8-K 1 finnov.txt CDF FINANCING LLC 11/30/2004 8-K December 15, 2004 Securities and Exchange Commission 450 Fifth Street, N.W. Judiciary Plaza Washington, D.C. 20549 Re: Form 8-K CDF Financing, L.L.C. Registration Nos. 333-84458-01 and 333-84458-02 On behalf of CDF Financing, L.L.C. a Delaware Limited Liability Company ("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 pat.o-malley@ge.com at your earliest convenience. Sincerely, /s/ W. Steven Culp Manager 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 December 15, 2004 CDF Financing, L.L.C. (Exact name of registrant as specified in its amended charter) DISTRIBUTION FINANCIAL SERVICES FLOORPLAN MASTER TRUST (Co-Registrant and Issuer with Respect to the Securities) Delaware 333-84458-01 and 333-84458-02 88-0355652 (State or other jurisdiction (Commission (IRS Employer of incorporation File Numbers) identification No.) 5595 Trillium Boulevard Hoffman Estates, Illinois 60192 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (847) 747-6800 Item 8.01. Other Events. Monthly Reporting In no-action letters issued to a variety of issuers of asset-backed securities, whose principal assets are receivables, the Division of Corporation Finance has stated that it would not raise any objection if specified information was filed monthly on Form 8-K in lieu of quarterly reports on Form 10-Q. In reliance particularly on the letter relating to ITT Floorplan Receivables, L.P. (April 25, 1994), CDF Financing, L.L.C., on behalf of itself and its co-registrant Distribution Financial Services Floorplan Master Trust, has adopted this monthly reporting procedure and is filing this and other monthly reports on Form 8-K in lieu of quarterly reports on Form 10-Q. Item 9.01. Financial Statements and Exhibits. (a) Not Applicable (b) Not Applicable (c) Exhibits. Exhibit No. Document Description 99.1 Distribution Financial Services Floorplan Master Trust Compliance/Statistical Reporting Reporting for period ending 11/30/2004 99.2 Distribution Financial Services Floorplan Master Trust Payment Date Statement Series 2003-1 Reporting for period ending 11/30/2004 99.3 Distribution Financial Services Floorplan Master Trust Payment Date Statement Series 2003-2 Reporting for period ending 11/30/2004 99.4 Distribution Financial Services Floorplan Master Trust Payment Date Statement Series 2004 NTC Reporting for period ending 11/30/04 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. CDF Financing, L.L.C. on behalf of itself, as Registrant By: /s/ W. Steven Culp Title: Manager EX-1 Distribution Financial Services Floorplan Master Trust Compliance/Statistical Reporting Distribution Date 12/15/2004 Collection Period Ending 11/30/2004 Calculation Of Pool Balance 1 Total "Office" Receivables 3,132,605,872 2 Discount Factor 0.50% 3 End of month Pool Balance 3,116,942,843 Total Trust Receivables-Delinquency 4 NSF 1-30 Office 1,314,437 5 SAU 1-30 Office 7,644,629 6 Total 8,959,066 7 Trust Receivables 3,132,605,872 8 .75 % of Trust Receivables 0.75% 9 Total 23,494,544 10 Amount in Excess 0 11 NSF 30+ 553,687 12 SAU 30+ 2,005,064 2,558,751 Overconcentrations 13 End of month Pool Balance 3,116,942,843

