June 23, 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
June 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
June 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
June 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
June 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
June 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: June 23, 2004
Name: Matt Pechulis
Title: Vice President & Assistant Secretary
EX-1
DISTRIBUTION FINANCIAL SERVICES CORPORATION - - RV TRUST 1999-1
Accounting Date: 11-Jun-04
Determination Date: 14-Jun-04
Monthly Payment Date: 15-Jun-04
Collection Period Ending: 31-May-04
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
---------------------
Principal and Interest Payments Received (including Prepayments) 9,302,929.06
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 409,702.36
Current Monthly Interest Shortfall/Excess 54,688.86
Recoup of Collection Expenses -4,830.30
Amount of Withdrawal, if any, from Reserve Account 365,659.62
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 10,128,149.60
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,286,046.25
Amount of Interest Payments Received During the Collection Period for Receivables 1,231,357.39
Amount of Current Month Simple Interest Excess/Shortfall 54,688.86
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 7,358,692.35
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) 365,659.62
Reserve Account Investment Earnings 4,962.84
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) 7,358,692.35
Total Ending Reserve Balance 6,997,995.57
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
- -----------------------------------------
Interest Payments Received 1,231,357.39
Scheduled Principal Payments Received 1,726,902.96
Principal Prepayments Received 6,344,668.71
Total Interest and Principal Payments Received 9,302,929.06
b) Liquidation Proceeds
- ---------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 446,817.40
minus Reasonable Expenses 37,115.04
Net Liquidation Proceeds 409,702.36
Amount Allocable to Interest 0.00
Amount Allocable to Principal 409,702.36
c) Purchase Amount - Loans Repurchased from Trust
- -----------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 9,712,631.42
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 182,407,694.01
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 76,003.21
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 182,407,694.01
Pool Balance as of the Current Accounting Date 173,116,846.34
Age of Pool in Months 63
a.2)Aggregate Note Balance
-----------------------
Aggregate Note Balance as of Preceding Accounting Date 180,583,617.07
Aggregate Note Balance as of Current Accounting Date 171,385,677.88
b) Default and Delinquency Performance (includes Repossessions and Bankruptcies)
- -------------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
--------------- ---------------- ----------------- ----------
30-59 Days Delinquent 44 1,212,636.93 0.700%
60-89 Days Delinquent 16 320,663.35 0.185%
90-119 Days Delinquent 10 220,850.42 0.128%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 14 1,219,276.00 0.704%
Cumulative Defaults 1,187 48,058,263.63 4.806%
Cumulative Recoveries 20,376,157.03 2.038%
Current Period Realized Losses
------------------------------
Current Month Realized Losses 1,219,276.00
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.122%
Preceding Realized Losses 871,542.60
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.087%
Second Preceding Realized Losses 348,888.76
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.035%
Cumulative Realized Losses 27,682,106.60
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.768%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.17311626
Note Pool Factor 0.17138568
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-5 354,307.64
Class A-6 322,902.77
Class B 132,500.00
Class C 120,500.00
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 71,217,617.07 9,197,939.19 62,019,677.88
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 92,908.48
Excess Spread Received -458,568.10
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 8.88%
Weighted Average Remaining Maturity (WAM) 112
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 10,128,149.60
Plus: Trustee Fee 1,041.67
Less: Reserve Withdrawal 365,659.62
TOTAL WIRE TO CHASE 9,763,531.65
Amount Due To Servicer (Excess Spread and Recoup of O/C less Reserve Deposit) 0.00
EX-1
DISTRIBUTION FINANCIAL SERVICES CORPORATION - - MARINE TRUST 1999-2
Accounting Date: 11-Jun-04
Determination Date: 14-Jun-04
Monthly Payment Date: 15-Jun-04
Collection Period Ending: 31-May-04
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
----------------------
Principal and Interest Payments Received (including Prepayments) 4,107,639.42
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 102,792.33
Current Monthly Interest Shortfall/Excess 58,526.86
Recoup of Collection Expenses -5,707.90
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 4,263,250.71
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 716,023.66
Amount of Interest Payments Received During the Collection Period for Receivable 657,496.80
Amount of Current Month Simple Interest Excess/Shortfall 58,526.86
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 10,266,581.19
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 6,860.84
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) 10,266,581.19
