September 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.
September 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
September 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
September 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
September 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
September 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: September 21, 2005
Name: /s/ Matt Pechulis
Title: Vice President & Assistant Secretary
EX-1
DISTRIBUTION FINANCIAL SERVICES RV TRUST 1999-1
Accounting Date: 12-Sep-05
Determination Date: 14-Sep-05
Monthly Payment Date: 15-Sep-05
Collection Period Ending: 31-Aug-05
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
---------------------
Principal and Interest Payments Received (including Prepayments) 3,831,873.52
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 295,962.36
Current Advance/Advance Recovery -35,699.56
Recoup of Collection Expenses -12,796.62
Amount of Withdrawal, if any, from Reserve Account 61,154.87
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 4,140,494.57
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 796,148.02
Amount of Interest Payments Received During the Collection Period for Receivables 831,847.58
Amount of Current Month Simple Interest Excess/Shortfall -35,699.56
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 7,500,025.52
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) -61,154.87
Reserve Account Investment Earnings 20,716.66
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) 7,500,025.52
Total Ending Reserve Balance 7,459,587.31
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
- -----------------------------------------
Interest Payments Received 831,847.58
Scheduled Principal Payments Received 1,120,488.84
Principal Prepayments Received 1,879,537.10
Total Interest and Principal Payments Received 3,831,873.52
b) Liquidation Proceeds
- ---------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 319,703.99
minus Reasonable Expenses 23,741.63
Net Liquidation Proceeds 295,962.36
Amount Allocable to Interest 0.00
Amount Allocable to Principal 295,962.36
c) Purchase Amount - Loans Repurchased from Trust
- -----------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 4,127,835.88
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 110,782,919.74
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 46,159.55
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 110,782,919.74
Pool Balance as of the Current Accounting Date 107,183,875.22
Age of Pool in Months 78
a.2)Aggregate Note Balance
-----------------------
Aggregate Note Balance as of Preceding Accounting Date 109,675,090.54
Aggregate Note Balance as of Current Accounting Date 106,112,036.47
b) Default and Delinquency Performance (includes Repossessions and Bankruptcies)
- -------------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
--------------- ---------------- ----------------- ----------
30-59 Days Delinquent 37 1,643,760.91 1.534%
60-89 Days Delinquent 13 516,468.05 0.482%
90-119 Days Delinquent 11 317,022.81 0.296%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 13 599,018.58 0.559%
Cumulative Defaults 1,367 53,423,938.19 5.342%
Cumulative Recoveries 22,387,477.39 2.239%
Current Period Realized Losses
------------------------------
Current Month Realized Losses 599,018.58
Current Month Realized Losses as Percentage of Initial Pool Balance 0.060%
Preceding Realized Losses 149,315.71
Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.015%
Second Preceding Realized Losses 196,532.93
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.020%
Cumulative Realized Losses 31,036,460.80
Cumulative Realized Losses as Percentage of Initial Pool Balance 3.104%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.10718388
Note Pool Factor 0.10611204
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 1,537.73
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-5 309,090.54 309,090.54 0.00
Class A-6 64,366,000.00 3,253,963.53 61,112,036.47
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 35,990.45
Excess Spread Received -97,145.32
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 8.87%
Weighted Average Remaining Maturity (WAM) 100.00
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit-Reserve Overfunded Withdrawal) 4,140,494.57
Plus: Trustee Fee 1,041.67
Less: Reserve Withdrawal -61,154.87
TOTAL WIRE TO CHASE 4,080,381.37
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: 12-Sep-05
Determination Date: 14-Sep-05
Monthly Payment Date: 15-Sep-05
Collection Period Ending: 31-Aug-05
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
----------------------
Principal and Interest Payments Received (including Prepayments) 2,445,691.73
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 138,489.64
Current Advance/Advance Recovery -9,934.12
Recoup of Collection Expenses -11,279.47
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 2,562,967.78
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 458,550.23
Amount of Interest Payments Received During the Collection Period for Receivables 468,484.35
Amount of Current Month Simple Interest Excess/Shortfall -9,934.12
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) 68,906.97
Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principal) 0.00
Reserve Account Investment Earnings 30,567.23
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance -99,474.20
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 468,484.35
