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                                                                    EXHIBIT 10.4






                          DFS/GANIS TRANSFER AGREEMENT



                                     between



                     DEUTSCHE FINANCIAL SERVICES CORPORATION


                                       and


                            GANIS CREDIT CORPORATION







                          Dated as of November 1, 2001







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                                TABLE OF CONTENTS

<TABLE>
<S>                                                                                                             <C>
                                                     ARTICLE I
                                                    Definitions


         SECTION 1.01.  Definitions...............................................................................1
         SECTION 1.02.  Other Definitional Provisions.............................................................1

                                                    ARTICLE II
                                            Contribution of Receivables

         SECTION 2.01.  Contribution..............................................................................2
         SECTION 2.02.  Intent of the Parties.....................................................................3

                                                    ARTICLE III
                                                  The Receivables

         SECTION 3.01.  Representations and Warranties as to Receivables..........................................4

                                                    ARTICLE IV
                                                        DFS

         SECTION 4.01.  Representations of DFS...................................................................10
         SECTION 4.02.  Corporate Existence......................................................................12
         SECTION 4.03.  Liability of DFS ........................................................................12
         SECTION 4.04.  Indemnification..........................................................................12
         SECTION 4.05.  Merger or Consolidation of, or Assumption of the
                               Obligations of, DFS...............................................................12
         SECTION 4.06.  Limitation on Liability of DFS and Others................................................13

                                                     ARTICLE V
                                                   Miscellaneous

         SECTION 5.01.  Amendment................................................................................13
         SECTION 5.02.  Protection of Title; Change of Name, Identity, Corporate
                               Structure or Location, Etc........................................................14
         SECTION 5.03.  Notices..................................................................................14
         SECTION 5.04.  Assignment...............................................................................15
         SECTION 5.05.  Limitations on Rights of Others..........................................................15
         SECTION 5.06.  Severability.............................................................................15
         SECTION 5.07.  Separate Counterparts....................................................................15
         SECTION 5.08.  Headings.................................................................................15
</TABLE>



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<TABLE>
<S>                                                                                                            <C>
         SECTION 5.09.  Governing Law............................................................................15
         SECTION 5.10.  Nonpetition Covenants....................................................................16
         SECTION 5.11.  Waiver...................................................................................16
         SECTION 5.12.  Separate Corporate Existence.............................................................16
         SECTION 5.13.  Submission to Jurisdiction...............................................................16
</TABLE>


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         DFS/GANIS TRANSFER AGREEMENT dated as of November 1, 2001 (this
"Agreement") between DEUTSCHE FINANCIAL SERVICES CORPORATION, a Nevada
corporation ("DFS") and GANIS CREDIT CORPORATION, a Delaware corporation
("Ganis").

         WHEREAS, Ganis desires to acquire Receivables from DFS; and

         WHEREAS, DFS is willing to contribute such Receivables to Ganis.

         NOW, THEREFORE, for good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties hereto agree as follows:


                                    ARTICLE I

                                   Definitions

         SECTION 1.01. Definitions. Except as otherwise specified herein or as
the context may otherwise require, capitalized terms used herein (including in
the recitals hereto) have the respective meanings assigned thereto in Appendix A
to the Transfer and Servicing Agreement for all purposes of this Agreement.
"Transfer and Servicing Agreement" means the Transfer and Servicing Agreement,
dated the same date as this Agreement, among Distribution Financial Services
RV/Marine Trust 2001-1, Deutsche Recreational Asset Funding Corporation and DFS,
as Servicer, as the same may be amended, amended and restated or otherwise
modified from time to time.

         SECTION 1.02.  Other Definitional Provisions.

         (a) All terms defined in Appendix A to the Transfer and Servicing
Agreement shall have the defined meanings when used in any certificate or other
document made or delivered pursuant hereto unless otherwise defined therein.

         (b) As used in this Agreement and in any certificate or other document
made or delivered pursuant hereto, accounting terms not defined in this
Agreement or in any such certificate or other document, and accounting terms
partly defined in this Agreement or in any such certificate or other document to
the extent not defined, shall have the respective meanings given to them under
generally accepted accounting principles. To the extent that the definitions of
accounting terms in this Agreement or in any such certificate or other document
are inconsistent with the meanings of such terms under generally accepted
accounting principles, the definitions contained in this Agreement or in any
such certificate or other document shall control.

         (c) The words "hereof", "herein", "hereunder" and words of similar
import when used in this Agreement shall refer to this Agreement as a whole and
not to any particular provision of this Agreement; Article and Section
references contained in this Agreement are





<PAGE>



references to Articles and Sections in this Agreement unless otherwise
specified; and the term "including" shall mean "including without limitation".

         (d) The definitions contained in this Agreement are applicable to the
singular as well as the plural forms of such terms and to the masculine as well
as to the feminine and neuter genders of such terms.

         (e) Any agreement, instrument or statute defined or referred to herein
or in any instrument or certificate delivered in connection herewith means such
agreement, instrument or statute as from time to time amended, amended and
restated or otherwise modified and includes (in the case of agreements or
instruments) references to all attachments thereto and instruments incorporated
therein; references to a Person are also to its permitted successors and
assigns.

         (f) Each reference to the "close of business" on a particular day shall
mean 5:00 p.m. Pacific Time on such day.


                                   ARTICLE II

                           Contribution of Receivables

         SECTION 2.01. Contribution. DFS does hereby transfer, assign, set over
and otherwise convey to Ganis, as a capital contribution, without recourse
(subject to the obligations of DFS set forth herein), all right, title and
interest of DFS in, to and under (but none of the obligations of DFS under):

         (a) all of the Receivables originated by DFS or acquired by DFS from
Dealers (all of such Receivables being referred to collectively as the "DFS
Receivables" and individually as a "DFS Receivable") and all moneys received
thereon on and after the Cutoff Date;

         (b) (i) the security interests in the Financed Assets (other than
Federally Documented Boats) created pursuant to the DFS Receivables and any
other interest of DFS in the Financed Assets, and (ii) the Boat Mortgage Trust
Agreement (but only to the extent relating to the Federally Documented Boats);

         (c) any proceeds with respect to the DFS Receivables under any
Insurance Policies and all claims under such Insurance Policies;

         (d) any proceeds from recourse to Dealers with respect to DFS
Receivables;

         (e) any Financed Asset, relating to a DFS Receivable, acquired in
repossession;

         (f) the contents of the Receivable Files with respect to DFS
Receivables and all rights, benefits and proceeds arising therefrom or in
connection therewith;



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         (g) all funds on deposit from time to time in the Trust Accounts, and
all investments and proceeds thereof (including all income thereon); and

         (h) the proceeds of any and all of the foregoing.