Total Ending Reserve Balance 10,273,442.03
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
------------------------------------------
Interest Payments Received 657,496.80
Scheduled Principal Payments Received 724,748.28
Principal Prepayments Received 2,725,394.34
Total Interest and Principal Payments Received 4,107,639.42
b) Liquidation Proceeds
- ------------------------------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 124,943.72
minus Reasonable Expenses 22,151.39
Net Liquidation Proceeds 102,792.33
Amount Allocable to Interest 0.00
Amount Allocable to Principal 102,792.33
c) Purchase Amount - Loans Repurchased from Trust
- ------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 4,210,431.75
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 104,082,262.33
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 43,367.61
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 104,082,262.33
Pool Balance as of the Current Accounting Date 100,415,280.02
Age of Pool in Months 61
a.2) Aggregate Note Balance
------------------------
Aggregate Note Balance as of Preceding Accounting Date 102,000,617.08
Aggregate Note Balance as of Current Accounting Date 98,406,974.42
b) Default and Delinquency Performance (includes Repossessions and Bankruptcies)
--------------------------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
------------- --------------- ----------------- ----------
30-59 Days Delinquent 23 368,286.06 0.367%
60-89 Days Delinquent 3 62,703.19 0.062%
90-119 Days Delinquent 4 195,165.32 0.194%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 5 216,839.69 0.216%
Cumulative Defaults 420 20,862,585.42 3.793%
Cumulative Recoveries 10,354,465.48 1.883%
Current Period Realized Losses
-------------------------------
Current Month Realized Losses 216,839.69
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.039%
Preceding Realized Losses 344,024.75
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.063%
Second Preceding Realized Losses 594,589.64
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.108%
Cumulative Realized Losses 10,508,119.94
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.911%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.18257320
Note Pool Factor 0.17892177
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 78,443.62
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-5 261,072.76
Class B 190,575.00
Class C 139,516.67
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 47,000,617.08 3,593,642.66 43,406,974.72
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 73,339.65
Excess Spread Received -73,339.65
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 8.28%
Weighted Average Remaining Maturity (WAM) 132
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 4,263,250.71
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 4,264,292.38
Amount Due To Servicer (Excess Spread and Recoup of O/C) 0.00
EX-1
DISTRIBUTION FINANCIAL SERVICES CORPORATION - - RV TRUST 1999-3
Accounting Date: 11-Jun-04
Determination Date: 14-Jun-04
Monthly Payment Date: 15-Jun-04
Collection Period Ending: 31-May-04
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
----------------------
Principal and Interest Payments Received (including Prepayments) 3,833,413.66
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 27,266.37
Current Monthly Interest Shortfall/Excess 44,723.10
Recoup of Collection Expenses -4,248.20
Amount of Withdrawal, if any, from Reserve Account 26,245.99
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 3,927,400.92
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 689,830.68
Amount of Interest Payments Received During the Collection Period for Receivables 645,107.58
Amount of Current Month Simple Interest Excess/Shortfall 44,723.10
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 2,589,754.22
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) 26,245.99
Reserve Account Investment Earnings 1,731.79
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) 2,589,754.22
Total Ending Reserve Balance 2,565,240.02
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
- ------------------------------------------
Interest Payments Received 645,107.58
Scheduled Principal Payments Received 871,968.79
Principal Prepayments Received 2,316,337.29
Total Interest and Principal Payments Received 3,833,413.66
b) Liquidation Proceeds
- --------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 32,492.67
minus Reasonable Expenses 5,226.30
Net Liquidation Proceeds 27,266.37
Amount Allocable to Interest 0.00
Amount Allocable to Principal 27,266.37
c) Purchase Amount - Loans Repurchased from Trust
- ----------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 3,860,680.03
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 94,925,025.11
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 39,552.09
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 94,925,025.11
Pool Balance as of the Current Accounting Date 91,508,783.67
Age of Pool in Months 59
a.2) Aggregate Note Balance
-----------------------
Aggregate Note Balance as of Preceding Accounting Date 93,975,774.86
Aggregate Note Balance as of Current Accounting Date 90,593,695.83
b) Default and Delinquency Performance (including Repossessions and Bankruptcies)
------------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
-------------- --------------- ----------------- ----------
30-59 Days Delinquent 23 392,334.62 0.429%
