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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 28, 1998
GREEN TREE FINANCIAL CORPORATION
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Delaware 01-08916 41-1807858
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(State or other jurisdiction (Commission (IRS employer
of incorporation) file number) identification No.)
1100 Landmark Towers, 345 St. Peter Street, Saint Paul, Minnesota 55102-1639
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(Address of principal executive offices)
Registrant's telephone number, including area code: (651) 293-3400
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Not Applicable
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(Former name or former address, if changed since last report)
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Item 1. Changes in Control of Registrant.
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Not applicable.
Item 2. Acquisition or Disposition of Assets.
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Not applicable.
Item 3. Bankruptcy or Receivership.
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Not applicable.
Item 4. Changes in Registrant's Certifying Accountant.
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Not applicable.
Item 5. Other Events.
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Not applicable.
Item 6. Resignations of Registrant's Directors.
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Not applicable.
Item 7. Financial Statements and Exhibits.
---------------------------------
(a) Financial statements of businesses acquired.
Not applicable.
(b) Pro forma financial information.
Not applicable.
2
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(c) Exhibits.
The following is filed herewith. The exhibit numbers correspond
with Item 601(b) of Regulation S-K.
Exhibit No. Description
----------- -----------
99.1 Information with respect to retail installment
sales contracts and promissory notes for the
purchase of a variety of consumer products and
equipment transferred to the trust formed in
connection with the $800,000,000 (Approximate)
Recreational, Equipment and Consumer Trust
1998-C Asset-Backed Notes and Certificates,
issued by Green Tree Financial Corporation.
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.
GREEN TREE FINANCIAL CORPORATION
/s/ Scott T. Young
By: ________________________________
Scott T. Young
Senior Vice President and Controller
3
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INDEX TO EXHIBITS
Exhibit Number
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99.1 Information with respect to retail installment sales
contracts and promissory notes for the purchase of a variety of
consumer products and equipment transferred to the trust formed in
connection with the $800,000,000 (Approximate) Recreational,
Equipment and Consumer Trust 1998-C Asset-Backed Notes and
Certificates, issued by Green Tree Financial Corporation.
4
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EXHIBIT 99.1
$800,000,000 (APPROXIMATE)
RECREATIONAL, EQUIPMENT
AND CONSUMER TRUST
SERIES 1998-C
INFORMATION REGARDING INITIAL AND ADDITIONAL CONTRACTS
Set forth below is information regarding retail installment sales contracts
and promissory notes for the purchase of a variety of consumer products and
equipment transferred to the Trust on the Closing Date. The information below
includes the Initial Contracts described in the Prospectus Supplement dated
September 4, 1998, as well as the Additional Contracts transferred to the Trust
on the Closing Date. There will be no Subsequent Contracts transferred to the
Trust after the Closing Date. Unless otherwise defined herein, all capitalized
terms have the meanings set forth in the Prospectus Supplement dated
September 4, 1998.
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CHARACTERISTICS OF CONTRACTS
<TABLE>
<CAPTION>
% OF WEIGHTED WEIGHTED WEIGHTED
CUTOFF AVERAGE AVERAGE WEIGHTED AVERAGE
% OF SCHEDULED DATE POOL AVERAGE REMAINING ORIGINAL AVERAGE LOAN-TO-
NUMBER OF CONTRACT PRINCIPAL PRINCIPAL PRINCIPAL TERM SCHEDULED CONTRACT VALUE
ASSET TYPE CONTRACTS POOL BALANCE BALANCE BALANCE (1)(2) TERM (2) RATE RATIO
---------- --------- -------- --------------- --------- ----------- --------- --------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Aircraft............... 451 1.15% $ 96,452,935.93 12.06% $213,864.60 139 139 8.88% 89%
Trucks................. 2,485 6.32 200,157,707.82 25.02 80,546.36 56 56 10.14 89
Recreational Vehicles.. 9,536 24.25 206,703,818.51 25.83 21,676.16 160 160 9.64 85
Motorcycles............ 9,244 23.51 86,353,360.19 10.79 9,341.56 68 69 12.67 85
Keyboard Instruments... 875 2.22 9,562,202.48 1.20 10,928.23 97 97 10.90 84
Marine Products........ 7,968 20.26 137,813,894.38 17.23 17,295.92 148 148 10.26 86
Horsetrailers.......... 3,163 8.04 34,552,809.41 4.32 10,924.06 125 125 10.69 85
Sport Vehicles......... 5,605 14.25 28,403,247.95 3.55 5,067.48 53 53 14.91 87
------ ------ --------------- ------ ----------- --- --- ----- ---
Total................. 39,327 100.00% $799,999,976.67 100.00% $ 20,342.26 113 113 10.35% 87%
====== ====== =============== ====== =========== === === ===== ===
</TABLE>
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(1) Based on scheduled payments due after the Cutoff Date and assuming no
prepayments on the Contracts.