         The DFS Receivables and other items covered by clauses (a)-(h) of this
Section 2.01 shall be referred to collectively as the "DFS Conveyed Property".
The conveyance of the DFS Conveyed Property by DFS to Ganis (and the other terms
of this Agreement) shall not be deemed to limit the right of DFS (i) to act as
Servicer or (ii) in its capacity as Servicer, to receive compensation as set
forth in the Basic Documents.

         SECTION 2.02. Intent of the Parties. (a) DFS and Ganis intend that the
conveyance by DFS to Ganis of the right, title and interest of DFS in, to and
under the DFS Receivables and the other DFS Conveyed Property pursuant to this
Agreement shall constitute a capital contribution and not a loan, that such
conveyance is absolute and unconditional, and that DFS retain no interest in, to
or under the DFS Receivables and the other DFS Conveyed Property. However, in
the event that, notwithstanding the intent of the parties, such conveyance is
deemed to be a transfer for security and not a capital contribution, then (i)
DFS shall be deemed to have granted, and in such event does hereby grant, to
Ganis a first priority security interest in all of its right, title and interest
in, to and under DFS Conveyed Property, and (ii) this Agreement shall constitute
a security agreement under applicable law with respect to such conveyance.

         (b) No party hereto shall take any action that is inconsistent with the
ownership of the DFS Conveyed Property by Ganis, it being understood that this
sentence shall not prevent the transfer of the DFS Conveyed Property by Ganis to
the Depositor in accordance with the Ganis/Depositor Transfer Agreement and the
transfer of the DFS Conveyed Property by the Depositor to the Issuer in
accordance with the Transfer and Servicing Agreement. Each party hereto shall
inform any Person inquiring about the Receivables that the DFS Conveyed Property
has been transferred by DFS to Ganis, by Ganis to the Depositor and by the
Depositor to the Issuer (and such transfers shall be reflected in the accounting
records and computer systems of the parties hereto). Without limiting the
generality of the foregoing, for accounting, tax and other purposes each party
hereto shall treat the transfer of the DFS Conveyed Property by DFS to Ganis as
a capital contribution by DFS to Ganis. Notwithstanding any other provision of
this Agreement, no Person shall have any recourse to DFS, Ganis or the Servicer
on account of the financial inability of any Obligor to make payments in respect
of a Receivable.

         (c) DFS and Ganis intend that, solely for purposes of allocating income
between DFS and Ganis, (i) the conveyance of DFS Receivables by DFS to Ganis
shall be effective as of the respective dates on which DFS originated or
acquired such DFS Receivables, (ii) all proceeds and income arising on or prior
to the Closing Date in respect of such DFS Receivables shall be deemed to have
been transferred by DFS to Ganis as of such respective dates of origination and
execution, and (iii) Ganis shall be deemed to have paid such proceeds and income
simultaneously to DFS as a repayment of intercompany debt owed by Ganis to DFS.
The



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preceding sentence shall not limit or otherwise affect the other provisions of
this Agreement, including the provisions of Section 3.01 relating to the
obligation of DFS to purchase Receivables in the circumstances contemplated
thereby.


                                   ARTICLE III

                                 The Receivables

         SECTION 3.01.  Representations and Warranties as to Receivables.

         DFS makes the following representations and warranties as to the
Receivables, on which representations and warranties each of Ganis, the
Depositor and the Issuer is deemed to have relied in acquiring the Receivables.
Such representations and warranties speak as of the execution and delivery of
this Agreement and as of the Closing Date and shall survive the transfer and
assignment of the Receivables to the Issuer and the pledge thereof to the
Indenture Trustee pursuant to the Indenture.

                  (i) Characteristics of Receivables. All of the Receivables
         (other than the Receivables originated by the Transferor or acquired by
         the Transferor from Dealers) were originated by DFS or acquired by DFS
         from Dealers. Each DFS Receivable (A) was fully and properly executed
         by the parties thereto, (B) contains customary and enforceable
         provisions such as to render the rights and remedies of the holder
         thereof adequate for realization against the collateral security, (C)
         is fully amortizing and provides for fixed level periodic payments
         which, if made when due, shall fully amortize the Amount Financed over
         the original term (except that if such DFS Receivable is a Step Rate
         Receivable, such periodic payments will vary from time to time during
         the term of such Receivable) and (D) provides for, in the event that
         such DFS Receivable is prepaid in full, payment of an amount that fully
         pays the Principal Balance and includes accrued but unpaid interest at
         least through the date of prepayment calculated at a rate at least
         equal to its Annual Percentage Rate. Each DFS Receivable provides that
         payments thereon are to be applied in accordance with the Simple
         Interest Method. If a DFS Receivable was originated by a Dealer, such
         Receivable, to the knowledge of DFS, (A) was originated by the Dealer
         for the retail sale of a Financed Asset in the ordinary course of such
         Dealer's business, (B) was purchased by DFS from such Dealer for new
         value under a Dealer Agreement and (C) was validly assigned by the
         Dealer to DFS. To the knowledge of DFS, such Dealer had all necessary
         licenses and permits to originate DFS Receivables in the state where
         such Dealer was located. If such DFS Receivable was originated by DFS,
         such DFS Receivable was originated for value by DFS in the ordinary
         course of its business to finance the purchase of, or refinance, the
         related Financed Asset by the related Obligor. DFS had all necessary
         licenses and permits to originate or purchase each DFS Receivable at
         the time of its origination or purchase of such DFS Receivable. At the
         time that each DFS Receivable was originated or purchased by DFS, any
         related Financed Asset was, to the knowledge of DFS, to be used
         primarily for


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         personal, family, or household purposes rather than for business or
         commercial purposes. The DFS Receivables were selected at random by DFS
         from its portfolio of recreational vehicle and boat receivables
         originated by DFS or acquired by DFS from Dealers.

