April 22, 2004
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
April 15, 2004
(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
April 15, 2004 Payment Date Statement to Noteholders
Per Section 5.08 of the Transfer and Servicing Agreement
EX-2 Distribution Financial Services Marine Trust 1999-2
April 15, 2004 Payment Date Statement to Noteholders
Per Section 5.08 of the Transfer and Servicing Agreement
EX-3 Distribution Financial Services RV Trust 1999-3
April 15, 2004 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
April 15, 2004 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: April 22, 2004
By: /s/ Matt Pechulis
Name: Matt Pechulis
Title: Vice President & Assistant Secretary
EX-1
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV TRUST 1999-1
Accounting Date: 08-Apr-04
Determination Date: 12-Apr-04
Monthly Payment Date: 15-Apr-04
Collection Period Ending: 31-Mar-04
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
---------------------
Principal and Interest Payments Received (including Prepayments) 9,175,121.54
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 831,136.20
Current Monthly Interest Shortfall/Excess -73,906.42
Recoup of Collection Expenses -9,503.00
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 9,922,848.32
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,447,323.36
Amount of Interest Payments Received During the Collection Period 1,521,229.78
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -73,906.42
III. CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance (2% of the preceding Collection Period Pool Balance, not less than .75%
of the Initial Pool Balance and not more than the outstanding principal balance of the Notes) 7,500,025.52
Beginning Reserve Account Balance 7,380,339.77
Deposits to Reserve Account (only if Reserve Account is less than the Specified Reserve Account Balance) 114,810.39
Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principal) 0.00
Reserve Account Investment Earnings 4,875.36
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance
and over-collateralization amounts has been met) 0.00
Amount in Reserve Account as of Determination Date (excluding amount to be paid on next Payment Date) 7,380,339.77
Total Ending Reserve Balance 7,500,025.52
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
----------------------------------------
Interest Payments Received 1,521,229.78
Scheduled Principal Payments Received 2,045,618.06
Principal Prepayments Received 5,608,273.70
Total Interest and Principal Payments Received 9,175,121.54
b) Liquidation Proceeds
--------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 901,719.66
minus Reasonable Expenses 70,583.46
Net Liquidation Proceeds 831,136.20
Amount Allocable to Interest 0.00
Amount Allocable to Principal 831,136.20
c) Purchase Amount - Loans Repurchased from Trust
----------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 10,006,257.74
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 199,349,102.67
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 83,062.13
TRUSTEE FEE AMOUNT (CONSTANT MONTHLY FIGURE) 1,041.67
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a) Pool Balance
------------
Initial Pool Balance 1,000,003,402.96
Pool Balance as of Preceding Accounting Date 199,349,102.67
Pool Balance as of the Current Accounting Date 191,298,170.73
Age of Pool in Months 61
a.2 Aggregate Note Balance
----------------------
Aggregate Note Balance as of Preceding Accounting Date 197,355,611.64
Aggregate Note Balance as of Current Accounting Date 189,385,189.02
b. Default and Delinquency Performance (includes Repossessions and Bankruptcies)
----------------------------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
--------------- ----------------- ------------------ ------------
30-59 Days Delinquent 34 1,062,891.51 0.556%
60-89 Days Delinquent 14 1,286,290.46 0.672%
90-119 Days Delinquent 17 772,435.70 0.404%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 12 397,040.18 0.208%
Cumulative Defaults 1,153 45,967,445.03 4.597%
Cumulative Recoveries 19,660,349.14 1.966%
Current Period Realized Losses
------------------------------
Current Month Realized Losses 348,888.76
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.035%
Preceding Realized Losses 571,834.52
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.057%
Second Preceding Realized Losses 705,038.55
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.071%
Cumulative Realized Losses 26,307,095.89
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.631%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.19129752
Note Pool Factor 0.18938519
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 83,062.13
Servicer Reimbursements for Mistaken Deposits or Posting of Checks Returned for Insufficient Funds (not
Otherwise Reimbursed to Servicer) 0.00
b) Noteholders' Monthly Interest Distributable Amount
--------------------------------------------------
Class A-1 0.00
Class A-2 0.00
Class A-3 0.00
Class A-4 0.00
