8-K 1 drafco8k.txt DRAFCO 8K JANUARY 2005 February 22, 2005 Securities and Exchange Commission 450 Fifth Street, N.W. Judiciary Plaza Washington, D.C. 20549 Re: Form 8-K ETCF Asset Funding Corporation, formerly DEUTSCHE RECREATIONAL 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: Darius.Ilgunas@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. February 14, 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.

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: February 22, 2005 Name: /s/ Matt Pechulis Title: Vice President & Assistant Secretary EX-1 DISTRIBUTION FINANCIAL SERVICES RV TRUST 1999-1 ~~Accounting Date: 10-Feb-05 Determination Date: 11-Feb-05 Monthly Payment Date: 14-Feb-05 Collection Period Ending: 31-Jan-05~~

I. COLLECTION ACCOUNT SUMMARY Total Available Funds --------------------- Principal and Interest Payments Received (including Prepayments) 4,829,443.10 Net Liquidation Proceeds (including Rebates/Insurance Amounts) 134,579.75 Current Monthly Interest Shortfall/Excess -34,867.35 Recoup of Collection Expenses -6,226.93 Amount of Withdrawal, if any, from Reserve Account 0.00 Purchase Amounts for Repurchased Receivables 0.00 TOTAL AVAILABLE FUNDS 4,922,928.57

II. SIMPLE INTEREST EXCESS OR SHORTFALLS Amount of Interest Payments Due During the Collection Period for Receivables 999,438.52 Amount of Interest Payments Received During the Collection Period for Receivables 1,034,305.87 Amount of Current Month Simple Interest Excess/Shortfall -34,867.35

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 7,214,093.37 Deposits to Reserve Account (only if Reserve Account is less than the Specified Reserve Account Balance) 6,396.13 Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principal) 0.00 Reserve Account Investment Earnings 12,943.76 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) 7,214,093.37 Total Ending Reserve Balance 7,233,433.26

IV. COLLECTIONS ON RECEIVABLES a) Interest and Principal Payments Received ----------------------------------------- Interest Payments Received 1,034,305.87 Scheduled Principal Payments Received 1,325,650.24 Principal Prepayments Received 2,469,486.99 Total Interest and Principal Payments Received 4,829,443.10 b) Liquidation Proceeds --------------------- Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 143,790.77 minus Reasonable Expenses 9,211.02 Net Liquidation Proceeds 134,579.75 Amount Allocable to Interest 0.00 Amount Allocable to Principal 134,579.75 c) Purchase Amount - Loans Repurchased from Trust ----------------------------------------------- Amount Allocable to Interest 0.00 Amount Allocable to Principal 0.00 TOTAL COLLECTED FUNDS 4,964,022.85

V. CALCULATION OF SERVICING AND TRUSTEE FEES Pool Balance of Receivables as of the First Day of Collection Period 136,227,877.57 multiplied by Servicer Fee Rate 0.50% divided by Months per Year 12 SERVICING FEE AMOUNT 56,761.62 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 136,227,877.57 Pool Balance as of the Current Accounting Date 132,148,920.07 Age of Pool in Months 71 a.2)Aggregate Note Balance ----------------------- Aggregate Note Balance as of Preceding Accounting Date 134,865,598.79 Aggregate Note Balance as of Current Accounting Date 130,827,430.87 b) Default and Delinquency Performance (includes Repossessions and Bankruptcies) -------------------------------------------------------------------------------

VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT Total Pool Factor 0.13214847 Note Pool Factor 0.13082699 a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 175,601.25 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-5 126,860.50 Class A-6 322,902.77 Class B 132,500.00 Class C 120,500.00 Noteholders' Monthly Principal Distributable Amount --------------------------------------------------

VIII. POOL STATISTICS Weighted Average Coupon (WAC) 8.89% Weighted Average Remaining Maturity (WAM) 105 TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit-Reserve Overfunded Withdrawal) 4,922,928.57 Plus: Trustee Fee 1,041.67 Less: Reserve Withdrawal 0.00 TOTAL WIRE TO CHASE 4,923,970.24 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: 10-Feb-05 Determination Date: 11-Feb-05 Monthly Payment Date: 14-Feb-05 Collection Period Ending: 31-Jan-05~~

I. COLLECTION ACCOUNT SUMMARY Total Available Funds ---------------------- Principal and Interest Payments Received (including Prepayments) 1,800,155.18 Net Liquidation Proceeds (including Rebates/Insurance Amounts) 31,115.98 Current Monthly Interest Shortfall/Excess -14,642.87 Recoup of Collection Expenses -6,802.98 Amount of Withdrawal, (to the extent that there are shortfalls on payments of Interest or Principal), from Reserve Account 365,346.40 Purchase Amounts for Repurchased Receivables 0.00 TOTAL AVAILABLE FUNDS 2,175,171.71

II. SIMPLE INTEREST EXCESS OR SHORTFALLS Amount of Interest Payments Due During the Collection Period for Receivables 558,203.55 Amount of Interest Payments Received During the Collection Period for Receivables 572,846.42 Amount of Current Month Simple Interest Excess/Shortfall -14,642.87

