July 29, 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
July 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
July 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
July 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
July 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
July 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: July 26, 2004
Name: /s/Matt Pechulis
Title: Vice President & Assistant Secretary
EX-1
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV TRUST 1999-1
Accounting Date: 09-Jul-04
Determination Date: 14-Jul-04
Monthly Payment Date: 15-Jul-04
Collection Period Ending: 30-Jun-04
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
---------------------
Principal and Interest Payments Received (including Prepayments) 7,639,173.69
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 83,570.21
Current Monthly Interest Shortfall/Excess -121,636.26
Recoup of Collection Expenses -8,437.36
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 7,592,670.28
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,213,683.83
Amount of Interest Payments Received During the Collection Period for Receivables 1,335,320.09
Amount of Current Month Simple Interest Excess/Shortfall -121,636.26
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 6,997,995.57
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 5,372.66
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) 6,997,995.57
Total Ending Reserve Balance 7,003,368.23
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
- -----------------------------------------
Interest Payments Received 1,335,320.09
Scheduled Principal Payments Received 1,430,746.42
Principal Prepayments Received 4,873,107.18
Total Interest and Principal Payments Received 7,639,173.69
b) Liquidation Proceeds
- ---------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 104,540.12
minus Reasonable Expenses 20,969.91
Net Liquidation Proceeds 83,570.21
Amount Allocable to Interest 0.00
Amount Allocable to Principal 83,570.21
c) Purchase Amount - Loans Repurchased from Trust
- -----------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 7,722,743.90
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 173,116,846.34
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 72,132.02
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 173,116,846.34
Pool Balance as of the Current Accounting Date 166,415,476.43
Age of Pool in Months 64
a.2)Aggregate Note Balance
-----------------------
Aggregate Note Balance as of Preceding Accounting Date 171,385,677.88
Aggregate Note Balance as of Current Accounting Date 164,751,321.67
b) Default and Delinquency Performance (includes Repossessions and Bankruptcies)
- -------------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
--------------- ---------------- ----------------- ----------
30-59 Days Delinquent 37 893,965.14 0.537%
60-89 Days Delinquent 16 677,088.83 0.407%
90-119 Days Delinquent 9 193,062.41 0.116%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 15 397,516.31 0.239%
Cumulative Defaults 1,202 48,455,779.94 4.846%
Cumulative Recoveries 20,459,727.24 2.046%
Current Period Realized Losses
------------------------------
Current Month Realized Losses 397,516.31
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.040%
Preceding Realized Losses 1,219,276.00
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.122%
Second Preceding Realized Losses 871,542.60
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.087%
Cumulative Realized Losses 27,996,052.70
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.800%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.16641491
Note Pool Factor 0.16475132
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 73,863.40
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-5 308,547.90
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 62,019,677.88 6,634,356.21 55,385,321.67
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 67,013.70
Excess Spread Received -67,013.70
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 8.88%
Weighted Average Remaining Maturity (WAM) 111
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 7,592,670.28
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 7,593,711.95
Amount Due To Servicer (Excess Spread and Recoup of O/C less Reserve Deposit) 0.00
EX-1
DISTRIBUTION FINANCIAL SERVICES MARINE TRUST 1999-2
Accounting Date: 09-Jul-04
Determination Date: 14-Jul-04
Monthly Payment Date: 15-Jul-04
Collection Period Ending: 30-Jun-04
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
----------------------
Principal and Interest Payments Received (including Prepayments) 4,048,847.72
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 37,412.54
Current Monthly Interest Shortfall/Excess -53,454.84
Recoup of Collection Expenses -7,989.71
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 4,024,815.71
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 673,109.97
Amount of Interest Payments Received During the Collection Period for Receivable 726,564.81
Amount of Current Month Simple Interest Excess/Shortfall -53,454.84
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 10,273,442.03
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 7,707.13
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) 10,273,442.03
Total Ending Reserve Balance 10,281,149.16
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
