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): October 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 October 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 October 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
----------------------
Name: Frank Garcia
Title: Vice President
Dated: October 29, 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 September 1, 1996 to September 30,
---------------------------------
1996 attached to this certificate is complete and accurate in accordance
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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 9th day of
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October 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 9/30/96
Determination date 10/9/96
Distribution date 10/15/96
All Payments on the Contracts 6,251,340.86
All Liquidation Proceeds on the Contracts with
respect to Principal 55,637.81
Recoveries on Previously Defaulted/Liquidated Contracts 397.03
Repurchased Contracts 0.00
Servicer Advances 110,691.39
Reimbursement of Prior Month Advances (76,983.32)
Transfer from Capitalized Interest Account 0.00
Investment Earnings on Collection Account 2,546.32
Transfer of Funds from Pre-Funding Account Available
for Principal Distribution 0.00
Total Amount Available for Distribution 6,343,630.09
Distribution Amounts
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1. Aggregate Note Distribution 5,615,261.93
2. Aggregate Certificate Distribution 67,030.90
Amounts to Holder of GP Interest 474,396.78
Amounts to Servicer 184,269.15
Interest Payment on Cash Collateral Loan 2,671.33
Total Distribution 6,343,630.09
Interest
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3. Aggregate amount of Interest
(a) Note Interest @ 5.40 919,428.59
(b) Certificate Interest @ 5.85 67,030.90
4. Total Distribution in respect of interest
(a) Note Interest 919,428.59
(b) Certificate Interest 67,030.90
Principal
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Beginning Outstanding Principal Balance of Notes: 204,317,465.33
5. Formula Principal Distribution Amount 4,695,833.34
(a) Stated Principal 1,323,132.39
(b) Principal Prepayments 3,124,098.55
(c) Liquidated Contracts 112,570.44
(d) Defaulted Contracts 136,031.96
(e) Repurchased Contracts 0.00
6. Distribution made in respect of Principal
(a) Note 4,695,833.34
(b) Certificate 0.00
7. Outstanding Principal Balance of Notes: 199,621,631.99
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
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Number Amount
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9. Closing Pool Balance 8,607 213,371,560.38
<PAGE>
10. Note Pool Factor 0.8449593
11. Certificate Pool Factor 0.9999948
Delinquency Information
- ----------------------- Number Amount
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12. Delinquent Contracts
(a) 31-59 Days 78 1,685,271.76
(b) 60-89 Days 20 409,535.15
(c) 90 Days or more 9 330,675.69
13. Repossessed Contracts 5 108,810.58
14. Repossessed Contracts Remaining in
Inventory 13 484,279.82
Miscellaneous
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15. Monthly Servicing Fee (Includ. Amount of Investment
Earnings on amounts on deposit in the Collection Account) 184,269.15
16. Amount of Servicer Fee Paid 184,269.15
17. Opening Balance of Cash Collateral Account 4,906,516.36
Principal Prepayment to Cash Collateral Depositor (105,656.25)
Deposit to Cash Collateral Account -
Available Balance of Cash Collateral Account at the End
of the current Period 4,800,860.11
Required Cash Collateral Amount 4,800,860.11
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 9.95%
Weighted Average Remaining Term to Maturity Rate of Outstanding
Contracts 143.12%
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 109,932.39
26. Amount of Non-Reimbursable Payments by Servicer 759.00
27. Amounts to Holder of GP Interest 474,396.78