(2) Expressed in number of months.
2
<PAGE>
GEOGRAPHIC CONCENTRATION OF CONTRACTS
<TABLE>
<CAPTION>
% OF
AGGREGATE CONTRACTS
NUMBER OF % OF NUMBER PRINCIPAL BALANCE BY OUTSTANDING
CONTRACTS AS OF OF OUTSTANDING PRINCIPAL BALANCE
STATE (1) CUTOFF DATE CONTRACTS AS OF CUTOFF DATE AS OF CUTOFF DATE
--------- --------------- ----------- ----------------- -----------------
<S> <C> <C> <C> <C>
Alabama................. 881 2.24% $ 20,338,298.24 2.54%
Alaska.................. 90 .23 6,999,608.33 .87
Arizona................. 1,864 4.74 34,016,335.69 4.25
Arkansas................ 524 1.33 12,936,985.79 1.62
California.............. 5,977 15.19 124,147,774.15 15.52
Colorado................ 1,041 2.65 19,876,197.87 2.48
Connecticut............. 411 1.05 3,930,637.66 .49
Delaware................ 62 .16 1,469,610.85 .18
District of Columbia.... 7 .02 204,566.02 .03
Florida................. 3,155 8.02 69,444,945.95 8.68
Georgia................. 1,437 3.65 24,994,282.21 3.12
Hawaii.................. 75 .19 1,185,826.58 .15
Idaho................... 107 .27 2,486,159.10 .31
Illinois................ 617 1.57 10,234,251.53 1.28
Indiana................. 460 1.17 8,299,730.34 1.04
Iowa.................... 211 .54 5,125,700.17 .64
Kansas.................. 224 .57 11,685,624.08 1.46
Kentucky................ 489 1.24 5,325,892.71 .67
Louisiana............... 467 1.19 9,989,976.96 1.25
Maine................... 87 .22 1,151,311.48 .14
Maryland................ 491 1.25 12,077,746.01 1.51
Massachusetts........... 554 1.41 8,569,356.16 1.07
Michigan................ 360 .92 13,340,638.77 1.67
Minnesota............... 730 1.86 19,202,213.86 2.40
Mississippi............. 357 .91 10,488,928.42 1.31
Missouri................ 829 2.11 16,101,866.72 2.01
Montana................. 52 .13 1,462,111.15 .18
Nebraska................ 152 .39 2,306,744.98 .29
Nevada.................. 811 2.06 15,993,835.10 2.00
New Hampshire........... 92 .23 1,268,388.44 .16
New Jersey.............. 971 2.47 13,568,210.80 1.70
New Mexico.............. 547 1.39 7,630,069.64 .95
New York................ 1,072 2.73 21,480,708.52 2.69
North Carolina.......... 1,958 4.98 25,795,581.00 3.22
North Dakota............ 44 .11 733,392.32 .09
Ohio.................... 591 1.50 18,898,702.51 2.36
Oklahoma................ 654 1.66 14,848,139.15 1.86
Oregon.................. 989 2.51 17,354,518.93 2.17
Pennsylvania............ 695 1.77 9,310,960.12 1.16
Rhode Island............ 110 .28 1,113,484.97 .14
South Carolina.......... 733 1.86 17,433,434.68 2.18
South Dakota............ 102 .26 5,504,811.14 .69
Tennessee............... 803 2.04 15,693,166.81 1.96
Texas................... 4,396 11.18 95,940,245.91 11.99
Utah.................... 201 .51 7,757,020.93 .97
Vermont................. 35 .09 397,400.30 .05
Virginia................ 957 2.43 14,376,001.92 1.80
Washington.............. 1,445 3.67 29,238,132.39 3.65
West Virginia........... 89 .23 1,337,165.73 .17
Wisconsin............... 266 .68 5,165,811.65 .65
Wyoming................. 53 .13 1,746,610.02 .22
Non-U.S. based service
personnel............. 2 .01 20,861.91 .01
------ ------ --------------- ------
Total................. 39,327 100.00% $799,999,976.67 100.00%
====== ====== =============== ======
</TABLE>
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(1) Based on the billing address of the Obligor set forth in Green Tree's
records.
