8-K 1 et8krvmar.txt ETRVM 2004-1 (APRIL 2005) May 13, 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: marlyn.abraham@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. May 09, 2005 (Date of earliest event reported) ETCF ASSET FUNDING CORPORATION, formerly DEUTSCHE RECREATIONAL 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 Exhibit 1 of this current report on Form 8-K. Item 9.01. (c). Exhibits.

Exhibit Number Document Description ------- -------------------- EX-1 ~~Distribution~~E*TRADE ~~Financial Services~~ RV ~~Trust~~AND ~~1999-1~~MARINE ~~April~~TRUST ~~15, 2005 Payment Date Statement to Noteholders Per Section 5.08 of the Transfer and Servicing Agreement EX~~2004-2 Distribution Financial Services Marine Trust 1999-2 April 15, 2005 Payment Date Statement to Noteholders Per Section 5.08 of the Transfer and Servicing Agreement EX-3 Distribution Financial Services RV Trust 1999-3 April 15, 2005 Payment Date Statement to Noteholders Per Section 5.08 of the Transfer and Servicing Agreement EX-4 Distribution Financial Services RV/Marine Trust 2001-1 ~~April~~May 1509, 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. ETCF ASSET FUNDING CORPORATION (Registrant) By: /s/ Matt Pechulis Title: Vice President, & Assistant Secretary Date: May 13, 2005 EX-1 E*TRADE RV AND MARINE TRUST 2004-1 ~~Determination Date: 06-May-05 Monthly Payment Date: 09-May-05 Collection Period Ending: 30-Apr-05~~

I. COLLECTION ACCOUNT SUMMARY Total Available Funds --------------------- Principal and Interest Payments Received (including Prepayments) 5,684,767.01 Net Liquidation Proceeds (including Rebates/Insurance Amounts) 12,786.00 Current Monthly Interest Shortfall/Excess 39,126.62 Recoup of Collection Expenses -40.00 Investment Earnings (from Collection Account) 8,447.97 Investment Earnings (from Reserve Account) 10,201.61 Amount of Withdrawal, if any, from Reserve Account 0.00 Purchase Amounts for Repurchased Receivables 0.00 TOTAL AVAILABLE FUNDS 5,755,289.21

II. SIMPLE INTEREST EXCESS OR SHORTFALLS Amount of Interest Payments Due During the Collection Period for Receivables 1,484,805.40 Amount of Interest Payments Received During the Collection Period for Receivables 1,445,678.78 Amount of Current Month Simple Interest Excess/Shortfall 39,126.62 Less: Servicer Advance Reimbursement 0.00 Amount of Interest Payments Received During the Collection Period available for distribution 1,445,678.78

III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS Specified Reserve Account Balance (not more than the outstanding principal balance of the Notes) 4,634,941.80 Beginning Reserve Account Balance 4,634,941.80 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 10,201.61 Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance and over-collateralization amounts have been met) -10,201.61 Amount in Reserve Account as of Determination Date (excluding amount to be paid on next Payment Date) 4,634,941.80 Total Ending Reserve Balance 4,634,941.80

IV. COLLECTIONS ON RECEIVABLES a) Interest and Principal Payments Received ----------------------------------------- Interest Payments Received 1,445,678.78 Scheduled Principal Payments Received 1,352,339.93 Principal Prepayments Received 2,886,748.30 Total Interest and Principal Payments Received 5,684,767.01 b) Liquidation Proceeds --------------------- Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 14,600.00 minus Reasonable Expenses -1,814.00 Net Liquidation Proceeds 12,786.00 Amount Allocable to Interest 0.00 Amount Allocable to Principal 12,786.00 c) Purchase Amount - Loans Repurchased from Trust ----------------------------------------------- Amount Allocable to Interest 0.00 Amount Allocable to Principal 0.00 TOTAL COLLECTED FUNDS 5,697,553.01