Limits Actual Excess 14 A/R Receivables 20% ~~580~~623,~~924~~388,~~609~~569 5287,~~584~~115,~~556~~210 0 15 Asset Based Receivables 20% ~~580~~623,~~924~~388,~~609~~569 ~~204~~167,~~316~~208,~~492~~385 0 16 Dealer concentration top 1 of 8 2.5% 7277,~~615~~923,~~576~~571 87109,~~123~~427,~~184~~605 1431,~~507~~504,60034 17 Dealer concentration 2 of 8 3% 77,923,571 83,749,472 5,825,901 18 Dealer concentration 3 of 8 3% 77,923,571 77,486,688 0 19 Dealer concentration Other 2% 5862,~~092~~338,~~461~~857 3231,~~499~~773,~~202~~985 0 1820 Manufacturer Concentration Top 3 15% ~~435~~467,~~693~~541,~~457~~426 ~~275~~261,~~131~~641,~~632~~282 0 1921 Manufacturer Concentration Other 10% ~~290~~311,~~462~~694,~~305~~284 88101,~~061~~805,~~385~~934 0 2022 Product Line Concentration: 2123 CE & Appl 25% ~~726~~779,~~155~~235,~~762~~711 98132,~~637~~213,~~268~~992 0 2224 MIS 25% ~~726~~779,~~155~~235,~~762~~711 ~~304~~382,~~486~~321,~~217~~107 0 2325 Motorcycle 25% ~~726~~779,~~155~~235,~~762~~711 ~~366~~390,~~861~~780,~~089~~441 0 2426 Marine 35% 1,~~016~~090,~~618~~929,~~066~~995 ~~643~~750,~~146~~532,~~802~~053 0 2527 RV 35% 1,~~016~~090,~~618~~929,~~066~~995 ~~925~~895,~~827~~493,~~393~~649 0 2628 Music 25% ~~726~~779,~~155~~235,~~762~~711 5759,~~852~~152,~~084~~043 0 2729 Industrial Equipment 25% ~~726~~779,~~155~~235,~~762~~711 ~~135~~129,~~273~~633,~~021~~361 0 2830 A/R 25% ~~726~~779,~~155~~235,~~762~~711 ~~256~~254,~~901~~323,~~048~~595 0 2931 Snowmobiles 25% ~~726~~779,~~155~~235,~~762~~711 0 0 3032 Other 25% ~~726~~138,155,~~762~~631 ~~130,234,220~~ 0 3133 Delayed Funding Receivables ~~262,331,161~~2 79/3130/~~2004~~04 810/31/~~2004~~04 911/30/~~2004~~04 Average 3234 Charge Offs to Receivables (Annualized) -0.3227% 0.0700% -0.2703% -0.0410% 3335 Payment Rate 4441.4793% 4537.6124% 4140.9348% 4439.0088% Net Receivable Rate - Current Month 3436 Interest 5.3728% 3537 Discount 2.5243% 3638 Total 7.8971% 3739 Less Servicing -2.00% 3840 Remaining 5.8971%

EX-2 CDF Financing, L.L.C. Distribution Financial Services Floorplan Master Trust Distribution Date Statement Report Date 11/30/04 Collection Period 11/1/04 11/30/04 Determination Date 12/13/04 Distribution Date 12/15/04

Dealer Over- Series Series Series Series Total Concentration 2003-1 2003-1 2003-1 2003-1 Date Trust Series Total Class A Class B Class C Pool Balance 1 Beginning of Month Receivables 0810/31/04 2,~~868~~986,~~129~~843,~~444~~837 2 Plus: Account Additions 0911/01/04 -109,089,083 3 Beginning of month Principal Receivables 0911/01/04 23,~~868~~095,~~129~~932,~~444~~920 4 Discount Factor 0.50% Beginning of month Pool 5 Balance 0911/01/04 23,~~853~~080,~~788~~453,~~797~~255 6 Beginning of month Dealer Overconcentrations 0911/01/04 1216,~~439~~727,~~640~~148 Beginning of month 7 Unconcentrated Pool Balance 0911/01/04 23,~~841~~063,~~349~~726,~~157~~107 8 End of month Principal Receivables 0911/30/04 23,~~919~~132,~~219~~605,~~142~~872 9 Discount Factor 0.50% 10End of mo Pool Balance 0911/30/04 23,~~904~~116,~~623~~942,~~046~~843 11End of