                  (ii) No Fraud or Misrepresentation. To the knowledge of DFS,
         each DFS Receivable originated by a Dealer was originated by the Dealer
         and sold by the Dealer to DFS without any fraud or misrepresentation on
         the part of such Dealer.

                  (iii) Compliance with Law. To the knowledge of DFS, all
         requirements of applicable federal, state and local laws, and
         regulations thereunder (including, without limitation, usury laws, the
         Federal Truth-in- Lending Act, the Equal Credit Opportunity Act, the
         Fair Credit Billing Act, the Fair Credit Reporting Act, the Fair Debt
         Collection Practices Act, the Federal Trade Commission Act, the
         Magnuson-Moss Warranty Act, the Federal Reserve Board's Regulations "B"
         and "Z", the Soldiers' and Sailors' Civil Relief Act of 1940, state
         motor vehicle retail installment sales acts and lending acts and state
         adaptations of the National Consumer Act and of the Uniform Consumer
         Credit Code and other consumer credit laws and equal credit opportunity
         and disclosure laws) in respect of all of the DFS Receivables and each
         and every sale of Financed Assets relating thereto, have been complied
         with in all material respects, and each DFS Receivable and the sale of
         the Financed Asset evidenced by each DFS Receivable complied at the
         time it was originated or made and now complies in all material
         respects with all applicable legal requirements, including the laws and
         regulations contemplated by this clause (iii).

                  (iv) Origination. Each DFS Receivable was originated in the
         United States of America.

                  (v) Binding Obligation. Each DFS Receivable represents the
         genuine, legal, valid and binding payment obligation of the Obligor
         thereon, enforceable by the holder thereof in accordance with its
         terms, except as enforceability may be limited by bankruptcy,
         insolvency, reorganization or similar laws affecting the enforcement of
         creditors' rights generally and by equitable limitations on the
         availability of specific remedies, regardless of whether such
         enforceability is considered in a proceeding in equity or at law; and
         all parties to each DFS Receivable had full legal capacity to execute
         and deliver such DFS Receivable and all other documents related thereto
         and to grant the security interest purported to be granted thereby.

                  (vi) No Government Obligor. No Obligor of a DFS Receivable is
         the United States of America or any State or any agency, department,
         subdivision or instrumentality thereof.

                  (vii) Obligor Bankruptcy. At the Cutoff Date, no Obligor had
         been identified on the records of DFS as being the subject of a current
         bankruptcy proceeding.



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                  (viii) Schedule of Receivables. The information with respect
         to DFS Receivables set forth in the Schedule of Receivables is true and
         correct in all material respects as of the close of business on the
         Cutoff Date.

                  (ix) Marking Records. By the Closing Date, DFS shall have
         caused the portions of its electronic ledger relating to the DFS
         Receivables to be clearly and unambiguously marked to show that the DFS
         Receivables have been transferred absolutely from DFS to Ganis, from
         Ganis to the Depositor and from the Depositor to the Trust.

                  (x) Computer Tape. The Computer Tape was complete and accurate
         as of the Cutoff Date and includes a description of the same DFS
         Receivables that are described in the Schedule of Receivables.

                  (xi) Chattel Paper. The DFS Receivables constitute chattel
         paper within the meaning of the UCC as in effect in the states in which
         the Obligors reside.

                  (xii) One Original. There is only one original executed copy
         of each DFS Receivable.

                  (xiii) Receivable Files Complete. There exists a Receivable
         File pertaining to each DFS Receivable and, to the knowledge of DFS,
         such Receivable File contains (a) a fully executed original of the DFS
         Receivable, with a fully executed assignment thereof in blank or from
         the related Dealer to DFS, as the case may be, if such DFS Receivable
         was acquired by DFS from a Dealer, (b) a certificate of physical damage
         insurance, application form for such insurance signed by the Obligor or
         a signed representation letter from the Obligor named in the DFS
         Receivable pursuant to which the Obligor has agreed to obtain physical
         damage insurance for the Financed Asset, or copies thereof, (c) the
         Title Document, Lien Certificate or a copy of the application therefor
         or, except with respect to Financed Boats that are Federally Documented
         Boats, a certification from the Servicer that it has received
         confirmation from an authorized official of the appropriate
         governmental office of the existence of the first lien of DFS with
         respect to the related Financed Asset and (d) a credit application
         signed by the Obligor, or a copy thereof. Each of such documents which
         is required to be signed by the Obligor has been signed by the Obligor
         in the appropriate spaces. Each of the foregoing documents has been
         correctly prepared. The complete file for each DFS Receivable currently
         is in the possession of the Servicer.

                  (xiv) Receivables in Force. No DFS Receivable has been
         satisfied, subordinated or rescinded, and the Financed Asset securing
         each such DFS Receivable has not been released from the lien of the
         related DFS Receivable in whole or in part. No provisions of any DFS
         Receivable have been waived, altered or modified (except that DFS as
         servicer may have, for administrative purposes, modified the due date
         of a DFS Receivable to a different date in the month, which
         modification is reflected in its



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         servicing records) in any respect since its origination, except by
         instruments or documents identified in the Receivable File. No DFS
         Receivable has been modified as a result of application of the
         Soldiers' and Sailors' Civil Relief Act of 1940, as amended.

                  (xv) Lawful Assignment. No DFS Receivable was originated in,
         or is subject to the laws of, any jurisdiction the laws of which (a)
         would make unlawful, void or voidable the transfer and assignment of
         such DFS Receivable under this Agreement or the pledge of such DFS
         Receivable under the Indenture or (b) would impair the validity or
         enforceability of any DFS Receivable because of any such transfer,
         assignment or pledge.