Class A-5 437,748.32
Class A-6 322,902.77
Class B 132,500.00
Class C 120,500.00
Noteholders' Monthly Interest Distributable Amount
--------------------------------------------------
Noteholders' Monthly
Beginning Principal Distributable 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 87,989,611.64 7,970,422.62 80,019,189.02
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) Recaptured Principal from Overcollateralization 80,509.32
Excess Spread Received 775,203.16
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 8.86%
Weighted Average Remaining Maturity (WAM) 114
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 9,181,946.23
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 9,182,987.90
Amount Due To Servicer (Excess Spread and Recoup of O/C less Reserve Deposit) 740,902.09
EX-1
DEUTSCHE FINANCIAL SERVICES CORPORATION - - MARINE TRUST 1999-2
Accounting Date: 08-Apr-04
Determination Date: 12-Apr-04
Monthly Payment Date: 15-Apr-04
Collection Period Ending: 31-Mar-04
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
- ---------------------
Principal and Interest Payments Received (including Prepayments) 4,421,755.90
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 388,077.35
Current Monthly Interest Shortfall/Excess -45,823.39
Recoup of Collection Expenses 25,075.78
Amount of Withdrawal, (to the extent that there are shortfalls on payments of Interest
or Principal), from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 4,789,085.64
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 759,125.41
Amount of Interest Payments Received During the Collection Period 804,948.80
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -45,823.39
III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance (4% of the preceding Collection Period Pool Balance, not less than 2%
of the Initial Pool Balance and not more than the outstanding principal balance of the Notes) 11,000,002.18
Beginning Reserve Account Balance 10,252,708.25
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 Principal) 0.00
Reserve Account Investment Earnings 6,857.69
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance
and over-collateralization amounts has been met) 0.00
Amount in Reserve Account as of Determination Date (excluding amount to be paid on next Payment Date) 10,252,708.25
Total Ending Reserve Balance 10,259,565.94
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
----------------------------------------
Interest Payments Received 804,948.80
Scheduled Principal Payments Received 873,554.09
Principal Prepayments Received 2,743,253.01
Total Interest and Principal Payments Received 4,421,755.90
b) Liquidation Proceeds
--------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 448,174.69
minus Reasonable Expenses 60,097.34
Net Liquidation Proceeds 388,077.35
Amount Allocable to Interest 0.00
Amount Allocable to Principal 388,077.35
c) Purchase Amount - Loans Repurchased from Trust
----------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 4,809,833.25
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 111,671,529.04
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 46,529.80
TRUSTEE FEE AMOUNT (CONSTANT MONTHLY FIGURE) 1,041.67
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a) Pool Balance
------------
Initial Pool Balance 550,000,109.03
Pool Balance as of Preceding Accounting Date 111,671,529.04
Pool Balance as of the Current Accounting Date 107,460,132.30
Age of Pool in Months 59
a.2 Aggregate Note Balance
----------------------
Aggregate Note Balance as of Preceding Accounting Date 109,438,098.46
Aggregate Note Balance as of Current Accounting Date 105,310,929.65
b) Default and Delinquency Performance (includes Repossessions and Bankruptcies)
-----------------------------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
--------------- ----------------- ------------------ ------------
30-59 Days Delinquent 12 169,383.88 0.158%
60-89 Days Delinquent 5 196,517.15 0.183%
90-119 Days Delinquent 7 344,024.75 0.320%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 6 594,589.64 0.553%
Cumulative Defaults 408 20,301,720.98 3.691%
Cumulative Recoveries 9,990,511.25 1.816%
Current Period Realized Losses
- ------------------------------
Current Month Realized Losses 594,589.64
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.108%
Preceding Realized Losses 689,435.55
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.125%
Second Preceding Realized Losses 352,378.80
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.064%
Cumulative Realized Losses 10,311,209.73
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.875%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.19538202
Note Pool Factor 0.19147442
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 29,507.58
Servicer Reimbursements for Mistaken Deposits or Posting of Checks Returned for Insufficient Funds (not
Otherwise Reimbursed to Servicer) 0.00
b) Noteholders' Monthly Interest Distributable Amount
--------------------------------------------------
