-1
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV TRUST 1999-1
Accounting Date: 10-Jan-03
Determination Date: 14-Jan-03
Monthly Payment Date: 15-Jan-03
Collection Period Ending: 31-Dec-02
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 11,077,939.41
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 108,889.12
Current Monthly Interest Shortfall/Excess -18,641.68
Recoup of Collection Expenses -8,884.09
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
11,159,302.76
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 2,515,554.50
Amount of Interest Payments Received During the Collection Period 2,534,196.18
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -18,641.68
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 7,500,025.52
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 7,317.79
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account -7,317.79
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) 7,500,025.52
Total Ending Reserve Balance 7,500,025.52
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 2,534,196.18
Scheduled Principal Payments Received 2,871,275.56
Principal Prepayments Received 5,672,467.67
Total Interest and Principal Payments Received 11,077,939.41
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 119,621.73
minus Reasonable Expenses 10,732.61
Net Liquidation Proceeds 108,889.12
Amount Allocable to Interest 0.00
Amount Allocable to Principal 108,889.12
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
11,186,828.53
V. CALCULATION OF SERVICING AND TRUSTEE FEES
341,940,116.44
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
142,475.05
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 341,940,116.44
Pool Balance as of the Current Accounting Date 333,048,137.27
Age of Pool in Months 46
a.2)
Aggregate Note Balance as of Preceding Accounting Date 338,520,715.28
Aggregate Note Balance as of Current Accounting Date 329,717,655.90
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 86 2,849,969.00 0.856%
60-89 Days Delinquent 37 1,514,908.33 0.455%
90-119 Days Delinquent 23 1,331,645.70 0.400%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 18 348,235.94 0.105%
Cumulative Defaults 883 33,220,697.88 3.322%
Cumulative Recoveries 14,318,452.03 1.432%
Current Month Realized Losses 347,735.94
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.035%
Preceding Realized Losses 629,789.50
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.063%
Second Preceding Realized Losses 610,340.83
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.061%
Cumulative Realized Losses 18,902,245.85
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.890%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.33304700
0.32971766
a) 142,475.05
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 0.00
Class A-4 337,905.88
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 69,432,715.28 8,803,059.38 60,629,655.90
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) 88,919.79
416,422.94
VIIIPOOL STATISTICS
8.83%
127
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 10,653,960.03
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 10,655,001.70
Amount Due To Servicer (Excess Spread and Recoup of O/C) 505,342.73
EX-2
DEUTSCHE FINANCIAL SERVICES CORPORATION - - MARINE TRUST 1999-2
Accounting Date: 10-Jan-03
Determination Date: 14-Jan-03
Monthly Payment Date: 15-Jan-03
Collection Period Ending: 31-Dec-02
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 6,758,323.78
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 320,141.14
Current Monthly Interest Shortfall/Excess 14,422.23
Recoup of Collection Expenses 42,520.14
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
7,135,407.29
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,373,911.89
Amount of Interest Payments Received During the Collection Period 1,359,489.66
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall 14,422.23
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 10,948,457.22
Deposits to Reserve Account(only if Reserve Account is less than Specified Reserve Account Balance) 40,867.81
Reserve Account Withdrawls(to the extent that there are Interest or Principal payment shortfalls) 0.00
Reserve Account Investment Earnings 10,677.15
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) 10,948,457.22
Total Ending Reserve Balance 11,000,002.18
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 1,359,489.66
Scheduled Principal Payments Received 1,259,706.03
Principal Prepayments Received 4,139,128.09
Total Interest and Principal Payments Received 6,758,323.78
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 364,919.60
minus Reasonable Expenses 44,778.46
Net Liquidation Proceeds 320,141.14
Amount Allocable to Interest 0.00
Amount Allocable to Principal 320,141.14
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
7,078,464.92
V. CALCULATION OF SERVICING AND TRUSTEE FEES
199,720,171.34
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
83,216.74
1,041.67
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 550,000,109.03
Pool Balance as of Preceding Accounting Date 199,720,171.34
Pool Balance as of the Current Accounting Date 193,997,425.81
Age of Pool in Months 44
a.2)
Aggregate Note Balance as of Preceding Accounting Date 195,725,767.91
Aggregate Note Balance as of Current Accounting Date 190,117,477.29
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 49 1,496,734.12 0.772%
60-89 Days Delinquent 18 920,952.53 0.475%
90-119 Days Delinquent 7 148,938.12 0.077%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 8 323,911.41 0.167%
Cumulative Defaults 303 14,715,567.51 2.676%
Cumulative Recoveries 6,741,124.43 1.226%
Current Month Realized Losses 323,911.41
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.059%
Preceding Realized Losses 369,149.50
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.067%
Second Preceding Realized Losses 610,340.83
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.111%
Cumulative Realized Losses 7,974,443.08
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.450%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.35272252
0.34566814
a) 118,094.26
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 106,018.80
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 20,519,767.91 5,608,290.62 14,911,477.29
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) 114,454.91
200,992.78
VIIIPOOL STATISTICS
8.31%
149
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 6,860,827.41
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 6,861,869.08
Amount Due To Servicer (Excess Spread and Recoup of O/C) 274,579.88
EX-3
