August 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
August 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
August 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
August 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
August 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
August 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: August 26, 2003
By: /s/ Richard C. Goldman
Title: Vice President
EX-1
DISTRIBUTION FINANCIAL SERVICES CORPORATION - - RV TRUST 1999-1
Accounting Date: 08-Aug-03
Determination Date: 14-Aug-03
Monthly Payment Date: 15-Aug-03
Collection Period Ending: 31-Jul-03
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 12,164,624.55
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 251,667.10
Current Monthly Interest Shortfall/Excess -82,527.67
Recoup of Collection Expenses -12,268.70
Amount of Withdrawal, if any, from Reserve Account 23,588.07
Purchase Amounts for Repurchased Receivables 0.00
12,345,083.35
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,935,369.11
Amount of Interest Payments Received During the Collection Period 2,017,896.78
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -82,527.67
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) 23,588.07
Reserve Account Investment Earnings 5,475.23
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) 7,500,025.52
Total Ending Reserve Balance 7,481,912.68
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 2,017,896.78
Scheduled Principal Payments Received 2,270,871.47
Principal Prepayments Received 7,875,856.30
Total Interest and Principal Payments Received 12,164,624.55
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 267,763.63
minus Reasonable Expenses 16,096.53
Net Liquidation Proceeds 251,667.10
Amount Allocable to Interest 0.00
Amount Allocable to Principal 251,667.10
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
12,416,291.65
V. CALCULATION OF SERVICING AND TRUSTEE FEES
268,300,184.26
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
111,791.74
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 268,300,184.26
Pool Balance as of the Current Accounting Date 257,197,324.72
Age of Pool in Months 53
a.2)
Aggregate Note Balance as of Preceding Accounting Date 265,617,182.42
Aggregate Note Balance as of Current Accounting Date 254,625,351.47
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 49 1,120,957.43 0.436%
60-89 Days Delinquent 19 724,612.81 0.282%
90-119 Days Delinquent 12 579,065.25 0.225%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 18 956,131.77 0.372%
Cumulative Defaults 1038 40,670,542.55 4.067%
Cumulative Recoveries 17,616,881.72 1.762%
Current Month Realized Losses 909,388.40
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.091%
Preceding Realized Losses 600,728.11
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.060%
Second Preceding Realized Losses 754,452.70
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.075%
Cumulative Realized Losses 23,053,660.83
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.305%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.25719645
0.25462535
a) 0.00
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 0.00
Class A-4 0.00
Class A-5 777,349.63
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 0.00 0.00 0.00
Class A-5 156,251,182.42 10,991,830.95 145,259,351.47
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) 111,028.59
-134,616.66
VIIIPOOL STATISTICS
8.84%
182
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 12,345,083.35
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 12,346,125.02
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: 08-Aug-03
Determination Date: 14-Aug-03
Monthly Payment Date: 15-Aug-03
Collection Period Ending: 31-Jul-03
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 7,655,184.78
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 322,243.07
Current Monthly Interest Shortfall/Excess -45,824.75
Recoup of Collection Expenses -24,732.40
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
7,906,870.70
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,018,114.96
Amount of Interest Payments Received During the Collection Period 1,063,939.71
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -45,824.75
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 8,145.69
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account -8,145.69
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 1,063,939.71
Scheduled Principal Payments Received 983,931.73
Principal Prepayments Received 5,607,313.34
Total Interest and Principal Payments Received 7,655,184.78
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 352,672.43
minus Reasonable Expenses 30,429.36
Net Liquidation Proceeds 322,243.07
Amount Allocable to Interest 0.00
Amount Allocable to Principal 322,243.07
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
7,977,427.85
V. CALCULATION OF SERVICING AND TRUSTEE FEES
149,155,929.83
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
62,148.30
1,041.67
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 550,000,109.03
Pool Balance as of Preceding Accounting Date 149,155,929.83
Pool Balance as of the Current Accounting Date 142,241,668.35
Age of Pool in Months 51
a.2)
Aggregate Note Balance as of Preceding Accounting Date 146,172,811.23
Aggregate Note Balance as of Current Accounting Date 139,396,834.98
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 25 421,086.80 0.296%
60-89 Days Delinquent 10 162,672.36 0.114%
90-119 Days Delinquent 3 108,169.93 0.076%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 9 323,016.41 0.227%
Cumulative Defaults 355 17,415,175.42 3.166%
Cumulative Recoveries 8,483,830.79 1.543%
Current Month Realized Losses 323,016.41
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.059%
Preceding Realized Losses 518,042.80
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.094%
Second Preceding Realized Losses 251,785.04
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.046%
Cumulative Realized Losses 8,931,344.63
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.624%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.25862116
0.25344879
a) 105,535.58
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 0.00
Class A-4 200,738.58
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 37,173,811.23 6,775,976.25 30,397,834.98
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) 138,285.23
56,296.94
VIIIPOOL STATISTICS
8.34%
141
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 7,712,288.53
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 7,713,330.20
Amount Due To Servicer (Excess Spread and Recoup of O/C) 194,582.17