month Dealer Overconcentrations 0911/30/04 1431,~~507~~504,~~608~~034 12End of month Unconcentrated Pool Balance 0911/30/04 23,~~890~~085,~~115,~~438,809 13Overconcentrated % 0911/30/04 01.5001% 14Unconcentrated % 0911/30/04 9998.5099% Certificates 15Beginning of month/closing date Invested Amount 0911/01/04 1216,~~439~~727,~~640~~148 750,000,000 716,250,000 22,500,000 11,250,000 16Allocation Percentage 0911/01/04 0.4556% 2725.2413% 2624.0100% 0.8275% 0.4138% 17End of month Invested Amount 0911/30/04 1437,~~507~~329,~~608~~934 750,000,000 716,250,000 22,500,000 11,250,000 18Principal Payments Outstanding Principal 1012/13/04 - - - - - 19Balance 1012/15/04 1437,~~507~~329,~~608~~934 750,000,000 716,250,000 22,500,000 11,250,000 20Pool Factor 1012/15/04 1.00000 1.00000 1.00000 Excess Funding Account 21End of month balance 0911/15/04 - 22Determination Date - Deposit 1012/15/04 23Distribution Date Disbursement 1012/15/04 - 24Excess Funding Account Balance 1012/15/04 - Reserve Fund 25Required Amount 1012/15/04 26,250,000 26Beginning Balance 0911/15/04 26,250,000 27Deposits 0911/15/04 1012/15/04 3138,~~384~~294 28Disbursements 0911/15/04 1012/15/04 3138,~~384~~294 29Ending Balance 1012/15/04 26,250,000 Collections 30Principal Allocation Percentage 0911/30/04 01.5122% 2624.4048% 2523.2138% 0.7973% 0.4037% 31Floating Allocation Percentage 0911/30/04 01.5122% 2624.4048% 2523.2138% 0.7973% 0.4037% 32Principal Collections 0911/01/04 0911/30/04 1,~~202~~253,~~574~~293,~~759~~243 ~~210~~535,~~986~~883 33Nonprincipal ~~Collectio09~~Collectio11/01/04 0911/30/04 18,~~908~~739,~~723~~978 12,~~046~~676 34Total Collections 0911/01/04 0911/30/04 1,~~221~~272,~~483~~033,~~482~~221 ~~212~~538,~~032~~559 Defaults 35Defaulted Amount 0911/01/04 0911/30/04 (~~650~~83,~~826~~719) 36Investor Default ~~Amoun09~~Amoun11/01/04 0911/30/04 - (~~171~~20,~~792~~494) (~~164~~19,~~061~~572) (~~5,154~~615) (~~2,577~~307) Interest 37Monthly Interest 1012/15/04 - 1,~~164~~377,~~563~~063 1,~~092~~295,~~281~~219 4046,~~313~~688 3135,~~969~~156 38Interest Shortfall 1012/15/04 - - - - - 39Additional Interest 1012/15/04 - - - - - 40Total 1012/15/04 - 1,~~164~~377,~~563~~063 1,~~092~~295,~~281~~219 4046,~~313~~688 3135,~~969~~156 Servicing Fee 41Certificate Balance for Servicing Fee determination 911/01/~~2004~~04 750,000,000 716,250,000 22,500,000 11,250,000 42Servicing Fee Rate 2.00% 2.00% 2.00% 2.00% 43Servicing Fee 0911/01/04 0911/30/04 1,250,000 1,193,750 37,500 18,750 44Remaining Servicing Fee 1012/15/04 1,250,000 1,193,750 37,500 18,750 Excess Servicing 45Nonprincipal ~~Collectio09~~Collectio11/01/04 0911/30/04 18,~~908~~739,~~723~~978 12,~~046~~676 46Servicer Advance Less Reimbursement of Servicer Advance 0911/01/04 0911/30/04 1,~~071~~419,~~158~~085 47Floating Allocation Percentage 01.5122% 2624.4048% 2523.2138% 0.7973% 0.4037% 48Investor Nonprincipal Collections 0911/01/04 0911/30/04 12,~~046~~676 4,~~991~~587,~~130~~545 4,~~766~~381,~~529~~106 ~~149~~137,~~734~~626 7468,~~867~~813 49Investor portion of Servicer Advance Less Reimbursement 0911/01/04 0911/30/04 - ~~282~~347,~~742~~392 ~~270~~331,~~019~~759 810,~~482~~422 45,~~241~~211 50Plus: Investment ~~Proc09~~Proc11/01/04 0911/30/04 - 3138,~~425~~478 51Less: 52Monthly Interest 1012/15/04 - 1,~~164~~377,~~563~~063 1,~~092~~295,~~281~~219 4046,~~313~~688 3135,~~969~~156 53Prior Monthly Interest 1012/15/04 - - - - - 54Additional Interest 1012/15/04 - - - - - 55Reserve Fund Deposit 1012/15/04 - - - - - 56Default Amount 0911/01/04 0911/30/04 - (~~171~~20,~~792~~494) (~~164~~19,~~061~~572) (~~5,154~~615) (~~2,577~~307) 57Charge-Offs 0911/01/04 0911/30/04 - - - - - 58Monthly Servicing Fee 1012/15/04 - 1,250,000 1,193,750 37,500 18,750 59Carry-over Amount 1012/15/04 - - - - - 60Carry-over Amount 61 Additional Interest 1012/15/04 - - - - - 62Balance: Excess ~~Servi09~~Servi11/01/04 0911/30/04 12,~~046~~676 32,~~062~~366,~~526~~846 Collection Account 63Beginning Balance 0911/15/04 - 64Deposits 0911/15/04 1012/15/04 1,~~447~~724,~~305~~455 65Disbursements 0911/15/04 1012/15/04 1,~~447~~724,~~305~~455 66Ending Balance 1012/15/04 - Interest Funding Account 67Beginning Balance 0911/15/04 - 68Deposits 0911/15/04 1012/15/04 1,~~164~~377,~~604~~247 69Disbursements 0911/15/04 1012/15/04 1,~~164~~377,~~604~~247 70Ending Balance 1012/15/04 - Principal Funding Account 71Beginning Balance 0911/15/04 - 72Deposits 0911/15/04 1012/15/04 - 73Disbursements 0911/15/04 1012/15/04 - 74Ending Balance 1012/15/04 - 75Total Amount Distributed 1012/15/04 1,~~164~~377,~~563~~063 Interest Rate for the Next Period 76One-month LIBOR 1012/15/04 1101/1517/04 12.~~87000~~40250% 77Net Receivables Rate 0911/30/04 5.~~88646~~70602%

Dealer Over- Series Series Series Series Total Concentration 2003-2 2003-2 2003-2 2003-2 Date Trust Series Total Class A Class B Class C Pool Balance 1 Beginning of Month Receivables 10/31/04 2,986,843,837 2 Plus: Account Additions 11/01/04 109,089,083 3 Beginning of month Principal Receivables 11/01/04 3,095,932,920 4 Discount Factor 0.50% Beginning of month Pool 5 Balance 11/01/04 3,080,453,255 6 Beginning of month Dealer Overconcentrations 11/01/04 16,727,148 Beginning of month 7 Unconcentrated Pool Balance 11/01/04 3,063,726,107 8 End of month Principal Receivables 11/30/04 3,132,605,872 9 Discount Factor 0.50% 10End of month Pool Balance 11/30/04 3,116,942,843 11End of month Dealer Overconcentrations 11/30/04 31,504,034 12End of month Unconcentrated Pool Balance 11/30/04 3,085,438,809 13Overconcentrated Percentage 11/30/04 1.01% 14Unconcentrated Percentage 11/30/04 98.99% Certificates 15Beginning of month/closing date Invested Amount 11/01/04 16,727,148 1,000,000,000 955,000,000 30,000,000 15,000,000 16Allocation Percentage 11/01/04 0.56% 33.50% 32.00% 1.01% 0.50% 17End of month Invested Amount 11/30/04 37,329,934 1,000,000,000 955,000,000 30,000,000 15,000,000 18Principal Payments Outstanding Principal 12/13/04 - - - - - 19Balance 12/15/04 37,329,934 1,000,000,000 955,000,000 30,000,000 15,000,000 20Pool Factor 12/15/04 1.00000 1.00000 1.00000 Excess Funding Account 21End of month balance 11/15/04 - 22Determination Date deposit Deposit 12/15/04 23Distribution Date Disbursement 12/15/04 - 24Excess