February 26, 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
February 15, 2003
(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
February 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
February 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
February 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
February 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: February 26, 2003
By: /s/ Richard C. Goldman
Title: Vice President
EX-1
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV TRUST 1999-1
Accounting Date: 10-Feb-03
Determination Date: 14-Feb-03
Monthly Payment Date: 14-Feb-03
Collection Period Ending: 31-Jan-03
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 11,616,605.93
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 578,816.96
Current Monthly Interest Shortfall/Excess -161,074.89
Recoup of Collection Expenses -3,306.55
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
12,031,041.45
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 2,404,733.31
Amount of Interest Payments Received During the Collection Period 2,565,808.20
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -161,074.89
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 7,596.89
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account -7,596.89
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 2,565,808.20
Scheduled Principal Payments Received 2,440,322.35
Principal Prepayments Received 6,610,475.38
Total Interest and Principal Payments Received 11,616,605.93
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 603,521.61
minus Reasonable Expenses 24,704.65
Net Liquidation Proceeds 578,816.96
Amount Allocable to Interest 0.00
Amount Allocable to Principal 578,816.96
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
12,195,422.89
V. CALCULATION OF SERVICING AND TRUSTEE FEES
333,048,137.27
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
138,770.06
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 333,048,137.27
Pool Balance as of the Current Accounting Date 322,732,249.69
Age of Pool in Months 47
a.2)
Aggregate Note Balance as of Preceding Accounting Date 329,717,655.90
Aggregate Note Balance as of Current Accounting Date 319,504,927.19
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 79 2,897,957.58 0.898%
60-89 Days Delinquent 28 973,090.77 0.302%
90-119 Days Delinquent 33 1,534,374.41 0.475%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 22 1,265,089.85 0.392%
Cumulative Defaults 905 34,485,787.73 3.449%
Cumulative Recoveries 14,897,268.99 1.490%
Current Month Realized Losses 959,189.40
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.096%
Preceding Realized Losses 347,735.94
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.035%
Second Preceding Realized Losses 629,789.50
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.063%
Cumulative Realized Losses 19,588,518.74
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.959%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.32273115
0.31950493
a) 138,770.06
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 0.00
Class A-4 295,064.33
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 60,629,655.90 10,212,728.71 50,416,927.19
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) 103,158.87
-89,200.24
VIIIPOOL STATISTICS
8.83%
125
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 12,017,082.82
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 12,018,124.49
Amount Due To Servicer (Excess Spread and Recoup of O/C) 13,958.63
EX-2
DEUTSCHE FINANCIAL SERVICES CORPORATION - - MARINE TRUST 1999-2
Accounting Date: 10-Feb-03
Determination Date: 14-Feb-03
Monthly Payment Date: 14-Feb-03
Collection Period Ending: 31-Jan-03
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 8,236,925.62
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 203,276.82
Current Monthly Interest Shortfall/Excess -117,760.68
Recoup of Collection Expenses -3,926.62
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
8,318,515.14
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,335,440.37
Amount of Interest Payments Received During the Collection Period 1,453,201.05
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -117,760.68
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 1,119.23
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account -1,119.23
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 1,453,201.05
Scheduled Principal Payments Received 1,363,177.08
Principal Prepayments Received 5,420,547.49
Total Interest and Principal Payments Received 8,236,925.62
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 232,300.42
minus Reasonable Expenses 29,023.60
Net Liquidation Proceeds 203,276.82
Amount Allocable to Interest 0.00
Amount Allocable to Principal 203,276.82
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
8,440,202.44
V. CALCULATION OF SERVICING AND TRUSTEE FEES
193,997,425.81
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
80,832.26
1,041.67
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 550,000,109.03
Pool Balance as of Preceding Accounting Date 193,997,425.81
Pool Balance as of the Current Accounting Date 187,089,129.29
Age of Pool in Months 45
a.2)
Aggregate Note Balance as of Preceding Accounting Date 190,117,477.29
Aggregate Note Balance as of Current Accounting Date 183,347,346.70
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 52 1,379,240.98 0.737%
60-89 Days Delinquent 12 255,901.01 0.137%
90-119 Days Delinquent 9 668,023.49 0.357%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 6 124,571.95 0.067%
Cumulative Defaults 309 14,840,139.46 2.698%
Cumulative Recoveries 6,944,401.25 1.263%
Current Month Realized Losses 124,571.95
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.023%
Preceding Realized Losses 323,911.41
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.059%
Second Preceding Realized Losses 369,149.50
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.067%
Cumulative Realized Losses 7,895,738.21
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.436%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.34016199
0.33335881
a) 80,832.26
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 77,042.63
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 14,911,477.29 6,770,130.59 8,141,346.70
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) 138,165.93
264,787.81
VIIIPOOL STATISTICS
8.32%
148
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 7,915,561.40
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 7,916,603.07
Amount Due To Servicer (Excess Spread and Recoup of O/C) 402,953.74
EX-3
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV TRUST 1999-3
Accounting Date: 10-Feb-03
