June 23, 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
June 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
June 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
June 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
June 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
June 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: June 23, 2003
By: /s/ Richard C. Goldman
Title: Vice President
EX-1
DISTRIBUTION FINANCIAL SERVICES CORPORATION - - RV TRUST 1999-1
Accounting Date: 10-Jun-03
Determination Date: 13-Jun-03
Monthly Payment Date: 16-Jun-03
Collection Period Ending: 31-May-03
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 11,530,683.66
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 518,478.38
Current Monthly Interest Shortfall/Excess 10,844.40
Recoup of Collection Expenses -16,853.62
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
12,043,152.82
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 2,097,272.40
Amount of Interest Payments Received During the Collection Period 2,086,428.00
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall 10,844.40
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 7,189,664.69
Deposits to Reserve Account(only if Reserve Account is less than Specified Reserve Account Balance) 126,848.15
Reserve Account Withdrawls(to the extent that there are Interest or Principal payment shortfalls) 0.00
Reserve Account Investment Earnings 6,121.75
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) 7,189,664.69
Total Ending Reserve Balance 7,322,634.59
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 2,086,428.00
Scheduled Principal Payments Received 2,567,370.36
Principal Prepayments Received 6,876,885.30
Total Interest and Principal Payments Received 11,530,683.66
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 540,837.28
minus Reasonable Expenses 22,358.90
Net Liquidation Proceeds 518,478.38
Amount Allocable to Interest 0.00
Amount Allocable to Principal 518,478.38
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
12,049,162.04
V. CALCULATION OF SERVICING AND TRUSTEE FEES
289,512,045.34
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
120,630.02
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 289,512,045.34
Pool Balance as of the Current Accounting Date 279,132,809.32
Age of Pool in Months 51
a.2)
Aggregate Note Balance as of Preceding Accounting Date 286,616,924.89
Aggregate Note Balance as of Current Accounting Date 276,341,481.23
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 66 2,059,687.44 0.738%
60-89 Days Delinquent 21 1,040,167.59 0.373%
90-119 Days Delinquent 21 758,553.58 0.272%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 18 934,980.36 0.335%
Cumulative Defaults 997 38,936,298.28 3.894%
Cumulative Recoveries 16,846,894.77 1.685%
Current Month Realized Losses 754,452.70
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.075%
Preceding Realized Losses 1,103,431.66
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.110%
Second Preceding Realized Losses 571,541.60
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.057%
Cumulative Realized Losses 22,089,403.51
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.209%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.27913186
0.27634148
a) 185,033.86
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 0.00
Class A-4 85,307.43
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 17,528,924.89 10,275,443.66 7,253,481.23
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) 103,792.36
23,055.79
VIIIPOOL STATISTICS
8.83%
122
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 12,043,152.82
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 12,044,194.49
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-Jun-03
Determination Date: 13-Jun-03
Monthly Payment Date: 16-Jun-03
Collection Period Ending: 31-May-03
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 6,869,265.52
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 635,896.99
Current Monthly Interest Shortfall/Excess 7,303.62
Recoup of Collection Expenses -15,816.95
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
7,496,649.18
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,113,930.77
Amount of Interest Payments Received During the Collection Period 1,106,627.15
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall 7,303.62
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 9,330.84
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account -9,330.84
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 1,106,627.15
Scheduled Principal Payments Received 1,031,841.82
Principal Prepayments Received 4,730,796.55
Total Interest and Principal Payments Received 6,869,265.52
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 712,862.16
minus Reasonable Expenses 76,965.17
Net Liquidation Proceeds 635,896.99
Amount Allocable to Interest 0.00
Amount Allocable to Principal 635,896.99
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
7,505,162.51
V. CALCULATION OF SERVICING AND TRUSTEE FEES
163,319,621.14
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
68,049.84
1,041.67
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 550,000,109.03
Pool Balance as of Preceding Accounting Date 163,319,621.14
Pool Balance as of the Current Accounting Date 156,933,920.99
Age of Pool in Months 49
a.2)
Aggregate Note Balance as of Preceding Accounting Date 160,053,228.72
Aggregate Note Balance as of Current Accounting Date 153,795,242.57
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 31 868,532.45 0.553%
60-89 Days Delinquent 11 377,649.69 0.241%
90-119 Days Delinquent 6 490,250.58 0.312%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 4 623,061.78 0.397%
Cumulative Defaults 339 16,574,116.21 3.013%
Cumulative Recoveries 7,938,276.66 1.443%
Current Month Realized Losses 251,785.04
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.046%
Preceding Realized Losses 250,955.48
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.046%
Second Preceding Realized Losses 166,425.11
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.030%
Cumulative Realized Losses 8,635,839.55
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.570%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.28533435
0.27962771
a) 68,049.84
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 0.00
Class A-4 275,692.84
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 51,054,228.72 6,257,986.15 44,796,242.57
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) 127,714.00
137,168.23
VIIIPOOL STATISTICS
8.34%
143
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 7,231,766.95
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 7,232,808.62
Amount Due To Servicer (Excess Spread and Recoup of O/C) 264,882.23
EX-3
