8-K 1 drafco8k.txt DRAFCO 8K (MAY 2005) June 21, 2005 Securities and Exchange Commission 450 Fifth Street, N.W. Judiciary Plaza Washington, D.C. 20549 Re: Form 8-K ETCF 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. June 15, 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: June 21, 2005 Name: /s/ Matt Pechulis Title: Vice President & Assistant Secretary EX-1 DISTRIBUTION FINANCIAL SERVICES RV TRUST 1999-1 ~~Accounting Date: 10-Jun-05 Determination Date: 14-Jun-05 Monthly Payment Date: 15-Jun-05 Collection Period Ending: 31-May-05~~

I. COLLECTION ACCOUNT SUMMARY Total Available Funds --------------------- Principal and Interest Payments Received (including Prepayments) 4,480,940.40 Net Liquidation Proceeds (including Rebates/Insurance Amounts) 74,565.56 Current Advance/Advance Recovery -27,048.02 Recoup of Collection Expenses -18,116.87 Amount of Withdrawal, if any, from Reserve Account 0.00 Purchase Amounts for Repurchased Receivables 0.00 TOTAL AVAILABLE FUNDS 4,510,341.07

II. SIMPLE INTEREST EXCESS OR SHORTFALLS Amount of Interest Payments Due During the Collection Period for Receivables 878,792.73 Amount of Interest Payments Received During the Collection Period for Receivables 905,840.75 Amount of Current Month Simple Interest Excess/Shortfall -27,048.02

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 7,230,559.05 Deposits to Reserve Account (only if Reserve Account is less than the Specified Reserve Account Balance) 20,816.20 Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principal) 0.00 Reserve Account Investment Earnings 17,106.95 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) 7,230,559.05 Total Ending Reserve Balance 7,268,482.20

IV. COLLECTIONS ON RECEIVABLES a) Interest and Principal Payments Received ----------------------------------------- Interest Payments Received 905,840.75 Scheduled Principal Payments Received 1,263,682.20 Principal Prepayments Received 2,311,417.45 Total Interest and Principal Payments Received 4,480,940.40 b) Liquidation Proceeds --------------------- Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 81,897.76 minus Reasonable Expenses 7,332.20 Net Liquidation Proceeds 74,565.56 Amount Allocable to Interest 0.00 Amount Allocable to Principal 74,565.56 c) Purchase Amount - Loans Repurchased from Trust ----------------------------------------------- Amount Allocable to Interest 0.00 Amount Allocable to Principal 0.00 TOTAL COLLECTED FUNDS 4,555,505.96

V. CALCULATION OF SERVICING AND TRUSTEE FEES Pool Balance of Receivables as of the First Day of Collection Period 120,138,867.10 multiplied by Servicer Fee Rate 0.50% divided by Months per Year 12 SERVICING FEE AMOUNT 50,057.86 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 120,138,867.10 Pool Balance as of the Current Accounting Date 116,284,376.06 Age of Pool in Months 75 a.2)Aggregate Note Balance ----------------------- Aggregate Note Balance as of Preceding Accounting Date 118,937,478.43 Aggregate Note Balance as of Current Accounting Date 115,121,532.30 b) Default and Delinquency Performance (includes Repossessions and Bankruptcies) -------------------------------------------------------------------------------

VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT Total Pool Factor 0.11628438 Note Pool Factor 0.11512153 a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 50,057.86 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 47,618.11 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) 8.88% Weighted Average Remaining Maturity (WAM) 102 TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit-Reserve Overfunded Withdrawal) 4,510,341.07 Plus: Trustee Fee 1,041.67 Less: Reserve Withdrawal 0.00 TOTAL WIRE TO CHASE 4,511,382.74 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-Jun-05 Determination Date: 14-Jun-05 Monthly Payment Date: 15-Jun-05 Collection Period Ending: 31-May-05~~

I. COLLECTION ACCOUNT SUMMARY Total Available Funds ---------------------- Principal and Interest Payments Received (including Prepayments) 3,074,192.21 Net Liquidation Proceeds (including Rebates/Insurance Amounts) 107,112.61 Current Advance/Advance Recovery -6,848.00 Recoup of Collection Expenses 4,078.37 Amount of Withdrawal, (to the extent that there are shortfalls on payments of Interest or Principal), from Reserve Account 0.00 Purchase Amounts for Repurchased Receivables 0.00 TOTAL AVAILABLE FUNDS 3,178,535.19

