January 21, 2002
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
Pat.o-malley@db.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
January 15, 2002
(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
January 15, 2002 Payment Date Statement to Noteholders
Per Section 5.08 of the Transfer and Servicing Agreement
EX-2 Distribution Financial Services Marine Trust 1999-2
January 15, 2002 Payment Date Statement to Noteholders
Per Section 5.08 of the Transfer and Servicing Agreement
EX-3 Distribution Financial Services RV Trust 1999-3
January 15, 2002 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
January 15, 2002 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: January 21, 2002
By: /s/Richard C. Goldman
Title: Vice President
EX-1
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV TRUST 1999-1
Accounting Date: 10-Jan-02
Determination Date: 14-Jan-02
Monthly Payment Date: 15-Jan-02
Collection Period Ending: 31-Dec-01
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 18,523,391.32
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 350,689.86
Current Monthly Interest Shortfall/Excess 62,537.12
Recoup of Collection Expenses -15,848.20
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
18,920,770.10
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 3,609,183.09
Amount of Interest Payments Received During the Collection Period 3,546,645.97
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall 62,537.12
III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance(2% of the preceding Collection Period Pool Balance, not less than 9,604,635.61
.75% of the Initial Pool Balance and not more than the outstanding principal balance of the Notes)
Beginning Reserve Account Balance 9,926,255.80
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 16,177.40
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account -337,797.59
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) 9,926,255.80
Total Ending Reserve Balance 9,604,635.61
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 3,546,645.97
Scheduled Principal Payments Received 3,443,972.78
Principal Prepayments Received 11,532,772.57
Total Interest and Principal Payments Received 18,523,391.32
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 371,839.49
minus Reasonable Expenses 21,149.63
Net Liquidation Proceeds 350,689.86
Amount Allocable to Interest 0.00
Amount Allocable to Principal 350,689.86
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
18,874,081.18
V. CALCULATION OF SERVICING AND TRUSTEE FEES
496,312,789.85
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
206,797.00
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 496,312,789.85
Pool Balance as of the Current Accounting Date 480,231,780.28
Age of Pool in Months 34
a.2)
Aggregate Note Balance as of Preceding Accounting Date 491,349,661.95
Aggregate Note Balance as of Current Accounting Date 475,429,462.48
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 115 3,771,636.52 0.785%
60-89 Days Delinquent 36 1,591,293.53 0.331%
90-119 Days Delinquent 16 498,848.41 0.104%
120+ Days Delinquent 1 18,564.68 0.004%
Current Period Defaults 28 1,104,264.22 0.230%
Cumulative Defaults 665 24,853,968.37 5.175%
Current Month Realized Losses 934,022.91
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.093%
Preceding Realized Losses 1,456,770.04
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.146%
Second Preceding Realized Losses 565,687.77
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.057%
Cumulative Realized Losses 22,073,624.89
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.207%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.48023015
0.47542946
a) 420,115.44
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 140,693.39
Class A-4 937,524.40
Class A-5 794,616.95
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 29,619,661.95 15,920,199.47 13,699,462.48
Class A-4 192,642,000.00 0.00 192,642,000.00
Class A-5 159,722,000.00 0.00 159,722,000.00
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) 160,810.10
-29,092.42
VIIIPOOL STATISTICS
8.82%
138
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 18,789,052.42
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 18,790,094.09
Amount Due To Servicer (Excess Spread and Recoup of O/C) 131,717.68
EX-2
DEUTSCHE FINANCIAL SERVICES CORPORATION - - MARINE TRUST 1999-2
Accounting Date: 10-Jan-02
Determination Date: 14-Jan-02
Monthly Payment Date: 15-Jan-02
Collection Period Ending: 31-Dec-01
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 12,234,893.11
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 525,555.46
Current Monthly Interest Shortfall/Excess 54,444.43
Recoup of Collection Expenses -14,152.55
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
12,800,740.45
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,995,854.19
