December 21, 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.
December 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
December 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
December 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
December 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
December 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: December 21, 2004
Name: /s/ Matt Pechulis
Title: Vice President & Assistant Secretary
EX-1
DISTRIBUTION FINANCIAL SERVICES RV TRUST 1999-1
Accounting Date: 10-Dec-04
Determination Date: 13-Dec-04
Monthly Payment Date: 15-Dec-04
Collection Period Ending: 30-Nov-04
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
---------------------
Principal and Interest Payments Received (including Prepayments) 5,549,644.84
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 53,968.42
Current Monthly Interest Shortfall/Excess -73,317.50
Recoup of Collection Expenses -16,548.04
Amount of Withdrawal, if any, from Reserve Account 115,906.09
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 5,629,653.81
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,023,025.40
Amount of Interest Payments Received During the Collection Period for Receivables 1,096,342.90
Amount of Current Month Simple Interest Excess/Shortfall -73,317.50
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 7,441,877.11
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) -115,906.09
Reserve Account Investment Earnings 9,342.88
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) 7,335,313.90
Total Ending Reserve Balance 7,335,313.90
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
- -----------------------------------------
Interest Payments Received 1,096,342.90
Scheduled Principal Payments Received 1,500,495.27
Principal Prepayments Received 2,952,806.67
Total Interest and Principal Payments Received 5,549,644.84
b) Liquidation Proceeds
- ---------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 67,041.87
minus Reasonable Expenses 13,073.45
Net Liquidation Proceeds 53,968.42
Amount Allocable to Interest 0.00
Amount Allocable to Principal 53,968.42
c) Purchase Amount - Loans Repurchased from Trust
- -----------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 5,603,613.26
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 145,073,883.67
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 60,447.45
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 145,073,883.67
Pool Balance as of the Current Accounting Date 140,141,235.44
Age of Pool in Months 69
a.2)Aggregate Note Balance
-----------------------
Aggregate Note Balance as of Preceding Accounting Date 143,623,144.83
Aggregate Note Balance as of Current Accounting Date 138,739,823.09
b) Default and Delinquency Performance (includes Repossessions and Bankruptcies)
- -------------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
--------------- ---------------- ----------------- ----------
30-59 Days Delinquent 38 878,967.89 0.627%
60-89 Days Delinquent 17 378,241.70 0.270%
90-119 Days Delinquent 16 462,863.15 0.330%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 9 479,346.29 0.342%
Cumulative Defaults 1,253 50,331,971.49 5.033%
Cumulative Recoveries 21,227,933.69 2.123%
Current Period Realized Losses
------------------------------
Current Month Realized Losses 479,346.29
Current Month Realized Losses as Percentage of Initial Pool Balance 0.048%
Preceding Realized Losses 323,798.89
Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.032%
Second Preceding Realized Losses 361,011.18
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.036%
Cumulative Realized Losses 29,104,037.80
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.910%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.14014076
Note Pool Factor 0.13873935
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-5 170,429.30
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 34,257,144.83 4,883,321.74 29,373,823.09
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 49,326.49
Excess Spread Received -165,232.58
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 8.89%
Weighted Average Remaining Maturity (WAM) 107
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit-Reserve Overfunded Withdrawal) 5,629,653.81
Plus: Trustee Fee 1,041.67
Less: Reserve Withdrawal -115,906.09
TOTAL WIRE TO CHASE 5,514,789.39
Amount Due To Servicer (Excess Spread+Recoup of O/C-Reserve Deposit+Reserve Overfunded Withdrawal-Reserve Withdrawal) 0.00
EX-2
DISTRIBUTION FINANCIAL SERVICES MARINE TRUST 1999-2
Accounting Date: 10-Dec-04
Determination Date: 13-Dec-04
Monthly Payment Date: 15-Dec-04
Collection Period Ending: 30-Nov-04
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
----------------------
Principal and Interest Payments Received (including Prepayments) 3,733,649.33
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 70,225.91
Current Monthly Interest Shortfall/Excess -32,878.48
Recoup of Collection Expenses -8,852.85
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 3,762,143.91
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 581,261.18
Amount of Interest Payments Received During the Collection Period for Receivables 614,139.66
Amount of Current Month Simple Interest Excess/Shortfall -32,878.48
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) 70,176.84
Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principal) -70,176.84
Reserve Account Investment Earnings 13,991.56
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance -13,991.56
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 614,139.66
