October 20, 2004
Securities and Exchange Commission
450 Fifth Street, N.W.
Judiciary Plaza
Washington, D.C. 20549
Re: Form 8-K ETCF Asset Funding Corporation,
formerly DEUTSCHE RECREATIONAL ASSET FUNDING CORPORATION,
Registration No. 333-56303
On behalf of ETCF 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.
October 15, 2004
(Date of earliest event reported)
ETCF 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 8.01. 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 9.01.(c). Exhibits.
Exhibit
Number Document Description
- ------- --------------------
EX-1 Distribution Financial Services RV Trust 1999-1
October 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
October 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
October 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
October 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.
ETCF ASSET FUNDING CORPORATION
(Registrant)
Date: October 20, 2004
Name: Matt Pechulis
Title: /s/Vice President & Assistant Secretary
EX-1
DISTRIBUTION FINANCIAL SERVICES RV TRUST 1999-1
Accounting Date: 12-Oct-04
Determination Date: 14-Oct-04
Monthly Payment Date: 15-Oct-04
Collection Period Ending: 30-Sep-04
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
---------------------
Principal and Interest Payments Received (including Prepayments) 5,545,644.13
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 249,771.12
Current Monthly Interest Shortfall/Excess -21,658.50
Recoup of Collection Expenses -5,447.48
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 5,768,309.27
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,095,774.37
Amount of Interest Payments Received During the Collection Period for Receivables 1,117,432.87
Amount of Current Month Simple Interest Excess/Shortfall -21,658.50
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 7,091,531.16
Deposits to Reserve Account (only if Reserve Account is less than the Specified Reserve Account Balance) 101,389.37
Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principal) 0.00
Reserve Account Investment Earnings 8,087.43
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance
and over-collateralization amounts have been met) 0.00
Amount in Reserve Account as of Determination Date (excluding amount to be paid on next Payment Date) 7,091,531.16
Total Ending Reserve Balance 7,201,007.96
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
- -----------------------------------------
Interest Payments Received 1,117,432.87
Scheduled Principal Payments Received 1,288,400.89
Principal Prepayments Received 3,139,810.37
Total Interest and Principal Payments Received 5,545,644.13
b) Liquidation Proceeds
- ---------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 273,909.85
minus Reasonable Expenses 24,138.73
Net Liquidation Proceeds 249,771.12
Amount Allocable to Interest 0.00
Amount Allocable to Principal 249,771.12
c) Purchase Amount - Loans Repurchased from Trust
- -----------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 5,795,415.25
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 154,830,030.68
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 64,512.51
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 154,830,030.68
Pool Balance as of the Current Accounting Date 150,040,808.24
Age of Pool in Months 67
a.2)Aggregate Note Balance
-----------------------
Aggregate Note Balance as of Preceding Accounting Date 153,281,730.37
Aggregate Note Balance as of Current Accounting Date 148,540,400.16
b) Default and Delinquency Performance (includes Repossessions and Bankruptcies)
- -------------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
--------------- ---------------- ----------------- ----------
30-59 Days Delinquent 47 1,712,416.07 1.141%
60-89 Days Delinquent 12 594,199.34 0.396%
90-119 Days Delinquent 8 296,045.28 0.197%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 10 361,011.18 0.241%
Cumulative Defaults 1,236 49,528,826.31 4.953%
Cumulative Recoveries 20,918,963.46 2.092%
Current Period Realized Losses
------------------------------
Current Month Realized Losses 361,011.18
Current Month Realized Losses as Percentage of Initial Pool Balance 0.036%
Preceding Realized Losses 518,972.78
Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.052%
Second Preceding Realized Losses 193,062.41
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.019%
Cumulative Realized Losses 28,609,862.85
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.861%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.15004030
Note Pool Factor 0.14854040
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 131,206.16
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-5 218,480.76
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 43,915,730.37 4,741,330.21 39,174,400.16
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 47,892.23
Excess Spread Received 53,497.14
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 8.88%
Weighted Average Remaining Maturity (WAM) 108
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit-Reserve Overfunded Withdrawal) 5,768,309.27
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 5,769,350.94
Amount Due To Servicer (Excess Spread+Recoup of O/C-Reserve Deposit+Reserve Overfunded Withdrawal-Trustee Fee) 0.00
EX-2
DISTRIBUTION FINANCIAL SERVICES MARINE TRUST 1999-2
Accounting Date: 12-Oct-04
Determination Date: 14-Oct-04
Monthly Payment Date: 15-Oct-04
Collection Period Ending: 30-Sep-04
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
----------------------
Principal and Interest Payments Received (including Prepayments) 3,319,443.28
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 9,874.66
Current Monthly Interest Shortfall/Excess -15,669.71
Recoup of Collection Expenses -2,237.99
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 3,311,410.24
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 613,595.01