Determination Date: 14-Feb-03
Monthly Payment Date: 14-Feb-03
Collection Period Ending: 31-Jan-03
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 5,888,545.23
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 103,407.22
Current Monthly Interest Shortfall/Excess -65,660.32
Recoup of Collection Expenses -1,918.50
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
5,924,373.63
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,187,425.18
Amount of Interest Payments Received During the Collection Period 1,253,085.50
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -65,660.32
III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance(2% of the preceding Collection Period Pool Balance, not less than 3,137,029.81
.75% of the Initial Pool Balance and not more than the outstanding principal balance of the Notes)
Beginning Reserve Account Balance 3,235,594.77
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 3,308.52
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account -101,873.48
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) 3,235,594.77
Total Ending Reserve Balance 3,137,029.81
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 1,253,085.50
Scheduled Principal Payments Received 1,102,116.31
Principal Prepayments Received 3,533,343.42
Total Interest and Principal Payments Received 5,888,545.23
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 113,012.74
minus Reasonable Expenses 9,605.52
Net Liquidation Proceeds 103,407.22
Amount Allocable to Interest 0.00
Amount Allocable to Principal 103,407.22
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
5,991,952.45
V. CALCULATION OF SERVICING AND TRUSTEE FEES
161,779,738.26
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
67,408.22
708.33
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 374,531,023.45
Pool Balance as of Preceding Accounting Date 161,779,738.26
Pool Balance as of the Current Accounting Date 156,851,490.39
Age of Pool in Months 43
a.2)
Aggregate Note Balance as of Preceding Accounting Date 160,161,940.88
Aggregate Note Balance as of Current Accounting Date 155,282,975.49
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 43 952,581.53 0.607%
60-89 Days Delinquent 13 198,270.12 0.126%
90-119 Days Delinquent 8 172,094.01 0.110%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 10 292,788.14 0.187%
Cumulative Defaults 336 12,457,520.58 3.326%
Cumulative Recoveries 5,607,502.37 1.497%
Current Month Realized Losses 292,788.14
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.078%
Preceding Realized Losses 217,487.87
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.058%
Second Preceding Realized Losses 169,167.00
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.045%
Cumulative Realized Losses 6,850,018.21
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.829%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.41879439
0.41460647
a) 67,408.22
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 0.00
Class A-4 281,937.51
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 50,875,940.88 4,878,965.39 45,996,975.49
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) 49,282.48
15,210.54
VIIIPOOL STATISTICS
8.87%
135
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 5,859,880.61
Plus: Trustee Fee 708.33
TOTAL WIRE TO CHASE 5,860,588.94
Amount Due To Servicer (Excess Spread and Recoup of O/C) 64,493.02
EX-4
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV/MARINE TRUST 2001-1
Accounting Date: 10-Feb-03
Determination Date: 14-Feb-03
Monthly Payment Date: 14-Feb-03
Collection Period Ending: 31-Jan-03
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 13,410,472.14
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 129,099.17
Current Monthly Interest Shortfall/Excess -157,175.49
Recoup of Collection Expenses -13,902.04
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
13,368,493.78
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 2,737,018.78
Amount of Interest Payments Received During the Collection Period 2,894,194.27
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -157,175.49
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 2,300,615.24
Deposits to Reserve Account (only if Reserve Account is less than the Reserve Account Required Amount) 478,603.56
Reserve Account Withdrawls(to the extent that there are Interest or Principal payment shortfalls) 0.00
Reserve Account Investment Earnings 2,868.81
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) 2,300,615.24
Total Ending Reserve Balance 2,782,087.61
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 2894194.27
Scheduled Principal Payments Received 2111649.26
Principal Prepayments Received 8404628.61
Total Interest and Principal Payments Received 13,410,472.14
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 147602
minus Reasonable Expenses 18502.83
Net Liquidation Proceeds 129099.17
Amount Allocable to Interest 0.00
Amount Allocable to Principal 129,099.17
c)
Amount Allocable to Interest 0
Amount Allocable to Principal 0
13,539,571.31
V. CALCULATION OF SERVICING AND TRUSTEE FEES
362,453,612.17
multiplied by Servicer Fee Rate 0.75%
divided by Months per Year 0
226,533.51
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 529,467,226.64
Pool Balance as of Preceding Accounting Date 362,453,612.17
Pool Balance as of the Current Accounting Date 351,415,258.20
Age of Pool in Months 15
a.2)
Aggregate Note Balance as of Preceding Accounting Date 362,453,612.17
Aggregate Note Balance as of Current Accounting Date 351,415,258.20
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 60 1,888,170.39 0.537%
60-89 Days Delinquent 29 712,008.99 0.203%
90-119 Days Delinquent 23 845,085.51 0.240%
120+ Days Delinquent 1 44,412.02 0.013%
Defaults for Current Period 24 522,076.10 0.149%
Cumulative Defaults 165 6,076,292.57 1.148%
Cumulative Recoveries 1,650,675.17 0.312%
Current Month Realized Losses 392,976.93
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.074%
Preceding Realized Losses 1,669,193.89
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.315%
Second Preceding Realized Losses 110,292.54
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.021%
Cumulative Realized Losses 4,425,617.40
Cumulative Realized Losses as Percentage of Initial Pool Balance 0.836%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.66371484
0.64753134
a) 226,533.51
0.00
b)
Class A-1 20,570.99
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 8,753,612.17 8,753,612.17 0.00
Class A-2 54,000,000.00 2,284,741.80 51,715,258.20
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%
162
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 13,368,493.78
TOTAL WIRE TO HSBC 13,368,493.78
Amount Due To Servicer 0.00