Item 1. Business.
The Registrant is a common law trust created under the laws of the State of New York created by Deutsche Recreational Asset Funding Corporation, a Nevada corporation. The registrant was formed for limited purposes, which include the purchasing of receivables, including recreational vehicle installment sales contracts or installment loans originated by Deutsche Financial Services Corporation ("DFS"), a Nevada corporation or acquired by DFS from time to time in financing arrangements among DFS and or/its affiliates with certain dealers to finance recreational vehicle sales, including Deutsche Recreational Asset Funding Corporation, a Nevada corporation ("DRAFC") and any activities incidental to and necessary or convenient for the accomplishment of such purposes.
In accordance with its stated business purposes, the Registrant has formed Distribution Financial Services RV Trust 1999-3, ("RV Trust 1999-3") pursuant to a Transfer and Servicing Agreement, dated as of July 1, 1999, among the RV Trust 1999-3, as Issuer, DRAFC as Depositor and DFS, as Servicer. To facilitate the issuance of notes, the Registrant as Depositor and Norwest Bank Minnesota, National Association, as Owner Trustee entered into a Trust Agreement, as amended and restated as of July 1, 1999. In addition, as of July 1, 1999, the RV Trust 1999-3 as Issuer entered into an Indenture with The Chase Manhattan Bank, as Indenture Trustee. The RV Trust 1999-3 assets consist primarily of receivables which include recreational vehicle installment sales contracts or installment loans originated by DFS or acquired by DFS from time to time in financing arrangements among DFS and/or its affiliates with certain dealers to finance recreational vehicle sales. The RV Trust 1999-3, has issued various classes of notes secured by the assets contained in the RV Trust 1999-3.
Item 3.
Item 3. Legal Proceedings.*
None
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders.*
None
PART II
Item 5.
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters.*
As of December 31, 2002 the RV Trust 1999-3 had $ 160,191,940.88 of such Notes outstanding bearing the following identifications:
Class A-1 Notes...........................$ -0- Class A-2 Notes............................ -0- Class A-3 Notes.......................... -0- Class A-4 Notes.......................... 50,875,940.88 Class A-5 Notes.......................... 37,585,000.00 Class A-6 Notes.......................... 54,847,000.00 Class B Notes.......................... 9,363,000.00 Class C Notes.......................... 7,491,000.00
Total RV Trust 1999-3 Notes Outstanding $ 160,161,940.88
PART IV
Item 14.
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.*
(a) Financial Statements.
The Registrant includes as exhibits hereto the Annual Accountant's Report on compliance with the minimum servicing standards identified in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Brokers with respect to the Notes issued and outstanding by Distribution Financial Services RV Trust 1999-3.
(b) Reports on Form 8-K.
The Servicer on behalf of the Registrant has filed reports on Form 8-K for each month during the year 2001 reporting Item 5. Other Events and including therewith as an exhibit, the Collection Period Statement Information with respect to the Distribution Financial Services RV Trust 1999-3Notes.
In addition, under Item 5. Other Events, the Servicer reported in Form 8-K, certain specified information made available on a monthly basis to Noteholders of the Distribution Financial Services RV Trust 1999-3 Notes.
SIGNATURES
Pursuant to the requirements of Section 13 of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
DISTRIBUTION FINANCIAL SERVICES RV TRUST 1999-3
By: Wells Fargo Minnesota, National Association. Not in its individual capacity but solely as Owner Trustee
By: /S/ Melissa Philibert Title: Corporate Trust Officer Date: March 26, 2003
EXHIBIT INDEX
Exhibit No. Title
2 Plan of acquisition, reorganization, arrangement, liquidation or succession Not Applicable
3 Articles of Incorporation and By Laws Not Applicable
4 Instruments defining the rights of security holders, including indentures [Filed with Form 8-K]
9 Voting trust agreements Not Applicable
10 Material Contracts [Filed with Form 8-K]
11 Statement re computation of per share earnings Not Applicable
12 Statement re computation of ratios Not Applicable
13 Annual report of security holders, Form 10-Q or quarterly reports to security holders None
16 Letter re change in certifying accountant None
18 Letter re changes in accounting principles None
21 Subsidiaries of Registrant Not Applicable
22 Published report regarding matters submitted to vote of security holders None
23 Consents of experts and counsel Not Applicable
24 Power of attorney	 Not Applicable
[27 Financial Data Schedule Not Applicable]
99 Additional Exhibits (i) Accountants' Annual Report, and Filed herewith (ii) Management's Report on Compliance as EX-1
EX-1
Independent Accountants'Report
To Ganis Credit Corporation:
We have examined management's assertion, included in the accompanying Management Report on Compliance as Servicer, that Ganis Credit Corporation complied with the minimum servicing standards set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers, as of and for the year ended December 31, 2002. Management is responsible for Ganis Credit Corporation's compliance with those minimum servicing standards. Our responsibility is to express an opinion on management's assertion about the entity's compliance based on our examination.
Our examination was made in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about Ganis Credit Corporation's compliance with the minimum servicing standards specified above and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on Ganis Credit Corporation's compliance with the minimum servicing standards.
In our opinion, management's assertion that Ganis Credit Corporation complied with the aforementioned minimum servicing standards as of and for the year ended December 31, 2002 is fairly stated, in all material respects.
/s/ KPMG LLP March 7, 2003
Management Report on Compliance as Servicer
As of and for the year ended December 31, 2002, Ganis Credit Corporation has complied in all material respects with the minimum servicing standards set for in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers relating to RV Trust 1999-1, Marine Trust 1999-2, RV Trust 1999-3, and RV/Marine Trust 2001-1, to the extend such standards are applicable to the servicing obligations as set for in the pooling and servicing agreement. For the period ended December 23, 2002, Ganis Credit Corporation had in effect a fidelity bond and errors and omissions policy in the amount of $100 million. For the period December 24, 2002 through December 31, 2002, Ganis Credit Corporation had in effect a fidelity bond and errors and omissions policy in the amount of $50 million.
Sincerely, Ganis Credit Corporation
/s/ Edward J. Arienti /s/ Donald A. Haisch President Vice President, Finance March 7, 2003 March 7, 2003
/s/ Greg G. Gabriel Senior Vice President, Credit March 7, 2003