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 10,876,291.50 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) -365,346.40 Reserve Account Investment Earnings 19,515.73 Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance 0.00 and over-collateralization amounts have been met) Amount in Reserve Account as of Determination Date (excluding amount to be paid on next Payment Date) 10,876,291.50 Total Ending Reserve Balance 10,530,460.83

IV. COLLECTIONS ON RECEIVABLES a) Interest and Principal Payments Received ---------------------------------------- Interest Payments Received 572,846.42 Scheduled Principal Payments Received 599,299.03 Principal Prepayments Received 628,009.73 Total Interest and Principal Payments Received 1,800,155.18 b) Liquidation Proceeds --------------------- Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 37,711.78 minus Reasonable Expenses 6,595.80 Net Liquidation Proceeds 31,115.98 Amount Allocable to Interest 0.00 Amount Allocable to Principal 31,115.98 c) Purchase Amount - Loans Repurchased from Trust ---------------------------------------------- Amount Allocable to Interest 0.00 Amount Allocable to Principal 0.00 TOTAL COLLECTED FUNDS 1,831,271.16

V. CALCULATION OF SERVICING AND TRUSTEE FEES Pool Balance of Receivables as of the First Day of Collection Period 81,328,284.72 multiplied by Servicer Fee Rate 0.50% divided by Months per Year 12 SERVICING FEE AMOUNT 33,886.79 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 81,328,284.72 Pool Balance as of the Current Accounting Date 79,585,560.01 Age of Pool in Months 69 a.2) Aggregate Note Balance ------------------------ Aggregate Note Balance as of Preceding Accounting Date 79,701,719.03 Aggregate Note Balance as of Current Accounting Date 77,993,848.81 b) Default and Delinquency Performance (includes Repossessions and Bankruptcies) -----------------------------------------------------------------------------

VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT Total Pool Factor 0.14470099 Note Pool Factor 0.14180697 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-5 137,209.82 Class B 190,575.00 Class C 139,516.67 Noteholders' Monthly Principal Distributable Amount ---------------------------------------------------

VIII. POOL STATISTICS Weighted Average Coupon (WAC) 8.28% Weighted Average Remaining Maturity (WAM) 126 TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 2,175,171.71 Plus: Trustee Fee 1,041.67 Less: Reserve Overfunded Withdrawal -365,346.40 TOTAL WIRE TO CHASE 1,810,866.98 Amount Due To Servicer (Excess Spread+Recoup of O/C-Reserve Deposit+Reserve Overfunded Withdrawal) 0.00

EX-3 DISTRIBUTION FINANCIAL SERVICES RV TRUST 1999-3 ~~Accounting Date: 10-Feb-05 Determination Date: 11-Feb-05 Monthly Payment Date: 14-Feb-05 Collection Period Ending: 31-Jan-05~~

I. COLLECTION ACCOUNT SUMMARY Total Available Funds ---------------------- Principal and Interest Payments Received (including Prepayments) 1,817,306.84 Net Liquidation Proceeds (including Rebates/Insurance Amounts) 19,980.21 Current Monthly Interest Shortfall/Excess -22,103.73 Recoup of Collection Expenses -6,604.50 Amount of Withdrawal, if any, from Reserve Account 0.00 Purchase Amounts for Repurchased Receivables 0.00 TOTAL AVAILABLE FUNDS 1,808,578.82

II. SIMPLE INTEREST EXCESS OR SHORTFALLS Amount of Interest Payments Due During the Collection Period for Receivables 541,401.91 Amount of Interest Payments Received During the Collection Period for Receivables 563,505.64 Amount of Current Month Simple Interest Excess/Shortfall -22,103.73

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 2,808,982.68 Deposits to Reserve Account (only if Reserve Account is less than the Specified Reserve Account Balance) 45,545.58 Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principal) -45,545.58 Reserve Account Investment Earnings 5,045.51 Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance and over-collateralization amounts have been met) -5,045.51 Amount in Reserve Account as of Determination Date (excluding amount to be paid on next Payment Date) 2,808,982.68 Total Ending Reserve Balance 2,808,982.68

IV. COLLECTIONS ON RECEIVABLES a) Interest and Principal Payments Received ------------------------------------------ Interest Payments Received 563,505.64 Scheduled Principal Payments Received 585,166.89 Principal Prepayments Received 668,634.31 Total Interest and Principal Payments Received 1,817,306.84 b) Liquidation Proceeds -------------------- Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 22,640.66 minus Reasonable Expenses 2,660.45 Net Liquidation Proceeds 19,980.21 Amount Allocable to Interest 0.00 Amount Allocable to Principal 19,980.21 c) Purchase Amount - Loans Repurchased from Trust ---------------------------------------------- Amount Allocable to Interest 0.00 Amount Allocable to Principal 0.00 TOTAL COLLECTED FUNDS 1,837,287.05

