July 21, 2005
Securities and Exchange Commission
450 Fifth Street, N.W.
Judiciary Plaza
Washington, D.C. 20549
Re: Form 8-K ETCF 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:
Marlyn.abraham@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, 2005
(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
July 15, 2005 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, 2005 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, 2005 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, 2005 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: July 21, 2005
Name: /s/ Matt Pechulis
Title: Vice President & Assistant Secretary
EX-1
DISTRIBUTION FINANCIAL SERVICES RV TRUST 1999-1
Accounting Date: 11-Jul-05
Determination Date: 14-Jul-05
Monthly Payment Date: 15-Jul-05
Collection Period Ending: 30-Jun-05
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
---------------------
Principal and Interest Payments Received (including Prepayments) 3,620,701.01
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 84,382.83
Current Advance/Advance Recovery -45,169.24
Recoup of Collection Expenses -8,648.14
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 3,651,266.46
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 828,788.88
Amount of Interest Payments Received During the Collection Period for Receivables 873,958.12
Amount of Current Month Simple Interest Excess/Shortfall -45,169.24
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 7,268,482.20
Deposits to Reserve Account (only if Reserve Account is less than the Specified Reserve Account Balance) 84,435.04
Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principal) 0.00
Reserve Account Investment Earnings 17,384.17
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) 7,268,482.20
Total Ending Reserve Balance 7,370,301.41
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
- -----------------------------------------
Interest Payments Received 873,958.12
Scheduled Principal Payments Received 1,083,456.14
Principal Prepayments Received 1,663,286.75
Total Interest and Principal Payments Received 3,620,701.01
b) Liquidation Proceeds
- ---------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 90,712.88
minus Reasonable Expenses 6,330.05
Net Liquidation Proceeds 84,382.83
Amount Allocable to Interest 0.00
Amount Allocable to Principal 84,382.83
c) Purchase Amount - Loans Repurchased from Trust
- -----------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 3,705,083.84
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 116,284,376.06
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 48,451.82
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 116,284,376.06
Pool Balance as of the Current Accounting Date 113,341,100.24
Age of Pool in Months 76
a.2)Aggregate Note Balance
-----------------------
Aggregate Note Balance as of Preceding Accounting Date 115,121,532.30
Aggregate Note Balance as of Current Accounting Date 112,207,689.24
b) Default and Delinquency Performance (includes Repossessions and Bankruptcies)
- -------------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
--------------- ---------------- ----------------- ----------
30-59 Days Delinquent 28 958,741.10 0.846%
60-89 Days Delinquent 13 640,486.83 0.565%
90-119 Days Delinquent 10 135,441.39 0.119%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 10 196,532.93 0.173%
Cumulative Defaults 1,343 52,675,603.90 5.268%
Cumulative Recoveries 21,980,753.15 2.198%
Current Period Realized Losses
------------------------------
Current Month Realized Losses 196,532.93
Current Month Realized Losses as Percentage of Initial Pool Balance 0.020%
Preceding Realized Losses 279,391.39
Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.028%
Second Preceding Realized Losses 190,265.40
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.019%
Cumulative Realized Losses 30,694,850.75
Cumulative Realized Losses as Percentage of Initial Pool Balance 3.069%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.11334110
Note Pool Factor 0.11220769
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 48,451.82
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 28,633.77
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 5,755,532.30 2,913,843.06 2,841,689.24
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 29,432.76
Excess Spread Received 55,002.28
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 8.88%
Weighted Average Remaining Maturity (WAM) 102
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit-Reserve Overfunded Withdrawal) 3,651,266.46
Plus: Trustee Fee 1,041.67
Less: Reserve Withdrawal 0.00
TOTAL WIRE TO CHASE 3,652,308.13
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: 11-Jul-05
Determination Date: 14-Jul-05
Monthly Payment Date: 15-Jul-05
Collection Period Ending: 30-Jun-05
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
----------------------
Principal and Interest Payments Received (including Prepayments) 2,502,970.35
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 37,824.25
Current Advance/Advance Recovery -33,778.51
Recoup of Collection Expenses -2,304.48
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 2,504,711.61
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 475,729.24
Amount of Interest Payments Received During the Collection Period for Receivables 509,507.75
Amount of Current Month Simple Interest Excess/Shortfall -33,778.51
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 10,974,835.17
Deposits to Reserve Account (only if Reserve Account is less than the Specified Reserve Account Balance) 112,045.01
Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principal) 0.00