                  (xvi) Good Title. No DFS Receivable has been sold,
         transferred, assigned or pledged by DFS except pursuant to this
         Agreement; immediately prior to the conveyance of the DFS Receivables
         by DFS to Ganis pursuant to this Agreement, DFS had good and
         indefeasible title to the DFS Receivables, free and clear of any Lien.
         No Dealer has a participation in, or other right to receive, payments
         or proceeds in respect of any DFS Receivable. DFS has not taken any
         action to convey any right to any Person that would result in such
         Person having a right to payments received under the related Insurance
         Policies or the related Dealer Agreements or to payments due under such
         DFS Receivables. This Agreement is effective to transfer to the
         Transferor all of the right, title and interest of DFS in, to and under
         the DFS Receivables.

                  (xvii) Security Interest in Financed Asset. Each DFS
         Receivable (together with the related mortgage, if applicable) has
         created a valid, binding and enforceable first priority security
         interest in favor of DFS in the related Financed Asset, which is in
         full force and effect and which has been perfected. Each Title Document
         and Lien Certificate contained in the Receivables Files shows DFS named
         as the original secured party under each DFS Receivable and as the
         holder of a first priority security interest in such Financed Asset.
         With respect to each DFS Receivable for which the Title Document or
         Lien Certificate, as the case may be, is not contained in the related
         Receivable File, the Servicer has either received written evidence that
         such Title Document or Lien Certificate showing DFS as first lienholder
         has been applied for or, except with respect to Financed Boats that are
         Federally Documented Boats, has certified in writing in the related
         Receivable File that it has received confirmation from the appropriate
         governmental office of the existence of the first lien of DFS with
         respect to the related Financed Asset. The security interest of DFS in
         each such Financed Asset has been validly assigned by DFS to Ganis
         pursuant to this Agreement. Each DFS Receivable is secured by an
         enforceable and perfected first priority security interest in the
         Financed Asset (except for certain horse trailers) in the name of DFS
         as secured party, which security interest is prior to all other Liens
         upon and security interests in such Financed Asset. The security
         interest of DFS in each such Financed Boat (other than a Federally
         Documented Boat) has been validly assigned by DFS to Ganis pursuant to
         this Agreement. The security interest of DFS in each Federally
         Documented Boat securing a DFS Receivable has been validly assigned by
         DFS to the Boat Mortgage Trustee pursuant to the Boat Mortgage



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         Trust Agreement. With respect to each Financed Boat that secures a DFS
         Receivable and that is eligible for documentation under the Ship
         Mortgage Statutes, a fully effective Preferred Mortgage has been signed
         by the related Obligor in favor of DFS as security for such Receivable
         and such Preferred Mortgage has been properly filed with the Coast
         Guard.

                  (xviii) All Filings Made; Valid Security Interest. All filings
         (including, without limitation, UCC filings) required to be made by any
         Person and actions required to be taken or performed by any Person in
         any jurisdiction to give Ganis a first priority perfected ownership
         interest in the DFS Receivables and the proceeds thereof have been
         made, taken or performed, subject to the transfer thereof by Ganis to
         the Depositor. At the Closing Date Ganis shall have a valid, subsisting
         and enforceable first priority ownership interest in each Receivable
         and the proceeds thereof, subject to the transfer thereof by Ganis to
         the Depositor.

                  (xix) No Impairment. DFS has not done and shall not do
         anything to convey any right to any Person that would result in such
         Person having a right to payments due under a Receivable or otherwise
         to impair the rights of the Trust in any Receivable or the proceeds
         thereof.

                  (xx) No Release. No DFS Receivable is assumable by another
         Person in a manner which would release the Obligor thereof from such
         Obligor's obligations to DFS with respect to such DFS Receivable.

                  (xxi) No Defenses. No DFS Receivable is subject to any right
         of rescission, setoff, counterclaim or defense and, to the knowledge of
         DFS, no such right has been asserted or threatened with respect to any
         DFS Receivable. The operation of the terms of any DFS Receivable or the
         exercise of any right thereunder shall not render the DFS Receivable
         unenforceable in whole or in part or subject to any right of
         rescission, setoff, counterclaim or defense, and to the knowledge of
         DFS, no such right of rescission, setoff, counterclaim or defense has
         been asserted or threatened with respect thereto.

                  (xxii) No Default. To the knowledge of DFS, there has been no
         default, breach, violation or event permitting acceleration under the
         terms of any DFS Receivable (other than payment delinquencies as of the
         Cutoff Date of not more than 29 days), and no condition exists or event
         has occurred and is continuing that with notice, the lapse of time or
         both would constitute a default, breach, violation or event permitting
         acceleration under the terms of any DFS Receivable, and there has been
         no waiver of any of the foregoing. As of the Cutoff Date, no Financed
         Asset relating to any DFS Receivable had been repossessed.

                  (xxiii) Insurance. Each DFS Receivable requires the Obligor to
         maintain physical loss and damage insurance, naming DFS and its
         successors and assigns as additional insured parties or loss payees ,
         and each DFS Receivable permits the holder



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         thereof to obtain physical loss and damage insurance at the expense of
         the Obligor if the Obligor fails to do so. No Financed Asset relating
         to any DFS Receivable was insured under a policy of force-placed
         insurance on the Cutoff Date.

                  (xxiv) Past Due. At the Cutoff Date, no DFS Receivable was
         more than 29 days past due.

                  (xxv) No Liens. There are no Liens or claims which have been
         filed, and, to the knowledge of DFS, none pending or threatened to be
         filed, for work, labor, materials or unpaid state or federal taxes
         affecting the Financed Asset securing any DFS Receivable which are or
         may become liens prior or equal to the lien of the DFS Receivable.

                  (xxvi) Remaining Principal Balance. At the Cutoff Date, the
         Principal Balance of each DFS Receivable set forth in the Schedule of
         Receivables is true and accurate in all material respects.

                  (xxvii) Final Scheduled Maturity Date. No Receivable has a
         final maturity which is sooner than the first Monthly Payment Date
         following the Closing Date or later than 240 months after the Cutoff
         Date.