II. SIMPLE INTEREST EXCESS OR SHORTFALLS Amount of Interest Payments Due During the Collection Period for Receivables 506,141.39 Amount of Interest Payments Received During the Collection Period for Receivables 512,989.39 Amount of Current Month Simple Interest Excess/Shortfall -6,848.00

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 10,851,354.59 Deposits to Reserve Account (only if Reserve Account is less than the Specified Reserve Account Balance) 97,986.04 Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principal) 0.00 Reserve Account Investment Earnings 25,494.54 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) 10,851,354.59 Total Ending Reserve Balance 10,974,835.17

IV. COLLECTIONS ON RECEIVABLES a) Interest and Principal Payments Received ---------------------------------------- Interest Payments Received 512,989.39 Scheduled Principal Payments Received 593,111.86 Principal Prepayments Received 1,968,090.96 Total Interest and Principal Payments Received 3,074,192.21 b) Liquidation Proceeds --------------------- Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 133,450.66 minus Reasonable Expenses 17,701.17 Net Liquidation Proceeds 115,749.49 Amount Allocable to Interest 8,636.88 Amount Allocable to Principal 107,112.61 c) Purchase Amount - Loans Repurchased from Trust ---------------------------------------------- Amount Allocable to Interest 0.00 Amount Allocable to Principal 0.00 TOTAL COLLECTED FUNDS 3,181,304.82

V. CALCULATION OF SERVICING AND TRUSTEE FEES Pool Balance of Receivables as of the First Day of Collection Period 73,408,248.04 multiplied by Servicer Fee Rate 0.50% divided by Months per Year 12 SERVICING FEE AMOUNT 30,586.77 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 73,408,248.04 Pool Balance as of the Current Accounting Date 70,728,886.61 Age of Pool in Months 73 a.2) Aggregate Note Balance ------------------------ Aggregate Note Balance as of Preceding Accounting Date 71,940,083.08 Aggregate Note Balance as of Current Accounting Date 69,314,308.88 b) Default and Delinquency Performance (includes Repossessions and Bankruptcies) -----------------------------------------------------------------------------

VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT Total Pool Factor 0.12859798 Note Pool Factor 0.12602602 a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 30,586.77 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 94,096.51 Class B 190,575.00 Class C 139,516.67 Noteholders' Monthly Principal Distributable Amount ---------------------------------------------------

VIII. POOL STATISTICS Weighted Average Coupon (WAC) 8.27% Weighted Average Remaining Maturity (WAM) 122 TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 3,178,535.19 Plus: Trustee Fee 1,041.67 Less: Reserve Overfunded Withdrawal 0.00 TOTAL WIRE TO CHASE 3,179,576.86 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-Jun-05 Determination Date: 14-Jun-05 Monthly Payment Date: 15-Jun-05 Collection Period Ending: 31-May-05~~

I. COLLECTION ACCOUNT SUMMARY Total Available Funds ---------------------- Principal and Interest Payments Received (including Prepayments) 2,071,822.94 Net Liquidation Proceeds (including Rebates/Insurance Amounts) 28,652.78 Current Advance/Advance Recovery -1,925.16 Recoup of Collection Expenses -4,817.50 Amount of Withdrawal, if any, from Reserve Account 0.00 Purchase Amounts for Repurchased Receivables 0.00 TOTAL AVAILABLE FUNDS 2,093,733.06

II. SIMPLE INTEREST EXCESS OR SHORTFALLS Amount of Interest Payments Due During the Collection Period for Receivables 485,249.06 Amount of Interest Payments Received During the Collection Period for Receivables 487,174.22 Amount of Current Month Simple Interest Excess/Shortfall -1,925.16

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) 66,885.94 Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principal) -66,885.94 Reserve Account Investment Earnings 6,699.79 Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance and over-collateralization amounts have been met) -6,699.79 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 487,174.22 Scheduled Principal Payments Received 582,617.15 Principal Prepayments Received 1,002,031.57 Total Interest and Principal Payments Received 2,071,822.94 b) Liquidation Proceeds -------------------- Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 34,785.53 minus Reasonable Expenses 6,132.75 Net Liquidation Proceeds 28,652.78 Amount Allocable to Interest 0.00 Amount Allocable to Principal 28,652.78 c) Purchase Amount - Loans Repurchased from Trust ---------------------------------------------- Amount Allocable to Interest 0.00 Amount Allocable to Principal 0.00 TOTAL COLLECTED FUNDS 2,100,475.72

