May 28, 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
May 17, 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
May 17, 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
May 17, 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
May 17, 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
May 17, 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: May 28, 2004
Name: /s/ Matt Pechulis
Title: Vice President & Assistant Secretary
EX-1
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV TRUST 1999-1
Accounting Date: 11-May-04
Determination Date: 12-May-04
Monthly Payment Date: 17-May-04
Collection Period Ending: 30-Apr-04
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
---------------------
Principal and Interest Payments Received (including Prepayments) 9,429,998.82
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 306,105.53
Current Monthly Interest Shortfall/Excess -88,176.13
Recoup of Collection Expenses -18,784.50
Amount of Withdrawal, if any, from Reserve Account 146,426.47
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 9,775,570.19
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,322,888.57
Amount of Interest Payments Received During the Collection Period for Receivables 1,411,064.70
Amount of Current Month Simple Interest Excess/Shortfall -88,176.13
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 7,500,025.52
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 Principal) 146,426.47
Reserve Account Investment Earnings 5,093.30
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) 7,500,025.52
Total Ending Reserve Balance 7,358,692.35
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
- -----------------------------------------
Interest Payments Received 1,411,064.70
Scheduled Principal Payments Received 1,709,899.21
Principal Prepayments Received 6,309,034.91
Total Interest and Principal Payments Received 9,429,998.82
b) Liquidation Proceeds
- ---------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 324,899.49
minus Reasonable Expenses 18,793.96
Net Liquidation Proceeds 306,105.53
Amount Allocable to Interest 0.00
Amount Allocable to Principal 306,105.53
c) Purchase Amount - Loans Repurchased from Trust
- -----------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 9,736,104.35
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 191,298,170.73
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 79,707.57
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 191,298,170.73
Pool Balance as of the Current Accounting Date 182,407,694.01
Age of Pool in Months 62
a.2) Aggregate Note Balance
-----------------------
Aggregate Note Balance as of Preceding Accounting Date 189,385,189.02
Aggregate Note Balance as of Current Accounting Date 180,583,617.07
b) Default and Delinquency Performance (includes Repossessions and Bankruptcies)
-----------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
--------------- ---------------- ----------------- ----------
30-59 Days Delinquent 39 763,666.21 0.419%
60-89 Days Delinquent 14 374,949.43 0.206%
90-119 Days Delinquent 11 1,121,387.75 0.615%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 20 871,542.60 0.478%
Cumulative Defaults 1,173 46,838,987.63 4.684%
Cumulative Recoveries 19,966,454.67 1.997%
Current Period Realized Losses
------------------------------
Current Month Realized Losses 871,542.60
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.087%
Preceding Realized Losses 348,888.76
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.035%
Second Preceding Realized Losses 571,834.52
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.057%
Cumulative Realized Losses 26,872,532.96
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.687%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.18240707
Note Pool Factor 0.18058362
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 0.00
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-5 398,095.47
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 80,019,189.02 8,801,571.95 71,217,617.07
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 88,904.77
Excess Spread Received -235,331.24
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 8.87%
Weighted Average Remaining Maturity (WAM) 113
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 9,629,143.72
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 9,630,185.39
Amount Due To Servicer (Excess Spread and Recoup of O/C less Reserve Deposit) 0.00
EX-1
DEUTSCHE FINANCIAL SERVICES CORPORATION - - MARINE TRUST 1999-2
Accounting Date: 11-May-04
Determination Date: 12-May-04
Monthly Payment Date: 17-May-04
Collection Period Ending: 30-Apr-04
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
----------------------
Principal and Interest Payments Received (including Prepayments) 3,782,500.11
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 261,161.90
Current Monthly Interest Shortfall/Excess -37,475.41
Recoup of Collection Expenses -4,818.59
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 4,001,368.01
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 711,179.48
Amount of Interest Payments Received During the Collection Period for Receivable 748,654.89
Amount of Current Month Simple Interest Excess/Shortfall -37,475.41
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 10,259,565.94
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 7,015.25