DISTRIBUTION FINANCIAL SERVICES CORPORATION - - RV TRUST 1999-3
Accounting Date: 10-Jun-03
Determination Date: 13-Jun-03
Monthly Payment Date: 16-Jun-03
Collection Period Ending: 31-May-03
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 5,649,460.21
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 120,737.38
Current Monthly Interest Shortfall/Excess 9,190.65
Recoup of Collection Expenses -7,357.01
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
5,772,031.23
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,038,328.68
Amount of Interest Payments Received During the Collection Period 1,029,138.03
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall 9,190.65
III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance(2% of the preceding Collection Period Pool Balance, not less than 2,808,982.68
.75% of the Initial Pool Balance and not more than the outstanding principal balance of the Notes)
Beginning Reserve Account Balance 2,840,313.95
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 2,456.93
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account -33,788.20
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) 2,840,313.95
Total Ending Reserve Balance 2,808,982.68
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 1,029,138.03
Scheduled Principal Payments Received 1,009,663.39
Principal Prepayments Received 3,610,658.79
Total Interest and Principal Payments Received 5,649,460.21
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 132,797.03
minus Reasonable Expenses 12,059.65
Net Liquidation Proceeds 120,737.38
Amount Allocable to Interest 0.00
Amount Allocable to Principal 120,737.38
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
5,770,197.59
V. CALCULATION OF SERVICING AND TRUSTEE FEES
142,015,697.42
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
59,173.21
708.33
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 374,531,023.45
Pool Balance as of Preceding Accounting Date 142,015,697.42
Pool Balance as of the Current Accounting Date 137,053,643.33
Age of Pool in Months 47
a.2)
Aggregate Note Balance as of Preceding Accounting Date 140,595,540.45
Aggregate Note Balance as of Current Accounting Date 135,683,106.90
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 39 759,475.03 0.554%
60-89 Days Delinquent 13 295,983.62 0.216%
90-119 Days Delinquent 12 410,057.71 0.299%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 12 341,731.91 0.249%
Cumulative Defaults 367 13,251,392.42 3.538%
Cumulative Recoveries 6,221,751.70 1.661%
Current Month Realized Losses 274,766.41
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.073%
Preceding Realized Losses 82,040.93
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.022%
Second Preceding Realized Losses 123,416.59
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.033%
Cumulative Realized Losses 7,029,640.72
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.877%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.36593402
0.36227470
a) 54,521.15
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 0.00
Class A-4 173,507.04
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 31,309,540.45 4,912,433.55 26,397,106.90
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) 49,620.54
-49,620.54
VIIIPOOL STATISTICS
8.88%
132
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 5,772,031.23
Plus: Trustee Fee 708.33
TOTAL WIRE TO CHASE 5,772,739.56
Amount Due To Servicer (Excess Spread and Recoup of O/C) 0.00
EX-4
DISTRIBUTION FINANCIAL SERVICES CORPORATION - - RV/MARINE TRUST 2001-1
Accounting Date: 10-Jun-03
Determination Date: 13-Jun-03
Monthly Payment Date: 16-Jun-03
Collection Period Ending: 31-May-03
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 14,426,123.13
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 582,427.70
Current Monthly Interest Shortfall/Excess -25,934.10
Recoup of Collection Expenses -6,462.88
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
14,976,153.85
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 2,331,429.98
Amount of Interest Payments Received During the Collection Period 2,357,364.08
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -25,934.10
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 3,971,004.00
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 3,651.70
Withdrawals from Reserve Account due to Servicer (to the extent that the Required Reserve Account -3,651.70
Amount has been met)
Amount in Reserve Account as of Determination Date (excluding amount to be paid on next Payment Date) 3,971,004.00
Total Ending Reserve Balance 3,971,004.00
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 2357364.08
Scheduled Principal Payments Received 2023144.08
Principal Prepayments Received 10045614.97
Total Interest and Principal Payments Received 14426123.13
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 651,916.32
minus Reasonable Expenses 69488.62
Net Liquidation Proceeds 582427.7
Amount Allocable to Interest 0
Amount Allocable to Principal 582427.7
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0
15008550.83
V. CALCULATION OF SERVICING AND TRUSTEE FEES
312,612,952.71
multiplied by Servicer Fee Rate 0.75%
divided by Months per Year 0
195,383.10
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 529,467,226.64
Pool Balance as of Preceding Accounting Date 312612952.7
Pool Balance as of the Current Accounting Date 299,514,124.40
Age of Pool in Months 19.00
a.2)
Aggregate Note Balance as of Preceding Accounting Date 312612953
Aggregate Note Balance as of Current Accounting Date 299,514,124.40
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 74 2,745,607.53 0.917%
60-89 Days Delinquent 15 711,819.15 0.238%
90-119 Days Delinquent 22 1,067,790.34 0.357%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 19 1,030,069.26 0.344%
Cumulative Defaults 239 8,826,910.73 1.667%
Cumulative Recoveries 3,296,774.33 0.623%
Current Month Realized Losses 447,641.56
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.085%
Preceding Realized Losses -13,490.77
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) -0.003%
Second Preceding Realized Losses 292,161.33
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.055%
Cumulative Realized Losses 5,530,136.40
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.044%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.56568964
0.55189630
a) 195,383.10
0.00
b)
Class A-1 0.00
Class A-2 43,581.22
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 12,912,952.71 12,912,952.71 0.00
Class A-3 90,000,000.00 185,875.60 89,814,124.40
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) 216,179.47
VIIIPOOL STATISTICS
9.16%
157
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 14,759,974.38
TOTAL WIRE TO HSBC 14,759,974.38
Amount Due To Servicer 216,179.47