October 21, 2005
Securities and Exchange Commission
450 Fifth Street, N.W.
Judiciary Plaza
Washington, D.C. 20549
Re: Form 8-K
Distribution Financial Services RV Trust 1999-1
Registration No. 333-56303-01
On behalf of Distribution Financial Services RV Trust 1999-1 ("Registrant"),
a Trust which was originated by ETCF Asset Funding Corporation, a Nevada
corporation, 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
Commission File Number: 333-56303-01
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934.
October 17, 2005
(Date of earliest event reporting)
DISTRIBUTION FINANCIAL SERVICES RV TRUST 1999-1
(Exact name of registrant)
State of Organization - New York
I.R.S. Employer Identification Number: 91-1904587
Principal Executive Offices
c/o Wells Fargo Bank, N.A.
Sixth and Marquette - N9311-161MAC
Minneapolis, Minnesota 55479
Telephone Number: 612-316-1816
Item 8.01. Other Events.
A copy of the Monthly Payment Date Statement to Noteholders, as required by the
Transfer and Servicing Agreement, is being filed as Exhibit 1 to 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 17, 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.
DISTRIBUTION FINANCIAL SERVICES RV TRUST 1999-1
By: Wells Fargo Bank, N.A.
Not in its individual capacity but solely as Owner Trustee
By: /s/ Sue Dignan
Title: Assistant Vice President
Date: October 21, 2005
EX-1
DISTRIBUTION FINANCIAL SERVICES RV TRUST 1999-1
Accounting Date: 12-Oct-05
Determination Date: 14-Oct-05
Monthly Payment Date: 17-Oct-05
Collection Period Ending: 30-Sep-05
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
---------------------
Principal and Interest Payments Received (including Prepayments) 3,173,300.59
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 156,614.77
Current Advance/Advance Recovery -22,744.80
Recoup of Collection Expenses 21.87
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 3,307,192.43
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 759,108.53
Amount of Interest Payments Received During the Collection Period for Receivables 781,853.33
Amount of Current Month Simple Interest Excess/Shortfall -22,744.80
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 7,459,587.31
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 21,027.69
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) 7,459,587.31
Total Ending Reserve Balance 7,480,615.00
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
- -----------------------------------------
Interest Payments Received 781,853.33
Scheduled Principal Payments Received 1,103,937.30
Principal Prepayments Received 1,287,509.96
Total Interest and Principal Payments Received 3,173,300.59
b) Liquidation Proceeds
- ---------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 168,037.18
minus Reasonable Expenses 11,422.41
Net Liquidation Proceeds 156,614.77
Amount Allocable to Interest 0.00
Amount Allocable to Principal 156,614.77
c) Purchase Amount - Loans Repurchased from Trust
- -----------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 3,329,915.36
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 107,183,875.22
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 44,659.95
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 107,183,875.22
Pool Balance as of the Current Accounting Date 104,475,675.31
Age of Pool in Months 79
a.2)Aggregate Note Balance
-----------------------
Aggregate Note Balance as of Preceding Accounting Date 106,112,036.47
Aggregate Note Balance as of Current Accounting Date 103,430,918.56
b) Default and Delinquency Performance (includes Repossessions and Bankruptcies)
- -------------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
--------------- ---------------- ----------------- ----------
30-59 Days Delinquent 29 637,358.93 0.610%
60-89 Days Delinquent 18 985,690.48 0.943%
90-119 Days Delinquent 14 690,777.65 0.661%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 11 316,752.65 0.303%
Cumulative Defaults 1,378 53,740,690.84 5.374%
Cumulative Recoveries 22,544,092.16 2.254%
Current Period Realized Losses
------------------------------
Current Month Realized Losses 316,752.65
Current Month Realized Losses as Percentage of Initial Pool Balance 0.032%
Preceding Realized Losses 599,018.58
Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.060%
Second Preceding Realized Losses 149,315.71
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.015%
Cumulative Realized Losses 31,196,598.68
Cumulative Realized Losses as Percentage of Initial Pool Balance 3.120%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.10447568
Note Pool Factor 0.10343092
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-6 306,578.72
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 0.00 0.00 0.00
Class A-6 61,112,036.47 2,681,117.91 58,430,918.56
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 27,082.00
Excess Spread Received 39,413.80
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 8.87%
Weighted Average Remaining Maturity (WAM) 99.00
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit-Reserve Overfunded Withdrawal) 3,307,192.43
Plus: Trustee Fee 1,041.67
Less: Reserve Withdrawal 0.00
TOTAL WIRE TO CHASE 3,308,234.10
Amount Due To Servicer (Excess Spread+Recoup of O/C-Reserve Deposit+Reserve Overfunded Withdrawal-Reserve Withdrawal) 0.00