------------------------------------------
Interest Payments Received 726,564.81
Scheduled Principal Payments Received 678,627.64
Principal Prepayments Received 2,643,655.27
Total Interest and Principal Payments Received 4,048,847.72
b) Liquidation Proceeds
- ------------------------------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 46,274.53
minus Reasonable Expenses 8,861.99
Net Liquidation Proceeds 37,412.54
Amount Allocable to Interest 0.00
Amount Allocable to Principal 37,412.54
c) Purchase Amount - Loans Repurchased from Trust
- ------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 4,086,260.26
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 100,415,280.02
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 41,839.70
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 100,415,280.02
Pool Balance as of the Current Accounting Date 97,010,991.46
Age of Pool in Months 62
a.2) Aggregate Note Balance
------------------------
Aggregate Note Balance as of Preceding Accounting Date 98,406,974.42
Aggregate Note Balance as of Current Accounting Date 95,070,771.63
b) Default and Delinquency Performance (includes Repossessions and Bankruptcies)
--------------------------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
------------- --------------- ----------------- ----------
30-59 Days Delinquent 18 254,386.31 0.262%
60-89 Days Delinquent 4 47,265.81 0.049%
90-119 Days Delinquent 1 10,733.55 0.011%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 4 82,005.65 0.085%
Cumulative Defaults 424 20,944,591.07 3.808%
Cumulative Recoveries 10,391,878.02 1.889%
Current Period Realized Losses
-------------------------------
Current Month Realized Losses 82,005.65
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.015%
Preceding Realized Losses 216,839.69
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.039%
Second Preceding Realized Losses 344,024.75
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.063%
Cumulative Realized Losses 10,552,713.05
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.919%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.17638359
Note Pool Factor 0.17285595
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 117,409.98
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-5 241,111.27
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 43,406,974.42 3,336,202.79 40,070,771.63
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 68,085.77
Excess Spread Received -68,085.77
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 8.28%
Weighted Average Remaining Maturity (WAM) 131
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 4,024,815.71
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 4,025,857.38
Amount Due To Servicer (Excess Spread and Recoup of O/C) 0.00
EX-1
DISTRIBUTION FINANCIAL SERVICES RV TRUST 1999-3
Accounting Date: 09-Jul-04
Determination Date: 14-Jul-04
Monthly Payment Date: 15-Jul-04
Collection Period Ending: 30-Jun-04
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
----------------------
Principal and Interest Payments Received (including Prepayments) 4,915,508.41
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 96,335.56
Current Monthly Interest Shortfall/Excess -65,243.96
Recoup of Collection Expenses -3,525.00
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 4,943,075.01
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 641,710.05
Amount of Interest Payments Received During the Collection Period for Receivables 706,954.01
Amount of Current Month Simple Interest Excess/Shortfall -65,243.96
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 2,565,240.02
Deposits to Reserve Account (only if Reserve Account is less than the Specified Reserve Account Balance) 18,673.82
Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principal) 0.00
Reserve Account Investment Earnings 1,933.23
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) 2,565,240.02
Total Ending Reserve Balance 2,585,847.07
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
- ------------------------------------------
Interest Payments Received 706,954.01
Scheduled Principal Payments Received 696,728.10
Principal Prepayments Received 3,511,826.30
Total Interest and Principal Payments Received 4,915,508.41
b) Liquidation Proceeds
- --------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 105,260.52
minus Reasonable Expenses 8,924.96
Net Liquidation Proceeds 96,335.56
Amount Allocable to Interest 0.00
Amount Allocable to Principal 96,335.56
c) Purchase Amount - Loans Repurchased from Trust
- ----------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 5,011,843.97
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 91,508,783.67
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 38,128.66
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 91,508,783.67
Pool Balance as of the Current Accounting Date 87,186,321.29
Age of Pool in Months 60
a.2) Aggregate Note Balance
-----------------------
Aggregate Note Balance as of Preceding Accounting Date 90,593,695.83
Aggregate Note Balance as of Current Accounting Date 86,314,458.08
b) Default and Delinquency Performance (including Repossessions and Bankruptcies)
------------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
-------------- --------------- ----------------- ----------
30-59 Days Delinquent 16 280,122.87 0.321%