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) 10,259,565.94
Total Ending Reserve Balance 10,266,581.19
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
------------------------------------------
Interest Payments Received 748,654.89
Scheduled Principal Payments Received 794,212.90
Principal Prepayments Received 2,239,632.32
Total Interest and Principal Payments Received 3,782,500.11
b) Liquidation Proceeds
- ------------------------------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 326,658.06
minus Reasonable Expenses 65,496.16
Net Liquidation Proceeds 261,161.90
Amount Allocable to Interest 0.00
Amount Allocable to Principal 261,161.90
c) Purchase Amount - Loans Repurchased from Trust
- ------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 4,043,662.01
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 107,460,132.30
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 44,775.06
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 107,460,132.30
Pool Balance as of the Current Accounting Date 104,082,262.33
Age of Pool in Months 60
a.2) Aggregate Note Balance
------------------------
Aggregate Note Balance as of Preceding Accounting Date 105,310,929.65
Aggregate Note Balance as of Current Accounting Date 102,000,617.08
b) Default and Delinquency Performance (includes Repossessions and Bankruptcies)
--------------------------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
------------- --------------- ----------------- ----------
30-59 Days Delinquent 11 274,368.07 0.264%
60-89 Days Delinquent 5 72,142.02 0.069%
90-119 Days Delinquent 5 216,839.69 0.208%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 7 344,024.75 0.331%
Cumulative Defaults 415 20,645,745.73 3.754%
Cumulative Recoveries 10,251,673.15 1.864%
Current Period Realized Losses
-------------------------------
Current Month Realized Losses 344,024.75
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.063%
Preceding Realized Losses 594,589.64
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.108%
Second Preceding Realized Losses 689,435.55
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.125%
Cumulative Realized Losses 10,394,072.58
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.890%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.18924044
Note Pool Factor 0.18545567
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 81,503.33
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-5 279,460.44
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 0.00 0.00 0.00
Class A-5 50,310,929.65 3,310,312.57 47,000,617.08
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 67,557.40
Excess Spread Received -67,557.40
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 8.28%
Weighted Average Remaining Maturity (WAM) 133
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 4,001,368.01
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 4,002,409.68
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: 11-May-04
Determination Date: 12-May-04
Monthly Payment Date: 17-May-04
Collection Period Ending: 30-Apr-04
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
----------------------
Principal and Interest Payments Received (including Prepayments) 4,322,476.92
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 228,713.51
Current Monthly Interest Shortfall/Excess -27,587.65
Recoup of Collection Expenses -13,053.87
Amount of Withdrawal, if any, from Reserve Account 3,736.24
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 4,514,285.15
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 694,531.26
Amount of Interest Payments Received During the Collection Period for Receivables 722,118.91
Amount of Current Month Simple Interest Excess/Shortfall -27,587.65
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 2,591,793.87
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) 3,736.24
Reserve Account Investment Earnings 1,696.59
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) 2,591,793.87
Total Ending Reserve Balance 2,589,754.22
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
- ------------------------------------------
Interest Payments Received 722,118.91
Scheduled Principal Payments Received 739,387.08
Principal Prepayments Received 2,860,970.93
Total Interest and Principal Payments Received 4,322,476.92
b) Liquidation Proceeds
- --------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 238,566.11
minus Reasonable Expenses 9,852.60
Net Liquidation Proceeds 228,713.51
Amount Allocable to Interest 0.00
Amount Allocable to Principal 228,713.51
c) Purchase Amount - Loans Repurchased from Trust
- ----------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 4,551,190.43
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 98,911,621.08
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 41,213.18
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 98,911,621.08
Pool Balance as of the Current Accounting Date 94,925,025.11
Age of Pool in Months 58
a.2) Aggregate Note Balance
-----------------------
Aggregate Note Balance as of Preceding Accounting Date 97,922,504.87
Aggregate Note Balance as of Current Accounting Date 93,975,774.86
b) Default and Delinquency Performance (including Repossessions and Bankruptcies)
------------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
-------------- --------------- ----------------- ----------
30-59 Days Delinquent 14 167,412.07 0.176%