Class A-1 0.00
Class A-2 0.00
Class A-3 0.00
Class A-4 2,371.13
Class A-5 299,946.45
Class B 190,575.00
Class C 139,516.67
Noteholders' Monthly Interest Distributable Amount
--------------------------------------------------
Noteholders' Monthly
Beginning Principal Distributable 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-4 439,098.46 439,098.46 0.00
Class A-5 53,999,000.00 3,688,070.35 50,310,929.65
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) Recaptured Principal from Overcollateralization 84,227.93
Excess Spread Received -84,227.93
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 8.29%
Weighted Average Remaining Maturity (WAM) 133
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 4,789,085.64
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 4,790,127.31
Amount Due To Servicer (Excess Spread and Recoup of O/C) 0.00
EX-1
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV TRUST 1999-3
Accounting Date: 08-Apr-04
Determination Date: 12-Apr-04
Monthly Payment Date: 15-Apr-04
Collection Period Ending: 31-Mar-04
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
Principal and Interest Payments Received (including Prepayments) 4,359,891.55
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 319,895.62
Current Monthly Interest Shortfall/Excess -37,845.92
Recoup of Collection Expenses -434.19
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 4,641,507.06
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 743,992.27
Amount of Interest Payments Received During the Collection Period for Receivables 781,838.19
Amount of Current Month Simple Interest Excess/Shortfall -37,845.92
III. CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance (2% of the preceding Collection Period Pool Balance, not less than .75%
of the Initial Pool Balance and not more than the outstanding principal balance of the Notes) 2,808,982.68
Beginning Reserve Account Balance 2,420,980.24
Deposits to Reserve Account (only if Reserve Account is less than the Specified Reserve Account Balance) 169,278.43
Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principal) 0.00
Reserve Account Investment Earnings 1,534.33
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance
and over-collateralization amounts has been met) 0.00
Amount in Reserve Account as of Determination Date (excluding amount to be paid on next Payment Date) 2,420,980.24
Total Ending Reserve Balance 2,591,793.00
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
----------------------------------------
Interest Payments Received 781,838.19
Scheduled Principal Payments Received 930,189.92
Principal Prepayments Received 2,647,863.44
Total Interest and Principal Payments Received 4,359,891.55
b) Liquidation Proceeds
--------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 355,268.49
minus Reasonable Expenses 35,372.87
Net Liquidation Proceeds 319,895.62
Amount Allocable to Interest 0.00
Amount Allocable to Principal 319,895.62
c) Purchase Amount - Loans Repurchased from Trust
----------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 4,679,787.17
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 102,790,621.96
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 42,829.43
TRUSTEE FEE AMOUNT (CONSTANT MONTHLY FIGURE) 708.33
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a) Pool Balance
------------
Initial Pool Balance 374,531,023.45
Pool Balance as of Preceding Accounting Date 102,790,621.96
Pool Balance as of the Current Accounting Date 98,911,621.08
Age of Pool in Months 57
a.2 Aggregate Note Balance
----------------------
Aggregate Note Balance as of Preceding Accounting Date 101,762,715.74
Aggregate Note Balance as of Current Accounting Date 97,922,504.87
b. Default and Delinquency Performance (includes Repossessions and Bankruptcies)
- ------------------------------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
--------------- ----------------- ------------------ ------------
30-59 Days Delinquent 16 349,283.92 0.353%
60-89 Days Delinquent 10 266,005.59 0.269%
90-119 Days Delinquent 6 396,727.37 0.401%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 6 300,947.52 0.304%
Cumulative Defaults 442 16,254,678.67 4.340%
Cumulative Recoveries 7,411,061.98 1.979%
Current Period Realized Losses
Current Month Realized Losses 300,947.52
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.080%
Preceding Realized Losses 101,064.60
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.027%
Second Preceding Realized Losses 835,605.16
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.223%
Cumulative Realized Losses 8,843,616.69
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.361%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.26409460
Note Pool Factor 0.26145367
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 42,829.43
Servicer Reimbursements for Mistaken Deposits or Posting of Checks Returned for Insufficient Funds (not
Otherwise Reimbursed to Servicer) 0.00
b) Noteholders' Monthly Interest Distributable Amount