Scheduled Principal Payments Received 569,434.07
Principal Prepayments Received 1,407,773.31
Total Interest and Principal Payments Received 2,445,691.73
b) Liquidation Proceeds
- ---------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 175,590.74
minus Reasonable Expenses 37,101.10
Net Liquidation Proceeds 138,489.64
Amount Allocable to Interest 0.00
Amount Allocable to Principal 138,489.64
c) Purchase Amount - Loans Repurchased from Trust
- ----------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 2,584,181.37
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 66,522,870.22
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 27,717.86
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 66,522,870.22
Pool Balance as of the Current Accounting Date 64,400,792.86
Age of Pool in Months 76
a.2) Aggregate Note Balance
------------------------
Aggregate Note Balance as of Preceding Accounting Date 65,192,412.82
Aggregate Note Balance as of Current Accounting Date 63,112,777.00
b) Default and Delinquency Performance (includes Repossessions and Bankruptcies)
-----------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
------------- --------------- ----------------- ----------
30-59 Days Delinquent 19 311,079.70 0.483%
60-89 Days Delinquent 6 75,422.23 0.117%
90-119 Days Delinquent 7 286,466.35 0.445%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 2 144,869.98 0.225%
Cumulative Defaults 479 22,661,823.49 4.120%
Cumulative Recoveries 12,635,622.55 2.297%
Current Period Realized Losses
-------------------------------
Current Month Realized Losses 144,869.98
Current Month Realized Losses as Percentage of Initial Pool Balance 0.026%
Preceding Realized Losses 29,881.41
Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.005%
Second Preceding Realized Losses 0.00
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.000%
Cumulative Realized Losses 10,026,200.94
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.823%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.11709235
Note Pool Factor 0.11475050
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 27,717.86
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 56,615.46
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 10,192,412.82 2,079,635.82 8,112,777.00
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 42,441.54
Excess Spread Received 26,465.43
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 8.33%
Weighted Average Remaining Maturity (WAM) 119.00
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 2,562,967.78
Plus: Trustee Fee 1,041.67
Less: Reserve Overfunded Withdrawal -99,474.20
TOTAL WIRE TO CHASE 2,464,535.25
Amount Due To Servicer (Excess Spread+Recoup of O/C-Reserve Deposit+Reserve Overfunded Withdrawal) 99,474.20
EX-3
DISTRIBUTION FINANCIAL SERVICES RV TRUST 1999-3
Accounting Date: 12-Sep-05
Determination Date: 14-Sep-05
Monthly Payment Date: 15-Sep-05
Collection Period Ending: 31-Aug-05
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
----------------------
Principal and Interest Payments Received (including Prepayments) 1,978,769.63
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 78,849.33
Current Advance/Advance Recovery -20,259.10
Recoup of Collection Expenses -5,173.48
Amount of Withdrawal, if any, from Reserve Account 312,195.87
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 2,344,382.25
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 422,151.30
Amount of Interest Payments Received During the Collection Period for Receivables 442,410.40
Amount of Current Month Simple Interest Excess/Shortfall -20,259.10
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 2,759,541.66
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) -312,195.87
Reserve Account Investment Earnings 7,560.37
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) 2,759,541.66
Total Ending Reserve Balance 2,454,906.16
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
- ------------------------------------------
Interest Payments Received 442,410.40
Scheduled Principal Payments Received 566,976.85
Principal Prepayments Received 969,382.38
Total Interest and Principal Payments Received 1,978,769.63
b) Liquidation Proceeds
- --------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 83,278.76
minus Reasonable Expenses 4,429.43
Net Liquidation Proceeds 78,849.33
Amount Allocable to Interest 0.00
Amount Allocable to Principal 78,849.33
c) Purchase Amount - Loans Repurchased from Trust
- ----------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 2,057,618.96
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 59,593,359.93
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 24,830.57
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 59,593,359.93
Pool Balance as of the Current Accounting Date 57,575,809.01
Age of Pool in Months 74
a.2) Aggregate Note Balance
-----------------------
Aggregate Note Balance as of Preceding Accounting Date 58,997,426.33
Aggregate Note Balance as of Current Accounting Date 57,000,050.92
b) Default and Delinquency Performance (including Repossessions and Bankruptcies)
------------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
------------- --------------- ----------------- ----------
30-59 Days Delinquent 20 598,608.11 1.040%
60-89 Days Delinquent 11 241,162.87 0.419%
90-119 Days Delinquent 5 584,806.36 1.016%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 16 481,191.69 0.836%
Cumulative Defaults 535 18,767,062.80 5.011%
