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): November 15, 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 November 15, 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 November 15, 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/ Frank Garcia
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Name: Frank Garcia
Title:Vice President
Dated: November , 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 October 1, 1996 to October 31,
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1996 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 12th day
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of November 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 10/31/96
Determination date 11/12/96
Distribution date 11/15/96
All Payments on the Contracts 6,289,072.44
All Liquidation Proceeds on the Contracts with respect
to Principal 105,949.34
Recoveries on Previously Defaulted/Liquidated Contracts 4,736.13
Repurchased Contracts 0.00
Servicer Advances 91,335.71
Reimbursement of Prior Month Advances (108,894.13)
Transfer from Capitalized Interest Account 0.00
Investment Earnings on Collection Account 4,228.05
Transfer of Funds from Pre-Funding Account Available for
Principal Distribution 0.00
Total Amount Available for Distribution 6,386,427.54
Distribution Amounts
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1. Aggregate Note Distribution 5,961,723.55
2. Aggregate Certificate Distribution 67,030.90
Amounts to Holder of GP Interest 172,461.51
Amounts to Servicer 182,037.68
Interest Payment on Cash Collateral Loan 3,173.90
Total Distribution 6,386,427.54
Interest
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3. Aggregate amount of Interest
(a) Note Interest @ 5.40 898,297.34
(b) Certificate Interest @ 5.85 67,030.90
4. Total Distribution in respect of interest
(a) Note Interest 898,297.34
(b) Certificate Interest 67,030.90
Principal
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Beginning Outstanding Principal Balance of Notes: 199,621,631.99
5. Formula Principal Distribution Amount 5,063,426.21
(a) Stated Principal 1,336,920.06
(b) Principal Prepayments 3,183,758.08
(c) Liquidated Contracts 138,591.48
(d) Defaulted Contracts 404,156.59
(e) Repurchased Contracts 0.00
6. Distribution made in respect of Principal
(a) Note 5,063,426.21
(b) Certificate 0.00
7. Outstanding Principal Balance of Notes: 194,558,205.78
8. Opening Certificate Balance 13,749,928.68
Distribution made in respect of Principal Certificate 0.00
Closing Certificate Balance 13,749,928.68
<PAGE>
Contract Pool
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Number Amount
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9. Closing Pool Balance 8,448 208,308,134.17
10. Note Pool Factor 0.8235268
11. Certificate Pool Factor 0.9999948
Delinquency Information Number Amount
- ----------------------- ------ ------
12. Delinquent Contracts
(a) 31-59 Days 68 1,548,124.79
(b) 60-89 Days 30 672,126.36
(c) 90 Days or more 9 193,837.25
13. Repossessed Contracts 4 52,247.89
14. Repossessed Contracts Remaining in Inventory 10 263,809.37
Miscellaneous
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15. Monthly Servicing Fee (Includ. Amount of Investment Earnings
on amounts on deposit in the Collection Account) 182,037.68
16. Amount of Servicer Fee Paid 182,037.68
17. Opening Balance of Cash Collateral Account 4,800,860.11
Principal Prepayment to Cash Collateral Depositor (113,927.09)
Deposit to Cash Collateral Account -
Available Balance of Cash Collateral Account at the End
of the current Period 4,686,933.02
Required Cash Collateral Amount 4,686,933.02
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 142.19
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 89,056.35
26. Amount of Non-Reimbursable Payments by Servicer 2,279.36
27. Amounts to Holder of GP Interest 172,461.51
