Item 1. Business.
Not Applicable.
Item 2.
Item 2. Properties.
John Deere Owner Trust 2003 (the “Trust”) is a trust established under the laws of the State of Delaware by the Trust Agreement dated as of July 15, 2003 (the “Trust Agreement”) between John Deere Receivables, Inc. (the “Seller”) and U.S. Bank Trust National Association, acting thereunder not in its individual capacity but solely as trustee of the Trust. John Deere Capital Corporation (the “Servicer”) is the Servicer under a Sale and Servicing Agreement dated as of July 15, 2003 (the “Sale and Servicing Agreement”) among the Servicer, the Seller and the Trust. On July 24, 2003 (the “Closing Date”), the Trust issued its Asset Backed Certificates (the “Certificates”) with an aggregate principal amount of $7,546,670. In addition, on the Closing Date, the Trust issued $197,000,000 aggregate principal amount of Class A-1 1.08125% Asset Backed Notes (the “A-1 Notes”), $187,000,000 aggregate principal amount of Class A-2 1.31% Asset Backed Notes (the “A-2 Notes”), $202,000,000 aggregate principal amount of Class A-3 1.79% Asset Backed Notes (the “A-3 Notes”), $149,000,000 aggregate principal amount of Class A-4 2.44% Asset Backed Notes (the “A-4 Notes”) and $15,150,000 aggregate principal amount of Class B 2.01% Asset Backed Notes (the “B Notes” and together with the A-1 Notes, the A-2 Notes, the A-3 Notes and the A-4 Notes, the “Notes”). The Certificates evidence fractional undivided interests in the Trust. The Seller retained the entire principal amount of the Certificates. The Notes evidence debt obligations of the Trust. The Trust property includes (i) agricultural and construction equipment retail installment sale and loan contracts (the “Receivables”) secured by new and used agricultural equipment and construction and forestry equipment (the “Financed Equipment”) sold to the Trust by the Seller, (ii) all monies (including accrued interest) due thereunder on or after June 22, 2003, (iii) such amounts as from time to time may be held in one or more accounts established and maintained by the Servicer pursuant to the Sale and Servicing Agreement or the Trust Agreement and the short-term investments made from those collections, (iv) the security interests in the Financed Equipment, (v) any proceeds of repossessed Financed Equipment, (vi) the rights to proceeds from claims on physical damage, credit life or disability insurance policies, if any, covering the Financed Equipment or the obligors on the Receivables, as the case may be, (vii) the rights of the Seller under the Purchase Agreement dated as of July 15, 2003 (the “Purchase Agreement”) between the Servicer and the Seller and (viii) interest earned on short-term investments made by the Trust.
As of June 22, 2003, the Receivables had an aggregate principal balance plus accrued interest of approximately $760,896,606. As of October 31, 2003, the end of the fiscal year of the Trust for which this Form 10-K annual report is being filed, the aggregate principal balance of the Receivables remaining in the Trust was approximately $663,725,357.77.
Reference is made to Exhibit 99.1, the Annual Statement of Compliance for the fiscal year ended October 31, 2003, for additional information regarding principal and interest payments in respect of the Certificates and the Notes and information regarding servicing compensation and other fees paid by the Trust during the period from July 24, 2003 through October 31, 2003.
Item 3.
Item 3. Legal Proceedings.
The registrant knows of no material pending legal proceedings involving either the Trust property, Trustee, Seller or Servicer in respect of the Trust.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders.
No matter was submitted during the fiscal year covered by this report to a vote of holders of either the Notes or Certificates.
PART II
Item 5.
Item 5. Market For Registrant’s Common Equity and Related Stockholder Matters.
(a) To the best knowledge of the registrant, there is no established public market for the Certificates.
(b) As of November 1, 2003, the Seller was the sole Certificateholder of record.
Item 6.
Item 6. Selected Financial Data.
Not Applicable.
Item 7.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Not Applicable.
Item 7A.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
Not Applicable.
Item 8.
Item 8. Financial Statements and Supplementary Data.
Not Applicable.
Item 9.
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.
None.
Item 9A.
Item 9A. Controls and Procedures.
Not Applicable.
PART III
Item 10.
Item 10. Directors and Executive Officers of the Registrant.
Not Applicable.
Item 11.
Item 11. Executive Compensation.
Not Applicable.
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
Not Applicable.
Item 13.
Item 13. Certain Relationships and Related Transactions.
John Deere Receivables, Inc., the Seller, Depositor and sole Certificateholder of record is a wholly-owned subsidiary of John Deere Capital Corporation, the Servicer and the Administrator for the Trust. The aggregate servicing fees and administration fees paid by the Trust to John Deere Capital Corporation during the fiscal year are set forth in Exhibit 99.1.
Item 14.
Item 14. Principal Accountant Fees and Services.
Not Applicable.
PART IV
Item 15.
Item 15. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.
(a) The following documents are filed as part of this report.
(b) Reports on Form 8-K.
Current reports on Form 8-K dated August 8, August 21, September 18, October 15, November 20 and December 19, 2003. (Item 5 and 7).
(c) Not Applicable.
(d) Not Applicable.
Supplemental information to be furnished with reports filed pursuant to Section 15(d) of the Act by Registrants which have not registered Securities pursuant to Section 12 of the Act.
No annual report, proxy statement, form of proxy or other proxy soliciting material has been sent to certificateholders, and the registrant does not presently contemplate sending any such materials subsequent to the filing of this report.
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) 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.