8-K 1 drafco8k.txt DRAFCO 8K (JULY 2005) August 19, 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. August 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: August 19, 2005 Name: /s/ Matt Pechulis Title: Vice President & Assistant Secretary EX-1 DISTRIBUTION FINANCIAL SERVICES RV TRUST 1999-1 ~~Accounting Date: 10-Aug-05 Determination Date: 12-Aug-05 Monthly Payment Date: 15-Aug-05 Collection Period Ending: 31-Jul-05~~

I. COLLECTION ACCOUNT SUMMARY Total Available Funds --------------------- Principal and Interest Payments Received (including Prepayments) 3,192,316.89 Net Liquidation Proceeds (including Rebates/Insurance Amounts) 122,744.19 Current Advance/Advance Recovery 53,723.26 Recoup of Collection Expenses -22,967.98 Amount of Withdrawal, if any, from Reserve Account 0.00 Purchase Amounts for Repurchased Receivables 0.00 TOTAL AVAILABLE FUNDS 3,345,816.36

II. SIMPLE INTEREST EXCESS OR SHORTFALLS Amount of Interest Payments Due During the Collection Period for Receivables 837,175.36 Amount of Interest Payments Received During the Collection Period for Receivables 783,452.10 Amount of Current Month Simple Interest Excess/Shortfall 53,723.26

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 7,370,301.41 Deposits to Reserve Account (only if Reserve Account is less than the Specified Reserve Account Balance) 175,952.03 Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principal) 0.00 Reserve Account Investment Earnings 19,239.36 Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance and over-collateralization amounts have been met) -65,467.28 Amount in Reserve Account as of Determination Date (excluding amount to be paid on next Payment Date) 7,370,301.41 Total Ending Reserve Balance 7,500,025.52

IV. COLLECTIONS ON RECEIVABLES a) Interest and Principal Payments Received ----------------------------------------- Interest Payments Received 783,452.10 Scheduled Principal Payments Received 1,159,370.46 Principal Prepayments Received 1,249,494.33 Total Interest and Principal Payments Received 3,192,316.89 b) Liquidation Proceeds --------------------- Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 130,748.32 minus Reasonable Expenses 8,004.13 Net Liquidation Proceeds 122,744.19 Amount Allocable to Interest 11,982.31 Amount Allocable to Principal 110,761.88 c) Purchase Amount - Loans Repurchased from Trust ----------------------------------------------- Amount Allocable to Interest 0.00 Amount Allocable to Principal 0.00 TOTAL COLLECTED FUNDS 3,315,061.08

V. CALCULATION OF SERVICING AND TRUSTEE FEES Pool Balance of Receivables as of the First Day of Collection Period 113,341,100.24 multiplied by Servicer Fee Rate 0.50% divided by Months per Year 12 SERVICING FEE AMOUNT 47,225.46 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 113,341,100.24 Pool Balance as of the Current Accounting Date 110,782,919.74 Age of Pool in Months 77 a.2)Aggregate Note Balance ----------------------- Aggregate Note Balance as of Preceding Accounting Date 112,207,689.24 Aggregate Note Balance as of Current Accounting Date 109,675,090.54 b) Default and Delinquency Performance (includes Repossessions and Bankruptcies) -------------------------------------------------------------------------------

VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT Total Pool Factor 0.11078292 Note Pool Factor 0.10967509 a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 47,225.46 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 14,137.4 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) 8.87% Weighted Average Remaining Maturity (WAM) 101.00 TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit-Reserve Overfunded Withdrawal) 3,345,816.36 Plus: Trustee Fee 1,041.67 Less: Reserve Withdrawal -65,467.28 TOTAL WIRE TO CHASE 3,281,390.75 Amount Due To Servicer (Excess Spread+Recoup of O/C-Reserve Deposit+Reserve Overfunded Withdrawal-Reserve Withdrawal) 65,467.28

EX-2 DISTRIBUTION FINANCIAL SERVICES MARINE TRUST 1999-2 ~~Accounting Date: 10-Aug-05 Determination Date: 12-Aug-05 Monthly Payment Date: 15-Aug-05 Collection Period Ending: 31-Jul-05~~

I. COLLECTION ACCOUNT SUMMARY Total Available Funds ---------------------- Principal and Interest Payments Received (including Prepayments) 2,637,590.76 Net Liquidation Proceeds (including Rebates/Insurance Amounts) 43,890.45 Current Advance/Advance Recovery 23,113.93 Recoup of Collection Expenses -3,268.52 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 2,701,326.62

II. SIMPLE INTEREST EXCESS OR SHORTFALLS Amount of Interest Payments Due During the Collection Period for Receivables 478,032.31 Amount of Interest Payments Received During the Collection Period for Receivables 454,918.38 Amount of Current Month Simple Interest Excess/Shortfall 23,113.93

