EXHIBIT 99.1
March 9, 1999 Deutsche Bank Securities [/]
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Distribution Financial Services RV Trust 1999-1
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Public Offering of Approximately $[1,000,000,000]
Deutsche Recreational Asset Funding Corporation (Depositor)
Ganis Credit Corporation (Transferor)
Deutsche Financial Services Corporation (Servicer)
Transaction Summary
Estimated
WAL Estimated Estimated Expected
Approximate to Call Modified Payment Ratings
Notes(a) Size Coupon (years) Duration Window Stated Maturity (S&P/Fitch)
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Class A-1(b) [112,743,000] Fixed [0.277] [0.2681] 1 - 6(6) March 2000 A-1+/F1+
Class A-2 [227,206,000] Fixed [1.002] [0.9492] 6 - 18(13) May 2006 AAA/AAA
Class A-3 [198,653,000] Fixed [2.000] [1.8405] 18 - 30(13) February 2009 AAA/AAA
Class A-4 [191,964,000] Fixed [3.000] [2.6792] 30 - 42(13) September 2011 AAA/AAA
Class A-5 [160,423,000] Fixed [4.000] [3.4655] 42 - 54(13) August 2013 AAA/AAA
Class A-6 [64,011,000] Fixed [4.567] [3.8887] 54 - 55(2) November 2016 AAA/AAA
Class B [25,000,000] Fixed [4.575] [3.8208] 55 - 55(1) June 2018 A/A
Class C [20,000,000] Fixed [4.575] [3.7254] 55 - 55(1) June 2020 BBB/BBB
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Notes:
(a) The Notes will be priced to the 10% Optional Termination and at 1.4% ABS.
(b) The A-1 Class Note will accrue on an actual/360 basis: all other Notes
will accrue on a 30/360 basis.
PRICING INFORMATION
Prepayment Assumption: 1.4% ABS
Payment Date: The 15th day of each month (or the next Business
Day thereafter) commencing in April 1999.
Pricing Date: March [11], 1999
Settlement (Closing) Date: On or about March [18], 1999.
Optional Termination: 10%
These Computational Materials are intended to be received in conjunction with a
Preliminary Prospectus Supplement and Prospectus, which was mailed to you for
receipt on Tuesday, March 9, 1999. If you have not received the Preliminary
Prospectus Supplement and Prospectus for the Distribution Financial Services RV
Trust 1999-1, please contact your Deutsche Bank Securities Sales Representative.
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and may
not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein.
March 9, 1999 Deutsche Bank Securities [/]
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Distribution Financial Services RV Trust 1999-1
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BOND SENSITIVITY TO PREPAYMENTS
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Priced to Call ABS %
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CLASS A-1 1.00 1.20 1.40 1.60 1.80 2.00
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Yield @ 100.00 (%) 5.159 5.159 5.161 5.159 5.159 5.159
Avg. Life (Years) 0.360 0.314 0.277 0.247 0.224 0.203
Mod. Dur. 0.348 0.304 0.268 0.240 0.218 0.197
First Pay 4/99 4/99 4/99 4/99 4/99 4/99
Last Pay 11/99 10/99 9/99 9/99 8/99 8/99
Window (Years) 0.667 0.583 0.500 0.500 0.417 0.417
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Priced to Call ABS %
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CLASS A-2 1.00 1.20 1.40 1.60 1.80 2.00
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Yield @ 100.00 (%) 5.512 5.512 5.512 5.512 5.512 5.512
Avg. Life (Years) 1.337 1.149 1.002 0.886 0.789 0.711
Mod. Dur. 1.254 1.083 0.949 0.842 0.752 0.679
First Pay 11/99 10/99 9/99 9/99 8/99 8/99
Last Pay 4/01 12/00 9/00 7/00 5/00 4/00
Window (Years) 1.500 1.250 1.083 0.917 0.833 0.750
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Priced to Call ABS %
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CLASS A-3 1.00 1.20 1.40 1.60 1.80 2.00
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Yield @ 100.00 (%) 5.737 5.737 5.737 5.737 5.737 5.737
Avg. Life (Years) 2.709 2.310 2.000 1.752 1.551 1.384
Mod. Dur. 2.444 2.107 1.841 1.624 1.446 1.296
First Pay 4/01 12/00 9/00 7/00 5/00 4/00
Last Pay 8/02 2/02 9/01 5/01 2/01 12/00
Window (Years) 1.417 1.250 1.083 0.917 0.833 0.750
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Priced to Call ABS %
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CLASS A-4 1.00 1.20 1.40 1.60 1.80 2.00
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Yield @ 100.00 (%) 5.881 5.881 5.881 5.881 5.881 5.881
Avg. Life (Years) 4.109 3.485 3.000 2.617 2.306 2.051
Mod. Dur. 3.556 3.070 2.679 2.363 2.100 1.882
First Pay 8/02 2/02 9/01 5/01 2/01 12/00
Last Pay 1/04 4/03 9/02 4/02 11/01 8/01
Window (Years) 1.500 1.250 1.083 1.000 0.833 0.750
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This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and may
not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 2
March 9, 1999 Deutsche Bank Securities [/]