Funding Account Balance 12/15/04 - Reserve Fund 25Required Amount 12/15/04 35,000,000 26Beginning Balance 11/15/04 35,000,000 27Deposits 11/15/04 12/15/04 51,059 28Disbursements 11/15/04 12/15/04 51,059 29Ending Balance 12/15/04 35,000,000 Collections 30Principal Allocation Percentage 11/30/04 1.22% 32.64% 31.17% 0.98% 0.49% 31Floating Allocation Percentage 11/30/04 1.22% 32.64% 31.17% 0.98% 0.49% 32Principal Collections 11/01/04 11/30/04 1,253,293,243 535,883 33Nonprincipal Collectio11/01/04 11/30/04 18,739,978 2,676 34Total Collections 11/01/04 11/30/04 1,272,033,221 538,559 Defaults 35Defaulted Amount 11/01/04 11/30/04 (83,719) 36Investor Default Amoun11/01/04 11/30/04 - (27,326) (26,096) (820) (410) Interest 37Monthly Interest 12/15/04 - 1,864,458 1,750,833 64,250 49,375 38Interest Shortfall 12/15/04 - - - - - 39Additional Interest 12/15/04 - - - - - 40Total 12/15/04 - 1,864,458 1,750,833 64,250 49,375 Servicing Fee 41Certificate Balance for Servicing Fee determination 11/01/04 1,000,000,000 955,000,000 30,000,000 15,000,000 42Servicing Fee Rate 2.00% 2.00% 2.00% 2.00% 43Servicing Fee 11/01/04 11/30/04 1,666,667 1,591,667 50,000 25,000 44Remaining Servicing Fee 12/15/04 1,666,667 1,591,667 50,000 25,000 Excess Servicing 45Nonprincipal Collectio11/01/04 11/30/04 18,739,978 2,676 46Servicer Advance Less Reimbursement of Servicer Advance 11/01/04 11/30/04 1,419,085 47Floating Allocation Percentage 1.22% 32.64% 31.17% 0.98% 0.49% 48Investor Nonprincipal Collections 11/01/04 11/30/04 2,676 6,116,728 5,841,475 183,502 91,751 49Investor portion of Servicer Advance Less Reimburse11/01/04 11/30/04 - 463,190 442,346 13,896 6,948 50Plus: Investment Proc11/01/04 11/30/04 - 51,309 51Less: 52Monthly Interest 12/15/04 - 1,864,458 1,750,833 64,250 49,375 53Prior Monthly Interest 12/15/04 - - - - - 54Additional Interest 12/15/04 - - - - - 55Reserve Fund Deposit 12/15/04 - - - - - 56Default Amount 11/01/04 11/30/04 - (27,326) (26,096) (820) (410) 57Charge-Offs 11/01/04 11/30/04 - - - - - 58Monthly Servicing Fee 12/15/04 - 1,666,667 1,591,667 50,000 25,000 59Carry-over Amount 12/15/04 - - - - - 60Carry-over Amount 61 Additional Interest 12/15/04 - - - - - 62Balance: Excess Servi11/01/04 11/30/04 2,676 3,127,428 Collection Account 63Beginning Balance 11/15/04 - 64Deposits 11/15/04 12/15/04 2,327,648 65Disbursements 11/15/04 12/15/04 2,327,648 66Ending Balance 12/15/04 - Interest Funding Account 67Beginning Balance 11/15/04 - 68Deposits 11/15/04 12/15/04 1,864,708 69Disbursements 11/15/04 12/15/04 1,864,708 70Ending Balance 12/15/04 - Principal Funding Account 71Beginning Balance 11/15/04 - 72Deposits 11/15/04 12/15/04 - 73Disbursements 11/15/04 12/15/04 - 74Ending Balance 12/15/04 - 75Total Amount Distributed 12/15/04 1,864,458 Interest Rate for the Next Period 76One-month LIBOR 12/15/04 01/17/04 2.40250% 77Net Receivables Rate 11/30/04 5.70602%

CDF Financing, L.L.C. Distribution Financial Services Floorplan Master Trust Payment Date Statement Report Date 11/30/2004 Collection Period 11/01/2004 11/30/2004 Determination Date 12/13/2004 Distribution Date 12/20/2004