                  (xxviii) Certain Characteristics. (A) Each Receivable had a
         remaining maturity, as of the Cutoff Date, of at least 12 months but
         not more than 240 months; (B) each Receivable had an original maturity
         of at least 18 months but not more than 240 months; (C) each Receivable
         had an original principal balance of at least $500 and not more than
         $1,200,000; (D) each Receivable had a Principal Balance as of the
         Cutoff Date of at least $582.38 and not more than $722,630.95; (E) as
         of the Cutoff Date, each Receivable has an Annual Percentage Rate of at
         least 5.99% and not more than 18.25%; (F) approximately 41.4% of the
         aggregate Principal Balance of the Receivables (measured as of the
         Cutoff Date), constituting 42.16% of the number of such Receivables,
         were secured by used Financed Assets at the time such Receivables were
         originated; (G) no funds have been advanced by DFS, any Dealer, or any
         Person acting on behalf of any of them in order to cause any DFS
         Receivable to qualify under paragraph (xxv) above; (H) as of the Cutoff
         Date, other than California (21.92%), Texas (12.15%), New York (8.02%)
         and Florida (7.49%), no State represented more than 4.50% of the
         Initial Pool Balance with respect to the billing addresses of the
         Obligors (determined by reference to the records of DFS); (I) the
         Principal Balance of each DFS Receivable set forth in Schedule of
         Receivables is true and accurate in all material respects as of the
         Cutoff Date; (J) as of the Cutoff Date, recreational vehicle
         Receivables represented 59.7% of the Initial Pool Balance, and marine
         Receivables represented 40.3% of the Initial Pool Balance; (K) as of
         the Cutoff Date, Receivables representing approximately 58.6% of the
         Initial Pool Balance were secured by new Financed Assets at the time
         such Receivables were originated, and Receivables representing
         approximately 41.4% of the Initial Pool Balance were secured by used
         Financed Assets at the time such Receivables were originated; and (L)
         all Receivables in the Boat Mortgage Trust are related to


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         Federally Documented Boats. As of the Cutoff Date, the sum of the
         Principal Balances of the Receivables which change APR one or more
         times does not exceed approximately 0.44% of the Initial Pool Balance.

                  For purposes of determining whether DFS is obligated to
         purchase a Receivable on account of a breach of a representation and
         warranty pursuant to this Section 3.01 or indemnify in respect of such
         breach pursuant to the last paragraph of this Section 3.01, the
         determination as to whether a representation or warranty that is made
         to the knowledge of DFS has been breached shall be made without regard
         to such knowledge of DFS as if such representation and warranty were
         not qualified by the knowledge of DFS .

                  Upon discovery by any party hereto of a breach of any of the
         representations and warranties of DFS set forth in this Section, which
         materially and adversely affects the value of the Receivables or the
         interest therein of the Issuer or the Indenture Trustee (or which
         materially and adversely affects the interest of the Issuer or the
         Indenture Trustee in the related Receivable in the case of a
         representation and warranty relating to a particular Receivable), the
         party discovering such breach shall give prompt written notice to the
         other parties hereto. On the last day of the Collection Period
         following the Collection Period during which DFS discovers or receives
         notice of any such breach of any such representation or warranty, if
         such breach shall not have been cured in all material respects by such
         last day, DFS shall purchase such Receivable from the Issuer (or from
         the Depositor, if the Depositor is required to purchase such Receivable
         pursuant to Section 3.01 of the Transfer and Servicing Agreement) as of
         such last day at a price equal to the Purchase Amount of such
         Receivable, which price DFS shall remit in the manner specified in
         Section 5.05 of the Transfer and Servicing Agreement; provided, that,
         with respect to the representation set forth in paragraph (xiii) above,
         such purchase shall be required with respect to a Receivable only if
         any resulting breach is not cured (it being understood that if the
         related Lien Certificate has been duly applied for from the applicable
         governmental offices as evidenced by a copy of the application
         therefor, the receipt of such Lien Certificate shall not be required to
         cure a breach of the applicable representation and warranty) within 90
         days after completion of the review and examination of the Receivable
         File for such Receivable pursuant to Section 3.02 of the Transfer and
         Servicing Agreement. Subject to the indemnification provisions
         contained in the last paragraph of this Section, the sole remedy of
         Ganis, the Depositor, the Issuer, the Owner Trustee, the Indenture
         Trustee, the Residual Interestholder and the Noteholders with respect
         to a breach of representations and warranties of DFS set forth in this
         Section shall be to require DFS to purchase Receivables pursuant to
         this Section, subject to the conditions contained herein.

                  DFS shall indemnify Ganis, the Depositor, the Issuer, the
         Owner Trustee and the Indenture Trustee and hold each harmless against
         any loss, damages, penalties, fines, forfeitures, legal fees and
         related costs, judgments, and other costs and expenses resulting from
         any claim, demand, defense or assertion based on or grounded upon, or
         resulting from, a breach of the representations and warranties of DFS
         contained in this Agreement;



                                       10

<PAGE>



         provided that DFS shall not be liable for any indirect damages or for
         any loss, damage, penalty, fine, forfeiture, legal fees and related
         costs, judgments and other costs and expenses caused by the wilful
         misconduct of Ganis, the Issuer, the Owner Trustee or the Indenture
         Trustee.



                                   ARTICLE IV

                                       DFS

         SECTION 4.01. Representations of DFS. DFS makes the following
representations on which each of Ganis, the Depositor and the Issuer is deemed
to have relied in acquiring the Receivables. The representations speak as of the
execution and delivery of this Agreement and as of the Closing Date, in the case
of the Receivables, and shall survive the transfer of the Receivables to the
Issuer and the pledge thereof to the Indenture Trustee pursuant to the
Indenture.

         (a) Organization and Good Standing. DFS is duly organized and validly
existing as a corporation in good standing under the laws of the State of
Nevada, with the corporate power and authority to own its properties and to
conduct its business as such properties are currently owned and such business is
presently conducted, and had at all relevant times, and has, the corporate
power, authority and legal right to acquire and own the Receivables.

         (b) Due Qualification. DFS is duly qualified to do business as a
foreign corporation in good standing, and has obtained all necessary licenses
and approvals, in all jurisdictions in which the ownership or lease of property
or the conduct of its business shall require such qualifications.