60-89 Days Delinquent 5 100,805.62 0.110%
90-119 Days Delinquent 3 91,525.35 0.100%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 10 227,935.36 0.249%
Cumulative Defaults 457 16,868,851.99 4.504%
Cumulative Recoveries 7,575,859.75 2.023%
Current Period Realized Losses
-------------------------------
Current Month Realized Losses 227,935.36
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.061%
Preceding Realized Losses 386,237.96
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.103%
Second Preceding Realized Losses 300,947.52
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.080%
Cumulative Realized Losses 9,292,992.24
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.481%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.24432898
Note Pool Factor 0.24188571
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-5 125,481.23
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 22,274,774.86 3,382,079.03 18,892,695.83
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 34,162.41
Excess Spread Received -60,408.40
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 8.91%
Weighted Average Remaining Maturity (WAM) 122
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 3,927,400.92
Plus: Trustee Fee 708.33
Less: Reserve Withdrawal 26,245.99
TOTAL WIRE TO CHASE 3,901,863.26
Amount Due To Servicer (Excess Spread and Recoup of O/C) 0.00
EX-1
DISTRIBUTION FINANCIAL SERVICES CORPORATION - - RV/MARINE TRUST 2001-1
Accounting Date: 11-Jun-04
Determination Date: 14-Jun-04
Monthly Payment Date: 15-Jun-04
Collection Period Ending: 31-May-04
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
-----------------------
Principal and Interest Payments Received (including Prepayments) 7,915,759.04
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 220,621.75
Current Monthly Interest Shortfall/Excess 131,966.82
Recoup of Collection Expenses -9,264.17
Amount of Withdrawal, if any, from Reserve Account 184,499.87
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 8,443,583.31
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,493,958.35
Amount of Interest Payments Received During the Collection Period for Receivables 1,361,991.53
Amount of Current Month Simple Interest Excess/Shortfall 131,966.82
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) 184,499.87
Reserve Account Investment Earnings 3,169.54
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance 0.00
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 3,789,673.67
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
------------------------------------------
Interest Payments Received 1,361,991.53
Scheduled Principal Payments Received 1,285,045.77
Principal Prepayments Received 5,268,721.74
Total Interest and Principal Payments Received 7,915,759.04
b) Liquidation Proceeds
- ----------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 235,305.38
minus Reasonable Expenses 14,683.63
Net Liquidation Proceeds 220,621.75
Amount Allocable to Interest 0.00
Amount Allocable to Principal 220,621.75
c) Purchase Amount - Loans Repurchased from Trust
- ------------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 8,136,380.79
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 199,559,272.31
multiplied by Servicer Fee Rate 0.75%
divided by Months per Year 12
SERVICING FEE AMOUNT 124,724.55
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a) Pool Balance
--------------
Initial Pool Balance 529,467,226.64
Pool Balance as of Preceding Accounting Date 199,559,272.31
Pool Balance as of the Current Accounting Date 192,259,052.82
Age of Pool in Months 31
a.2) Aggregate Note Balance
-----------------------
Aggregate Note Balance as of Preceding Accounting Date 199,559,272.31
Aggregate Note Balance as of Current Accounting Date 192,259,052.82
b) Default and Delinquency Performance (includes Repossessions and Bankruptcies)
-----------------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
------------- --------------- ----------------- ----------
30-59 Days Delinquent 42 746,267.83 0.388%
60-89 Days Delinquent 20 612,964.13 0.319%
90-119 Days Delinquent 9 235,085.14 0.122%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 12 746,451.98 0.388%
Cumulative Defaults 418 16,729,716.80 3.160%
Cumulative Recoveries 6,784,644.53 1.281%
Current Period Realized Losses
-------------------------------
Current Month Realized Losses 746,451.98
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.141%
Preceding Realized Losses 509,634.73
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.096%
Second Preceding Realized Losses 313,325.02
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.059%
Cumulative Realized Losses 9,945,072.27
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.878%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.36311795
Note Pool Factor 0.35426396
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 124,724.55
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-4 400,832.52
Class A-5 373,205.42
Class B 106,255.75
Class C 52,993.50
Class D 85,352.08
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 84,859,272.31 7,300,219.49 77,559,052.82
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 0.00
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 9.24%
Weighted Average Remaining Maturity (WAM) 144.39
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 8,443,583.31
Less: Reserve Withdrawal 184,499.87
TOTAL WIRE TO HSBC 8,259,083.44
Amount Due To Servicer 0.00