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV TRUST 1999-3
Accounting Date: 10-Jan-03
Determination Date: 14-Jan-03
Monthly Payment Date: 15-Jan-03
Collection Period Ending: 31-Dec-02
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 5,240,213.47
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 62,851.09
Current Monthly Interest Shortfall/Excess -45,863.24
Recoup of Collection Expenses 2,771.49
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
5,259,972.81
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,221,504.93
Amount of Interest Payments Received During the Collection Period 1,267,368.17
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -45,863.24
III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance(2% of the preceding Collection Period Pool Balance, not less than 3,235,594.77
.75% of the Initial Pool Balance and not more than the outstanding principal balance of the Notes)
Beginning Reserve Account Balance 3,319,890.33
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 3,270.30
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account -87,565.86
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) 3,319,890.33
Total Ending Reserve Balance 3,235,594.77
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 1,267,368.17
Scheduled Principal Payments Received 1,135,284.04
Principal Prepayments Received 2,837,561.26
Total Interest and Principal Payments Received 5,240,213.47
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 68,175.03
minus Reasonable Expenses 5,323.94
Net Liquidation Proceeds 62,851.09
Amount Allocable to Interest 0.00
Amount Allocable to Principal 62,851.09
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
5,303,064.56
V. CALCULATION OF SERVICING AND TRUSTEE FEES
165,994,516.70
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
69,164.38
708.33
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 374,531,023.45
Pool Balance as of Preceding Accounting Date 165,994,516.70
Pool Balance as of the Current Accounting Date 161,779,738.26
Age of Pool in Months 42
a.2)
Aggregate Note Balance as of Preceding Accounting Date 164,334,571.53
Aggregate Note Balance as of Current Accounting Date 160,161,940.88
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 66 1,256,960.07 0.777%
60-89 Days Delinquent 10 252,268.66 0.156%
90-119 Days Delinquent 12 305,992.66 0.189%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 9 241,933.14 0.150%
Cumulative Defaults 326 12,164,732.44 3.248%
Cumulative Recoveries 5,504,095.15 1.470%
Current Month Realized Losses 217,487.87
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.058%
Preceding Realized Losses 169,167.00
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.045%
Second Preceding Realized Losses 194,536.12
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.052%
Cumulative Realized Losses 6,660,637.29
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.778%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.43195284
0.42763334
a) 69,164.38
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 0.00
Class A-4 305,060.83
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 55,048,571.53 4,172,630.65 50,875,940.88
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) 42,147.79
39,399.67
VIIIPOOL STATISTICS
8.87%
136
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 5,178,425.35
Plus: Trustee Fee 708.33
TOTAL WIRE TO CHASE 5,179,133.68
Amount Due To Servicer (Excess Spread and Recoup of O/C) 81,547.46
EX-4
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV/MARINE TRUST 2001-1
Accounting Date: 10-Jan-03
Determination Date: 14-Jan-03
Monthly Payment Date: 15-Jan-03
Collection Period Ending: 31-Dec-02
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 17,033,822.84
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 74,675.20
Current Monthly Interest Shortfall/Excess -109,674.69
Recoup of Collection Expenses -1,317.09
Amount of Withdrawal, if any, from Reserve Account 781,669.70
Purchase Amounts for Repurchased Receivables 0.00
17,779,175.96
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 2,787,621.70
Amount of Interest Payments Received During the Collection Period 2,897,296.39
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -109,674.69
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 3,079,158.80
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) 781,669.70
Reserve Account Investment Earnings 3,126.14
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) 3,079,158.80
Total Ending Reserve Balance 2,300,615.24
IV. COLLECTIONS ON RECEIVABLES
a) 2897296.39
Interest Payments Received 2186645.64
Scheduled Principal Payments Received 11949880.81
Principal Prepayments Received 17033822.84
Total Interest and Principal Payments Received
b) 90852.36
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 16177.16
minus Reasonable Expenses 74675.2
Net Liquidation Proceeds 0
Amount Allocable to Interest 74,675.20
Amount Allocable to Principal
c) 0
Amount Allocable to Interest 0
Amount Allocable to Principal
17108498.04
V. CALCULATION OF SERVICING AND TRUSTEE FEES
378,334,007.71
multiplied by Servicer Fee Rate 0.75%
divided by Months per Year 0
236,458.75
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 529,467,226.64
Pool Balance as of Preceding Accounting Date 378,334,007.71
Pool Balance as of the Current Accounting Date 362,453,612.17
Age of Pool in Months 14
a.2)
Aggregate Note Balance as of Preceding Accounting Date 378,334,007.71
Aggregate Note Balance as of Current Accounting Date 362,453,612.17
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 86 2,181,647.10 0.602%
60-89 Days Delinquent 35 1,344,493.60 0.371%
90-119 Days Delinquent 24 557,530.51 0.154%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 28 1,743,869.09 0.481%
Cumulative Defaults 141 5,554,216.47 1.049%
Cumulative Recoveries 1,521,576.00 0.287%
Current Month Realized Losses 1,669,193.89
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.315%
Preceding Realized Losses 110,292.54
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.021%
Second Preceding Realized Losses 651,973.36
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.123%
Cumulative Realized Losses 4,032,640.47
Cumulative Realized Losses as Percentage of Initial Pool Balance 0.762%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.68456288
0.66787104
a) 236,458.75
0.00
b)
Class A-1 57,889.92
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 24,634,007.71 15,880,395.54 8,753,612.17
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
9.12%
163
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 17,779,175.96
TOTAL WIRE TO HSBC 17,779,175.96
Amount Due To Servicer 0.00