3
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DISTRIBUTION OF ORIGINAL CONTRACT AMOUNTS OF CONTRACTS
<TABLE>
<CAPTION>
AGGREGATE
PRINCIPAL
BALANCE % OF CONTRACTS
NUMBER OF OUTSTANDING BY OUTSTANDING
CONTRACTS AS OF CUTOFF PRINCIPAL BALANCE
ORIGINAL CONTRACT AMOUNT AS OF CUTOFF DATE DATE AS OF CUTOFF DATE
------------------------ ----------------- --------------- -----------------
<S> <C> <C> <C>
Less than $10,000.......... 18,427 $105,167,816.75 13.15%
Between $10,000 and
$19,999................... 12,464 176,854,896.03 22.10
Between $20,000 and
$29,999................... 3,410 81,566,968.25 10.20
Between $30,000 and
$39,999................... 1,354 46,381,731.33 5.80
Between $40,000 and
$49,999................... 896 39,850,662.45 4.98
Between $50,000 and
$59,999................... 584 31,630,401.22 3.95
Between $60,000 and
$69,999................... 370 23,811,066.71 2.98
Between $70,000 and
$79,999................... 348 26,061,362.70 3.26
Between $80,000 and
$89,999................... 367 31,159,776.31 3.89
Between $90,000 and
$99,999................... 299 28,324,423.51 3.54
Between $100,000 and
$109,999.................. 196 20,325,375.41 2.54
Between $110,000 and
$119,999.................. 106 12,103,474.93 1.51
Between $120,000 and
$129,999.................. 69 8,514,953.81 1.06
Between $130,000 and
$139,999.................. 36 4,841,519.50 .61
Between $140,000 and
$149,999.................. 35 5,066,579.26 .63
Between $150,000 and
$159,999.................. 30 4,627,739.71 .58
Between $160,000 and
$169,999.................. 26 4,291,576.05 .54
Between $170,000 and
$179,999.................. 27 4,712,837.73 .59
Between $180,000 and
$189,999.................. 17 3,132,968.55 .39
Between $190,000 and
$199,999.................. 17 3,292,277.05 .41
Between $200,000 and
$249,999.................. 45 10,028,361.56 1.25
Between $250,000 and
$299,999.................. 39 10,469,374.62 1.31
Between $300,000 and
$349,999.................. 24 7,813,664.43 .98
Between $350,000 and
$399,999.................. 29 10,580,981.98 1.32
Between $400,000 and
$449,999.................. 20 8,384,448.72 1.05
Between $450,000 and
$499,999.................. 15 7,146,907.47 .89
Between $500,000 and
$549,999.................. 9 4,646,793.63 .58
Between $550,000 and
$599,999.................. 6 3,440,288.72 .43
Between $600,000 and
$649,999.................. 7 4,395,211.51 .55
Between $650,000 and
$699,999.................. 4 2,708,979.42 .34
Between $700,000 and
$749,999.................. 8 5,711,031.55 .71
Between $750,000 and
$799,999.................. 6 4,681,164.14 .59
Between $800,000 and
$849,999.................. 5 4,122,426.66 .52
Between $850,000 and
$899,999.................. 1 860,061.25 .11
Between $900,000 and
$949,999.................. 4 3,635,464.50 .45
Between $950,000 and
$999,999.................. 3 2,928,601.92 .37
Over $999,999.............. 24 46,727,807.33 5.84
------ --------------- ------
Total.................... 39,327 $799,999,976.67 100.00%
====== =============== ======
</TABLE>
4
<PAGE>
YEAR OF ORIGINATION OF CONTRACTS
<TABLE>
<CAPTION>
% OF CONTRACTS
AGGREGATE PRINCIPAL BY OUTSTANDING
YEAR OF NUMBER OF CONTRACTS BALANCE OUTSTANDING PRINCIPAL BALANCE
OIGINATIONR AS OF CUTOFF DATE AS OF CUTOFF DATE AS OF CUTOFF DATE
- ----------- ------------------- ------------------- -----------------
<S> <C> <C> <C>
1986................... 1 $ 21,604.94 * %
1987................... 0 .00 .00
1988................... 0 .00 .00
1989................... 0 .00 .00
1990................... 0 .00 .00
1991................... 0 .00 .00
1992................... 0 .00 .00
1993................... 2 29,769.95 *
1994................... 0 .00 .00
1995................... 22 466,576.68 .06
1996................... 77 1,957,092.16 .24
1997................... 155 4,529,641.97 .57
1998................... 39,070 792,995,290.97 99.13
------ --------------- ------
Total................ 39,327 $799,999,976.67 100.00%
====== =============== ======
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* Indicates an amount greater than zero but less than .005%.