Cumulative Recoveries 8,509,329.14 2.272%
Current Period Realized Losses
-------------------------------
Current Month Realized Losses 481,191.69
Current Month Realized Losses as Percentage of Initial Pool Balance 0.128%
Preceding Realized Losses 83,748.23
Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.022%
Second Preceding Realized Losses 275,184.42
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.073%
Cumulative Realized Losses 10,257,733.66
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.739%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.15372774
Note Pool Factor 0.15219047
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-6 241,622.31
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 42,143,426.33 1,997,375.41 40,146,050.92
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 20,175.51
Excess Spread Received -332,371.38
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 8.91%
Weighted Average Remaining Maturity (WAM) 110.00
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 2,344,382.25
Plus: Trustee Fee 708.33
Less: Reserve Overfunded Withdrawal -312,195.87
TOTAL WIRE TO CHASE 2,032,894.71
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: 12-Sep-05
Determination Date: 14-Sep-05
Monthly Payment Date: 15-Sep-05
Collection Period Ending: 31-Aug-05
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
-----------------------
Principal and Interest Payments Received (including Prepayments) 4,030,379.32
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 195,198.53
Current Advance/Advance Recovery -31,917.76
Recoup of Collection Expenses 8,540.17
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 4,202,200.26
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 929,508.26
Amount of Interest Payments Received During the Collection Period for Receivables 961,426.02
Amount of Current Month Simple Interest Excess/Shortfall -31,917.76
III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Reserve Account Required Amount (not more than the outstanding principal balance of the Notes) 3,971,004.20
Beginning Reserve Account Balance 2,575,817.98
Deposits to Reserve Account (only if Reserve Account is less than the Specified Reserve Account Balance) 150,187.54
Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principal) 0.00
Reserve Account Investment Earnings 7,560.78
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) 2,575,817.98
Total Ending Reserve Balance 2,733,566.30
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
------------------------------------------
Interest Payments Received 961,426.02
Scheduled Principal Payments Received 823,166.19
Principal Prepayments Received 2,245,787.11
Total Interest and Principal Payments Received 4,030,379.32
b) Liquidation Proceeds
- ----------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 241,093.68
minus Reasonable Expenses 45,895.15
Net Liquidation Proceeds 195,198.53
Amount Allocable to Interest 0.00
Amount Allocable to Principal 195,198.53
c) Purchase Amount - Loans Repurchased from Trust
- ------------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 4,225,577.85
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 121,101,477.87
multiplied by Servicer Fee Rate 0.75%
divided by Months per Year 12
SERVICING FEE AMOUNT 75,688.42
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a) Pool Balance
--------------
Initial Pool Balance 529,467,226.64
Pool Balance as of Preceding Accounting Date 121,101,477.87
Pool Balance as of the Current Accounting Date 117,773,207.30
Age of Pool in Months 46
a.2) Aggregate Note Balance
-----------------------
Aggregate Note Balance as of Preceding Accounting Date 121,101,477.87
Aggregate Note Balance as of Current Accounting Date 117,773,207.30
b) Default and Delinquency Performance (includes Repossessions and Bankruptcies)
-----------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
------------- --------------- ----------------- ----------
30-59 Days Delinquent 35 1,025,622.20 0.871%
60-89 Days Delinquent 9 528,747.74 0.449%
90-119 Days Delinquent 6 78,229.64 0.066%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 10 259,317.27 0.220%
Cumulative Defaults 646 24,743,781.26 4.673%
Cumulative Recoveries 10,796,682.09 2.039%
Current Period Realized Losses
-------------------------------
Current Month Realized Losses 259,317.27
Current Month Realized Losses as Percentage of Initial Pool Balance 0.049%
Preceding Realized Losses 460,463.66
Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.087%
Second Preceding Realized Losses 415,474.08
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.078%
Cumulative Realized Losses 13,947,099.17
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.634%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.21701346
Note Pool Factor 0.21701346
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 75,688.42
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 30,246.98
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 6,401,477.87 3,328,270.57 3,073,207.30
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 150,187.54
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 9.25%
Weighted Average Remaining Maturity (WAM) 129.00
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit-Reserve Overfunded Deposit) 4,202,200.26
Less: Reserve Withdrawal 0.00
TOTAL WIRE TO HSBC 4,202,200.26
Amount Due To Servicer (Excess Spread-Reserve Deposit+Reserve Overfunded Withdrawal) 0.00