Scheduled Principal Payments Received 763,416.63
Principal Prepayments Received 2,356,093.04
Total Interest and Principal Payments Received 3,733,649.33
b) Liquidation Proceeds
- ---------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 93,962.85
minus Reasonable Expenses 23,736.94
Net Liquidation Proceeds 70,225.91
Amount Allocable to Interest 0.00
Amount Allocable to Principal 70,225.91
c) Purchase Amount - Loans Repurchased from Trust
- ----------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 3,803,875.24
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 86,972,071.21
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 36,238.36
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 86,972,071.21
Pool Balance as of the Current Accounting Date 83,749,923.40
Age of Pool in Months 67
a.2) Aggregate Note Balance
------------------------
Aggregate Note Balance as of Preceding Accounting Date 85,232,629.79
Aggregate Note Balance as of Current Accounting Date 82,074,924.93
b) Default and Delinquency Performance (includes Repossessions and Bankruptcies)
-----------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
------------- --------------- ----------------- ----------
30-59 Days Delinquent 22 446,039.16 0.533%
60-89 Days Delinquent 9 704,529.50 0.841%
90-119 Days Delinquent 8 303,342.91 0.362%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 6 102,638.14 0.123%
Cumulative Defaults 442 21,213,121.30 3.857%
Cumulative Recoveries 11,749,359.19 2.136%
Current Period Realized Losses
-------------------------------
Current Month Realized Losses 102,638.14
Current Month Realized Losses as Percentage of Initial Pool Balance 0.019%
Preceding Realized Losses 54,014.63
Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.010%
Second Preceding Realized Losses 40,247.36
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.007%
Cumulative Realized Losses 9,463,762.11
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.721%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.15227256
Note Pool Factor 0.14922711
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 36,238.36
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-5 167,932.18
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 30,232,629.79 3,157,704.86 27,074,924.93
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 64,442.95
Excess Spread Received 5,733.89
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 8.28%
Weighted Average Remaining Maturity (WAM) 127
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 3,762,143.91
Plus: Trustee Fee 1,041.67
Less: Reserve Overfunded Withdrawal -70,176.84
TOTAL WIRE TO CHASE 3,693,008.74
Amount Due To Servicer (Excess Spread+Recoup of O/C-Reserve Deposit+Reserve Overfunded Withdrawal) 70,176.84
EX-3
DISTRIBUTION FINANCIAL SERVICES RV TRUST 1999-3
Accounting Date: 10-Dec-04
Determination Date: 13-Dec-04
Monthly Payment Date: 15-Dec-04
Collection Period Ending: 30-Nov-04
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
----------------------
Principal and Interest Payments Received (including Prepayments) 3,113,516.36
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 40,684.51
Current Monthly Interest Shortfall/Excess -53,964.90
Recoup of Collection Expenses -6,468.47
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 3,093,767.50
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 547,607.32
Amount of Interest Payments Received During the Collection Period for Receivables 601,572.22
Amount of Current Month Simple Interest Excess/Shortfall -53,964.90
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 2,808,982.68
Deposits to Reserve Account (only if Reserve Account is less than the Specified Reserve Account Balance) 1,734.94
Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principal) -1,734.94
Reserve Account Investment Earnings 3,572.86
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance
and over-collateralization amounts have been met) -3,572.86
Amount in Reserve Account as of Determination Date (excluding amount to be paid on next Payment Date) 2,808,982.68
Total Ending Reserve Balance 2,808,982.68
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
- ------------------------------------------
Interest Payments Received 601,572.22
Scheduled Principal Payments Received 594,953.19
Principal Prepayments Received 1,916,990.95
Total Interest and Principal Payments Received 3,113,516.36
b) Liquidation Proceeds
- --------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 43,213.33
minus Reasonable Expenses 2,528.82
Net Liquidation Proceeds 40,684.51
Amount Allocable to Interest 0.00
Amount Allocable to Principal 40,684.51
c) Purchase Amount - Loans Repurchased from Trust
- ----------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 3,154,200.87
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 76,844,893.39
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 32,018.71
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 76,844,893.39
Pool Balance as of the Current Accounting Date 74,202,949.10
Age of Pool in Months 65
a.2) Aggregate Note Balance
-----------------------
Aggregate Note Balance as of Preceding Accounting Date 76,076,444.46
Aggregate Note Balance as of Current Accounting Date 73,460,919.61
b) Default and Delinquency Performance (including Repossessions and Bankruptcies)
------------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
------------- --------------- ----------------- ----------
30-59 Days Delinquent 21 253,099.09 0.341%
60-89 Days Delinquent 7 119,786.46 0.161%
90-119 Days Delinquent 5 91,894.47 0.124%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 1 130,000.15 0.175%
