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): September 16, 1996
-------------------------
CIT RV Trust 1996-B
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Exact name of registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
0-28744 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.
-------------
On September 16, 1996, Mellon Bank (DE), National Association as
Owner Trustee, made the monthly distribution to the holders of The CIT RV
Trust 1996-B, Class A-1 6.00% Asset Backed Notes, Class A-2 6.40% Asset
Backed Notes, Class A-3 6.65% Asset Backed Notes and 7.10% 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 September 16, 1996
SIGNATURES
- ----------
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: September 27, 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 August 1, 1996 (the "Agreement"), among CITSF, The CIT Group
Securitization Corporation II and Mellon Bank (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 August 1, 1996 to August 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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September 1996.
- --------------
THE CIT GROUP/SALES FINANCING, INC.
/s/ Frank Garcia
----------------------
BY Frank Garcia
Vice President
<PAGE>
The CIT RV TRUST 1996-B
CLASS A-1 6.00% ASSET BACKED NOTES
CLASS A-2 6.40% ASSET BACKED NOTES
CLASS A-3 6.65% ASSET BACKED NOTES
7.10% ASSET BACKED CERTIFICATES
MONTHLY SERVICER'S REPORT
Record Date 8/31/96
Determination Date 9/11/96
Remittance Date 9/16/96
I. All Payments on the Contract 3,989,797.82
II. All Liquidation Proceeds on the Contract with respect
to Principal 0.00
III. Repurchsed Contracts 19,059.57
IV. Investment Earnings on Collection Account 0.00
V. Servicer Monthly Advances 82,757.91
VI. Reimbursement of Prior Month Advances 0.00
VII. Withdrawal from the Reserve Account 0.00
VIII. Deposits from the Pre-Funding Account 222,771.72
IX. Deposits from the Capitalized Interest Account 475,627.42
Total Available Amount $4,790,014.44
=============
DISTRIBUTION AMOUNTS
- ---------------------
1. Class A-1 Note Interest Distribution 352,000.00
Class A-1 Note Principal Distribution 2,606,954.08
Aggregate Class A-1 Note Distribution 2,958,954.08
2. Class A-2 Note Interest Distribution 320,000.00
Class A-2 Note Principal Distribution 0.00
Aggregate Class A-2 Note Distribution 320,000.00
3. Class A-3 Note Interest Distribution 277,526.67
Class A-3 Note Principal Distribution 0.00
Aggregate Class A-3 Note Distribution 277,526.67
4. Certificate Interest Distribution 68,160.00
Certificate Principal Distribution 0.00
Aggregate Certificate Distribution 68,160.00
5. Amounts to Servicer (includes Investment Earnings) 68,448.37
6. Deposits to the Reserve Account 1,096,925.32
7. Amounts to Holder of GP Interest 0.00
Total Distribution Amount $4,790,014.44
=============
INTEREST
- --------
1. Current Interest Requirement
(a) Class A-1 Notes @ 6.000% 352,000.00
(b) Class A-2 Notes @ 6.400% 320,000.00
(c) Class A-3 Notes @ 6.650% 277,526.67
Aggregate Interest on Notes 949,526.67
(d) Certificates @ 7.100% 68,160.00
2. Remaining Interest Shortfall
(a) Class A-1 Notes 0.00
(b) Class A-2 Notes 0.00
(c) Class A-3 Notes 0.00
(d) Certificates 0.00
3. Total Distribution of Interest
(a) Class A-1 Notes 352,000.00
(b) Class A-2 Notes 320,000.00
(c) Class A-3 Notes 277,526.67
Total Aggregate Interest on Notes 949,526.67
(d) Certificates 68,160.00
PRINCIPAL
- --------- Number of Contracts
-------------------
1. Amount of Stated Principal
Collected 1,261,428.15
2. Amount of Principal Prepayment
Collected 67 1,326,574.71
3. Amount of Liquidated Contract 0 0.00
4. Amount of Repurchased Contract 1 18,951.22
Total Formula Principal Distribution Amount 2,606,954.08
<PAGE>
5. Principal Balance before giving effect
to Principal Distribution
Pool Factor
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(a) Class A-1 Notes 1.0000000 88,000,000.00
(b) Class A-2 Notes 1.0000000 75,000,000.00
(c) Class A-3 Notes 1.0000000 62,600,000.00
(d) Certificates 1.0000000 14,400,000.00
6. Principal Distribution
(a) Class A-1 Notes 2,606,954.08
(b) Class A-2 Notes 0.00
(c) Class A-3 Notes 0.00
(d) Certificates 0.00
7. Principal Balance after giving effect to Principal
Distribution
Pool Factor
-----------
(a) Class A-1 Notes 0.9703755 85,393,045.92
(b) Class A-2 Notes 1.0000000 75,000,000.00
(c) Class A-3 Notes 1.0000000 62,600,000.00
(d) Certificates 1.0000000 14,400,000.00
POOL DATA Aggregate
- ---------- Number Principal Balance
------ -----------------
1. Pool Stated Principal Balance as
of 08/31/96 6,707 161,669,139.83
2. Delinquency Information % Delinquent
------------
(a) 31-59 Days 33 765,303.52 0.473%
(b) 60-89 Days 0 0.00 0.000%
(c) 90-119 Days 0 0.00 0.000%
(d) 120-179 Day 0 0.00 0.000%
(e)180 Days or more 0 0.00 0.000%
3. Contracts Repossessed during the
Due Period 0 0.00
4. Current Repossession Inventory 0 0.00
5. Net Realized Losses during the
Due Period 0 0.00
6. Current Net Cumulative Realized
Losses 0 0.00
7. Weighted Average Contract Rate of all
Outstanding Contracts 10.301%
8. Weighted Average Remaining Term to
Maturity of all Outstanding
Contracts 151.449
MISCELLANEOUS
- ------------
1. Monthly Servicing Fees (Includes Amount
of Investment Earnings) 68,448.37
2. Servicer Advances 82,757.91
3. Opening Balance of the Reserve Account 0.00
Deposits to the Reserve Account 1,096,925.32
Investment Earnings in the Reserve Account 0.00
Distribution from the Reserve Account 0.00
Ending Balance of the Reserve Account 1,096,925.32
4. Opening Balance of funds on deposit in
the Prefunding Account 75,723,906.09
Monthly interest on Prefunding Account 222,771.72
Transfer of funds from Prefunding Account
for Subsequent Contracts (39,859,211.27)
Transfer of funds from Prefunding Account
to Collection Account (222,771.72)
Ending Balance of Prefunding Account 35,864,694.82
5. Opening Balance in the Capitalized Interest 730,838.00
Account
Monthly Interest on Capitalized Interest 2,141.33
Account
Transfer of funds from Capitalized Interest
Account to Collection A (475,627.42)
Ending Balance in the Capitalized Interest
Account 257,351.91
6. Number of Subsequent Contracts 1,671
7. Aggregate Principal Balance of Subsequent Contracts 39,859,211.27
8. Number of Subsequent Contracts Purchased since the
preceding Distribution Date 1,671
9. Aggregate Stated Principal Balance of the Subsequent
Contracts Purchased Since the preceding Distribution Date 39,859,211.27