Amount of Interest Payments Received During the Collection Period for Receivables 629,264.72
Amount of Current Month Simple Interest Excess/Shortfall -15,669.71
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 11,000,002.18
Deposits to Reserve Account (only if Reserve Account is less than the Specified Reserve Account Balance) 76,096.32
Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principal) -76,096.32
Reserve Account Investment Earnings 12,143.78
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance -12,143.78
and over-collateralization amounts have been met)
Amount in Reserve Account as of Determination Date (excluding amount to be paid on next Payment Date) 11,000,002.18
Total Ending Reserve Balance 11,000,002.18
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
----------------------------------------
Interest Payments Received 629,264.72
Scheduled Principal Payments Received 811,180.91
Principal Prepayments Received 1,878,997.65
Total Interest and Principal Payments Received 3,319,443.28
b) Liquidation Proceeds
- ---------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 18,136.21
minus Reasonable Expenses 8,261.55
Net Liquidation Proceeds 9,874.66
Amount Allocable to Interest 0.00
Amount Allocable to Principal 9,874.66
c) Purchase Amount - Loans Repurchased from Trust
- ----------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 3,329,317.94
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 91,278,090.37
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 38,032.54
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 91,278,090.37
Pool Balance as of the Current Accounting Date 88,547,664.45
Age of Pool in Months 65
a.2) Aggregate Note Balance
------------------------
Aggregate Note Balance as of Preceding Accounting Date 89,452,528.56
Aggregate Note Balance as of Current Accounting Date 86,776,711.16
b) Default and Delinquency Performance (includes Repossessions and Bankruptcies)
-----------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
------------- --------------- ----------------- ----------
30-59 Days Delinquent 28 763,863.96 0.863%
60-89 Days Delinquent 7 106,615.68 0.120%
90-119 Days Delinquent 4 67,153.46 0.076%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 3 40,247.36 0.045%
Cumulative Defaults 433 21,056,468.53 3.828%
Cumulative Recoveries 11,432,219.62 2.079%
Current Period Realized Losses
-------------------------------
Current Month Realized Losses 40,247.36
Current Month Realized Losses as Percentage of Initial Pool Balance 0.007%
Preceding Realized Losses 55,505.48
Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.010%
Second Preceding Realized Losses 16,124.62
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.003%
Cumulative Realized Losses 9,624,248.91
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.750%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.16099572
Note Pool Factor 0.15777584
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 38,032.54
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-5 191,372.31
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 34,452,528.56 2,675,817.40 31,776,711.16
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 54,608.52
Excess Spread Received 21,487.80
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 8.28%
Weighted Average Remaining Maturity (WAM) 129
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 3,311,410.24
Plus: Trustee Fee 1,041.67
Less: Reserve Overfunded Withdrawal -76,096.32
TOTAL WIRE TO CHASE 3,236,355.59
Amount Due To Servicer (Excess Spread+Recoup of O/C-Reserve Deposit+Reserve Overfunded Withdrawal-Trustee Fee) 76,096.32
EX-3
DISTRIBUTION FINANCIAL SERVICES RV TRUST 1999-3
Accounting Date: 12-Oct-04
Determination Date: 14-Oct-04
Monthly Payment Date: 15-Oct-04
Collection Period Ending: 30-Sep-04
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
----------------------
Principal and Interest Payments Received (including Prepayments) 3,003,220.08
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 80,037.99
Current Monthly Interest Shortfall/Excess -34,110.70
Recoup of Collection Expenses -3,214.10
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 3,045,933.27
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 582,025.42
Amount of Interest Payments Received During the Collection Period for Receivables 616,136.12
Amount of Current Month Simple Interest Excess/Shortfall -34,110.70
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 2,757,169.07
Deposits to Reserve Account (only if Reserve Account is less than the Specified Reserve Account Balance) 77,985.57
Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principal) -26,171.96
Reserve Account Investment Earnings 3,024.34
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance
and over-collateralization amounts have been met) -3,024.34
Amount in Reserve Account as of Determination Date (excluding amount to be paid on next Payment Date) 2,757,169.07
Total Ending Reserve Balance 2,808,982.68
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
- ------------------------------------------
Interest Payments Received 616,136.12
Scheduled Principal Payments Received 562,710.78
Principal Prepayments Received 1,824,373.18
Total Interest and Principal Payments Received 3,003,220.08
b) Liquidation Proceeds
- --------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 89,057.39
minus Reasonable Expenses 9,019.40
Net Liquidation Proceeds 80,037.99
Amount Allocable to Interest 0.00
Amount Allocable to Principal 80,037.99
c) Purchase Amount - Loans Repurchased from Trust
- ----------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 3,083,258.07
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 81,548,125.73
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 33,978,39
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 81,548,125.73