V. CALCULATION OF SERVICING AND TRUSTEE FEES Pool Balance of Receivables as of the First Day of Collection Period 72,448,786.52 multiplied by Servicer Fee Rate 0.50% divided by Months per Year 12 SERVICING FEE AMOUNT 30,186.99 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 72,448,786.52 Pool Balance as of the Current Accounting Date 71,121,640.72 Age of Pool in Months 67 a.2) Aggregate Note Balance ----------------------- Aggregate Note Balance as of Preceding Accounting Date 71,724,298.65 Aggregate Note Balance as of Current Accounting Date 70,410,424.31 b) Default and Delinquency Performance (including Repossessions and Bankruptcies) ------------------------------------------------------------------------------

VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT Total Pool Factor 0.18989519 Note Pool Factor 0.18799624 a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 30,186.99 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-5 131.25 Class A-6 314,456.13 Class B 55,943.93 Class C 49,440.60 Noteholders' Monthly Principal Distributable Amount ---------------------------------------------------

VIII. POOL STATISTICS Weighted Average Coupon (WAC) 8.92% Weighted Average Remaining Maturity (WAM) 115 TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 1,808,578.82 Plus: Trustee Fee 708.33 Less: Reserve Overfunded Withdrawal -44,545.58 TOTAL WIRE TO CHASE 1,764,741.57 Amount Due To Servicer (Excess Spread+Recoup of O/C-Reserve Deposit+Reserve Overfunded Withdrawal) 44,545.58

EX-4 DISTRIBUTION FINANCIAL SERVICES RV/MARINE TRUST 2001-1 ~~Accounting Date: 10-Feb-05 Determination Date: 11-Feb-05 Monthly Payment Date: 14-Feb-05 Collection Period Ending: 31-Jan-05~~

I. COLLECTION ACCOUNT SUMMARY Total Available Funds ----------------------- Principal and Interest Payments Received (including Prepayments) 4,959,604.68 Net Liquidation Proceeds (including Rebates/Insurance Amounts) 65,665.67 Current Monthly Interest Shortfall/Excess -23,885.25 Recoup of Collection Expenses -27,870.90 Amount of Withdrawal, if any, from Reserve Account 368,998.65 Purchase Amounts for Repurchased Receivables 0.00 TOTAL AVAILABLE FUNDS 5,342,512.85

II. SIMPLE INTEREST EXCESS OR SHORTFALLS Amount of Interest Payments Due During the Collection Period for Receivables 1,159,586.58 Amount of Interest Payments Received During the Collection Period for Receivables 1,183,471.83 Amount of Current Month Simple Interest Excess/Shortfall -23,885.25

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 3,357,648.14 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) -368,998.65 Reserve Account Investment Earnings 6,234.17 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) 3,357,648.14 Total Ending Reserve Balance 2,994,883.66

IV. COLLECTIONS ON RECEIVABLES a) Interest and Principal Payments Received ------------------------------------------ Interest Payments Received 1,183,471.83 Scheduled Principal Payments Received 1,169,957.75 Principal Prepayments Received 2,606,175.10 Total Interest and Principal Payments Received 4,959,604.68 b) Liquidation Proceeds ---------------------- Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 76,884.01 minus Reasonable Expenses 11,218.34 Net Liquidation Proceeds 65,665.67 Amount Allocable to Interest 0.00 Amount Allocable to Principal 65,665.67 c) Purchase Amount - Loans Repurchased from Trust ------------------------------------------------ Amount Allocable to Interest 0.00 Amount Allocable to Principal 0.00 TOTAL COLLECTED FUNDS 5,025,270.35

V. CALCULATION OF SERVICING AND TRUSTEE FEES Pool Balance of Receivables as of the First Day of Collection Period 153,412,251.39 multiplied by Servicer Fee Rate 0.75% divided by Months per Year 12 SERVICING FEE AMOUNT 95,882.66

VI. POOL BALANCE AND PORTFOLIO PERFORMANCE a) Pool Balance -------------- Initial Pool Balance 529,467,226.64 Pool Balance as of Preceding Accounting Date 153,412,251.39 Pool Balance as of the Current Accounting Date 148,966,343.34 Age of Pool in Months 39 a.2) Aggregate Note Balance ----------------------- Aggregate Note Balance as of Preceding Accounting Date 153,412,251.39 Aggregate Note Balance as of Current Accounting Date 148,966,343.34 b) Default and Delinquency Performance (includes Repossessions and Bankruptcies) -----------------------------------------------------------------------------

VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT Total Pool Factor 0.28135140 Note Pool Factor 0.28135140 a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 95,882.66 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-4 182,915.39 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 -----------------------------------------------------

VIII. POOL STATISTICS Weighted Average Coupon (WAC) 9.23% Weighted Average Remaining Maturity (WAM) 136.34 TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit-Reserve Overfunded Deposit) 5,342,512.85 Less: Reserve Withdrawal -368,998.65 TOTAL WIRE TO HSBC 4,973,514.20 Amount Due To Servicer (Excess Spread-Reserve Deposit+Reserve Overfunded Withdrawal) 0.00

DEUTSCHE RECREATIONAL ASSET FUNDING CORP 8-K