60-89 Days Delinquent 5 159,334.38 0.183%
90-119 Days Delinquent 4 89,024.05 0.102%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 5 113,907.98 0.131%
Cumulative Defaults 462 16,982,759.97 4.534%
Cumulative Recoveries 7,672,195.31 2.048%
Current Period Realized Losses
-------------------------------
Current Month Realized Losses 113,907.98
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.030%
Preceding Realized Losses 227,935.36
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.061%
Second Preceding Realized Losses 386,237.96
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.103%
Cumulative Realized Losses 9,310,564.66
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.486%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.23278798
Note Pool Factor 0.23046012
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 118,893.93
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-5 106,428.85
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 18,892,695.83 4,279,237.75 14,613,458.08
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 43,224.63
Excess Spread Received -24,550.81
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 8.92%
Weighted Average Remaining Maturity (WAM) 120
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 4,943,075.01
Plus: Trustee Fee 708.33
TOTAL WIRE TO CHASE 4,943,783.34
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: 09-Jul-04
Determination Date: 14-Jul-04
Monthly Payment Date: 15-Jul-04
Collection Period Ending: 30-Jun-04
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
-----------------------
Principal and Interest Payments Received (including Prepayments) 7,825,095.46
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 111,623.74
Current Monthly Interest Shortfall/Excess -157,529.05
Recoup of Collection Expenses -15,040.06
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 7,764,150.09
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,410,575.22
Amount of Interest Payments Received During the Collection Period for Receivables 1,568,104.27
Amount of Current Month Simple Interest Excess/Shortfall -157,529.05
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 3,789,673.67
Deposits to Reserve Account (only if Reserve Account is less than the Specified Reserve Account Balance) 10,277.51
Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principal) 0.00
Reserve Account Investment Earnings 3,097.86
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) 3,789,673.67
Total Ending Reserve Balance 3,803,049.04
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
------------------------------------------
Interest Payments Received 1,568,104.27
Scheduled Principal Payments Received 1,442,967.63
Principal Prepayments Received 4,814,023.56
Total Interest and Principal Payments Received 7,825,095.46
b) Liquidation Proceeds
- ----------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 119,357.71
minus Reasonable Expenses 7,733.97
Net Liquidation Proceeds 111,623.74
Amount Allocable to Interest 0.00
Amount Allocable to Principal 111,623.74
c) Purchase Amount - Loans Repurchased from Trust
- ------------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 7,936,719.20
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 192,259,052.82
multiplied by Servicer Fee Rate 0.75%
divided by Months per Year 12
SERVICING FEE AMOUNT 120,161.91
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a) Pool Balance
--------------
Initial Pool Balance 529,467,226.64
Pool Balance as of Preceding Accounting Date 192,259,052.82
Pool Balance as of the Current Accounting Date 185,609,615.42
Age of Pool in Months 32
a.2) Aggregate Note Balance
-----------------------
Aggregate Note Balance as of Preceding Accounting Date 192,259,052.82
Aggregate Note Balance as of Current Accounting Date 185,609,615.42
b) Default and Delinquency Performance (includes Repossessions and Bankruptcies)
-----------------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
------------- --------------- ----------------- ----------
30-59 Days Delinquent 36 1,063,562.11 0.573%
60-89 Days Delinquent 17 638,114.73 0.344%
90-119 Days Delinquent 15 441,146.38 0.238%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 13 392,446.21 0.211%
Cumulative Defaults 431 17,122,163.01 3.234%
Cumulative Recoveries 6,896,268.27 1.302%
Current Period Realized Losses
-------------------------------
Current Month Realized Losses 392,446.21
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.074%
Preceding Realized Losses 746,451.98
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.141%
Second Preceding Realized Losses 509,634.73
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.096%
Cumulative Realized Losses 10,225,894.74
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.931%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.35055922
Note Pool Factor 0.34201145
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 120,161.91
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-4 366,466.52
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 77,559,052.82 6,649,437.40 70,909,615.42
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 10,277.51
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 9.24%
Weighted Average Remaining Maturity (WAM) 143.49
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 7,764,150.09
TOTAL WIRE TO HSBC 7,764,150.09
Amount Due To Servicer 0.00