December 19, 2003
Securities and Exchange Commission
450 Fifth Street, N.W.
Judiciary Plaza
Washington, D.C. 20549
Re: Form 8-K
Distribution Financial Services RV/Marine Trust 2001-1
Registration No. 333-56303-04
On behalf of Distribution Financial Services RV/Marine Trust 2001-1
("Registrant"), a Trust which was originated by Deutsche Recreational Asset
Funding Corporation, a Nevada corporation, 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
Commission File Number: 333-56303-04
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934.
December 15, 2003
(Date of earliest event reporting)
DISTRIBUTION FINANCIAL SERVICES RV/MARINE TRUST 2001-1
(Exact name of registrant)
State of Organization - New York
I.R.S. Employer Identification Number: 91-1904587
Principal Executive Offices
c/o Wells Fargo Bank Minnesota, N.A.
Sixth and Marquette - N9311-161MAC
Minneapolis, Minnesota 55479
Telephone Number: 612-316-1816
Item 5. Other Events.
A copy of the Monthly Payment Date Statement to Noteholders, as required by the
Transfer and Servicing Agreement, is being filed as Exhibit 1 to this current
report on Form 8-K.
Item 7.(c). Exhibits.
Exhibit
Number Document Description
EX-1 Distribution Financial Services RV/Marine Trust 2001-1
December 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.
DISTRIBUTION FINANCIAL SERVICES RV/MARINE TRUST 2001-1
By: Wells Fargo Bank Minnesota, N.A.
Not in its individual capacity but solely as Owner Trustee
By: Melissa Philibert
Title: Corporate Trust Officer
Date: December 19, 2003
EX-1
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV/MARINE TRUST 2001-1
Accounting Date: 10-Dec-03
Determination Date: 12-Dec-03
Monthly Payment Date: 15-Dec-03
Collection Period Ending: 30-Nov-03
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
Principal and Interest Payments Received (including Prepayments) 7,789,603.85
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 501,548.92
Current Monthly Interest Shortfall/Excess 157,361.99
Recoup of Collection Expenses -7,824.54
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 8,440,690.22
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,822,229.28
Amount of Interest Payments Received During the Collection Period 1,664,867.29
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall 157,361.99
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 3,951,451.83
Deposits to Reserve Account (only if Reserve Account is less than the Specified Reserve Account Balance) 19,552.17
Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principal 0.00
Reserve Account Investment Earnings 2,877.39
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance -2,877.39
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 and Principal Payments Received
Interest Payments Received 1,664,867.29
Scheduled Principal Payments Received 1,398,351.06
Principal Prepayments Received 4,726,385.50
Total Interest and Principal Payments Received 7,789,603.85
b) Liquidation Proceeds
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 571,363.46
minus Reasonable Expenses 69,814.54
Net Liquidation Proceeds 501,548.92
Amount Allocable to Interest 0.00
Amount Allocable to Principal 501,548.92
c) Purchase Amount - Loans Repurchased from Trust
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 8,291,152.77
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 246,832,701.50
multiplied by Servicer Fee Rate 0.75%
divided by Months per Year 12
SERVICING FEE AMOUNT 154,270.44
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a) Pool Balance
Initial Pool Balance 529,467,226.64
Pool Balance as of Preceding Accounting Date 246,832,701.50
Pool Balance as of the Current Accounting Date 240,261,080.10
Age of Pool in Months 25
a.2)Aggregate Note Balance
Aggregate Note Balance as of Preceding Accounting Date 246,832,701.50
Aggregate Note Balance as of Current Accounting Date 240,261,080.10
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 63 1,336,497.70 0.556%
60-89 Days Delinquent 26 1,466,308.29 0.610%
90-119 Days Delinquent 10 377,092.98 0.157%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Per 15 446,884.84 0.186%
Cumulative Defaults 334 13,312,852.28 2.514%
Cumulative Recoveries 5,121,525.68 0.967%
Current Period Realized Losses
Current Month Realized Losses 446,884.84
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.033%
Preceding Realized Losses 399,789.28
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.076%
Second Preceding Realized Losses 331,252.01
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.063%
Cumulative Realized Losses 8,191,326.60
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.547%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.45377895
Note Pool Factor 0.44271435
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 154,270.44
Servicer Reimbursements for Mistaken Deposits or Posting of Checks Returned for Insufficient Funds (not Otherwi 0.00
b) Noteholders' Monthly Interest Distributable Amount
Class A-1 0.00
Class A-2 0.00
Class A-3 146,674.17
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 37,132,701.50 6,571,621.40 30,561,080.10
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) Excess Spread Received 501,442.46
VIII.POOL STATISTICS
Weighted Average Coupon (WAC) 9.20%
Weighted Average Remaining Maturity (WAM) 151
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 7,939,247.76
TOTAL WIRE TO HSBC 7,939,247.76
Amount Due To Servicer 481,890.29