         (c) Power and Authority. DFS has the corporate power and authority to
execute and deliver this Agreement and to carry out its respective terms; DFS
has full power and authority to transfer and assign the property to be
transferred and assigned to Ganis, and DFS has duly authorized such transfer and
assignment by all necessary corporate action; and the execution, delivery and
performance of this Agreement by DFS has been duly authorized by DFS by all
necessary corporate action.

         (d) Binding Obligation. This Agreement constitutes a legal, valid and
binding obligation of DFS enforceable in accordance with its terms.

         (e) No Violation. The consummation of the transactions contemplated by
this Agreement by DFS and the fulfillment of the terms hereof by DFS do not
conflict with, result in any breach of any of the terms and provisions of, or
constitute (with or without notice or lapse of time) a default under, the
articles of incorporation or bylaws of DFS, or any indenture, agreement or other
instrument to which DFS is a party or by which it is bound; or result in the
creation or

                                       11

<PAGE>



imposition of any Lien upon any of its properties pursuant to the terms of any
such indenture, agreement or other instrument (other than pursuant to the Basic
Documents); or violate any law or, to the best of the knowledge of DFS, any
order, rule or regulation applicable to DFS of any court or of any federal or
state regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over DFS or its properties.

         (f) No Proceedings. To the best knowledge of DFS, there are no
proceedings or investigations pending or threatened before any court, regulatory
body, administrative agency or other governmental instrumentality having
jurisdiction over DFS or its properties: (i) asserting the invalidity of this
Agreement, the Indenture or any of the other Basic Documents, the Notes or the
Certificates, (ii) seeking to prevent the issuance of the Notes or the
Certificates or the consummation of any of the transactions contemplated by this
Agreement, the Indenture or any of the other Basic Documents, (iii) seeking any
determination or ruling that might materially and adversely affect the
performance by DFS of its obligations under, or the validity or enforceability
of, this Agreement, the Indenture, any of the other Basic Documents, the Notes
or the Certificates or (iv) which might adversely affect the federal or state
income tax attributes of the Notes or the Certificates.

         (g) Chief Executive Office. The chief executive office of DFS is
located at 655 Maryville Centre Drive, St. Louis, Missouri 63141.

         SECTION 4.02. Corporate Existence. During the term of this Agreement,
DFS shall keep in full force and effect its existence, rights and franchises as
a corporation under the laws of the jurisdiction of its incorporation and shall
obtain and preserve its qualification to do business in each jurisdiction in
which such qualification is or shall be necessary to protect the validity and
enforceability of this Agreement, the Basic Documents and each other instrument
or agreement necessary or appropriate to the proper administration of this
Agreement and the transactions contemplated hereby.

         SECTION 4.03. Liability of DFS . DFS shall be liable in accordance
herewith only to the extent of the obligations specifically undertaken by DFS
under this Agreement.

         SECTION 4.04. Indemnification. (a) DFS shall indemnify, defend and hold
harmless Ganis against any taxes that may at any time be asserted against Ganis
with respect to any sales, tangible personal property, privilege or license
taxes relating to this Agreement (but not including any taxes asserted with
respect to, and as of the date of, the transfer of the Receivables to Ganis or
the issuance and original sale of the Notes and the Residual Interest, or
asserted with respect to ownership of the Receivables, or federal or other
income taxes) and costs and expenses in defending against the same.

         (b) DFS shall indemnify, defend and hold harmless Ganis and any of the
officers, directors, employees and agents of Ganis from and against any loss,
liability or expense incurred by reason of the willful misfeasance of DFS, bad
faith or negligence in the performance of its


                                       12

<PAGE>



duties under this Agreement, or by reason of reckless disregard of its
obligations and duties under this Agreement.

         Indemnification under this Section shall survive termination of this
Agreement and the other Basic Documents and shall include reasonable fees and
expenses of counsel and expenses of litigation. If DFS shall have made any
indemnity payments pursuant to this Section and the Person to or on behalf of
whom such payments are made thereafter shall collect any of such amounts from
others, such Person shall promptly repay such amounts to DFS, without interest.

         SECTION 4.05. Merger or Consolidation of, or Assumption of the
Obligations of, DFS. Any Person (a) into which DFS may be merged or
consolidated, (b) which may result from any merger or consolidation to which DFS
shall be a party or (c) which may succeed to the properties and assets of DFS
substantially as a whole, which Person in any of the foregoing cases executes an
agreement of assumption to perform every obligation of DFS under this Agreement,
shall be the successor to DFS hereunder without the execution or filing of any
document or any further act by any of the parties to this Agreement; provided,
however, that (i) immediately after giving effect to such transaction, no
representation or warranty made by DFS in Section 3.01 shall have been breached
(unless the applicable breach shall have been cured in all material respects, or
the applicable Receivable shall have been purchased in accordance herewith),
(ii) DFS shall have delivered to Ganis, the Owner Trustee and the Indenture
Trustee an Officer's Certificate and an Opinion of Counsel each stating that
such consolidation, merger or succession and such agreement of assumption comply
with this Section and that all conditions precedent, if any, provided for in
this Agreement relating to such transaction have been complied with, (iii) DFS
shall have delivered to the Owner Trustee and the Indenture Trustee an Opinion
of Counsel either (A) stating that, in the opinion of such counsel, all
financing statements and continuation statements and amendments thereto have
been executed and filed that are necessary fully to preserve and protect the
interest of the Owner Trustee and Indenture Trustee, respectively, in the DFS
Receivables and reciting the details of such filings, or (B) stating that, in
the opinion of such counsel, no such action shall be necessary to preserve and
protect such interests, and (iv) DFS shall have delivered notice of such merger,
consolidation or assumption to the Rating Agencies. Notwithstanding anything
herein to the contrary, the execution of the foregoing agreement of assumption
and compliance with clauses (i), (ii), (iii) and (iv) above shall be conditions
to the consummation of the transactions referred to in clauses (a), (b) or (c)
above.

         SECTION 4.06. Limitation on Liability of DFS and Others. DFS and any
director, officer, employee or agent of DFS may rely in good faith on the advice
of counsel or on any document of any kind, prima facie properly executed and
submitted by any Person respecting any matters arising hereunder. DFS shall not
be under any obligation to appear in, prosecute or defend any legal action that
shall not be incidental to its obligations under this Agreement, and that in its
opinion may involve it in any expense or liability.