DISTRIBUTION OF ORIGINAL LOAN-TO-VALUE RATIOS OF CONTRACTS
<CAPTION>
% OF
CONTRACTS
AGGREGATE PRINCIPAL BY OUTSTANDING
NUMBER OF CONTRACTS BALANCE OUTSTANDING PRINCIPAL BALANCE
LOAN-TO-VALUE RATIO AS OF CUTOFF DATE AS OF CUTOFF DATE AS OF CUTOFF DATE
------------------- ------------------- ------------------- -----------------
<S> <C> <C> <C>
Less than 61%........... 2,738 $ 25,758,670.97 3.22%
From 61 to 65%.......... 1,061 12,091,823.54 1.51
From 66 to 70%.......... 1,543 21,247,082.00 2.66
From 71 to 75%.......... 2,438 34,705,943.56 4.34
From 76 to 80%.......... 3,716 67,571,051.37 8.45
From 81 to 85%.......... 5,251 107,584,760.46 13.45
From 86 to 90%.......... 10,722 181,771,546.57 22.72
From 91 to 95%.......... 5,544 135,648,596.25 16.96
Over 95%................ 6,314 213,620,501.95 26.69
------ --------------- ------
Total................. 39,327 $799,999,976.67 100.00%
====== =============== ======
</TABLE>
5
<PAGE>
CONTRACT RATES
<TABLE>
<CAPTION>
% OF CONTRACTS
AGGREGATE PRINCIPAL BY OUTSTANDING
NUMBER OF CONTRACTS BALANCE OUTSTANDING PRINCIPAL BALANCE
CONTRACT RATE AS OF CUTOFF DATE AS OF CUTOFF DATE AS OF CUTOFF DATE
------------- ------------------- ------------------- -----------------
<S> <C> <C> <C>
Less than 6.001%.......... 1 $ 8,181.44 *%
6.001% to 7.000%......... 20 671,274.25 .08%
7.001% to 8.000%......... 324 55,684,328.72 6.96
8.001% to 9.000%......... 2,174 190,275,682.97 23.78
9.001% to 10.000%........ 7,323 197,528,140.79 24.70
10.001% to 11.000%........ 9,086 154,221,827.01 19.28
11.001% to 12.000%........ 6,043 74,907,806.23 9.36
12.001% to 13.000%........ 4,211 48,632,974.41 6.08
13.001% to 14.000%........ 3,448 31,352,830.56 3.92
14.001% to 15.000%........ 2,614 21,622,601.70 2.70
15.001% to 16.000%........ 1,768 11,235,898.47 1.40
16.001% to 17.000%........ 1,165 7,570,655.04 .95
Over 17.000%.............. 1,150 6,287,775.08 .79
------ --------------- ------
Total................... 39,327 $799,999,976.67 100.00%
====== =============== ======
</TABLE>
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* Indicates an amount greater than zero but less than .005%.
REMAINING MONTHS TO MATURITY OF CONTRACTS
<TABLE>
<CAPTION>
% OF CONTRACTS
AGGREGATE PRINCIPAL BY OUTSTANDING
NUMBER OF CONTRACTS BALANCE OUTSTANDING PRINCIPAL BALANCE
REMAINING MONTHS TO MATURITY AS OF CUTOFF DATE AS OF CUTOFF DATE AS OF CUTOFF DATE
- ---------------------------- ------------------- ------------------- -----------------
<S> <C> <C> <C>
Fewer than 31............. 1,383 $ 14,431,405.66 1.80%
31 to 60................ 15,849 258,857,104.13 32.35
61 to 90................ 7,071 114,281,838.18 14.29
91 to 120................ 4,560 84,621,130.00 10.58
121 to 150................ 6,680 116,627,623.49 14.58
151 to 180................ 3,204 152,571,368.93 19.07
181 to 210................ 112 5,358,070.52 .67
211 to 240................ 468 53,251,435.76 6.66
------ --------------- ------
Total................... 39,327 $799,999,976.67 100.00%
====== =============== ======
</TABLE>
6
