April 25, 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
April 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
April 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
April 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
April 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
April 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: April 25, 2003
By: /s/ Richard C. Goldman
Title: Vice President
EX-1
DISTRIBUTION FINANCIAL SERVICES CORPORATION - - RV TRUST 1999-1
Accounting Date: 10-Apr-03
Determination Date: 14-Apr-03
Monthly Payment Date: 15-Apr-03
Collection Period Ending: 31-Mar-03
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 10,934,986.69
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 495,184.53
Current Monthly Interest Shortfall/Excess 11,285.24
Recoup of Collection Expenses -5,518.73
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
11,435,937.73
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 2,278,241.59
Amount of Interest Payments Received During the Collection Period 2,266,956.35
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall 11,285.24
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 6,929,389.07
Deposits to Reserve Account(only if Reserve Account is less than Specified Reserve Account Balance) 247,966.30
Reserve Account Withdrawls(to the extent that there are Interest or Principal payment shortfalls) 0.00
Reserve Account Investment Earnings 6,292.81
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) 6,929,389.07
Total Ending Reserve Balance 7,183,648.18
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 2,266,956.35
Scheduled Principal Payments Received 2,879,449.69
Principal Prepayments Received 5,788,580.65
Total Interest and Principal Payments Received 10,934,986.69
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 535,159.35
minus Reasonable Expenses 39,974.82
Net Liquidation Proceeds 495,184.53
Amount Allocable to Interest 0.00
Amount Allocable to Principal 495,184.53
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
11,430,171.22
V. CALCULATION OF SERVICING AND TRUSTEE FEES
312,024,363.74
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
130,010.15
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 312,024,363.74
Pool Balance as of the Current Accounting Date 302,570,628.37
Age of Pool in Months 49
a.2)
Aggregate Note Balance as of Preceding Accounting Date 308,904,120.10
Aggregate Note Balance as of Current Accounting Date 299,544,922.09
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 73 2,429,256.51 0.803%
60-89 Days Delinquent 21 1,043,454.02 0.345%
90-119 Days Delinquent 22 1,235,380.93 0.408%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 19 785,705.03 0.260%
Cumulative Defaults 957 36,784,132.72 3.678%
Cumulative Recoveries 15,750,325.94 1.575%
Current Month Realized Losses 571,541.60
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.057%
Preceding Realized Losses 1,512,639.96
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.151%
Second Preceding Realized Losses 959,189.40
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.096%
Cumulative Realized Losses 21,033,806.78
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.103%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.30256960
0.29954492
a) 264,481.92
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 0.00
Class A-4 193,771.78
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 39,816,120.10 9,359,198.01 30,456,922.09
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) -94,537.36
-153,428.94
VIIIPOOL STATISTICS
8.83%
124
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 11,435,937.73
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 11,436,979.40
Amount Due To Servicer (Excess Spread and Recoup of O/C) 0.00
EX-2
DISTRIBUTION FINANCIAL SERVICES CORPORATION - - MARINE TRUST 1999-2
Accounting Date: 10-Apr-03
Determination Date: 14-Apr-03
Monthly Payment Date: 15-Apr-03
Collection Period Ending: 31-Mar-03
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 7,863,014.44
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 85,842.00
Current Monthly Interest Shortfall/Excess -11,128.78
Recoup of Collection Expenses -5,828.12
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
7,931,899.54
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,240,897.94
Amount of Interest Payments Received During the Collection Period 1,252,026.72
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -11,128.78
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 10,736,724.30
Deposits to Reserve Account(only if Reserve Account is less than Specified Reserve Account Balance) 123,392.39
Reserve Account Withdrawls(to the extent that there are Interest or Principal payment shortfalls) 0.00
Reserve Account Investment Earnings 9,504.25
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) 10,736,724.30
Total Ending Reserve Balance 10,869,620.94
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 1,252,026.72
Scheduled Principal Payments Received 1,339,467.69
Principal Prepayments Received 5,271,520.03
Total Interest and Principal Payments Received 7,863,014.44
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 106,132.18
minus Reasonable Expenses 20,290.18
Net Liquidation Proceeds 85,842.00
Amount Allocable to Interest 0.00
Amount Allocable to Principal 85,842.00
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
7,948,856.44
V. CALCULATION OF SERVICING AND TRUSTEE FEES
179,807,407.88
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
74,919.75
1,041.67
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 550,000,109.03
Pool Balance as of Preceding Accounting Date 179,807,407.88
Pool Balance as of the Current Accounting Date 173,008,546.82
Age of Pool in Months 47
a.2)
Aggregate Note Balance as of Preceding Accounting Date 176,211,259.72
Aggregate Note Balance as of Current Accounting Date 169,548,375.88
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 26 479,204.75 0.277%
60-89 Days Delinquent 6 707,914.34 0.409%
90-119 Days Delinquent 9 275,483.67 0.159%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 9 187,873.34 0.109%
Cumulative Defaults 326 15,681,291.84 2.851%
Cumulative Recoveries 7,064,885.48 1.285%
Current Month Realized Losses 166,425.11
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.030%
Preceding Realized Losses 653,279.04
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.119%
Second Preceding Realized Losses 124,571.95
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.023%
Cumulative Realized Losses 8,616,406.36
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.567%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.31456093
0.30826977
a) 152,873.55
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 5,193.84
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 1,005,259.72 1,005,259.72 0.00
Class A-4 66,207,000.00 5,657,624.12 60,549,375.88
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) -135,977.22
-12,584.83
VIIIPOOL STATISTICS