Dealer Note Over- ~~Series~~Trust ~~Series Series Series~~ Total Concentration ~~2003-2~~Certificate ~~2003-2 2003-2 2003-2~~ Date Trust Series ~~Total~~Series ~~Class A Class B Class C~~ Pool Balance 1 Beginning of Month Receivables 0810/31/042004 2,~~868~~986,~~129~~843,~~444~~837 2 Plus: Account Additions 0911/01/042004 -109,089,083 3 Beginning of ~~month~~Month Principal Receivables 0911/01/042004 23,~~868~~095,~~129~~932,~~444~~920 4 Discount Factor 0.50% 5 Beginning of ~~month~~Month Pool 5 Balance 0911/01/042004 23,~~853~~080,~~788~~453,~~797~~255 6 Beginning of ~~month~~Month Dealer Overconcentrations 0911/01/042004 1216,~~439~~727,~~640~~148 7 Beginning of ~~month~~Month 7 Unconcentrated Pool Balance 0911/01/042004 23,~~841~~063,~~349~~726,~~157~~107 8 End of ~~month~~Month Principal Receivables 0911/30/042004 23,~~919~~132,~~219~~605,~~142~~872 9 Discount Factor 0.50% ~~10End~~10 End of ~~month~~Month Pool Balance 0911/30/042004 23,~~904~~116,~~623~~942,~~046~~843 ~~11End~~11 End of ~~month~~Month Dealer Overconcentrations 0911/30/042004 1431,~~507~~504,~~608~~034 ~~12End~~12 End of ~~month~~Month Unconcentrated Pool Balance 0911/30/042004 23,~~890~~085,~~115,~~438,809 ~~13Overconcentrated~~13 Overconcentrated Percentage 0911/30/042004 01.5001% ~~14Unconcentrated~~14 Unconcentrated Percentage 0911/30/042004 9998.5099% Certificates ~~15Beginning~~15 Beginning of ~~month/closing~~Month ~~date~~ Invested Amount 09with additions 11/01/042004 1216,~~439~~727,~~640~~148 1717,~~000~~953,~~000,000~~255 ~~955,000,000~~16 ~~30,000,000~~Series ~~15,000,000~~2004-NTC ~~16Allocation~~Allocation Percentage 0911/01/042004 0.4556% 3624.3105% ~~34.68%~~17 ~~1.09%~~End ~~0.54% 17End~~ of ~~month~~Month Invested Amount 0911/30/042004 1437,~~507~~329,~~608~~934 1754,~~000~~442,~~000,000~~843 ~~955,000,000~~18 ~~30,000,000~~Principal ~~15,000,000 18Principal~~ Payments ~~Outstanding Principal 10~~12/13/042004 - - -19 -Outstanding -Principal ~~19Balance~~Balance 1012/15/042004 1437,~~507~~329,~~608~~934 1754,~~000~~442,~~000,000~~843 ~~955,000,000~~20 ~~30,000,000~~Pool ~~15,000,000 20Pool~~ Factor 1012/15/042004 1.00000 1.00000 1.00000 Excess Funding Account 21End of month balance 09/15/04 - 22Determination Date deposit Deposit 10/15/04 23Distribution Date Disbursement 10/15/04 - 24Excess Funding Account Balance 10/15/04 - Reserve Fund 25Required Amount 10/15/04 35,000,000 26Beginning Balance 09/15/04 35,000,000 27Deposits 09/15/04 10/15/04 41,846 28Disbursements 09/15/04 10/15/04 41,846 29Ending Balance 10/15/04 35,000,000 Collections ~~30Principal~~21 Principal Allocation Percentage 0911/30/042004 ~~0.51% 35.19% 33.61%~~ 1.0622% 022.5389% ~~31Floating~~22 Floating Allocation Percentage 0911/30/042004 ~~0.51% 35.19% 33.61%~~ 1.0622% 022.5389% ~~32Principal~~23 Principal Collections 0911/01/042004 0911/30/042004 1,~~202~~253,~~574~~293,~~759~~243 ~~210~~535,~~986~~883 ~~33Nonprincipal Collectio09/01/04 09/30/04 18~~286,~~908~~731,~~723~~299 ~~1,046~~24 ~~34Total~~Nonprincipal Collections 0911/01/042004 0911/30/042004 118,~~221~~739,~~483~~978 2,~~482~~676 ~~212~~4,~~032~~288,597 ~~Defaults~~25 ~~35Defaulted~~Total ~~Amount~~Collections 0911/01/042004 0911/30/042004 ~~(650~~1,~~826) 36Investor Default Amoun09/01/04 09/30/04 - (229~~272,~~056) (218~~033,~~748)~~221 (6538,~~872)~~559 (3291,~~436)~~019,896 ~~Interest~~26 ~~37Monthly~~Express ~~Interest~~Principal 10Collections 11/1501/042004 ~~- 1,581,125 1,480,250 55,750 45,125 38Interest Shortfall 10~~11/1530/042004 - - - -Defaults -27 ~~39Additional~~Defaulted ~~Interest~~Amount 1011/1501/042004 -11/30/2004 -(83,719) -28 -Investor -Default ~~40Total~~Amount 1011/1501/042004 11/30/2004 - 1(19,~~581,125~~162) ~~1,480,250 55,750 45,125~~ Servicing Fee ~~41Certificate~~29 ~~Balance~~Invested Amount for ~~Servicing~~preceding ~~Fee~~Period ~~determination 9~~11/01/2004 1717,~~000~~953,~~000,000~~255 ~~955,000,000~~ 30~~,000,000~~ ~~15,000,000~~Servicing ~~42Servicing~~ Fee Rate 2.00% ~~2.00%~~31 ~~2.00%~~Series ~~2.00%~~2004-NTC ~~43Servicing~~Monthly Servicing Fee 0911/01/042004 0911/30/042004 1,~~666~~196,~~667~~589 ~~1,591,667~~Excess ~~50,000 25,000 44Remaining~~ Servicing ~~Fee~~32 ~~10/15/04~~Nonprincipal ~~1,666,667~~Collections ~~1,591,667 50,000 25,000 Excess Servicing 45Nonprincipal Collectio09~~11/01/042004 0911/30/042004 18,~~908~~739,~~723~~978 12,~~046~~676 ~~46Servicer~~33 ~~Advance~~Floating ~~Less Reimbursement of Servicer Advance 09/01/04 09/30/04 1,071,158 47Floating~~ Allocation Percentage ~~0.51% 35.19% 33.61%~~ 1.0622% 022.5389% ~~48Investor~~34 Investor Nonprincipal Collections 0911/01/042004 0911/30/042004 12,~~046~~676 64,~~654~~288,~~840~~597 ~~6,355,372~~35 ~~199,645~~Plus: ~~99,823~~Investment ~~49Investor~~Proceeds ~~portion of Servicer Advance Less Reimburse09~~11/01/042004 ~~09/30/04 - 376,990 360,025~~ 11~~,310 5,655 50Plus: Investment Proc09~~/~~01/04 09/~~30/042004 - ~~41,901~~36 ~~51Less~~Less: ~~52Monthly Interest 10/15/04 - 1,581,125 1,480,250 55,750 45,125 53Prior~~ Monthly Interest 10/15/04 - - - - - 54Additional Interest 10/15/04 - - - - - 55Reserve Fund Deposit 10/15/04 - - - - - 56Default Amount 09/01/04 09/30/04 - (229,056) (218,748) (6,872) (3,436) 57Charge-Offs 09/01/04 09/30/04 - - - - - 58Monthly Servicing Fee 1012/15/042004 - 1,~~666~~196,~~667~~589 ~~1,591,667~~37 ~~50,000 25,000 59Carry-over Amount 10/15/04 - - - - - 60Carry-over Amount 61 Additional Interest 10/15/04 - - - - - 62Balance~~Balance: Excess ~~Servi09~~Servicing 11/01/042004 0911/30/042004 12,~~046~~676 43,~~054~~092,~~995~~008 Collection Account ~~63Beginning~~38 Beginning Balance 0911/15/042004 - ~~64Deposits~~39 09Deposits 11/15/042004 1012/15/042004 15,~~958~~271,~~115~~240 ~~65Disbursements~~40 09Disbursements 11/15/042004 1012/15/042004 15,~~958~~271,~~115~~240 ~~66Ending~~41 ~~Balance~~Ending ~~10/15/04 - Interest Funding Account 67Beginning~~ Balance 0912/15/042004 - ~~68Deposits~~42 ~~09/15/04~~Total ~~10/15/04~~Amount ~~1,581,181~~Distributed ~~69Disbursements~~or ~~09/15/04~~Applied 1012/15/042004 13,~~581~~092,~~181~~008 ~~70Ending~~NTC ~~Balance~~Percentages ~~10/15/04~~used -for ~~Principal~~Overconcentration ~~Funding~~Calculations ~~Account~~in ~~71Beginning Balance 09/15/04 - 72Deposits 09/15/04 10/15/04 - 73Disbursements 09/15/04 10/15/04 - 74Ending Balance 10/15/04 - 75Total Amount Distributed 10/15/04 1,581,125 Interest Rate for~~ the ~~Next~~GEDFMNT ~~Period~~43 ~~76One-month~~Beginning ~~LIBOR~~of ~~10/15/04~~Month ~~11/15/04~~Percentage 124.~~87000~~04% ~~77Net~~44 ~~Receivables~~End ~~Rate~~of ~~09/30/04~~Month 5Percentage 24.~~88646~~08%

