May 27, 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
May 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
May 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
May 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
May 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
May 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: May 27, 2003
By: /s/ Richard C. Goldman
Title: Vice President
EX-1
DISTRIBUTION FINANCIAL SERVICES RV TRUST 1999-1
Accounting Date: 09-May-03
Determination Date: 14-May-03
Monthly Payment Date: 15-May-03
Collection Period Ending: 30-Apr-03
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 13,977,971.32
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 578,090.45
Current Monthly Interest Shortfall/Excess -38,179.56
Recoup of Collection Expenses -9,474.34
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
14,508,407.87
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 2,098,393.93
Amount of Interest Payments Received During the Collection Period 2,136,573.49
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -38,179.56
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 7,183,648.18
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 6,016.51
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) 7,183,648.18
Total Ending Reserve Balance 7,189,664.69
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 2,136,573.49
Scheduled Principal Payments Received 2,157,072.81
Principal Prepayments Received 9,684,325.02
Total Interest and Principal Payments Received 13,977,971.32
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 638,768.77
minus Reasonable Expenses 60,678.32
Net Liquidation Proceeds 578,090.45
Amount Allocable to Interest 0.00
Amount Allocable to Principal 578,090.45
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
14,556,061.77
V. CALCULATION OF SERVICING AND TRUSTEE FEES
302,570,628.37
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
126,071.10
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 302,570,628.37
Pool Balance as of the Current Accounting Date 289,512,045.34
Age of Pool in Months 50
a.2)
Aggregate Note Balance as of Preceding Accounting Date 299,544,922.09
Aggregate Note Balance as of Current Accounting Date 286,616,924.89
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 58 1,807,828.09 0.624%
60-89 Days Delinquent 36 1,326,973.94 0.458%
90-119 Days Delinquent 12 779,462.26 0.269%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 22 1,217,185.20 0.420%
Cumulative Defaults 979 38,001,317.92 3.800%
Cumulative Recoveries 16,328,416.39 1.633%
Current Month Realized Losses 1,103,431.66
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.110%
Preceding Realized Losses 571,541.60
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.057%
Second Preceding Realized Losses 1,512,639.96
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.151%
Cumulative Realized Losses 21,672,901.53
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.167%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.28951106
0.28661692
a) 61,667.26
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 0.00
Class A-4 148,223.69
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 30,456,922.09 12,927,997.20 17,528,924.89
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) 130,585.83
-130,585.83
VIIIPOOL STATISTICS
8.83%
123
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 14,508,407.87
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 14,509,449.54
Amount Due To Servicer (Excess Spread and Recoup of O/C) 0.00
EX-2
DISTRIBUTION FINANCIAL SERVICES MARINE TRUST 1999-2
Accounting Date: 09-May-03
Determination Date: 14-May-03
Monthly Payment Date: 15-May-03
Collection Period Ending: 30-Apr-03
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 10,562,446.72
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 151,652.19
Current Monthly Interest Shortfall/Excess -8,942.81
Recoup of Collection Expenses -1,731.47
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
10,703,424.63
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,134,340.82
Amount of Interest Payments Received During the Collection Period 1,143,283.63
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -8,942.81
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 10,869,620.94
Deposits to Reserve Account(only if Reserve Account is less than Specified Reserve Account Balance) 121,170.91
Reserve Account Withdrawls(to the extent that there are Interest or Principal payment shortfalls) 0.00
Reserve Account Investment Earnings 9,210.33
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) 10,869,620.94
Total Ending Reserve Balance 11,000,002.18
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 1,143,283.63
Scheduled Principal Payments Received 1,190,555.17
Principal Prepayments Received 8,228,607.92
Total Interest and Principal Payments Received 10,562,446.72
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 199,926.55
minus Reasonable Expenses 48,274.36
Net Liquidation Proceeds 151,652.19
Amount Allocable to Interest 0.00
Amount Allocable to Principal 151,652.19
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
10,714,098.91
V. CALCULATION OF SERVICING AND TRUSTEE FEES
173,008,546.82
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
72,086.89
1,041.67
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 550,000,109.03
Pool Balance as of Preceding Accounting Date 173,008,546.82
Pool Balance as of the Current Accounting Date 163,319,621.14
Age of Pool in Months 48
a.2)
Aggregate Note Balance as of Preceding Accounting Date 169,548,375.88
Aggregate Note Balance as of Current Accounting Date 160,053,228.72
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 37 951,329.58 0.582%
60-89 Days Delinquent 9 528,248.27 0.323%
90-119 Days Delinquent 4 623,061.78 0.381%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 9 269,762.59 0.165%
Cumulative Defaults 335 15,951,054.43 2.900%
Cumulative Recoveries 7,302,379.67 1.328%
Current Month Realized Losses 250,955.48
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.046%
Preceding Realized Losses 166,425.11
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.030%
Second Preceding Realized Losses 653,279.04
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.119%
Cumulative Realized Losses 8,648,674.76
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.572%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.29694471
0.29100587
a) 72,086.89
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 0.00
Class A-4 326,966.63
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 0.00 0.00 0.00
Class A-4 60,549,375.88 9,495,147.16 51,054,228.72
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) 193,778.52
-14,592.69
VIIIPOOL STATISTICS
8.34%
144
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 10,645,409.71
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 10,646,451.38
