September 22, 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
September 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
September 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
September 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
September 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
September 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: September 22, 2003
By: /s/ Richard C. Goldman
Name: Richard C. Goldman
Title: Vice President
EX-1
DISTRIBUTION FINANCIAL SERVICES CORPORATION - - RV TRUST 1999-1
Accounting Date: 10-Sep-03
Determination Date: 12-Sep-03
Monthly Payment Date: 15-Sep-03
Collection Period Ending: 31-Aug-03
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 10,460,649.07
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 473,441.83
Current Monthly Interest Shortfall/Excess 126,319.49
Recoup of Collection Expenses -16,956.53
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
11,043,453.86
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,930,478.71
Amount of Interest Payments Received During the Collection Period 1,804,159.22
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall 126,319.49
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 7,481,912.68
Deposits to Reserve Account(only if Reserve Account is less than Specified Reserve Account Balance) 12,747.32
Reserve Account Withdrawls(to the extent that there are Interest or Principal payment shortfalls) 0.00
Reserve Account Investment Earnings 5,365.52
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) 7,481,912.68
Total Ending Reserve Balance 7,500,025.52
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 1,804,159.22
Scheduled Principal Payments Received 1,796,773.20
Principal Prepayments Received 6,859,716.65
Total Interest and Principal Payments Received 10,460,649.07
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 489,225.97
minus Reasonable Expenses 15,784.14
Net Liquidation Proceeds 473,441.83
Amount Allocable to Interest 0.00
Amount Allocable to Principal 473,441.83
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
10,934,090.90
V. CALCULATION OF SERVICING AND TRUSTEE FEES
257,197,324.72
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
107,165.55
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 257,197,324.72
Pool Balance as of the Current Accounting Date 248,035,895.53
Age of Pool in Months 54
a.2)
Aggregate Note Balance as of Preceding Accounting Date 254,625,351.47
Aggregate Note Balance as of Current Accounting Date 245,555,536.57
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 60 1,462,791.35 0.590%
60-89 Days Delinquent 17 622,500.26 0.251%
90-119 Days Delinquent 17 626,926.88 0.253%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 12 504,939.34 0.204%
Cumulative Defaults 1050 41,178,696.71 16.602%
Cumulative Recoveries 17,838,656.45 7.192%
Current Month Realized Losses 504,939.34
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.050%
Preceding Realized Losses 909,388.40
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.091%
Second Preceding Realized Losses 600,728.11
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.060%
Cumulative Realized Losses 23,340,040.26
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.334%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.24803505
0.24555554
a) 218,957.29
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-5 722,665.27
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-5 145,259,351.47 9,069,814.90 136,189,536.57
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) 91,614.29
351,752.02
VIIIPOOL STATISTICS
8.84%
120
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 10,600,087.55
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 10,601,129.22
Amount Due To Servicer (Excess Spread and Recoup of O/C) 443,366.31
EX-2
DISTRIBUTION FINANCIAL SERVICES CORPORATION - - MARINE TRUST 1999-2
Accounting Date: 10-Sep-03
Determination Date: 12-Sep-03
Monthly Payment Date: 15-Sep-03
Collection Period Ending: 08/31/2003
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 7,116,436.01
Net Liquidation Proceeds (including Rebates/Insurance Amounts) -43,482.65
Current Monthly Interest Shortfall/Excess 76,237.25
Recoup of Collection Expenses -34,817.55
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
7,114,373.06
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,010,547.20
Amount of Interest Payments Received During the Collection Period 934,309.95
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall 76,237.25
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 11,036,807.21
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 7,904.01
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account -44,709.04
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) 11,036,807.21
Total Ending Reserve Balance 11,000,002.18
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 934,309.95
Scheduled Principal Payments Received 909,692.17
Principal Prepayments Received 5,272,433.89
Total Interest and Principal Payments Received 7,116,436.01
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) -23,001.12
minus Reasonable Expenses 20,481.53
Net Liquidation Proceeds -43,482.65
Amount Allocable to Interest 0.00
Amount Allocable to Principal -43,482.65
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
7,072,953.36
V. CALCULATION OF SERVICING AND TRUSTEE FEES
142,241,668.35
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
59,267.36
1,041.67
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 550,000,109.03
Pool Balance as of Preceding Accounting Date 142,241,668.35
Pool Balance as of the Current Accounting Date 135,933,534.64
Age of Pool in Months 52
a.2)
Aggregate Note Balance as of Preceding Accounting Date 139,396,834.98
Aggregate Note Balance as of Current Accounting Date 133,214,863.95
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 30 868,597.54 0.639%
60-89 Days Delinquent 7 134,791.30 0.099%
90-119 Days Delinquent 4 88,560.80 0.065%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 5 126,007.65 0.093%
Cumulative Defaults 360 17,541,183.07 12.904%
Cumulative Recoveries 8,527,313.44 1.550%
Current Month Realized Losses 104,985.55
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.019%
Preceding Realized Losses 323,016.41
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.059%
Second Preceding Realized Losses 518,042.80
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.094%
Cumulative Realized Losses 9,013,869.63
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.639%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.24715183
0.24220884
a) 59,267.36
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 0.00
Class A-4 164,148.31
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 30,397,834.98 6,181,971.03 24,215,863.95
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) 126,162.68
-47,214.44
VIIIPOOL STATISTICS
