8-K 1 dfs8k4rvmar.txt DFS 2001-1 8K SEPTEMBER 2004 October 20, 2004 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: Darius.Ilgunas@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 15, 2004 (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 ~~August~~October 1615, 2004 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/ Edna Barber Title: Assistant Vice President Date: October 20, 2004 EX-1 DISTRIBUTION FINANCIAL SERVICES RV/MARINE TRUST 2001-1 ~~Accounting Date: 12-Oct-04 Determination Date: 14-Oct-04 Monthly Payment Date: 15-Oct-04 Collection Period Ending: 30-Sep-04~~

I. COLLECTION ACCOUNT SUMMARY Total Available Funds ----------------------- Principal and Interest Payments Received (including Prepayments) 6,188,814.28 Net Liquidation Proceeds (including Rebates/Insurance Amounts) 195,314.88 Current Monthly Interest Shortfall/Excess -50,926.24 Recoup of Collection Expenses -18,627.82 Amount of Withdrawal, if any, from Reserve Account 0.00 Purchase Amounts for Repurchased Receivables 0.00 TOTAL AVAILABLE FUNDS 6,314,575.10

II. SIMPLE INTEREST EXCESS OR SHORTFALLS Amount of Interest Payments Due During the Collection Period for Receivables 1,267,039.17 Amount of Interest Payments Received During the Collection Period for Receivables 1,317,965.41 Amount of Current Month Simple Interest Excess/Shortfall -50,926.24

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 3,971,004.00 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 4,754.08 Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance -4,754.08 has been met) Amount in Reserve Account as of Determination Date (excluding amount to be paid on next Payment Date) 3,971,004.00 Total Ending Reserve Balance 3,971,004.00

IV. COLLECTIONS ON RECEIVABLES a) Interest and Principal Payments Received ------------------------------------------ Interest Payments Received 1,317,965.41 Scheduled Principal Payments Received 1,342,992.17 Principal Prepayments Received 3,527,856.70 Total Interest and Principal Payments Received 6,188,814.28 b) Liquidation Proceeds ---------------------- Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 210,568.06 minus Reasonable Expenses 15,253.18 Net Liquidation Proceeds 195,314.88 Amount Allocable to Interest 0.00 Amount Allocable to Principal 195,314.88 c) Purchase Amount - Loans Repurchased from Trust ------------------------------------------------ Amount Allocable to Interest 0.00 Amount Allocable to Principal 0.00 TOTAL COLLECTED FUNDS 6,384,129.16

V. CALCULATION OF SERVICING AND TRUSTEE FEES Pool Balance of Receivables as of the First Day of Collection Period 172,966,334.38 multiplied by Servicer Fee Rate 0.75% divided by Months per Year 12 SERVICING FEE AMOUNT 108,103.96

VI. POOL BALANCE AND PORTFOLIO PERFORMANCE a) Pool Balance -------------- Initial Pool Balance 529,467,226.64 Pool Balance as of Preceding Accounting Date 172,966,334.38 Pool Balance as of the Current Accounting Date 167,669,804.41 Age of Pool in Months 35 a.2) Aggregate Note Balance ----------------------- Aggregate Note Balance as of Preceding Accounting Date 172,966,334.38 Aggregate Note Balance as of Current Accounting Date 167,669,804.41 b) Default and Delinquency Performance (includes Repossessions and Bankruptcies) -----------------------------------------------------------------------------

Current Month Number of Loans Principal Balance Percentage ------------- --------------- ----------------- ---------- 30-59 Days Delinquent 4449 ~~890~~1,~~624~~303,623.6056 0.~~496~~777% 60-89 Days Delinquent 1118 ~~638~~985,~~603~~883.3945 0.~~355~~588% 90-119 Days Delinquent 1610 ~~639~~304,~~580~~499.4865 0.~~356~~182% 120+ Days Delinquent 0 0.00 0.000% Defaults for Current Period 1413 ~~431~~425,~~914~~681.1310 0.~~240~~254% Cumulative Defaults ~~445~~473 1718,~~554~~566,~~077~~145.1489 3.~~315~~507% Cumulative Recoveries 7,~~277~~990,~~186~~384.0641 1.~~374~~509% Current Period Realized Losses ------------------------------- Current Month Realized Losses ~~431~~425,~~914~~681.1310 Current Month Realized Losses as Percentage of Initial Pool Balance ~~(Annualized)~~ 0.~~082~~080% Preceding Realized Losses ~~392~~586,~~446~~387.2165 Preceding Month Realized Losses as Percentage of Initial Pool Balance ~~(Annualized)~~ 0.~~074~~111% Second Preceding Realized Losses ~~746~~431,~~451~~914.9813 Second Preceding Month Realized Losses as Percentage of Initial Pool Balance ~~(Annualized)~~ 0.~~141~~082% Cumulative Realized Losses 10,~~276~~464,~~891~~173.0874 Cumulative Realized Losses as Percentage of Initial Pool Balance 1.~~941~~976%

VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT Total Pool Factor 0.31667646 Note Pool Factor 0.30895486 a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 108,103.96 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-4 275,308.43 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 7058,~~909~~266,~~615~~334.4238 5,~~873~~296,~~020~~529.8797 6552,~~036~~969,~~594~~804.5541 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 ~~286~~16,~~828~~825.4599

VIII. POOL STATISTICS Weighted Average Coupon (WAC) 9.24% Weighted Average Remaining Maturity (WAM) 140.69 TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit-Reserve Overfunded Deposit) 6,297,749.11 TOTAL WIRE TO HSBC 6,280,923.12 Amount Due To Servicer (Excess Spread+Recoup of O/C-Reserve Deposit+Reserve Overfunded Withdrawal) 16,825.99

Filing Compare · DISTRIBUTION FINANCIAL SERVICES RV MARINE TR 2001-1