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/Marine Trust 2001-1
Registration No. 333-56303-04
On behalf of Distribution Financial Services RV/Marine Trust 2001-1
("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: 333-56303-04
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/MARINE TRUST 2001-1
(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/Marine Trust 2001-1
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/MARINE TRUST 2001-1
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/MARINE TRUST 2001-1
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) 3,576,387.19
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 141,291.57
Current Advance/Advance Recovery -21,373.29
Recoup of Collection Expenses -5,444.59
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 3,690,860.88
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 877,025.18
Amount of Interest Payments Received During the Collection Period for Receivables 898,398.47
Amount of Current Month Simple Interest Excess/Shortfall -21,373.29
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 2,733,566.30
Deposits to Reserve Account (only if Reserve Account is less than the Specified Reserve Account Balance) 196,787.79
Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principal) 0.00
Reserve Account Investment Earnings 7,736.33
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) 2,733,566.30
Total Ending Reserve Balance 2,938,090.42
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
------------------------------------------
Interest Payments Received 898,398.47
Scheduled Principal Payments Received 769,384.14
Principal Prepayments Received 1,908,604.58
Total Interest and Principal Payments Received 3,576,387.19
b) Liquidation Proceeds
- ----------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 153,025.36
minus Reasonable Expenses 11,733.79
Net Liquidation Proceeds 141,291.57
Amount Allocable to Interest 0.00
Amount Allocable to Principal 141,291.57
c) Purchase Amount - Loans Repurchased from Trust
- ------------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 3,717,678.76
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 117,773,207.30
multiplied by Servicer Fee Rate 0.75%
divided by Months per Year 12
SERVICING FEE AMOUNT 73,608.25
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a) Pool Balance
--------------
Initial Pool Balance 529,467,226.64
Pool Balance as of Preceding Accounting Date 117,773,207.30
Pool Balance as of the Current Accounting Date 114,985,070.11
Age of Pool in Months 47
a.2) Aggregate Note Balance
-----------------------
Aggregate Note Balance as of Preceding Accounting Date 117,773,207.30
Aggregate Note Balance as of Current Accounting Date 114,985,070.11
b) Default and Delinquency Performance (includes Repossessions and Bankruptcies)
-----------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
------------- --------------- ----------------- ----------
30-59 Days Delinquent 38 833,319.34 0.725%
60-89 Days Delinquent 11 511,597.59 0.445%
90-119 Days Delinquent 6 306,438.87 0.267%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 7 110,148.47 0.096%
Cumulative Defaults 653 24,853,929.73 4.694%
Cumulative Recoveries 10,937,973.66 2.066%
Current Period Realized Losses
-------------------------------
Current Month Realized Losses 110,148.47
Current Month Realized Losses as Percentage of Initial Pool Balance 0.021%
Preceding Realized Losses 259,317.27
Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.049%
Second Preceding Realized Losses 460,463.66
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.087%
Cumulative Realized Losses 13,915,956.07
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.628%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.21187594
Note Pool Factor 0.21187594
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 73,608.25
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 14,520.90
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 3,073,207.30 2,788,137.19 285,070.11
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 196,787.79
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) 3,690,860.88
Less: Reserve Withdrawal 0.00
TOTAL WIRE TO HSBC 3,690,860.88
Amount Due To Servicer (Excess Spread-Reserve Deposit+Reserve Overfunded Withdrawal) 0.00