Dealer Note Over- Trust Total Concentration Certificate Date Trust Series Series Pool Balance 1 Beginning of Month Receivables 8/31/2004 2,868,129,444 2 Plus: Account Additions 9/01/2004 - 3 Beginning of Month Principal Receivables 9/01/2004 2,868,129,444 4 Discount Factor 0.50% 5 Beginning of Month Pool Balance 9/01/2004 2,853,788,797 6 Beginning of Month Dealer Overconcentrations 9/01/2004 12,439,640 7 Beginning of Month Unconcentrated Pool Balance 9/01/2004 2,841,349,157 8 End of Month Principal Receivables 9/30/2004 2,919,219,142 9 Discount Factor 0.50% 10 End of Month Pool Balance 9/30/2004 2,904,623,046 11 End of Month Dealer Overconcentrations 9/30/2004 14,507,608 12 End of Month Unconcentrated Pool Balance 9/30/2004 2,890,115,438 13 Overconcentrated Percentage 9/30/2004 0.50% 14 Unconcentrated Percentage 9/30/2004 99.50% Certificates 15 Beginning of Month/Closing Date Invested Amount 9/01/2004 12,439,640 491,288,797 16 Series 2004-NTC Allocation Percentage 9/01/2004 0.45% 17.84% 17 End of Month Invested Amount 9/30/2004 14,507,608 542,123,046 18 Principal Payments 10/13/2004 - - 19 Outstanding Principal Balance 10/15/2004 14,507,608 542,123,046 20 Pool Factor 10/15/2004 1.00000 Collections 21 Principal Allocation Percentage 9/30/2004 0.51% 16.85% 22 Floating Allocation Percentage 9/30/2004 0.51% 16.85% 23 Principal Collections 9/01/2004 9/30/2004 1,202,574,759 210,986 202,632,921 24 Nonprincipal Collections 9/01/2004 9/30/2004 18,908,723 1,046 3,186,488 25 Total Collections 9/01/2004 9/30/2004 1,221,483,482 212,032 205,819,409 26 Express Principal Collections 9/01/2004 9/30/2004 - - - Defaults 27 Defaulted Amount 9/01/2004 9/30/2004 (650,826) 28 Investor Default Amount 9/01/2004 9/30/2004 - (109,683) Servicing Fee 29 Invested Amount for preceding Period 9/01/2004 491,288,797 30 Servicing Fee Rate 2.00% 31 Series 2004-NTC Monthly Servicing Fee 9/01/2004 9/30/2004 818,815 Excess Servicing 32 Nonprincipal Collections 9/01/2004 9/30/2004 18,908,723 1,046 33 Floating Allocation Percentage 0.51% 16.85% 34 Investor Nonprincipal Collections 9/01/2004 9/30/2004 1,046 3,186,488 35 Plus: Investment Proceeds 9/01/2004 9/30/2004 - 36 Less: Monthly Servicing Fee 10/15/2004 - 818,815 37 Balance: Excess Servicing 9/01/2004 9/30/2004 1,046 2,367,673 Collection Account 38 Beginning Balance 9/15/2004 - 39 Deposits 9/15/2004 10/15/2004 4,439,790 40 Disbursements 9/15/2004 10/15/2004 4,439,790 41 Ending Balance 10/15/2004 - 42 Total Amount Distributed or Applied 10/15/2004 2,367,673 NTC Percentages used for Overcontration Calculations in the GEDFMNT 43 Beginning of Month Percentage 17.13% 44 End of Month Percentage 18.57%

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