Amount of Interest Payments Received During the Collection Period 1,941,409.76
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall 54,444.43
III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance (4% of the preceding Collection Period Pool Balance, not less than 2% 11,155,493.84
of the Initial Pool Balance and not more than the outstanding principal balance of the Notes)
Beginning Reserve Account Balance 11,576,619.90
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 18,831.71
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account -439,957.77
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) 11,576,619.90
Total Ending Reserve Balance 11,155,493.84
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 1,941,409.76
Scheduled Principal Payments Received 1,652,889.73
Principal Prepayments Received 8,640,593.62
Total Interest and Principal Payments Received 12,234,893.11
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 625,822.78
minus Reasonable Expenses 100,267.32
Net Liquidation Proceeds 525,555.46
Amount Allocable to Interest 0.00
Amount Allocable to Principal 525,555.46
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
12,760,448.57
V. CALCULATION OF SERVICING AND TRUSTEE FEES
289,415,497.48
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
120,589.79
1,041.67
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 550,000,109.03
Pool Balance as of Preceding Accounting Date 289,415,497.48
Pool Balance as of the Current Accounting Date 278,887,345.91
Age of Pool in Months 32
a.2)
Aggregate Note Balance as of Preceding Accounting Date 283,627,187.53
Aggregate Note Balance as of Current Accounting Date 273,309,598.99
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 67 3,475,738.15 1.246%
60-89 Days Delinquent 24 1,102,394.00 0.395%
90-119 Days Delinquent 13 610,920.83 0.219%
120+ Days Delinquent 0 0.00 0.000%
Current Period Defaults 7 234,668.22 0.084%
Cumulative Defaults 213 9,502,183.13 3.407%
Current Month Realized Losses 234,668.22
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.043%
Preceding Realized Losses 418,813.51
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.076%
Second Preceding Realized Losses 311,955.59
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.057%
Cumulative Realized Losses 9,004,592.37
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.637%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.50706780
0.49692654
a) 120,589.79
0.00
b)
Class A-1 0.00
Class A-2 1,456.07
Class A-3 558,666.50
Class A-4 357,517.80
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-2 292,187.53 292,187.53 0.00
Class A-3 108,129,000.00 10,025,401.01 98,103,598.99
Class A-4 66,207,000.00 0.00 66,207,000.00
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) 210,563.03
604,320.60
VIIIPOOL STATISTICS
8.25%
160
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 11,985,856.82
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 11,986,898.49
Amount Due To Servicer (Excess Spread and Recoup of O/C) 814,883.63
EX-3
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV TRUST 1999-3
Accounting Date: 10-Jan-02
Determination Date: 14-Jan-02
Monthly Payment Date: 15-Jan-02
Collection Period Ending: 31-Dec-01
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 5,713,313.87
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 283,877.69
Current Monthly Interest Shortfall/Excess 45,810.56
Recoup of Collection Expenses -4,020.71
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
6,038,981.41
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,649,401.36
Amount of Interest Payments Received During the Collection Period 1,603,590.80
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall 45,810.56
III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance(2% of the preceding Collection Period Pool Balance, not less than 4,363,493.24
.75% of the Initial Pool Balance and not more than the outstanding principal balance of the Notes)
Beginning Reserve Account Balance 4,453,921.83
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 7,206.77
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account -97,635.36
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) 4,453,921.83
Total Ending Reserve Balance 4,363,493.24
IV. COLLECTIONS ON RECEIVABLES
a)
Interest Payments Received 1,603,590.80
Scheduled Principal Payments Received 1,227,270.06
Principal Prepayments Received 2,882,453.01
Total Interest and Principal Payments Received 5,713,313.87
b)
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 316,733.76
minus Reasonable Expenses 32,856.07
Net Liquidation Proceeds 283,877.69
Amount Allocable to Interest 0.00
Amount Allocable to Principal 283,877.69
c)
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
5,997,191.56
V. CALCULATION OF SERVICING AND TRUSTEE FEES
222,696,091.49
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
92,790.04
708.33