Pool Balance as of the Current Accounting Date 79,059,994.02
Age of Pool in Months 63
a.2) Aggregate Note Balance
-----------------------
Aggregate Note Balance as of Preceding Accounting Date 80,732,644.47
Aggregate Note Balance as of Current Accounting Date 78,269,394.08
b) Default and Delinquency Performance (including Repossessions and Bankruptcies)
------------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
------------- --------------- ----------------- ----------
30-59 Days Delinquent 24 305,360.63 0.386%
60-89 Days Delinquent 2 132,709.98 0.168%
90-119 Days Delinquent 3 21,240.36 0.027%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 4 101,047.75 0.128%
Cumulative Defaults 476 17,344,862.28 4.631%
Cumulative Recoveries 7,927,302.63 2.117%
Current Period Realized Losses
-------------------------------
Current Month Realized Losses 101,047.75
Current Month Realized Losses as Percentage of Initial Pool Balance 0.027%
Preceding Realized Losses 172,074.33
Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.046%
Second Preceding Realized Losses 88,890.24
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.024%
Cumulative Realized Losses 9,417,469.66
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.514%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.21109064
Note Pool Factor 0.20897975
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 33,978.39
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 50,878.26
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 9,031,644.47 2,463,250.39 6,568,394.08
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 24,881.32
Excess Spread Received 53,104.25
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 8.92%
Weighted Average Remaining Maturity (WAM) 118
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit- Reserve Overfunded Withdrawal) 3,045,933.27
Plus: Trustee Fee 708.33
Less: Reserve Overfunded Withdrawal -26,171.96
TOTAL WIRE TO CHASE 3,020,469.64
Amount Due To Servicer (Excess Spread+Recoup of O/C-Reserve Deposit+Reserve Overfunded Withdrawal-Trustee Fee) 26,171.96
EX-4
DISTRIBUTION FINANCIAL SERVICES RV/MARINE TRUST 2001-1
Accounting Date: 12-Oct-04
Determination Date: 14-Oct-04
Monthly Payment Date: 15-Oct-04
Collection Period Ending: 30-Sep-04
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
-----------------------
Principal and Interest Payments Received (including Prepayments) 6,188,814.28
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 195,314.88
Current Monthly Interest Shortfall/Excess -50,926.24
Recoup of Collection Expenses -18,627.82
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 6,314,575.10
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,267,039.17
Amount of Interest Payments Received During the Collection Period for Receivables 1,317,965.41
Amount of Current Month Simple Interest Excess/Shortfall -50,926.24
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 4,754.08
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance -4,754.08
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 1,317,965.41
Scheduled Principal Payments Received 1,342,992.17
Principal Prepayments Received 3,527,856.70
Total Interest and Principal Payments Received 6,188,814.28
b) Liquidation Proceeds
- ----------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 210,568.06
minus Reasonable Expenses 15,253.18
Net Liquidation Proceeds 195,314.88
Amount Allocable to Interest 0.00
Amount Allocable to Principal 195,314.88
c) Purchase Amount - Loans Repurchased from Trust
- ------------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 6,384,129.16
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 172,966,334.38
multiplied by Servicer Fee Rate 0.75%
divided by Months per Year 12
SERVICING FEE AMOUNT 108,103.96
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a) Pool Balance
--------------
Initial Pool Balance 529,467,226.64
Pool Balance as of Preceding Accounting Date 172,966,334.38
Pool Balance as of the Current Accounting Date 167,669,804.41
Age of Pool in Months 35
a.2) Aggregate Note Balance
-----------------------
Aggregate Note Balance as of Preceding Accounting Date 172,966,334.38
Aggregate Note Balance as of Current Accounting Date 167,669,804.41
b) Default and Delinquency Performance (includes Repossessions and Bankruptcies)
-----------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
------------- --------------- ----------------- ----------
30-59 Days Delinquent 49 1,303,623.56 0.777%
60-89 Days Delinquent 18 985,883.45 0.588%
90-119 Days Delinquent 10 304,499.65 0.182%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 13 425,681.10 0.254%
Cumulative Defaults 473 18,566,145.89 3.507%
Cumulative Recoveries 7,990,384.41 1.509%
Current Period Realized Losses
-------------------------------
Current Month Realized Losses 425,681.10
Current Month Realized Losses as Percentage of Initial Pool Balance 0.080%
Preceding Realized Losses 586,387.65
Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.111%
Second Preceding Realized Losses 431,914.13
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.082%
Cumulative Realized Losses 10,464,173.74
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.976%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.31667646
Note Pool Factor 0.30895486
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 108,103.96
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-4 275,308.43
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 58,266,334.38 5,296,529.97 52,969,804.41
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 16,825.99
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 9.24%
Weighted Average Remaining Maturity (WAM) 140.69
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit-Reserve Overfunded Deposit) 6,297,749.11
TOTAL WIRE TO HSBC 6,280,923.12
Amount Due To Servicer (Excess Spread+Recoup of O/C-Reserve Deposit+Reserve Overfunded Withdrawal) 16,825.99