V. CALCULATION OF SERVICING AND TRUSTEE FEES a) Pool Balance of Receivables as of the First Day of Collection Period 292,444,052.00 multiplied by Servicer Fee Rate 0.50% divided by Months per Year 12 SERVICING FEE AMOUNT 121,851.69 b) Indenture Trustee Fee 500.00 c) Owner Trustee Fee 250.00

VI. POOL BALANCE AND PORTFOLIO PERFORMANCE a) Pool Balance ------------ Initial Pool Balance 308,996,120.23 Pool Balance as of Preceding Accounting Date 292,444,052.00 Pool Balance as of the Current Accounting Date 288,183,183.85 Age of Pool in Months 5 a.2) Aggregate Note Balance ----------------------- Aggregate Note Balance as of Preceding Accounting Date 288,312,795.44 Aggregate Note Balance as of Current Accounting Date 283,543,125.82 b) Default and Delinquency Performance (includes Repossessions and Bankruptcies) -------------------------------------------------------------------------------

Current Month Number of Loans Principal Balance Percentage --------------- ---------------- ----------------- ---------- 30-59 Days Delinquent 265 ~~505~~109,~~872~~172.2752 0.~~409~~038% 60-89 Days Delinquent 124 ~~302~~130,~~239~~423.7674 0.~~244~~045% 90-119 Days Delinquent 91 ~~160~~25,~~928~~939.9842 0.~~130~~009% 120+ Days Delinquent 0 0.00 0.000% Defaults for Current Period 162 ~~599~~21,~~362.58~~779,92 0.~~484~~008% Cumulative Defaults ~~1,315~~4 52,~~009~~947,~~414.18~~44 50.~~201~~017% Cumulative Recoveries 2118,~~755,907~~044.7153 20.~~176~~006% Current Period Realized Losses ------------------------------ Current Month Realized Losses ~~599~~21,~~362~~779.5892 Current Month Realized Losses as Percentage of Initial Pool Balance 0.~~060~~007% Preceding Realized Losses ~~264~~31,~~003~~167.9552 Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.~~026~~010% Second Preceding Realized Losses ~~283,820~~0.2700 Second Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.~~028~~000% Cumulative Realized Losses 3034,~~253,506~~902.4791 Cumulative Realized Losses as Percentage of Initial Pool Balance 30.~~025~~011%

VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT Total Pool Factor 0.9326434 Note Pool Factor 0.9176268 a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 121,851.69 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 93,587.49 Class A-2 172,671.67 Class A-3 228,965.00 Class A-4 113,208.33 Class A-5 131,949.80 Class B 35,565.42 Class C 35,071.50 Class D 43,800.75 Class E 0.00 Noteholders' Monthly Principal Distributable Amount --------------------------------------------------

Noteholders' Monthly Beginning Principal Distributable Ending Balance Amount Balance ---------- ------------------------ --------- Class A-1 042,061,795.0044 04,778,117.0056 037,283,677.0085 Class A-2 066,200,000.00 0.00 066,200,000.00 Class A-3 075,900,000.00 0.00 075,900,000.00 Class A-4 032,500,000.00 0.00 032,500,000.00 Class A-5 1834,~~011~~572,~~968~~000.7800 ~~4,826,211~~0.8900 1334,~~185~~572,~~756~~000.8900 Class ~~A-6~~B 6410,~~366~~042,000.00 0.00 6410,~~366~~042,000.00 Class BC 259,~~000~~270,000.00 0.00 259,~~000~~270,000.00 Class CD 2010,~~000~~815,000.00 0.00 2010,~~000~~815,000.00 c)Class ~~Recaptured~~E ~~Principal from Overcollateralization 48~~6,~~749~~952,000.6200 ~~Excess~~0.00 ~~Spread Received -126~~6,~~877~~952,000.5200