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Distribution Financial Services RV Trust 1999-1
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BOND SENSITIVITY TO PREPAYMENTS (continued)
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Priced to Call ABS %
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CLASS A-5 1.00 1.20 1.40 1.60 1.80 2.00
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Yield @ 100.00 (%) 5.994 5.994 5.994 5.994 5.994 5.994
Avg. Life (Years) 5.574 4.682 4.000 3.465 3.041 2.693
Mod. Dur. 4.619 3.978 3.466 3.049 2.708 2.423
First Pay 1/04 4/03 9/02 4/02 11/01 8/01
Last Pay 7/05 7/04 9/03 2/03 8/02 4/02
Window (Years) 1.583 1.333 1.083 0.917 0.833 0.750
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Priced to Call ABS %
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CLASS A-6 1.00 1.20 1.40 1.60 1.80 2.00
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Yield @ 100.00 (%) 6.065 6.065 6.065 6.065 6.065 6.065
Avg. Life (Years) 6.405 5.396 4.567 3.908 3.483 3.075
Mod. Dur. 5.178 4.488 3.889 3.391 3.059 2.733
First Pay 7/05 7/04 9/03 2/03 8/02 4/02
Last Pay 8/05 8/04 10/03 2/03 9/02 4/02
Window (Years) 0.167 0.167 0.167 0.083 0.167 0.083
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Priced to Call ABS %
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CLASS B 1.00 1.20 1.40 1.60 1.80 2.00
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Yield @ 100.00 (%) 6.815 6.815 6.815 6.815 6.815 6.815
Avg. Life (Years) 6.408 5.408 4.575 3.908 3.492 3.075
Mod. Dur. 5.052 4.399 3.821 3.334 3.019 2.695
First Pay 8/05 8/04 10/03 2/03 9/02 4/02
Last Pay 8/05 8/04 10/03 2/03 9/02 4/02
Window (Years) 0.083 0.083 0.083 0.083 0.083 0.083
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Priced to Call ABS %
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CLASS C 1.00 1.20 1.40 1.60 1.80 2.00
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Yield @ 100.00 (%) 7.814 7.814 7.814 7.814 7.814 7.814
Avg. Life (Years) 6.408 5.408 4.575 3.908 3.492 3.075
Mod. Dur. 4.888 4.274 3.726 3.261 2.958 2.645
First Pay 8/05 8/04 10/03 2/03 9/02 4/02
Last Pay 8/05 8/04 10/03 2/03 9/02 4/02
Window (Years) 0.083 0.083 0.083 0.083 0.083 0.083
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This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and may
not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein.
Page 3
March 9, 1999 Deutsche Bank Securities [/]
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Distribution Financial Services RV Trust 1999-1
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BOND SENSITIVITY TO PREPAYMENTS (continued)
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Priced to Maturity ABS %
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CLASS A-6 1.00 1.20 1.40 1.60 1.80 2.00
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Yield @ 100.00 (%) 6.065 6.065 6.065 6.065 6.065 6.065
Avg. Life (Years) 6.689 5.562 4.729 4.098 3.602 3.204
Mod. Dur. 5.364 4.603 4.008 3.536 3.153 2.837
First Pay 7/05 7/04 9/03 2/03 8/02 4/02
Last Pay 4/06 2/05 3/04 7/03 1/03 8/02
Window (Years) 0.833 0.667 0.583 0.500 0.500 0.417
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Priced to Maturity ABS %
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CLASS B 1.00 1.20 1.40 1.60 1.80 2.00
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Yield @ 100.00 (%) 6.815 6.815 6.815 6.815 6.815 6.815
Avg. Life (Years) 7.262 6.025 5.115 4.426 3.893 3.467
Mod. Dur. 5.576 4.807 4.199 3.714 3.323 3.000
First Pay 4/06 2/05 3/04 7/03 1/03 8/02
Last Pay 9/06 5/05 6/04 10/03 3/03 10/02
Window (Years) 0.500 0.333 0.333 0.333 0.250 0.250
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Priced to Maturity ABS %
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CLASS C 1.00 1.20 1.40 1.60 1.80 2.00
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Yield @ 100.00 (%) 7.814 7.814 7.814 7.814 7.814 7.814
Avg. Life (Years) 7.703 6.387 5.445 4.740 4.191 3.748
Mod. Dur. 5.616 4.875 4.298 3.837 3.460 3.145
First Pay 9/06 5/05 6/04 10/03 3/03 10/02
Last Pay 4/07 12/05 12/04 3/04 8/03 2/03
Window (Years) 0.667 0.667 0.583 0.500 0.500 0.417
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This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and may
not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior
to making any investment decision, a prospective investor shall receive and
fully review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER
TO SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s)
may hold long or short positions in or buy and sell Securities or related
securities or perform for or solicit investment banking services from, any
company mentioned herein. Page 4