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 11,000,002.18 Deposits to Reserve Account (only if Reserve Account is less than the Specified Reserve Account Balance) 105,632.83 Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principal) 0.00 Reserve Account Investment Earnings 28,604.41 Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance -134,237.24 and over-collateralization amounts have been met) Amount in Reserve Account as of Determination Date (excluding amount to be paid on next Payment Date) 11,000,002.18 Total Ending Reserve Balance 11,000,002.18

IV. COLLECTIONS ON RECEIVABLES a) Interest and Principal Payments Received ---------------------------------------- Interest Payments Received 454,918.38 Scheduled Principal Payments Received 526,524.60 Principal Prepayments Received 1,656,147.78 Total Interest and Principal Payments Received 2,637,590.76 b) Liquidation Proceeds --------------------- Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 58,303.93 minus Reasonable Expenses 14,413.48 Net Liquidation Proceeds 43,890.45 Amount Allocable to Interest 0.00 Amount Allocable to Principal 43,890.45 c) Purchase Amount - Loans Repurchased from Trust ---------------------------------------------- Amount Allocable to Interest 0.00 Amount Allocable to Principal 0.00 TOTAL COLLECTED FUNDS 2,681,481.21

V. CALCULATION OF SERVICING AND TRUSTEE FEES Pool Balance of Receivables as of the First Day of Collection Period 68,735,424.01 multiplied by Servicer Fee Rate 0.50% divided by Months per Year 12 SERVICING FEE AMOUNT 28,639.76 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 68,735,424.01 Pool Balance as of the Current Accounting Date 66,522,870.22 Age of Pool in Months 75 a.2) Aggregate Note Balance ------------------------ Aggregate Note Balance as of Preceding Accounting Date 67,360,715.53 Aggregate Note Balance as of Current Accounting Date 65,192,412.82 b) Default and Delinquency Performance (includes Repossessions and Bankruptcies) -----------------------------------------------------------------------------

VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT Total Pool Factor 0.12095066 Note Pool Factor 0.11853164 a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 28,639.76 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 68,659.65 Class B 190,575.00 Class C 139,516.67 Noteholders' Monthly Principal Distributable Amount ---------------------------------------------------

VIII. POOL STATISTICS Weighted Average Coupon (WAC) 8.34% Weighted Average Remaining Maturity (WAM) 120.00 TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 2,701,326.62 Plus: Trustee Fee 1,041.67 Less: Reserve Overfunded Withdrawal -134,237.24 TOTAL WIRE TO CHASE 2,568,131.05 Amount Due To Servicer (Excess Spread+Recoup of O/C-Reserve Deposit+Reserve Overfunded Withdrawal) 134,237.24

EX-3 DISTRIBUTION FINANCIAL SERVICES RV TRUST 1999-3 ~~Accounting Date: 10-Aug-05 Determination Date: 12-Aug-05 Monthly Payment Date: 15-Aug-05 Collection Period Ending: 31-Jul-05~~

I. COLLECTION ACCOUNT SUMMARY Total Available Funds ---------------------- Principal and Interest Payments Received (including Prepayments) 2,238,465.59 Net Liquidation Proceeds (including Rebates/Insurance Amounts) 138,911.20 Current Advance/Advance Recovery 16,931.52 Recoup of Collection Expenses -11,717.88 Amount of Withdrawal, if any, from Reserve Account 0.00 Purchase Amounts for Repurchased Receivables 0.00 TOTAL AVAILABLE FUNDS 2,382,590.43

II. SIMPLE INTEREST EXCESS OR SHORTFALLS Amount of Interest Payments Due During the Collection Period for Receivables 455,321.02 Amount of Interest Payments Received During the Collection Period for Receivables 438,389.50 Amount of Current Month Simple Interest Excess/Shortfall 16,931.52

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 2,644,846.50 Deposits to Reserve Account (only if Reserve Account is less than the Specified Reserve Account Balance) 107,742.31 Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principal) 0.00 Reserve Account Investment Earnings 6,952.85 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) 2,644,846.50 Total Ending Reserve Balance 2,759,541.66

IV. COLLECTIONS ON RECEIVABLES a) Interest and Principal Payments Received ------------------------------------------ Interest Payments Received 438,389.50 Scheduled Principal Payments Received 590,851.68 Principal Prepayments Received 1,209,224.41 Total Interest and Principal Payments Received 2,238,465.59 b) Liquidation Proceeds -------------------- Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 148,965.32 minus Reasonable Expenses 10,054.12 Net Liquidation Proceeds 138,911.20 Amount Allocable to Interest 0.00 Amount Allocable to Principal 138,911.20 c) Purchase Amount - Loans Repurchased from Trust ---------------------------------------------- Amount Allocable to Interest 0.00 Amount Allocable to Principal 0.00 TOTAL COLLECTED FUNDS 2,377,376.79