V. CALCULATION OF SERVICING AND TRUSTEE FEES Pool Balance of Receivables as of the First Day of Collection Period 65,349,380.07 multiplied by Servicer Fee Rate 0.50% divided by Months per Year 12 SERVICING FEE AMOUNT 27,228.91 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 65,349,380.07 Pool Balance as of the Current Accounting Date 63,713,076.84 Age of Pool in Months 71 a.2) Aggregate Note Balance ----------------------- Aggregate Note Balance as of Preceding Accounting Date 64,695,886.27 Aggregate Note Balance as of Current Accounting Date 63,075,946.07 b) Default and Delinquency Performance (including Repossessions and Bankruptcies) ------------------------------------------------------------------------------

VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT Total Pool Factor 0.17011429 Note Pool Factor 0.16841315 a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 27,228.91 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 0.00 Class A-6 274,293.48 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) 112 TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 2,093,733.06 Plus: Trustee Fee 708.33 Less: Reserve Overfunded Withdrawal -66,885.94 TOTAL WIRE TO CHASE 2,027,555.45 Amount Due To Servicer (Excess Spread+Recoup of O/C-Reserve Deposit+Reserve Overfunded Withdrawal) 66,885.94

EX-4 DISTRIBUTION FINANCIAL SERVICES RV/MARINE TRUST 2001-1 ~~Accounting Date: 10-Jun-05 Determination Date: 14-Jun-05 Monthly Payment Date: 15-Jun-05 Collection Period Ending: 31-May-05~~

I. COLLECTION ACCOUNT SUMMARY Total Available Funds ----------------------- Principal and Interest Payments Received (including Prepayments) 5,181,721.39 Net Liquidation Proceeds (including Rebates/Insurance Amounts) 441,876.37 Current Advance/Advance Recovery -5,202.45 Recoup of Collection Expenses -18,762.46 Amount of Withdrawal, if any, from Reserve Account 0.00 Purchase Amounts for Repurchased Receivables 0.00 TOTAL AVAILABLE FUNDS 5,599,632.85

II. SIMPLE INTEREST EXCESS OR SHORTFALLS Amount of Interest Payments Due During the Collection Period for Receivables 1,021,406.79 Amount of Interest Payments Received During the Collection Period for Receivables 1,026,609.24 Amount of Current Month Simple Interest Excess/Shortfall -5,202.45

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 2,500,307.18 Deposits to Reserve Account (only if Reserve Account is less than the Specified Reserve Account Balance) 256,328.35 Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principal) 0.00 Reserve Account Investment Earnings 6,294.92 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) 2,500,307.18 Total Ending Reserve Balance 2,762,930.45

IV. COLLECTIONS ON RECEIVABLES a) Interest and Principal Payments Received ------------------------------------------ Interest Payments Received 1,026,609.24 Scheduled Principal Payments Received 878,931.38 Principal Prepayments Received 3,276,180.77 Total Interest and Principal Payments Received 5,181,721.39 b) Liquidation Proceeds ---------------------- Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 495,608.35 minus Reasonable Expenses 53,731.98 Net Liquidation Proceeds 441,876.37 Amount Allocable to Interest 0.00 Amount Allocable to Principal 441,876.37 c) Purchase Amount - Loans Repurchased from Trust ------------------------------------------------ Amount Allocable to Interest 0.00 Amount Allocable to Principal 0.00 TOTAL COLLECTED FUNDS 5,623,597.76

V. CALCULATION OF SERVICING AND TRUSTEE FEES Pool Balance of Receivables as of the First Day of Collection Period 134,321,028.76 multiplied by Servicer Fee Rate 0.75% divided by Months per Year 12 SERVICING FEE AMOUNT 83,950.64

VI. POOL BALANCE AND PORTFOLIO PERFORMANCE a) Pool Balance -------------- Initial Pool Balance 529,467,226.64 Pool Balance as of Preceding Accounting Date 134,321,028.76 Pool Balance as of the Current Accounting Date 129,772,191.01 Age of Pool in Months 43 a.2) Aggregate Note Balance ----------------------- Aggregate Note Balance as of Preceding Accounting Date 134,321,028.76 Aggregate Note Balance as of Current Accounting Date 129,772,191.01 b) Default and Delinquency Performance (includes Repossessions and Bankruptcies) -----------------------------------------------------------------------------

VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT Total Pool Factor 0.23912326 Note Pool Factor 0.23912326 a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 83,950.64 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 92,709.36 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) 132.30 TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit-Reserve Overfunded Deposit) 5,599,632.85 Less: Reserve Withdrawal 0.00 TOTAL WIRE TO HSBC 5,599,632.85 Amount Due To Servicer (Excess Spread-Reserve Deposit+Reserve Overfunded Withdrawal) 0.00

DEUTSCHE RECREATIONAL ASSET FUNDING CORP 8-K