EX-3
DISTRIBUTION FINANCIAL SERVICES CORPORATION - - RV TRUST 1999-3
Accounting Date: 08-Aug-03
Determination Date: 14-Aug-03
Monthly Payment Date: 15-Aug-03
Collection Period Ending: 31-Jul-03
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 4,781,939.13
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 109,165.51
Current Monthly Interest Shortfall/Excess -22,658.37
Recoup of Collection Expenses -4,880.57
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
4,863,565.70
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 969,960.51
Amount of Interest Payments Received During the Collection Period 992,618.88
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -22,658.37
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 2,779,105.29
Deposits to Reserve Account(only if Reserve Account is less than Specified Reserve Account Balance) 16,421.58
Reserve Account Withdrawls(to the extent that there are Interest or Principal payment shortfalls) 0.00
Reserve Account Investment Earnings 2,058.46
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) 2,779,105.29
Total Ending Reserve Balance 2,797,585.33
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 992,618.88
Scheduled Principal Payments Received 968,477.12
Principal Prepayments Received 2,820,843.13
Total Interest and Principal Payments Received 4,781,939.13
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 115,129.20
minus Reasonable Expenses 5,963.69
Net Liquidation Proceeds 109,165.51
Amount Allocable to Interest 0.00
Amount Allocable to Principal 109,165.51
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
4,891,104.64
V. CALCULATION OF SERVICING AND TRUSTEE FEES
132,217,550.15
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
55,090.65
708.33
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 374,531,023.45
Pool Balance as of Preceding Accounting Date 132,217,550.15
Pool Balance as of the Current Accounting Date 128,198,384.20
Age of Pool in Months 49
a.2)
Aggregate Note Balance as of Preceding Accounting Date 130,895,374.65
Aggregate Note Balance as of Current Accounting Date 126,916,400.36
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 33 810,668.85 0.632%
60-89 Days Delinquent 13 238,277.97 0.186%
90-119 Days Delinquent 7 171,671.13 0.134%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 9 229,845.70 0.179%
Cumulative Defaults 387 13,890,912.41 3.709%
Cumulative Recoveries 6,473,570.39 1.728%
Current Month Realized Losses 159,521.22
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.043%
Preceding Realized Losses 405,444.18
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.108%
Second Preceding Realized Losses 274,766.41
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.073%
Cumulative Realized Losses 7,417,342.02
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.980%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.34229043
0.33886754
a) 116,848.39
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 0.00
Class A-4 119,751.95
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 21,609,374.65 3,978,974.29 17,630,400.36
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) 40,191.66
-23,770.08
VIIIPOOL STATISTICS
8.88%
130
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 4,863,565.70
Plus: Trustee Fee 708.33
TOTAL WIRE TO CHASE 4,864,274.03
Amount Due To Servicer (Excess Spread and Recoup of O/C) 0.00
EX-4
DISTRIBUTION FINANCIAL SERVICES RV/MARINE TRUST 2001-1
Accounting Date: 08-Aug-03
Determination Date: 14-Aug-03
Monthly Payment Date: 15-Aug-03
Collection Period Ending: 31-Jul-03
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 13,745,079.48
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 115,444.34
Current Monthly Interest Shortfall/Excess -96,422.96
Recoup of Collection Expenses -37,420.10
Amount of Withdrawal, if any, from Reserve Account 585,573.51
Purchase Amounts for Repurchased Receivables 0.00
14,312,254.27
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 2,142,075.04
Amount of Interest Payments Received During the Collection Period 2,238,498.00
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -96,422.96
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 3,965,944.72
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) 585,573.51
Reserve Account Investment Earnings 3,207.13
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) 3,965,944.72
Total Ending Reserve Balance 3,383,578.34
IV. COLLECTIONS ON RECEIVABLES
a) 2238498
Interest Payments Received 1873479.16
Scheduled Principal Payments Received 9633102.32
Principal Prepayments Received 13745079.48
Total Interest and Principal Payments Received
b) 146140.84
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 30696.5
minus Reasonable Expenses 115444.34
Net Liquidation Proceeds 0
Amount Allocable to Interest 115,444.34
Amount Allocable to Principal
c) 0
Amount Allocable to Interest 0
Amount Allocable to Principal
13860523.82
V. CALCULATION OF SERVICING AND TRUSTEE FEES
287,415,359.86
multiplied by Servicer Fee Rate 0.75%
divided by Months per Year 0
179,634.60
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 529467226.6
Pool Balance as of Preceding Accounting Date 287,415,359.86
Pool Balance as of the Current Accounting Date 274,656,397.61
Age of Pool in Months 21.00
a.2)
Aggregate Note Balance as of Preceding Accounting Date 287,415,359.86
Aggregate Note Balance as of Current Accounting Date 274,656,397.61
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 55 1,529,889.59 0.557%
60-89 Days Delinquent 17 456,294.32 0.166%
90-119 Days Delinquent 14 789,672.45 0.288%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 16 1,252,380.77 0.456%
Cumulative Defaults 275 11,121,797.11 2.101%
Cumulative Recoveries 3,909,704.02 0.738%
Current Month Realized Losses 1,136,936.43
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.215%
Preceding Realized Losses 545,020.26
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.103%
Second Preceding Realized Losses 447,641.56
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.085%
Cumulative Realized Losses 7,212,093.09
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.362%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.51874107
0.50609250
a) 179,634.60
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 306,975.67
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 0.00 0.00 0.00
Class A-3 77,715,359.86 12,758,962.25 64,956,397.61
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
9.17%
155
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 14,312,254.27
TOTAL WIRE TO HSBC 14,312,254.27
Amount Due To Servicer 0.00