V. CALCULATION OF SERVICING AND TRUSTEE FEES Pool Balance of Receivables as of the First Day of Collection Period 61,477,184.25 multiplied by Servicer Fee Rate 0.50% divided by Months per Year 12 SERVICING FEE AMOUNT 25,615.49 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 61,477,184.25 Pool Balance as of the Current Accounting Date 59,593,359.93 Age of Pool in Months 73 a.2) Aggregate Note Balance ----------------------- Aggregate Note Balance as of Preceding Accounting Date 60,862,412.41 Aggregate Note Balance as of Current Accounting Date 58,997,426.33 b) Default and Delinquency Performance (including Repossessions and Bankruptcies) ------------------------------------------------------------------------------

VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT Total Pool Factor 0.15911462 Note Pool Factor 0.15752347 a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 52,162.61 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-6 252,314.90 Class B 55,943.93 Class C 49,440.60 Noteholders' Monthly Principal Distributable Amount ---------------------------------------------------

VIII. POOL STATISTICS Weighted Average Coupon (WAC) 8.91% Weighted Average Remaining Maturity (WAM) 110.00 TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 2,382,590.43 Plus: Trustee Fee 708.33 Less: Reserve Overfunded Withdrawal 0.00 TOTAL WIRE TO CHASE 2,383,298.76 Amount Due To Servicer (Excess Spread+Recoup of O/C-Reserve Deposit+Reserve Overfunded Withdrawal) 0.00

EX-4 DISTRIBUTION FINANCIAL SERVICES RV/MARINE TRUST 2001-1 ~~Accounting Date: 10-Aug-05 Determination Date: 12-Aug-05 Monthly Payment Date: 15-Aug-05 Collection Period Ending: 31-Jul-05~~

I. COLLECTION ACCOUNT SUMMARY Total Available Funds ----------------------- Principal and Interest Payments Received (including Prepayments) 4,276,881.60 Net Liquidation Proceeds (including Rebates/Insurance Amounts) 54,108.42 Current Advance/Advance Recovery 18,885.48 Recoup of Collection Expenses -21,030.19 Amount of Withdrawal, if any, from Reserve Account 224,912.24 Purchase Amounts for Repurchased Receivables 0.00 TOTAL AVAILABLE FUNDS 4,553,757.55

II. SIMPLE INTEREST EXCESS OR SHORTFALLS Amount of Interest Payments Due During the Collection Period for Receivables 946,596.88 Amount of Interest Payments Received During the Collection Period for Receivables 927,711.40 Amount of Current Month Simple Interest Excess/Shortfall 18,885.48

III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS Reserve Account Required Amount (not more than the outstanding principal balance of the Notes) 3,971,004.20 Beginning Reserve Account Balance 2,792,216.90 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) -224,912.24 Reserve Account Investment Earnings 8,513.32 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) 2,792,216.90 Total Ending Reserve Balance 2,575,817.98

IV. COLLECTIONS ON RECEIVABLES a) Interest and Principal Payments Received ------------------------------------------ Interest Payments Received 927,711.40 Scheduled Principal Payments Received 844,750.22 Principal Prepayments Received 2,504,419.98 Total Interest and Principal Payments Received 4,276,881.60 b) Liquidation Proceeds ---------------------- Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 63,544.95 minus Reasonable Expenses 9,436.53 Net Liquidation Proceeds 54,108.42 Amount Allocable to Interest 0.00 Amount Allocable to Principal 54,108.42 c) Purchase Amount - Loans Repurchased from Trust ------------------------------------------------ Amount Allocable to Interest 0.00 Amount Allocable to Principal 0.00 TOTAL COLLECTED FUNDS 4,330,990.02

V. CALCULATION OF SERVICING AND TRUSTEE FEES Pool Balance of Receivables as of the First Day of Collection Period 124,911,111.73 multiplied by Servicer Fee Rate 0.75% divided by Months per Year 12 SERVICING FEE AMOUNT 78,069.44

VI. POOL BALANCE AND PORTFOLIO PERFORMANCE a) Pool Balance -------------- Initial Pool Balance 529,467,226.64 Pool Balance as of Preceding Accounting Date 124,911,111.73 Pool Balance as of the Current Accounting Date 121,101,477.87 Age of Pool in Months 45 a.2) Aggregate Note Balance ----------------------- Aggregate Note Balance as of Preceding Accounting Date 124,911,111.73 Aggregate Note Balance as of Current Accounting Date 121,101,477.87 b) Default and Delinquency Performance (includes Repossessions and Bankruptcies) -----------------------------------------------------------------------------

VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT Total Pool Factor 0.22314626 Note Pool Factor 0.22314626 a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 78,069.44 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 48,247.50 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) 9.24% Weighted Average Remaining Maturity (WAM) 130.00 TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit-Reserve Overfunded Deposit) 4,553,757.55 Less: Reserve Withdrawal -224,912.24 TOTAL WIRE TO HSBC 4,328,845.31 Amount Due To Servicer (Excess Spread-Reserve Deposit+Reserve Overfunded Withdrawal) 0.00

DEUTSCHE RECREATIONAL ASSET FUNDING CORP 8-K