October 31, 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
Darius.Ilgunas@etrade.com at your earliest convenience.
Sincerely,
/s/ Matt Pechulis
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
October 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.)
101 Convention Center Drive
STE 850
Las Vegas, Nevada 89109
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (702) 385-1668
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
October 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
October 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
October 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
October 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: October 31, 2003
By: __________________________________
Name: Matt Pechulis
Title: Vice President & Assistant Secretary
EX-1
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV TRUST 1999-1
Accounting Date: 10-Oct-03
Determination Date: 14-Oct-03
Monthly Payment Date: 15-Oct-03
Collection Period Ending: 30-Sep-03
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 11,618,586.70
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 427,006.73
Current Monthly Interest Shortfall/Excess -218,522.85
Recoup of Collection Expenses -10,605.52
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
11,816,465.06
II.SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,678,637.73
Amount of Interest Payments Received During the Collection Period 1,897,160.58
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -218,522.85
IIICALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance (2% of the preceding Collection Period Pool Balance, not less than .75% 7,500,025.52
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 the Specified Reserve Account Balance) 0.00
Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principa 0.00
Reserve Account Investment Earnings 4,736.57
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance -4,736.57
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 7,500,025.52
IV.COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 1,897,160.58
Scheduled Principal Payments Received 1,951,484.05
Principal Prepayments Received 7,769,942.07
Total Interest and Principal Payments Received 11,618,586.70
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 463,359.64
minus Reasonable Expenses 36,352.91
Net Liquidation Proceeds 427,006.73
Amount Allocable to Interest 0.00
Amount Allocable to Principal 427,006.73
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
12,045,593.43
V. CALCULATION OF SERVICING AND TRUSTEE FEES
248,035,895.53
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
103,348.29
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 248,035,895.53
Pool Balance as of the Current Accounting Date 237,718,500.91
Age of Pool in Months 55
a.2)
Aggregate Note Balance as of Preceding Accounting Date 245,555,536.57
Aggregate Note Balance as of Current Accounting Date 235,341,315.90
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 40 1,771,425.02 0.745%
60-89 Days Delinquent 16 448,018.94 0.188%
90-119 Days Delinquent 15 632,953.42 0.266%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Per 15 595,968.50 0.251%
Cumulative Defaults 1065 41,771,450.49 17.572%
Cumulative Recoveries 17,318,779.52 7.285%
Current Month Realized Losses 595,968.50
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.060%
Preceding Realized Losses 504,939.34
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.050%
Second Preceding Realized Losses 909,388.40
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.091%
Cumulative Realized Losses 24,452,670.87
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.445%
VIIDISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.23771769
0.23534132
a) 103,348.29
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-5 677,542.94
Class A-6 322,902.77
Class B 132,500.00
Class C 120,500.00
Noteholders' Monthly
Beginning Principal Distribu 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 0.00 0.00 0.00
Class A-4 0.00 0.00 0.00
Class A-5 136,189,536.57 10,214,220.67 125,975,315.90
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) 103,173.95
142,276.44
VIIPOOL STATISTICS
8.84%
120
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 11,571,014.67
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 11,572,056.34
Amount Due To Servicer (Excess Spread and Recoup of O/C) 245,450.39
EX-2
DEUTSCHE FINANCIAL SERVICES CORPORATION - - MARINE TRUST 1999-2
Accounting Date: 10-Oct-03
Determination Date: 14-Oct-03
Monthly Payment Date: 15-Oct-03
Collection Period Ending: 30-Sep-03
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 5,950,126.10
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 459,537.38
Current Monthly Interest Shortfall/Excess -136,980.01
Recoup of Collection Expenses 13,448.77
Amount of Withdrawal, (to the extent that there are shortfalls on payments of Interest or Principal), from Re 0.00
Purchase Amounts for Repurchased Receivables 0.00
6,286,132.24
II.SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 877,328.08
Amount of Interest Payments Received During the Collection Period 1,014,308.09
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -136,980.01
IIICALCULATION 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 the Specified Reserve Account Balance) 0.00
Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principa 0.00
Reserve Account Investment Earnings 6,963.24
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance -6,963.24
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 1,014,308.09
Scheduled Principal Payments Received 830,322.61
Principal Prepayments Received 4,105,495.40
Total Interest and Principal Payments Received 5,950,126.10