--------------------------------------------------
Class A-1 0.00
Class A-2 0.00
Class A-3 0.00
Class A-4 0.00
Class A-5 169,347.67
Class A-6 314,456.13
Class B 55,943.93
Class C 49,440.60
Noteholders' Monthly Principal Distributable Amount
---------------------------------------------------
Noteholders' Monthly
Beginning Principal Distributable 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 30,061,715.74 3,840,210.87 26,221,504.87
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) Recaptured Principal from Overcollateralization 38,790.01
Excess Spread Received 130,488.42
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 8.90%
Weighted Average Remaining Maturity (WAM) 124
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 4,641,507.06
Plus: Trustee Fee 708.33
TOTAL WIRE TO CHASE 4,642,215.39
Amount Due To Servicer (Excess Spread and Recoup of O/C) 0.00
EX-1
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV/MARINE TRUST 2001-1
Accounting Date: 08-Apr-04
Determination Date: 12-Apr-04
Monthly Payment Date: 15-Apr-04
Collection Period Ending: 31-Mar-04
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
---------------------
Principal and Interest Payments Received (including Prepayments) 9,534,809.53
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 179,485.43
Current Monthly Interest Shortfall/Excess -119,551.40
Recoup of Collection Expenses -15,014.24
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 9,579,729.32
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,636,886.35
Amount of Interest Payments Received During the Collection Period 1,756,437.75
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -119,551.40
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 3,971,004.00
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 Principal) 0.00
Reserve Account Investment Earnings 3,063.31
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance -3,063.31
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 1,756,437.75
Scheduled Principal Payments Received 1,547,677.39
Principal Prepayments Received 6,230,694.39
Total Interest and Principal Payments Received 9,534,809.53
b) Liquidation Proceeds
--------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 198,405.47
minus Reasonable Expenses 18,920.04
Net Liquidation Proceeds 179,485.43
Amount Allocable to Interest 0.00
Amount Allocable to Principal 179,485.43
c) Purchase Amount - Loans Repurchased from Trust
----------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 9,714,294.96
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 216,695,543.62
multiplied by Servicer Fee Rate 0.75%
divided by Months per Year 12
SERVICING FEE AMOUNT 135,434.71
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a) Pool Balance
------------
Initial Pool Balance 529,467,226.64
Pool Balance as of Preceding Accounting Date 216,695,543.62
Pool Balance as of the Current Accounting Date 208,603,846.82
Age of Pool in Months 29
a.2 Aggregate Note Balance
----------------------
Aggregate Note Balance as of Preceding Accounting Date 216,695,543.62
Aggregate Note Balance as of Current Accounting Date 208,603,846.82
b) Default and Delinquency Performance (includes Repossessions and Bankruptcies)
-----------------------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
--------------- ----------------- ------------------ ------------
30-59 Days Delinquent 34 708,141.75 0.340%
60-89 Days Delinquent 17 947,492.60 0.449%
90-119 Days Delinquent 15 610,073.92 0.292%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 12 313,325.02 0.150%
Cumulative Defaults 391 15,473,630.09 2.922%
Cumulative Recoveries 6,248,524.10 1.180%
Current Period Realized Losses
Current Month Realized Losses 313,325.02
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.150%
Preceding Realized Losses 302,454.87
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.140%
Second Preceding Realized Losses 1,126,314.50
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.213%
Cumulative Realized Losses 9,225,105.99
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.742%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.39393681
Note Pool Factor 0.38433137
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 135,434.71
Servicer Reimbursements for Mistaken Deposits or Posting of Checks Returned for Insufficient Funds (not
Otherwise Reimbursed to Servicer) 0.00
b) Noteholders' Monthly Interest Distributable Amount
--------------------------------------------------
Class A-1 0.00
Class A-2 0.00
Class A-3 27,632.40
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 0.00 0.00 0.00
Class A-3 6,995,543.62 6,995,543.62 0.00
Class A-4 95,000,000.00 1,096,153.18 93,903,846.82
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 258,283.66
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 9.21%
Weighted Average Remaining Maturity (WAM) 146.80
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 9,321,445.66
TOTAL WIRE TO HSBC 9,321,445.66
Amount Due To Servicer 258,283.66