8.35%
140
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 7,035,424.82
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 7,036,466.49
Amount Due To Servicer (Excess Spread and Recoup of O/C) 78,948.24
EX-3
DISTRIBUTION FINANCIAL SERVICES CORPORATION - - RV TRUST 1999-3
Accounting Date: 10-Sep-03
Determination Date: 12-Sep-03
Monthly Payment Date: 15-Sep-03
Collection Period Ending: 31-Aug-03
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 4,765,820.67
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 51,516.48
Current Monthly Interest Shortfall/Excess 57,689.19
Recoup of Collection Expenses -6,844.45
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
4,868,181.89
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 973,623.78
Amount of Interest Payments Received During the Collection Period 915,934.59
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall 57,689.19
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 2,791,430.59
Deposits to Reserve Account(only if Reserve Account is less than Specified Reserve Account Balance) 15,559.33
Reserve Account Withdrawls(to the extent that there are Interest or Principal payment shortfalls) 0.00
Reserve Account Investment Earnings 1,992.76
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) 2,791,430.59
Total Ending Reserve Balance 2,808,982.68
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 915,934.59
Scheduled Principal Payments Received 856,473.02
Principal Prepayments Received 2,993,413.06
Total Interest and Principal Payments Received 4,765,820.67
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 54,728.66
minus Reasonable Expenses 3,212.18
Net Liquidation Proceeds 51,516.48
Amount Allocable to Interest 0.00
Amount Allocable to Principal 51,516.48
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
4,817,337.15
V. CALCULATION OF SERVICING AND TRUSTEE FEES
128,198,384.20
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
53,415.99
708.33
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 374,531,023.45
Pool Balance as of Preceding Accounting Date 128,198,384.20
Pool Balance as of the Current Accounting Date 124,195,707.96
Age of Pool in Months 50
a.2)
Aggregate Note Balance as of Preceding Accounting Date 126,916,400.36
Aggregate Note Balance as of Current Accounting Date 122,953,750.88
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 34 800,745.17 0.645%
60-89 Days Delinquent 6 303,172.47 0.244%
90-119 Days Delinquent 7 161,364.23 0.130%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 7 152,790.16 0.123%
Cumulative Defaults 394 14,043,702.57 11.308%
Cumulative Recoveries 6,422,053.91 1.715%
Current Month Realized Losses 135,614.34
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.036%
Preceding Realized Losses 159,521.22
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.043%
Second Preceding Realized Losses 405,444.18
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.108%
Cumulative Realized Losses 7,621,648.66
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.035%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.33160326
0.32828725
a) 53,415.99
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 0.00
Class A-4 97,701.80
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 17,630,400.36 3,962,649.48 13,667,750.88
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) 40,026.76
67,259.04
VIIIPOOL STATISTICS
8.88%
130
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 4,760,896.09
Plus: Trustee Fee 708.33
TOTAL WIRE TO CHASE 4,761,604.42
Amount Due To Servicer (Excess Spread and Recoup of O/C) 107,285.80
EX-4
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV/MARINE TRUST 2001-1
Accounting Date: 10-Sep-03
Determination Date: 12-Sep-03
Monthly Payment Date: 15-Sep-03
Collection Period Ending: 31-Aug-03
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 11,790,647.88
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 191,540.75
Current Monthly Interest Shortfall/Excess 121,800.05
Recoup of Collection Expenses -17,080.74
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
12,086,907.94
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 2,122,380.84
Amount of Interest Payments Received During the Collection Period 2,000,580.79
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall 121,800.05
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 3,383,578.34
Deposits to Reserve Account (only if Reserve Account is less than the Reserve Account Required Amount) 11,126.47
Reserve Account Withdrawls(to the extent that there are Interest or Principal payment shortfalls) 0.00
Reserve Account Investment Earnings 2,895.74
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) 3,383,578.34
Total Ending Reserve Balance 3,971,004.00
IV. COLLECTIONS ON RECEIVABLES
a) 2000580.79
Interest Payments Received 1499903
Scheduled Principal Payments Received 8290164.09
Principal Prepayments Received 11790647.88
Total Interest and Principal Payments Received
b) 383,081.50
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 191540.75
minus Reasonable Expenses 191540.75
Net Liquidation Proceeds 0
Amount Allocable to Interest 191540.75
Amount Allocable to Principal
c) 0.00
Amount Allocable to Interest 0
Amount Allocable to Principal
12086907.94
V. CALCULATION OF SERVICING AND TRUSTEE FEES
274,656,397.61
multiplied by Servicer Fee Rate 0.75%
divided by Months per Year 0
171,660.25
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 529,467,226.64
Pool Balance as of Preceding Accounting Date 274656397.6
Pool Balance as of the Current Accounting Date 264,075,535.91
Age of Pool in Months 22.00
a.2)
Aggregate Note Balance as of Preceding Accounting Date 274656398
Aggregate Note Balance as of Current Accounting Date 264,075,535.91
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 61 1,565,379.90 0.593%
60-89 Days Delinquent 16 681,848.57 0.258%
90-119 Days Delinquent 12 379,894.78 0.144%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 15 790,794.61 0.299%
Cumulative Defaults 290 11,912,591.72 4.511%
Cumulative Recoveries 4,101,244.77 0.775%
Current Month Realized Losses 599,253.86
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.113%
Preceding Realized Losses 1,136,936.43
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.215%
Second Preceding Realized Losses 545,020.26
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.103%
Cumulative Realized Losses 7,811,346.95
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.475%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.49875710
0.48659579
a) 171,660.25
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 256,577.77
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 0.00
Class A-3 90,000,000.00 0.00 54,375,535.91
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
9.18%
154
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 12,086,907.94
TOTAL WIRE TO HSBC 12,086,907.94
Amount Due To Servicer 0.00