Reserve Account Investment Earnings 26,056.53
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance -112,934.53
and over-collateralization amounts have been met)
Amount in Reserve Account as of Determination Date (excluding amount to be paid on next Payment Date) 10,974,835.17
Total Ending Reserve Balance 11,000,002.18
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
----------------------------------------
Interest Payments Received 509,507.75
Scheduled Principal Payments Received 542,119.02
Principal Prepayments Received 1,451,343.58
Total Interest and Principal Payments Received 2,502,970.35
b) Liquidation Proceeds
- ---------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 41,441.41
minus Reasonable Expenses 3,617.16
Net Liquidation Proceeds 37,824.25
Amount Allocable to Interest 1,682.42
Amount Allocable to Principal 36,141.83
c) Purchase Amount - Loans Repurchased from Trust
- ----------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 2,540,794.60
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 70,728,886.61
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 29,470.37
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 70,728,886.61
Pool Balance as of the Current Accounting Date 68,735,424.01
Age of Pool in Months 74
a.2) Aggregate Note Balance
------------------------
Aggregate Note Balance as of Preceding Accounting Date 69,314,308.88
Aggregate Note Balance as of Current Accounting Date 67,360,715.53
b) Default and Delinquency Performance (includes Repossessions and Bankruptcies)
-----------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
------------- --------------- ----------------- ----------
30-59 Days Delinquent 17 355,594.46 0.517%
60-89 Days Delinquent 3 154,947.48 0.225%
90-119 Days Delinquent 1 29,881.41 0.043%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 0 0.00 0.000%
Cumulative Defaults 476 22,487,072.10 4.089%
Cumulative Recoveries 12,453,242.46 2.264%
Current Period Realized Losses
-------------------------------
Current Month Realized Losses 0.00
Current Month Realized Losses as Percentage of Initial Pool Balance 0.000%
Preceding Realized Losses 118,158.61
Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.021%
Second Preceding Realized Losses 127,268.70
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.023%
Cumulative Realized Losses 10,033,829.64
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.824%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.12497350
Note Pool Factor 0.12247403
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 29,470.37
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 79,511.21
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 14,314,308.88 1,953,593.35 12,360,715.53
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 39,869.25
Excess Spread Received 72,175.76
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 8.27%
Weighted Average Remaining Maturity (WAM) 121
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 2,504,711.61
Plus: Trustee Fee 1,041.67
Less: Reserve Overfunded Withdrawal -112,934.53
TOTAL WIRE TO CHASE 2,392,818.75
Amount Due To Servicer (Excess Spread+Recoup of O/C-Reserve Deposit+Reserve Overfunded Withdrawal) 112,934.53
EX-3
DISTRIBUTION FINANCIAL SERVICES RV TRUST 1999-3
Accounting Date: 11-Jul-05
Determination Date: 14-Jul-05
Monthly Payment Date: 15-Jul-05
Collection Period Ending: 30-Jun-05
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
----------------------
Principal and Interest Payments Received (including Prepayments) 2,435,285.12
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 9,103.03
Current Advance/Advance Recovery -23,621.31
Recoup of Collection Expenses -7,762.50
Amount of Withdrawal, if any, from Reserve Account 170,919.67
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 2,583,924.01
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 450,955.64
Amount of Interest Payments Received During the Collection Period for Receivables 474,576.95
Amount of Current Month Simple Interest Excess/Shortfall -23,621.31
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) 0.00
Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principal) -170,919.67
Reserve Account Investment Earnings 6,783.49
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) 2,808,982.68
Total Ending Reserve Balance 2,644,846.50
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
- ------------------------------------------
Interest Payments Received 474,576.95
Scheduled Principal Payments Received 545,676.19
Principal Prepayments Received 1,415,031.98
Total Interest and Principal Payments Received 2,435,285.12
b) Liquidation Proceeds
- --------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 9,103.03
minus Reasonable Expenses 0.00
Net Liquidation Proceeds 9,103.03
Amount Allocable to Interest 0.00
Amount Allocable to Principal 9,103.03
c) Purchase Amount - Loans Repurchased from Trust
- ----------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 2,444,388.15
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 63,713,076.84
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 26,547.12
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 63,713,076.84
Pool Balance as of the Current Accounting Date 61,477,184.25
Age of Pool in Months 72
a.2) Aggregate Note Balance
-----------------------
Aggregate Note Balance as of Preceding Accounting Date 63,075,946.07
Aggregate Note Balance as of Current Accounting Date 60,862,412.41
b) Default and Delinquency Performance (including Repossessions and Bankruptcies)
------------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
------------- --------------- ----------------- ----------
30-59 Days Delinquent 25 603,299.62 0.981%