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 374,531,023.45
Pool Balance as of Preceding Accounting Date 222,696,091.49
Pool Balance as of the Current Accounting Date 218,174,662.21
Age of Pool in Months 30
a.2)
Aggregate Note Balance as of Preceding Accounting Date 220,469,130.58
Aggregate Note Balance as of Current Accounting Date 215,992,915.59
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 73 1,929,319.67 0.884%
60-89 Days Delinquent 29 1,056,027.74 0.484%
90-119 Days Delinquent 7 343,622.62 0.157%
120+ Days Delinquent 2 30,974.82 0.014%
Current Period Defaults 8 411,706.21 0.189%
Cumulative Defaults 220 8,005,646.77 3.669%
Current Month Realized Losses 211,748.45
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.057%
Preceding Realized Losses 515,913.65
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.138%
Second Preceding Realized Losses 246,669.31
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.066%
Cumulative Realized Losses 7,385,998.74
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.972%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.58252761
0.57670237
a) 187,174.81
0.00
b)
Class A-1 0.00
Class A-2 0.00
Class A-3 131,681.74
Class A-4 479,952.67
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 24,575,130.58 4,476,214.99 20,098,915.59
Class A-4 86,608,000.00 0.00 86,608,000.00
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) 45,214.29
87,173.42
VIIIPOOL STATISTICS
8.88%
146
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 5,906,593.70
Plus: Trustee Fee 708.33
TOTAL WIRE TO CHASE 5,907,302.03
Amount Due To Servicer (Excess Spread and Recoup of O/C) 132,387.71
EX-4
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV/MARINE TRUST 2001-1
Accounting Date: 10-Jan-02
Determination Date: 14-Jan-02
Monthly Payment Date: 15-Jan-02
Collection Period Ending: 31-Dec-01
I. COLLECTION ACCOUNT SUMMARY
Principal and Interest Payments Received (including Prepayments) 18,572,842.43
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 0.00
Current Monthly Interest Shortfall/Excess 130,939.72
Recoup of Collection Expenses 0.00
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
18,703,782.15
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 3,991,415.28
Amount of Interest Payments Received During the Collection Period 3,860,475.56
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall 130,939.72
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 1,324,016.30
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) 0.00
Reserve Account Investment Earnings 2,494.71
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) 1,324,016.30
Total Ending Reserve Balance 1,326,511.01
IV. COLLECTIONS ON RECEIVABLES
a) 3,860,475.56
Interest Payments Received 3,069,544.30
Scheduled Principal Payments Received 11,642,822.57
Principal Prepayments Received 18,572,842.43
Total Interest and Principal Payments Received
b) 0.00
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 0.00
minus Reasonable Expenses 0.00
Net Liquidation Proceeds 0.00
Amount Allocable to Interest 0.00
Amount Allocable to Principal
c) 0.00
Amount Allocable to Interest 0.00
Amount Allocable to Principal
18,572,842.43
V. CALCULATION OF SERVICING AND TRUSTEE FEES
523,002,574.47
multiplied by Servicer Fee Rate 0.75%
divided by Months per Year 0
326,876.61
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a)
Initial Pool Balance 529,467,226.64
Pool Balance as of Preceding Accounting Date 523,002,574.47
Pool Balance as of the Current Accounting Date 508,290,207.60
Age of Pool in Months 2
a.2)
Aggregate Note Balance as of Preceding Accounting Date 533,857,530.70
Aggregate Note Balance as of Current Accounting Date 517,508,427.11
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 71 2,757,420.65 0.542%
60-89 Days Delinquent 12 441,029.36 0.087%
90-119 Days Delinquent 0 0.00 0.000%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 0 0.00 0.000%
Cumulative Defaults 0 0.00 0.000%
Current Month Realized Losses 0.00
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.000%
Preceding Realized Losses 0.00
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.000%
Second Preceding Realized Losses 0.00
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.000%
Cumulative Realized Losses 0.00
Cumulative Realized Losses as Percentage of Initial Pool Balance 0.000%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
0.96000315
0.95358103
a) 326,876.61
0.00
b)
Class A-1 423,370.20
Class A-2 182,250.00
Class A-3 355,500.00
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-1 180,157,530.70 16,349,103.59 163,808,427.11
Class A-2 54,000,000.00 0.00 54,000,000.00
Class A-3 90,000,000.00 0.00 90,000,000.00
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
9.10%
175
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 18,703,782.15
TOTAL WIRE TO HSBC 18,703,782.15
Amount Due To Servicer 0.00