SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
F O R M 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): December 16, 1996
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CIT RV Owner Trust 1996-A
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Exact name of registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
333-85224-01 0
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(Commission File Number) (IRS Employer Identification No.)
650 CIT Drive, Livingston, New Jersey 07039
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(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: (201) 740-5000
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N/A
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(Former name or former address, if changed since last report.)
<PAGE>
Item 5. Other Events.
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On December 16, 1996, The Bank of New York (Delaware), as Owner
Trustee, made the monthly distribution to the holders of The CIT RV Owner Trust
1996-A, Class A 5.40% Asset Backed Notes and 5.85% Asset Backed Certificates.
Item 7. Financial Statements and Exhibits.
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(c) Exhibits.
The following are filed herewith. The exhibit numbers
correspond with Item 601(b) of Regulation S-K.
Exhibit No. Description Page
----------- ----------- ----
28 Monthly Report delivered by 3
the Trustee to Certificateholders
in connection with distributions
on December 16, 1996
SIGNATURES
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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.
THE CIT GROUP/SALES FINANCING,
INC., as servicer
By: /s/ Richard J. Gugliada
-----------------------
Name: Richard J. Gugliada
Title: Vice President
Dated: December 19, 1996
<PAGE>
THE CIT GROUP/SALES FINANCING, INC.
CERTIFICATE OF SERVICING OFFICER
The undersigned states that he is a Vice President of The CIT Group/Sales
Financing, Inc., a corporation organized under the laws of Delaware ("CITSF"),
and that as such he is duly authorized to execute and deliver this certificate
on behalf of CITSF pursuant to Section 4.09 of the Sale and Servicing Agreement,
dated as of February 1, 1996 (the "Agreement"), among CITSF, The CIT Group
Securitization Corporation II and The Bank of New York (Delaware), as Owner
Trustee (all capitalized terms used herein without definition having the
respective meanings specified in the Agreement), and further states that:
1. The Monthly Report for the period from November 1, 1996 to November 31, 1996
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attached to this certificate is complete and accurate in accordance
with the requirements of Sections 4.09 and 5.08 of the Agreement; and
2. As of the date hereof, no Event of Termination or event that with notice or
lapse of time or both would become an Event of Termination has occurred.
IN WITNESS WHEREOF, he has affixed hereunto his signature this 11th day of
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December 1996.
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THE CIT GROUP/SALES FINANCING, INC.
BY /s/ Frank Garcia
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Frank Garcia
Vice President
<PAGE>
The CIT RV OWNER TRUST 1996-A
CLASS A 5.40% ASSET BACKED NOTES
5.85% ASSET BACKED CERTIFICATES
MONTHLY REPORT
End of Period 11/30/96
Determination date 12/11/96
Distribution date 12/16/96
All Payments on the Contracts 6,408,800.55
All Liquidation Proceeds on the Contracts with respect to Prinipal 79,287.28
Recoveries on Previously Defaulted/Liquidated Contracts 49,296.02
Repurchased Contracts 0.00
Servicer Advances 134,412.78
Reimbursement of Prior Month Advances (83,775.31)
Transfer from Capitalized Interest Account 0.00
Investment Earnings on Collection Account 877.53
Transfer of Funds from Pre-Funding Account Available for Principal 0.00
Distribution
Total Amount Available for Distribution 6,588,898.85
Distribution Amounts
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1. Aggregate Note Distribution 5,867,040.24
2. Aggregate Certificate Distribution 67,030.90
Amounts to Holder of GP Interest 477,717.16
Amounts to Servicer 174,467.64
Interest Payment on Cash Collateral Loan 2,642.91
Total Distribution 6,588,898.85
Interest
- --------
3. Aggregate amount of Interest
(a) Note Interest @ 5.40 875,511.93
(b) Certificate Interest @ 5.85 67,030.90
4. Total Distribution in respect of interest
(a) Note Interest 875,511.93
(b) Certificate Interest 67,030.90
Principal
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Beginning Outstanding Principal Balance of Notes: 194,558,205.78
5. Formula Principal Distribution Amount 4,991,528.31
(a) Stated Principal 1,680,813.43
(b) Principal Prepayments 3,084,206.90
(c) Liquidated Contracts 116,737.44
(d) Defaulted Contracts 109,770.54
(e) Repurchased Contracts 0.00
6. Distribution made in respect of Principal
(a) Note 4,991,528.31
(b) Certificate 0.00
7. Outstanding Principal Balance of Notes: 189,566,677.47
8. Opening Certificate Balance 13,749,928.68
Distribution made in respect of Principal Certificate 0.00
Closing Certificate Balance 13,749,928.68
Contract Pool
- ------------- Number Amount
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9. Closing Pool Balance 8,307 203,316,605.86
10. Note Pool Factor 0.8023986
11. Certificate Pool Factor 0.9999948
<PAGE>
Delinquency Information Number Amount
- ----------------------- ------ ------
12. Delinquent Contracts
(a) 31-59 Days 75 1,820,599.15
(b) 60-89 Days 26 654,716.27
(c) 90 Days or more 16 370,747.22
13. Repossessed Contracts 7 186,692.82
14. Repossessed Contracts Remaining in 13 347,293.37
Inventory
Miscellaneous
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15. Monthly Servicing Fee (Includ. Amount of Investment
Earnings on amounts on deposit in the Collection Account) 174,467.64
16. Amount of Servicer Fee Paid 174,467.64
17. Opening Balance of Cash Collateral Account 4,686,933.02
Principal Prepayment to Cash Collateral Depositor (112,309.39)
Deposit to Cash Collateral Account -
Available Balance of Cash Collateral Account at the End
of the current Period 4,574,623.63
Required Cash Collateral Amount 4,574,623.63
18. Opening Balance of funds on deposit in the Pre-Funding Account 0.00
Monthly interest on Pre-Funding Account 0.00
Transfer of funds from Pre-Funding Account for Subsequent
Contracts 0.00
Transfer of funds from Pre-Funding Account to Capitalized
Interest Account 0.00
Transfer of funds from Pre-Funding Account to Available
for Principal Distribution 0.00
Ending Balance of Prefunding Account 0.00
19. Weighted Average Contract Rate of all Outstanding Contracts 9.94%
Weighted Average Remaining Term to Maturity Rate of all
Outstanding Contracts 141.28%
20. Number of Subsequent Contracts 2,697
21. Aggregate Principal Balance of Subsequent Contracts 68,253,738.25
22. Number of Subsequent Contracts Purchased since the preceding
Distribution Date 0
23. Aggregate Stated Principal Balance of the Subsequent
Contracts Purchased since the preceding Distribution Date 0.00
24. Opening Balance in the Capitalized Interest Account 0.00
Monthly interest on Capitalized Interest Account -
Transfer of funds from Pre-Funding Account to Capitalized
Interest Account -
Transfer of funds from Capitalized Interest Account to available
for distribution -
Ending Balance in the Capitalized Interest Account -
25. Amount of Monthly Advances by Servicer 134,115.99
26. Amount of Non-Reimbursable Payments by Servicer 296.79
27. Amounts to Holder of GP Interest 477,717.16