VIII. POOL STATISTICS Weighted Average Annual Percentage Rate: 6.24% Weighted Average Remaining Term: 181.99 TOTAL DISTRIBUTION AMOUNT (Serv Fee+Indenture Trustee Fee +Note Int+Note Prin+Reserve Deposit) 5,755,289.21 Less: Reserve Withdrawal 0.00 TOTAL FROM COLLECTION ACCOUNT 5,755,289.21 Amount Due To Servicer (Servicing Fee) 121,851.69 Amount Due To Servicer (Recovery of Servicer Advance) 0.00 TOTAL DUE TO SERVICER 121,851.69

Current Month Number of Loans Principal Balance Percentage ------------- --------------- ----------------- ---------- 30-59 Days Delinquent 16 371,469.77 0.490% 60-89 Days Delinquent 7 105,188.16 0.139% 90-119 Days Delinquent 7 182,458.53 0.241% 120+ Days Delinquent 0 0.00 0.000% Defaults for Current Period 6 209,871.62 0.277% Cumulative Defaults 465 22,241,644.79 4.044% Cumulative Recoveries 12,037,936.20 2.189% Current Period Realized Losses ------------------------------- Current Month Realized Losses 209,871.62 Current Month Realized Losses as Percentage of Initial Pool Balance 0.038% Preceding Realized Losses 32,714.74 Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.006% Second Preceding Realized Losses 515,415.95 Second Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.094% Cumulative Realized Losses 10,203,708.59 Cumulative Realized Losses as Percentage of Initial Pool Balance 1.855%

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 21,399,178.41 2,102,470.32 19,296,708.09 Class B 33,000,000.00 0.00 33,000,000.00 Class C 22,000,000.00 0.00 22,000,000.00 c) Recaptured Principal from Overcollateralization 42,907.56 Excess Spread Received -42,907.56

Current Month Number of Loans Principal Balance Percentage ------------- --------------- ----------------- ---------- 30-59 Days Delinquent 24 597,439.16 0.887% 60-89 Days Delinquent 9 96,471.22 0.143% 90-119 Days Delinquent 4 73,568,89 0.109% 120+ Days Delinquent 0 0.00 0.000% Defaults for Current Period 4 85,150.17 0.126% Cumulative Defaults 498 17,812,426.70 4.756% Cumulative Recoveries 8,245,200.81 2.201% Current Period Realized Losses ------------------------------- Current Month Realized Losses 85,150.17 Current Month Realized Losses as Percentage of Initial Pool Balance 0.023% Preceding Realized Losses 58,168.12 Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.016% Second Preceding Realized Losses 73,344.60 Second Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.020% Cumulative Realized Losses 9,567,225.89 Cumulative Realized Losses as Percentage of Initial Pool Balance 2.554%

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 51,949,621.61 2,134,933.50 49,814,688.11 Class B 9,363,000.00 0.00 9,363,000.00 Class C 7,491,000.00 0.00 7,491,000.00 c) Recaptured Principal from Overcollateralization 21,564.99 Excess Spread Received 97,574.90

Current Month Number of Loans Principal Balance Percentage ------------- --------------- ----------------- ---------- 30-59 Days Delinquent 42 763,729.69 0.549% 60-89 Days Delinquent 21 497,831.50 0.358% 90-119 Days Delinquent 15 633,852.19 0.456% 120+ Days Delinquent 0 0.00 0.000% Defaults for Current Period 14 616,439.78 0.443% Cumulative Defaults 568 22,559,387.05 4.261% Cumulative Recoveries 9,523,403.59 1.799% Current Period Realized Losses ------------------------------- Current Month Realized Losses 616,439.78 Current Month Realized Losses as Percentage of Initial Pool Balance 0.116% Preceding Realized Losses 1,002,098.47 Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.189% Second Preceding Realized Losses 669,775.20 Second Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.126% Cumulative Realized Losses 13,035,983.46 Cumulative Realized Losses as Percentage of Initial Pool Balance 2.462%

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 29,298,551.57 4,921,010.73 24,377,540.84 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 0.00

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