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 459,537.38
minus Reasonable Expenses 0.00
Net Liquidation Proceeds 459,537.38
Amount Allocable to Interest 0.00
Amount Allocable to Principal 459,537.38
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
6,409,663.48
V. CALCULATION OF SERVICING AND TRUSTEE FEES
135,933,534.64
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
56,638.97
1,041.67
VI.POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 550,000,109.03
Pool Balance as of Preceding Accounting Date 135,933,534.64
Pool Balance as of the Current Accounting Date 130,856,777.41
Age of Pool in Months 53
a.2)
Aggregate Note Balance as of Preceding Accounting Date 133,214,863.95
Aggregate Note Balance as of Current Accounting Date 128,239,641.86
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 18 731,299.81 0.559%
60-89 Days Delinquent 8 324,011.49 0.248%
90-119 Days Delinquent 4 59,529.06 0.045%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Per 5 140,939.22 0.108%
Cumulative Defaults 365 17,682,122.29 13.513%
Cumulative Recoveries 8,986,850.82 6.868%
Current Month Realized Losses 140,939.22
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.026%
Preceding Realized Losses 104,985.55
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.019%
Second Preceding Realized Losses 323,016.41
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.059%
Cumulative Realized Losses 8,695,271.47
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.581%
VIIDISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.23792137
0.23316299
a) 56,638.97
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 0.00
Class A-4 130,765.67
Class A-5 299,946.45
Class B 190,575.00
Class C 139,516.67
Noteholders' Monthly
Beginning Principal Distribu 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 0.00 0.00 0.00
Class A-4 24,215,863.95 4,975,222.09 19,240,641.86
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) 101,535.14
391,932.25
VIIPOOL STATISTICS
8.35%
140
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 5,792,664.85
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 5,793,706.52
Amount Due To Servicer (Excess Spread and Recoup of O/C) 493,467.39
EX-3
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV TRUST 1999-3
Accounting Date: 10-Oct-03
Determination Date: 14-Oct-03
Monthly Payment Date: 15-Oct-03
Collection Period Ending:30-Sep-03
ICOLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 3,922,881.85
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 53,932.30
Current Monthly Interest Shortfall/Excess -98,477.43
Recoup of Collection Expenses -3,605.17
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
3,874,731.55
ISIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 856,870.21
Amount of Interest Payments Received During the Collection Period 955,347.64
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -98,477.43
ICALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance (2% of the preceding Collection Period Pool Balance, not less than .75% 2,808,982.68
of the Initial Pool Balance and not more than the outstanding principal balance of the Notes)
Beginning Reserve Account Balance 2,808,982.68
Deposits to Reserve Account (only if Reserve Account is less than the Specified Reserve Account Balance) 0.00
Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Princip 0.00
Reserve Account Investment Earnings 1,770.85
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance -1,770.85
and over-collateralization amounts has been met)
Amount in Reserve Account as of Determination Date (excluding amount to be paid on next Payment Date) 2,808,982.68
Total Ending Reserve Balance 2,808,982.68
ICOLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 955,347.64
Scheduled Principal Payments Received 854,338.04
Principal Prepayments Received 2,113,196.17
Total Interest and Principal Payments Received 3,922,881.85
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 141,433.16
minus Reasonable Expenses 87,500.86
Net Liquidation Proceeds 53,932.30
Amount Allocable to Interest 0.00
Amount Allocable to Principal 53,932.30
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
3,976,814.15
VCALCULATION OF SERVICING AND TRUSTEE FEES
124,195,707.96
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
51,748.21
708.33
VPOOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 374,531,023.45
Pool Balance as of Preceding Accounting Date 124,195,707.96
Pool Balance as of the Current Accounting Date 121,040,020.90
Age of Pool in Months 51
a.2)
Aggregate Note Balance as of Preceding Accounting Date 122,953,750.88
Aggregate Note Balance as of Current Accounting Date 119,829,620.69
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 26 711,643.93 0.588%
60-89 Days Delinquent 8 184,514.51 0.152%
90-119 Days Delinquent 5 258,612.04 0.214%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Per 7 188,152.85 0.155%
Cumulative Defaults 401 14,231,855.42 11.758%
Cumulative Recoveries 6,386,121.61 5.261%
Current Month Realized Losses 188,152.85
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.050%
Preceding Realized Losses 139,795.29
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.037%
Second Preceding Realized Losses 159,521.22
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.043%
Cumulative Realized Losses 7,863,733.81
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.100%
VDISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.32317756
0.31994580
a) 43,289.75
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 0.00
Class A-4 75,742.12
Class A-5 211,728.83
Class A-6 314,456.13
Class B 55,943.93
Class C 49,440.60
Noteholders' Monthly
Beginning Principal Distribu Ending
Balance Amount Balance
<C.