60-89 Days Delinquent 17 493,696.96 0.803%
90-119 Days Delinquent 2 54,456.52 0.089%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 8 275,184.42 0.448%
Cumulative Defaults 515 18,202,122.88 4.860%
Cumulative Recoveries 8,291,568.61 2.214%
Current Period Realized Losses
-------------------------------
Current Month Realized Losses 275,184.42
Current Month Realized Losses as Percentage of Initial Pool Balance 0.073%
Preceding Realized Losses 51,654.51
Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.014%
Second Preceding Realized Losses 62,857.25
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.017%
Cumulative Realized Losses 9,910,554.27
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.646%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.16414445
Note Pool Factor 0.16250300
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 0.00
Class A-6 265,005.82
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 0.00 0.00 0.00
Class A-6 46,221,946.07 2,213,533.66 44,008,412.41
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 22,358.93
Excess Spread Received -193,278.60
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 8.92%
Weighted Average Remaining Maturity (WAM) 111
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 2,583,924.01
Plus: Trustee Fee 708.33
Less: Reserve Overfunded Withdrawal -170,919.67
TOTAL WIRE TO CHASE 2,413,712.67
Amount Due To Servicer (Excess Spread+Recoup of O/C-Reserve Deposit+Reserve Overfunded Withdrawal) 0.00
EX-4
DISTRIBUTION FINANCIAL SERVICES RV/MARINE TRUST 2001-1
Accounting Date: 11-Jul-05
Determination Date: 14-Jul-05
Monthly Payment Date: 15-Jul-05
Collection Period Ending: 30-Jun-05
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
-----------------------
Principal and Interest Payments Received (including Prepayments) 5,455,740.03
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 282,713.61
Current Advance/Advance Recovery -57,312.89
Recoup of Collection Expenses -27,138.10
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 5,654,002.65
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 952,821.94
Amount of Interest Payments Received During the Collection Period for Receivables 1,010,134.83
Amount of Current Month Simple Interest Excess/Shortfall -57,312.89
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 2,762,930.44
Deposits to Reserve Account (only if Reserve Account is less than the Specified Reserve Account Balance) 22,792.90
Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principal) 0.00
Reserve Account Investment Earnings 6,493.56
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) 2,762,930.44
Total Ending Reserve Balance 2,792,216.90
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
------------------------------------------
Interest Payments Received 1,010,134.83
Scheduled Principal Payments Received 1,430,499.26
Principal Prepayments Received 3,015,105.94
Total Interest and Principal Payments Received 5,455,740.03
b) Liquidation Proceeds
- ----------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 320,989.89
minus Reasonable Expenses 38,276.28
Net Liquidation Proceeds 282,713.61
Amount Allocable to Interest 659.51
Amount Allocable to Principal 282,054.10
c) Purchase Amount - Loans Repurchased from Trust
- ------------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 5,738,453.64
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 129,772,191.01
multiplied by Servicer Fee Rate 0.75%
divided by Months per Year 12
SERVICING FEE AMOUNT 81,107.62
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a) Pool Balance
--------------
Initial Pool Balance 529,467,226.64
Pool Balance as of Preceding Accounting Date 129,772,191.01
Pool Balance as of the Current Accounting Date 124,911,111.73
Age of Pool in Months 44
a.2) Aggregate Note Balance
-----------------------
Aggregate Note Balance as of Preceding Accounting Date 129,772,191.01
Aggregate Note Balance as of Current Accounting Date 124,911,111.73
b) Default and Delinquency Performance (includes Repossessions and Bankruptcies)
-----------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
------------- --------------- ----------------- ----------
30-59 Days Delinquent 23 374,496.29 0.300%
60-89 Days Delinquent 14 329,743.61 0.264%
90-119 Days Delinquent 17 313,763.95 0.251%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 16 415,474.08 0.333%
Cumulative Defaults 616 24,024,000.33 4.537%
Cumulative Recoveries 10,547,375.14 1.992%
Current Period Realized Losses
-------------------------------
Current Month Realized Losses 415,474.08
Current Month Realized Losses as Percentage of Initial Pool Balance 0.078%
Preceding Realized Losses 393,725.60
Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.074%
Second Preceding Realized Losses 655,413.60
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.124%
Cumulative Realized Losses 13,476,625.19
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.545%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.23016604
Note Pool Factor 0.23016604
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 81,107.62
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 71,216.10
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 15,072,191.01 4,861,079.28 10,211,111.73
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 22,792.90
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 9.24%
Weighted Average Remaining Maturity (WAM) 131.09
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit-Reserve Overfunded Deposit) 5,654,002.65
Less: Reserve Withdrawal 0.00
TOTAL WIRE TO HSBC 5,654,002.65
Amount Due To Servicer (Excess Spread-Reserve Deposit+Reserve Overfunded Withdrawal) 0.00