         SECTION 4.07. Notice of Events. DFS shall give each of the Rating
Agencies prior written notice of (i) any mergers involving DFS, (ii) any
amendments to this Agreement and (iii) any assignment under this Agreement as
permitted by Sections 4.05 and 5.04 of this Agreement.




                                       13

<PAGE>
                                    ARTICLE V

                                  Miscellaneous

         SECTION 5.01. Amendment. This Agreement may be amended by the parties
hereto, with the consent of the Indenture Trustee, but without the consent of
any other Person; provided, however, that no such amendment shall be effective
unless either (a) the Owner Trustee and the Indenture Trustee shall have been
delivered an Opinion of Counsel to the effect that such amendment shall not
adversely affect in any material respect the interests of any Noteholder or the
Residual Interestholder, or (b) the Holders of 100% of the Outstanding Amount of
the Notes shall have consented to such amendment.

         Promptly after the execution of any such amendment or consent, Ganis
shall furnish written notification of the substance of such amendment or consent
to the Indenture Trustee and each of the Rating Agencies.

         Prior to the execution of or the consent to any amendment to this
Agreement, the Indenture Trustee shall be entitled to receive and rely upon an
Opinion of Counsel stating that the execution of or the consent to such
amendment is authorized or permitted by this Agreement. The Indenture Trustee
may, but shall not be obligated to, consent to any such amendment which affects
the Indenture Trustee's own rights, duties or immunities under this Agreement or
otherwise.

         SECTION 5.02. Protection of Title; Change of Name, Identity, Corporate
Structure or Location, Etc.


         (a) DFS shall execute and file such financing statements and cause to
be executed and filed such continuation statements, all in such manner and in
such places as may be required by law fully to preserve, maintain and protect
the interest of Ganis, the Issuer and of the Indenture Trustee in the
Receivables and in the proceeds thereof. DFS shall deliver (or cause to be
delivered) to the Owner Trustee and the Indenture Trustee file-stamped copies
of, or filing receipts for, any document filed as provided above, as soon as
available following such filing.

         (b) DFS shall not change its name, identity or corporate structure in
any manner that would, could or might make any financing statement or
continuation statement filed in accordance with paragraph (a) above seriously
misleading within the meaning of Section 9- 402(7) of the UCC, unless it shall
have given Ganis, the Owner Trustee and the Indenture Trustee at least five
days' prior written notice thereof and shall have promptly filed appropriate
amendments to all previously filed financing statements or continuation
statements.

         (c) DFS shall give Ganis, the Owner Trustee and the Indenture Trustee
at least 60 days' prior written notice of any relocation of its chief executive
office if, as a result of such relocation, the applicable provisions of the UCC
would require the filing of any amendment of


                                       14

<PAGE>


any previously filed financing or continuation statement or of any new financing
statement and shall promptly file any such amendment or new financing statement.

         (d) If at any time DFS shall propose to sell, grant a security interest
in, or otherwise transfer any interest in recreational vehicle or boat
receivables to any prospective purchaser, lender or other transferee, DFS shall
give (or shall cause the Servicer to give) to such prospective purchaser, lender
or other transferee computer tapes, records or printouts (including any restored
from backup archives) that, if they shall refer in any manner whatsoever to any
DFS Receivable, shall indicate clearly that such DFS Receivable has been
transferred by DFS to Ganis and by Ganis to the Issuer and is owned by the
Issuer and has been pledged to the Indenture Trustee.

         (e) DFS shall cooperate fully and in good faith with the Servicer (if
at any time DFS is not the Servicer), the Indenture Trustee and the Boat
Mortgage Trustee in order to maintain and promote the perfection and priority of
security interests in the Financed Assets and in order to facilitate enforcement
and collection of the Receivables.

         SECTION 5.03. Notices. All demands, notices, directions, communications
and instructions upon, to, or by DFS, Ganis, the Depositor, the Issuer, the
Owner Trustee, the Indenture Trustee or the Rating Agencies under this Agreement
shall be in writing, personally delivered or mailed by certified mail, return
receipt requested, and shall be deemed to have been duly given upon receipt (a)
in the case of DFS, to Deutsche Financial Services Corporation, 655 Maryville
Centre Drive, St. Louis, Missouri 63141, Attention: Senior Vice
President/Treasurer or Chief Legal Officer, (b) in the case of Ganis, to Ganis
Credit Corporation, 600 Anton Blvd., Costa Mesa, California 92626, Attention:
Senior Vice President, (c) in the case of the Depositor, to Deutsche
Recreational Asset Funding Corporation, 655 Maryville Centre Drive, St. Louis,
Missouri 63141, Attention: President, (d) in the case of the Issuer or the Owner
Trustee, at the Corporate Trust Office (as defined in the Trust Agreement), (e)
in the case of the Indenture Trustee, at the Corporate Trust Office, (f) in the
case of Fitch, to Fitch, Inc., One State Street Plaza, New York, New York 10004,
Attention: Asset-Backed Securities Surveillance Group, (g) in the case of
Standard & Poor's, to Standard & Poor's Ratings Services, a division of The
McGraw-Hill Companies, Inc., 55 Water Street, New York, New York 10041,
Attention: Asset Backed Surveillance Department and (h) in the case of Moody's,
to Moody's Investors Service, 99 Church Street, New York, New York 10004,
Attention: Moody's ABS Monitoring Group; or, as to each of the foregoing, at
such other address as shall be designated by written notice to the other Persons
listed in this Section.