Cumulative Defaults 480 17,496,102.80 4.671%
Cumulative Recoveries 7,998,209.65 2.136%
Current Period Realized Losses
-------------------------------
Current Month Realized Losses 130,000.15
Current Month Realized Losses as Percentage of Initial Pool Balance 0.035%
Preceding Realized Losses 21,240.36
Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.006%
Second Preceding Realized Losses 101,047.75
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.027%
Cumulative Realized Losses 9,497,893.15
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.536%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.19812230
Note Pool Factor 0.19614108
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 32,018.71
Servicer Reimbursements for Mistaken Deposits or Posting of Checks Returned for Insufficient Funds (not
Otherwise Reimbursed to Servicer) 0.00
b) Noteholders' Monthly Interest Distributable Amount
---------------------------------------------------
Class A-1 0.00
Class A-2 0.00
Class A-3 0.00
Class A-4 0.00
Class A-5 24,648.34
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 4,375,444.46 2,615,524.85 1,759,919.61
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 26,419.44
Excess Spread Received -24,684.50
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 8.92%
Weighted Average Remaining Maturity (WAM) 116
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 3,093,767.50
Plus: Trustee Fee 708.33
Less: Reserve Overfunded Withdrawal -1,734.94
TOTAL WIRE TO CHASE 3,092,740.89
Amount Due To Servicer (Excess Spread+Recoup of O/C-Reserve Deposit+Reserve Overfunded Withdrawal) 1,734.94
EX-4
DISTRIBUTION FINANCIAL SERVICES RV/MARINE TRUST 2001-1
Accounting Date: 10-Dec-04
Determination Date: 13-Dec-04
Monthly Payment Date: 15-Dec-04
Collection Period Ending: 30-Nov-04
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
-----------------------
Principal and Interest Payments Received (including Prepayments) 4,699,325.65
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 237,715.22
Current Monthly Interest Shortfall/Excess -118,345.29
Recoup of Collection Expenses -28,227.22
Amount of Withdrawal, if any, from Reserve Account 411,566.64
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 5,202,035.00
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,179,116.83
Amount of Interest Payments Received During the Collection Period for Receivables 1,297,462.12
Amount of Current Month Simple Interest Excess/Shortfall -118,345.29
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) -411,566.64
Reserve Account Investment Earnings 5,815.64
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 3,565,253.00
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
------------------------------------------
Interest Payments Received 1,297,462.12
Scheduled Principal Payments Received 1,081,478.25
Principal Prepayments Received 2,320,385.28
Total Interest and Principal Payments Received 4,699,325.65
b) Liquidation Proceeds
- ----------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 254,791.60
minus Reasonable Expenses 17,076.38
Net Liquidation Proceeds 237,715.22
Amount Allocable to Interest 1,146.60
Amount Allocable to Principal 236,568.62
c) Purchase Amount - Loans Repurchased from Trust
- ------------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 4,937,040.87
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 162,873,494.60
multiplied by Servicer Fee Rate 0.75%
divided by Months per Year 12
SERVICING FEE AMOUNT 101,795.93
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a) Pool Balance
--------------
Initial Pool Balance 529,467,226.64
Pool Balance as of Preceding Accounting Date 162,873,494.60
Pool Balance as of the Current Accounting Date 158,618,682.04
Age of Pool in Months 37
a.2) Aggregate Note Balance
-----------------------
Aggregate Note Balance as of Preceding Accounting Date 162,873,494.60
Aggregate Note Balance as of Current Accounting Date 158,618,682.04
b) Default and Delinquency Performance (includes Repossessions and Bankruptcies)
-----------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
------------- --------------- ----------------- ----------
30-59 Days Delinquent 47 2,163,098.00 1.364%
60-89 Days Delinquent 24 689,971.58 0.435%
90-119 Days Delinquent 19 503,546.40 0.317%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 13 852,949.03 0.538%
Cumulative Defaults 496 19,759,238.12 3.732%
Cumulative Recoveries 8,455,990.91 1.597%
Current Period Realized Losses
-------------------------------
Current Month Realized Losses 852,949.03
Current Month Realized Losses as Percentage of Initial Pool Balance 0.161%
Preceding Realized Losses 340,143.20
Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.064%
Second Preceding Realized Losses 425,681.10
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.080%
Cumulative Realized Losses 11,303,247.21
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.135%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.29958168
Note Pool Factor 0.29958168
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 101,795.93
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-4 227,619.76
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 48,173,494.60 4,254,812.56 43,918,682.04
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) 9.23%
Weighted Average Remaining Maturity (WAM) 138.68
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit-Reserve Overfunded Deposit) 5,202,035.00
Less: Reserve Withdrawal -411,566.64
TOTAL WIRE TO HSBC 4,790,468.36
Amount Due To Servicer (Excess Spread-Reserve Deposit+Reserve Overfunded Withdrawal) 0.00