60-89 Days Delinquent 5 153,523.69 0.162%
90-119 Days Delinquent 9 203,255.19 0.214%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 5 386,237.96 0.407%
Cumulative Defaults 447 16,640,916.63 4.443%
Cumulative Recoveries 7,548,593.38 2.015%
Current Period Realized Losses
-------------------------------
Current Month Realized Losses 386,237.96
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.103%
Preceding Realized Losses 300,947.52
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.080%
Second Preceding Realized Losses 101,064.60
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.027%
Cumulative Realized Losses 9,092,323.25
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.428%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.25345037
Note Pool Factor 0.25091588
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 0.00
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-5 147,714.48
Class A-6 314,456.13
Class B 55,943.93
Class C 49,440.60
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 26,221,504.87 3,946,730.01 22,274,774.86
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 39,865.96
Excess Spread Received -43,602.20
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 8.90%
Weighted Average Remaining Maturity (WAM) 123
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 4,510,548.91
Plus: Trustee Fee 708.33
TOTAL WIRE TO CHASE 4,511,257.24
Amount Due To Servicer (Excess Spread and Recoup of O/C)
EX-1
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV/MARINE TRUST 2001-1
Accounting Date: 11-May-04
Determination Date: 12-May-04
Monthly Payment Date: 17-May-04
Collection Period Ending: 30-Apr-04
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
-----------------------
Principal and Interest Payments Received (including Prepayments) 10,132,653.04
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 315,498.68
Current Monthly Interest Shortfall/Excess -73,209.43
Recoup of Collection Expenses -2,740.48
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 10,372,201.81
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,524,269.61
Amount of Interest Payments Received During the Collection Period for Receivable 1,597,479.04
Amount of Current Month Simple Interest Excess/Shortfall -73,209.43
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 3,036.44
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance -3,036.44
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 1,597,713.26
Scheduled Principal Payments Received 1,242,014.85
Principal Prepayments Received 7,292,924.93
Total Interest and Principal Payments Received 10,132,653.04
b) Liquidation Proceeds
- ----------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 356,064.75
minus Reasonable Expenses 40,566.07
Net Liquidation Proceeds 315,498.68
Amount Allocable to Interest 0.00
Amount Allocable to Principal 315,498.68
c) Purchase Amount - Loans Repurchased from Trust
- ------------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 10,448,151.72
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 208,603,846.82
multiplied by Servicer Fee Rate 0.75%
divided by Months per Year 12
SERVICING FEE AMOUNT 130,377.40
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a) Pool Balance
--------------
Initial Pool Balance 529,467,226.64
Pool Balance as of Preceding Accounting Date 208,603,846.82
Pool Balance as of the Current Accounting Date 199,559,272.31
Age of Pool in Months 30
a.2) Aggregate Note Balance
-----------------------
Aggregate Note Balance as of Preceding Accounting Date 208,603,846.82
Aggregate Note Balance as of Current Accounting Date 199,559,272.31
b) Default and Delinquency Performance (includes Repossessions and Bankruptcies)
-----------------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
------------- --------------- ----------------- ----------
30-59 Days Delinquent 35 1,053,880.81 0.528%
60-89 Days Delinquent 15 397,148.74 0.199%
90-119 Days Delinquent 11 731,796.97 0.367%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 15 509,634.73 0.255%
Cumulative Defaults 406 15,983,264.82 3.019%
Cumulative Recoveries 6,564,022.78 1.240%
Current Period Realized Losses
-------------------------------
Current Month Realized Losses 509,634.73
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.096%
Preceding Realized Losses 313,325.02
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.059%
Second Preceding Realized Losses 302,454.87
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.057%
Cumulative Realized Losses 9,419,242.04
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.779%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.37685483
Note Pool Factor 0.36766589
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 130,377.40
Servicer Reimbursements for Mistaken Deposits or Posting of Checks Returned for Insufficient Funds (not
Otherwise Reimbursed by 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-4 443,567.09
Class A-5 373,205.42
Class B 106,255.75
Class C 52,993.50
Class D 85,352.08
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 93,903,846.82 9,044,574.51 84,859,272.31
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 135,876.06
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 9.23%
Weighted Average Remaining Maturity (WAM) 145.46
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 10,236,325.75
TOTAL WIRE TO HSBC 10,236,325.75
Amount Due To Servicer 135,876.06