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 13,667,750.88 3,124,130.19 10,543,620.69
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) 31,556.87
-31,556.87
VPOOL STATISTICS
8.88%
130
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 3,874,731.55
Plus: Trustee Fee 708.33
TOTAL WIRE TO CHASE 3,875,439.88
Amount Due To Servicer (Excess Spread and Recoup of O/C) 0.00
EX-4
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV/MARINE TRUST 2001-1
Accounting Date: 10-Oct-03
Determination Date: 14-Oct-03
Monthly Payment Date: 15-Oct-03
Collection Period Ending: 30-Sep-03
I.COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 11,100,509.22
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 168,119.23
Current Monthly Interest Shortfall/Excess -260,302.67
Recoup of Collection Expenses -17,719.95
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
10,990,605.83
IISIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,867,991.21
Amount of Interest Payments Received During the Collection Period 2,128,293.88
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -260,302.67
IICALCULATION 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 3,397,600.55
Deposits to Reserve Account (only if Reserve Account is less than the Specified Reserve Account Balance) 72,506.92
Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Princi 0.00
Reserve Account Investment Earnings 2,544.59
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance 0.00
has been met)
Amount in Reserve Account as of Determination Date (excluding amount to be paid on next Payment Date) 3,397,600.55
Total Ending Reserve Balance 3,472,652.06
IVCOLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 2,128,293.88
Scheduled Principal Payments Received 1,822,553.06
Principal Prepayments Received 7,149,662.28
Total Interest and Principal Payments Received 11,100,509.22
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 180,412.14
minus Reasonable Expenses 12,727.71
Net Liquidation Proceeds 168,119.23
Amount Allocable to Interest 0.00
Amount Allocable to Principal 168,119.23
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
11,268,628.45
V.CALCULATION OF SERVICING AND TRUSTEE FEES
264,075,535.91
multiplied by Servicer Fee Rate 0.75%
divided by Months per Year 0
165,047.21
VIPOOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 529,467,226.64
Pool Balance as of Preceding Accounting Date 264,075,535.91
Pool Balance as of the Current Accounting Date 254,603,949.33
Age of Pool in Months 23
a.2)
Aggregate Note Balance as of Preceding Accounting Date 264,075,535.91
Aggregate Note Balance as of Current Accounting Date 254,603,949.33
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 44 1,600,712.89 0.629%
60-89 Days Delinquent 21 594,843.85 0.234%
90-119 Days Delinquent 9 443,212.06 0.174%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Per 18 498,936.44 0.196%
Cumulative Defaults 308 12,411,528.16 4.875%
Cumulative Recoveries 4,269,364.00 1.677%
Current Month Realized Losses 331,252.01
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.063%
Preceding Realized Losses 599,253.86
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.113%
Second Preceding Realized Losses 1,136,936.43
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.215%
Cumulative Realized Losses 8,142,598.96
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.538%
VIDISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.48086819
0.46914308
a) 165,047.21
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 214,783.37
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 Distribu 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 54,375,535.91 9,471,586.58 44,903,949.33
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
VIPOOL STATISTICS
9.18%
154.05
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 10,990,605.83
TOTAL WIRE TO HSBC 10,990,605.83
Amount Due To Servicer