8.32%
145
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 7,931,899.54
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 7,932,941.21
Amount Due To Servicer (Excess Spread and Recoup of O/C) 0.00
EX-3
DISTRIBUTION FINANCIAL SERVICES CORPORATION - - RV TRUST 1999-3
Accounting Date: 10-Apr-03
Determination Date: 14-Apr-03
Monthly Payment Date: 15-Apr-03
Collection Period Ending: 31-Mar-03
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 5,984,723.63
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 64,335.31
Current Monthly Interest Shortfall/Excess 1,053.60
Recoup of Collection Expenses -5,145.75
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
6,044,966.79
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,128,386.98
Amount of Interest Payments Received During the Collection Period 1,127,333.38
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall 1,053.60
III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance(2% of the preceding Collection Period Pool Balance, not less than 2,956,368.11
.75% of the Initial Pool Balance and not more than the outstanding principal balance of the Notes)
Beginning Reserve Account Balance 3,055,984.25
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 2,699.61
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account -102,315.75
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) 3,055,984.25
Total Ending Reserve Balance 2,956,368.11
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 1,127,333.38
Scheduled Principal Payments Received 1,109,623.27
Principal Prepayments Received 3,747,766.98
Total Interest and Principal Payments Received 5,984,723.63
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 65,871.06
minus Reasonable Expenses 1,535.75
Net Liquidation Proceeds 64,335.31
Amount Allocable to Interest 0.00
Amount Allocable to Principal 64,335.31
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
6,049,058.94
V. CALCULATION OF SERVICING AND TRUSTEE FEES
152,799,212.58
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
63,666.34
708.33
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 374,531,023.45
Pool Balance as of Preceding Accounting Date 152,799,212.58
Pool Balance as of the Current Accounting Date 147,818,405.74
Age of Pool in Months 45
a.2)
Aggregate Note Balance as of Preceding Accounting Date 151,271,220.45
Aggregate Note Balance as of Current Accounting Date 146,340,221.68
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 45 923,326.70 0.625%
60-89 Days Delinquent 19 964,675.97 0.653%
90-119 Days Delinquent 5 171,242.91 0.116%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 8 123,416.59 0.083%
Cumulative Defaults 352 12,753,031.18 3.405%
Cumulative Recoveries 5,823,255.85 1.555%
Current Month Realized Losses 123,416.59
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.033%
Preceding Realized Losses 172,094.01
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.046%
Second Preceding Realized Losses 292,788.14
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.078%
Cumulative Realized Losses 6,929,775.33
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.850%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.39467600
0.39072926
a) 63,666.34
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 0.00
Class A-4 232,668.10
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 41,985,220.45 4,930,998.77 37,054,221.68
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) 49,808.07
136,256.02
VIIIPOOL STATISTICS
8.88%
133
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 5,858,902.70
Plus: Trustee Fee 708.33
TOTAL WIRE TO CHASE 5,859,611.03
Amount Due To Servicer (Excess Spread and Recoup of O/C) 186,064.09
EX-4
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV/MARINE TRUST 2001-1
Accounting Date: 10-Apr-03
Determination Date: 14-Apr-03
Monthly Payment Date: 15-Apr-03
Collection Period Ending: 31-Mar-03
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 14,646,770.46
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 177,256.86
Current Monthly Interest Shortfall/Excess -29,806.68
Recoup of Collection Expenses -7,354.57
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
14,786,866.07
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 2,560,118.38
Amount of Interest Payments Received During the Collection Period 2,589,925.06
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -29,806.68
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 2,955,610.95
Deposits to Reserve Account (only if Reserve Account is less than the Reserve Account Required Amount) 495,004.25
Reserve Account Withdrawls(to the extent that there are Interest or Principal payment shortfalls) 0.00
Reserve Account Investment Earnings 2,897.41
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) 2,955,610.95
Total Ending Reserve Balance 3,453,512.61
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 2589925.06
Scheduled Principal Payments Received 2093959.83
Principal Prepayments Received 9962885.57
Total Interest and Principal Payments Received 14646770.46
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 213126.93
minus Reasonable Expenses 35870.07
Net Liquidation Proceeds 177256.86
Amount Allocable to Interest 0
Amount Allocable to Principal 177,256.86
c)
Amount Allocable to Interest 0
Amount Allocable to Principal 0
14824027.32
V. CALCULATION OF SERVICING AND TRUSTEE FEES
338,725,994.15
multiplied by Servicer Fee Rate 0.75%
divided by Months per Year 0
211,703.75
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance
Pool Balance as of Preceding Accounting Date 529467226.6
Pool Balance as of the Current Accounting Date 338,725,994.15
Age of Pool in Months 326,199,730.56
17.00
a.2)
Aggregate Note Balance as of Preceding Accounting Date
Aggregate Note Balance as of Current Accounting Date 338,725,994.15
326,199,730.56
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 55 1,508,453.17 0.462%
60-89 Days Delinquent 24 1,046,797.09 0.321%
90-119 Days Delinquent 14 593,782.19 0.182%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 17 469,418.19 0.144%
Cumulative Defaults 206 7,234,902.31 1.366%
Cumulative Recoveries 2,138,916.70 0.404%
Current Month Realized Losses 292,161.33
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.055%
Preceding Realized Losses 378,206.88
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.071%
Second Preceding Realized Losses 392,976.93
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.074%
Cumulative Realized Losses 5,095,985.61
Cumulative Realized Losses as Percentage of Initial Pool Balance 0.962%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.61609050
0.60106823
a) 211,703.75
0.00
b)
Class A-1 0.00
Class A-2 131,712.73
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 0.00 0.00 0.00
Class A-2 39,025,994.15 12,526,263.59 26,499,730.56
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
9.14%
159
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 14,786,866.07
TOTAL WIRE TO HSBC 14,786,866.07
Amount Due To Servicer 0.00