         SECTION 5.04. Assignment. Notwithstanding anything to the contrary
contained herein, except as provided in Section 4.05 of this Agreement, this
Agreement may not be assigned by DFS. DFS hereby acknowledges and consents to
(i) the transfer by Ganis to the Depositor pursuant to the Ganis/Depositor
Transfer Agreement of all right, title and interest of Ganis in, to and under
(but none of the obligations of Ganis under) the DFS Conveyed Property and this
Agreement, (ii) the transfer by the Depositor to the Issuer pursuant to the
Transfer and Servicing Agreement of all right, title and interest of the
Depositor in, to and under (but none of the obligations of the Depositor under)
the DFS Conveyed Property and this Agreement,

                                       15

<PAGE>



including the representations and warranties of DFS in this Agreement, together
with all rights of Ganis with respect to any breach thereof, including the right
to require DFS to purchase Receivables in accordance with this Agreement, and
(iii) the other terms of and transactions contemplated by the Transfer and
Servicing Agreement and the other Basic Documents.

         SECTION 5.05. Limitations on Rights of Others. The provisions of this
Agreement are solely for the benefit of DFS, Ganis, the Depositor, the Servicer,
the Issuer, the Owner Trustee, the Indenture Trustee and the Noteholders, and,
except as expressly provided in this Agreement, nothing in this Agreement shall
be construed to give to any other Person any legal or equitable right, remedy or
claim under or in respect of this Agreement or any covenants, conditions or
provisions contained herein.

         SECTION 5.06. Severability. Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

         SECTION 5.07. Separate Counterparts. This Agreement may be executed by
the parties hereto in separate counterparts, each of which when so executed and
delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument.

         SECTION 5.08. Headings. The headings of the various Articles and
Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof.

         SECTION 5.09. Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF
LAWS PRINCIPLES, EXCEPT TO THE EXTENT THAT THE PERFECTION (AND THE EFFECT OF
PERFECTION OR NON- PERFECTION) OF THE INTERESTS OF ANY PERSON IN CONVEYED
PROPERTY ARE GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW
YORK.

         SECTION 5.10. Nonpetition Covenants. Notwithstanding any prior
termination of this Agreement, DFS shall not acquiesce, petition or otherwise
invoke or cause the Issuer to invoke the process of any court or government
authority for the purpose of commencing or sustaining a case against the Issuer
or the Boat Mortgage Trust under any federal or state bankruptcy, insolvency or
similar law, or appointing a receiver, liquidator, assignee, trustee, custodian,
sequestrator or other similar official of the Issuer or the Boat Mortgage Trust
or any substantial part of its property, or ordering the winding up or
liquidation of the affairs of the Issuer or the Boat Mortgage Trust.
Notwithstanding any prior termination of this Agreement, DFS shall not
acquiesce, petition or otherwise invoke or cause the Depositor to invoke the
process of any court or government authority for the purpose of commencing or
sustaining a case against the


                                       16

<PAGE>



Depositor under any federal or state bankruptcy, insolvency or similar law, or
appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or
other similar official of the Depositor or any substantial part of its property,
or ordering the winding up or liquidation of the affairs of the Depositor.

         SECTION 5.11. Waiver. Each party hereto hereby (a) acknowledges that
Mayer, Brown & Platt represents (i) DFS, the Transferor, and the Depositor in
connection with the transactions contemplated by the Basic Documents, (ii)
Affiliates of the Transferor, DFS and the Depositor in other matters, (iii)
underwriters of the Notes (and Affiliates of underwriters of the Notes) in other
matters, (iv) the institutions which are the Indenture Trustee, the Boat
Mortgage Trustee and the Owner Trustee (and Affiliates of such institutions) in
other matters, and (v) the Specified Accountants in other matters, and (b)
waives any conflict of interest relating thereto. Notwithstanding any other
provision of this Agreement, Mayer, Brown & Platt is entitled to rely on this
Section.

         SECTION 5.12. Separate Corporate Existence. Each party hereto hereby
acknowledges that the Trust is entering into the transactions contemplated by
the Basic Documents in reliance upon (i) the identity of DFS as a legal entity
separate from the Depositor and (ii) the identity of Ganis as a legal entity
separate from the Depositor. Therefore, each party hereto shall take all
reasonable steps to make it apparent to third Persons that the Depositor is an
entity with assets and liabilities distinct from those of DFS and Ganis and that
the Depositor is not a division of DFS, Ganis or any other Person. Without
limiting the foregoing, each party hereto shall operate and conduct its
respective businesses and otherwise act in a manner which is consistent with
Section 10.13 of the Transfer and Servicing Agreement.

         SECTION 5.13. Submission to Jurisdiction. Each of the parties hereto
hereby irrevocably and unconditionally:

         (a) submits for itself and its property in any legal action or
proceeding relating to this Agreement or any other Basic Document or for
recognition and enforcement of any judgment in respect thereof, to the
non-exclusive general jurisdiction of the courts of the State of New York, the
courts of the United States of America for the Southern District of New York,
and appellate courts from any thereof;

         (b) consents that any such action or proceeding may be brought in such
courts and waives any objection that it may now or hereafter have to the venue
of such action or proceeding in any such court or that such action or proceeding
was brought in an inconvenient court and agrees not to plead or claim the same;

         (c) agrees that service of process in any such action or proceeding may
be effected by mailing a copy thereof by registered or certified mail (or any
substantially similar form of mail), postage prepaid, to such Person at its
address set forth in Section 5.03 or at such other address notified to the other
party to this Agreement pursuant thereto; and



                                       17

<PAGE>




         (d) agrees that nothing herein shall affect the right to effect service
of process in any other manner permitted by law or shall limit the right to sue
in any other jurisdiction.



                               [SIGNATURES FOLLOW]



                                       18

<PAGE>


         IN WITNESS WHEREOF, the parties hereto have caused this DFS/Ganis
Transfer Agreement to be duly executed by their respective officers as of the
day and year first above written.

                                    DEUTSCHE FINANCIAL SERVICES CORPORATION


                                    By: /s/ Richard C. Goldman
                                        ----------------------------------------
                                            Richard C. Goldman
                                            Executive Vice President


                                    By: /s/ Joseph B. Thomas
                                        ----------------------------------------
                                            Joseph B. Thomas
                                            Vice President



                                    GANIS CREDIT CORPORATION


                                    By: /s/ Richard C. Goldman
                                        ----------------------------------------
                                            Richard C. Goldman
                                            Vice President


                                    By: /s/ Joseph B. Thomas
                                        ----------------------------------------
                                            Joseph B. Thomas
                                            Vice President







                                       S-1