September 13, 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.
September 07, 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 Exhibit 1
of this current report on Form 8-K.
Item 9.01. (c). Exhibits.
Exhibit
Number Document Description
- ------- --------------------
EX-1 E*TRADE RV AND MARINE TRUST 2004-1
September 07, 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)
By: /s/ Matt Pechulis
Title: Vice President, & Assistant Secretary
Date: September 13, 2005
EX-1
E*TRADE RV AND MARINE TRUST 2004-1
Determination Date: 06-Sep-05
Monthly Payment Date: 07-Sep-05
Collection Period Ending: 31-Aug-05
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
---------------------
Principal and Interest Payments Received (including Prepayments) 6,335,965.46
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 69,852.50
Current Advance/Current Recovery -31,482.58
Recoup of Collection Expenses -1,402.00
Investment Earnings (from Collection Account) 9,262.05
Investment Earnings (from Reserve Account) 13,130.61
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 6,395,326.04
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,423,336.57
Amount of Interest Payments Received During the Collection Period for Receivables 1,454,819.15
Amount of Current Month Simple Interest Excess/Shortfall -31,482.58
Less: Servicer Advance Reimbursement 31,482.58
Amount of Interest Payments Received During the Collection Period available for distribution 1,423,336.57
III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance (not more than the outstanding principal balance of the Notes) 4,634,941.80
Beginning Reserve Account Balance 4,634,941.80
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 13,130.61
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance
and over-collateralization amounts have been met) -13,130.61
Amount in Reserve Account as of Determination Date (excluding amount to be paid on next Payment Date) 4,634,941.80
Total Ending Reserve Balance 4,634,941.80
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
- -----------------------------------------
Interest Payments Received 1,454,819.15
Scheduled Principal Payments Received 1,417,049.01
Principal Prepayments Received 3,464,097.30
Total Interest and Principal Payments Received 6,335,965.46
b) Liquidation Proceeds
- ---------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 72,750.00
minus Reasonable Expenses 2,897.50
Net Liquidation Proceeds 69,852.50
Amount Allocable to Interest 0.00
Amount Allocable to Principal 69,852.50
c) Purchase Amount - Loans Repurchased from Trust
- -----------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 6,405,817.96
V. CALCULATION OF SERVICING AND TRUSTEE FEES
a) Pool Balance of Receivables as of the First Day of Collection Period 274,259,713.66
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 114,274.88
b) Indenture Trustee Fee 500.00
c) Owner Trustee Fee 250.00
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a) Pool Balance
------------
Initial Pool Balance 308,996,120.23
Pool Balance as of Preceding Accounting Date 274,259,713.66
Pool Balance as of the Current Accounting Date 269,228,355.96
Age of Pool in Months 9
a.2) Aggregate Note Balance
-----------------------
Aggregate Note Balance as of Preceding Accounting Date 268,142,981.41
Aggregate Note Balance as of Current Accounting Date 262,672,372.38
b) Default and Delinquency Performance (includes Repossessions and Bankruptcies)
-------------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
--------------- ---------------- ----------------- ----------
30-59 Days Delinquent 7 317,356.06 0.118%
60-89 Days Delinquent 2 39,903.78 0.015%
90-119 Days Delinquent 2 82,456.59 0.031%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 5 150,211.40 0.056%
Cumulative Defaults 17 412,329.74 0.133%
Cumulative Recoveries 125,865.83 0.041%
Current Period Realized Losses
------------------------------
Current Month Realized Losses 150,211.40
Current Month Realized Losses as Percentage of Initial Pool Balance 0.049%
Preceding Realized Losses 60,030.29
Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.019%
Second Preceding Realized Losses 123,201.19
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.040%
Cumulative Realized Losses 286,463.91
Cumulative Realized Losses as Percentage of Initial Pool Balance 0.093%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.8713001
Note Pool Factor 0.8500831
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 114,274.88
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 48,709.66
Class A-2 172,671.67
Class A-3 228,965.00
Class A-4 113,208.33
Class A-5 131,949.80
Class B 35,565.42
Class C 35,071.50
Class D 43,800.75
Class E 0.00
Noteholders' Monthly Principal Distributable Amount
--------------------------------------------------
Noteholders' Monthly
Beginning Principal Distributable Ending
Balance Amount Balance
---------- ------------------------ ---------
Class A-1 21,891,981.41 5,470,609.03 16,421,372.38
Class A-2 66,200,000.00 0.00 66,200,000.00
Class A-3 75,900,000.00 0.00 75,900,000.00
Class A-4 32,500,000.00 0.00 32,500,000.00
Class A-5 34,572,000.00 0.00 34,572,000.00
Class B 10,042,000.00 0.00 10,042,000.00
Class C 9,270,000.00 0.00 9,270,000.00
Class D 10,815,000.00 0.00 10,815,000.00
Class E 6,952,000.00 0.00 6,952,000.00
VIII. POOL STATISTICS
Weighted Average Annual Percentage Rate: 6.20%
Weighted Average Remaining Term: 179,20
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Indenture Trustee Fee +Note Int+Note Prin+Reserve Deposit) 6,395,326.04
Less: Reserve Withdrawal 0.00
TOTAL FROM COLLECTION ACCOUNT 6,395,326.04
Amount Due To Servicer (Servicing Fee) 114,274.88
Amount Due To Servicer (Recovery of Servicer Advance) 31,482.58
TOTAL DUE TO SERVICER 145,757.46