Amount Due To Servicer (Excess Spread and Recoup of O/C) 58,014.92
EX-3
DISTRIBUTION FINANCIAL SERVICES RV TRUST 1999-3
Accounting Date: 09-May-03
Determination Date: 14-May-03
Monthly Payment Date: 15-May-03
Collection Period Ending: 30-Apr-03
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 6,702,769.47
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 277,758.47
Current Monthly Interest Shortfall/Excess -9,818.31
Recoup of Collection Expenses -2,992.00
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
6,967,717.63
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,046,872.17
Amount of Interest Payments Received During the Collection Period 1,056,690.48
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -9,818.31
III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance(2% of the preceding Collection Period Pool Balance, not less than 2,840,313.95
.75% of the Initial Pool Balance and not more than the outstanding principal balance of the Notes)
Beginning Reserve Account Balance 2,956,368.11
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 2,549.70
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account -118,603.86
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) 2,956,368.11
Total Ending Reserve Balance 2,840,313.95
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 1,056,690.48
Scheduled Principal Payments Received 1,016,297.35
Principal Prepayments Received 4,629,781.64
Total Interest and Principal Payments Received 6,702,769.47
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 303,080.72
minus Reasonable Expenses 25,322.25
Net Liquidation Proceeds 277,758.47
Amount Allocable to Interest 0.00
Amount Allocable to Principal 277,758.47
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
6,980,527.94
V. CALCULATION OF SERVICING AND TRUSTEE FEES
147,818,405.74
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
61,591.00
708.33
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 374,531,023.45
Pool Balance as of Preceding Accounting Date 147,818,405.74
Pool Balance as of the Current Accounting Date 142,015,697.42
Age of Pool in Months 46
a.2)
Aggregate Note Balance as of Preceding Accounting Date 146,340,221.68
Aggregate Note Balance as of Current Accounting Date 140,595,540.45
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 56 1,250,395.20 0.880%
60-89 Days Delinquent 17 507,594.81 0.357%
90-119 Days Delinquent 13 349,199.83 0.246%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 3 156,629.33 0.110%
Cumulative Defaults 355 12,909,660.51 3.447%
Cumulative Recoveries 6,101,014.32 1.629%
Current Month Realized Losses 82,040.93
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.022%
Preceding Realized Losses 123,416.59
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.033%
Second Preceding Realized Losses 172,094.01
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.046%
Cumulative Realized Losses 6,808,646.19
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.818%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.37918273
0.37539093
a) 61,591.00
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 0.00
Class A-4 205,342.15
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 37,054,221.68 5,744,681.23 31,309,540.45
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) 58,027.09
266,506.67
VIIIPOOL STATISTICS
8.88%
132
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 6,643,183.87
Plus: Trustee Fee 708.33
TOTAL WIRE TO CHASE 6,643,892.20
Amount Due To Servicer (Excess Spread and Recoup of O/C) 324,533.76
EX-4
DISTRIBUTION FINANCIAL SERVICES RV/MARINE TRUST 2001-1
Accounting Date: 09-May-03
Determination Date: 14-May-03
Monthly Payment Date: 15-May-03
Collection Period Ending: 30-Apr-03
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 15,377,991.43
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 575,429.93
Current Monthly Interest Shortfall/Excess 19,514.78
Recoup of Collection Expenses 819.68
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
15,973,755.82
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 2,372,667.52
Amount of Interest Payments Received During the Collection Period 2,353,152.74
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall 19,514.78
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 3,453,512.61
Deposits to Reserve Account (only if Reserve Account is less than the Reserve Account Required Amount) 514,393.52
Reserve Account Withdrawls(to the extent that there are Interest or Principal payment shortfalls) 0.00
Reserve Account Investment Earnings 3,097.87
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) 3,453,512.61
Total Ending Reserve Balance 3,971,004.00
IV. COLLECTIONS ON RECEIVABLES
a) 2353152.74
Interest Payments Received 2027057.28
Scheduled Principal Payments Received 10997781.41
Principal Prepayments Received 15377991.43
Total Interest and Principal Payments Received
b) 641,626.97
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 66197.04
minus Reasonable Expenses 575429.93
Net Liquidation Proceeds 0
Amount Allocable to Interest 575429.93
Amount Allocable to Principal
c) 0.00
Amount Allocable to Interest 0
Amount Allocable to Principal
15953421.36
V. CALCULATION OF SERVICING AND TRUSTEE FEES
326,199,730.56
multiplied by Servicer Fee Rate 0.75%
divided by Months per Year 0
203,874.83
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 529,467,226.64
Pool Balance as of Preceding Accounting Date 326199730.6
Pool Balance as of the Current Accounting Date 312,612,952.71
Age of Pool in Months 18.00
a.2)
Aggregate Note Balance as of Preceding Accounting Date 326199731
Aggregate Note Balance as of Current Accounting Date 312,612,952.71
326,199,730.56
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 61 2,587,790.61 0.828%
60-89 Days Delinquent 23 761,925.23 0.244%
90-119 Days Delinquent 17 961,047.88 0.307%
120+ Days Delinquent 1 3,472.85 0.001%
Defaults for Current Period 14 561,939.16 0.180%
Cumulative Defaults 220 7,796,841.47 1.473%
Cumulative Recoveries 2,714,346.63 0.513%
Current Month Realized Losses -13,490.77
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) -0.003%
Preceding Realized Losses 292,161.33
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.055%
Second Preceding Realized Losses 378,206.88
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.071%
Cumulative Realized Losses 5,082,494.84
Cumulative Realized Losses as Percentage of Initial Pool Balance 0.960%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.59042928
0.57603271
a) 203,874.83
0.00
b)
Class A-1 0.00
Class A-2 89,436.59
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 26,499,730.56 13,586,777.85 12,912,952.71
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) 157,091.28
VIIIPOOL STATISTICS
9.15%
158
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 15,816,664.54
TOTAL WIRE TO HSBC 15,816,664.54
Amount Due To Servicer 157,091.28