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
--------------------------------
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)
333-07249-02 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 December 16, 1996, Mellon Bank (Delaware), 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.
----------------------------------
(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
- ----------
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 August 1, 1996 (the "Agreement"), among CITSF, The CIT Group
Securitization Corporation II and Mellon Bank (DE), National Association, 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 30, 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 11th day of
-----------
December 1996.
- --------------
THE CIT GROUP/SALES FINANCING, INC.
BY Frank Garcia
----------------------
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 11/30/96
Determination Date 12/11/96
Remittance Date 12/16/96
I. All Payments on the Contract 6,168,108.39
II. All Liquidation Proceeds on the Contract
with respect to Principal 0.00
III. Repurchased Contracts 0.00
IV. Investment Earnings on Collection Account 0.00
V. Servicer Monthly Advances 157,799.28
VI. Reimbursement of Prior Month Advances -113,477.22
VII. Distribution from the Reserve Account 54,465.50
VIII. Deposits from the Pre-Funding Account 0.00
IX. Deposits from the Capitalized Interest Account 0.00
Total Available Amount $6,266,895.95
=============
DISTRIBUTION AMOUNTS
- --------------------
1. Class A-1 Note Interest Distribution 388,648.55
Class A-1 Note Principal Distribution 4,232,304.17
Aggregate Class A-1 Note Distribution 4,620,952.72
2. Class A-2 Note Interest Distribution 400,000.00
Class A-2 Note Principal Distribution 0.00
Aggregate Class A-2 Note Distribution 400,000.00
3. Class A-3 Note Interest Distribution 346,908.33
Class A-3 Note Principal Distribution 0.00
Aggregate Class A-3 Note Distribution 346,908.33
4. Certificate Interest Distribution 85,200.00
Certificate Principal Distribution 0.00
Aggregate Certificate Distribution 85,200.00
5. Amounts to Servicer (includes Investment Earnings) 95,720.71
6. Deposits to the Reserve Account 0.00
7. Amounts to Holder of GP Interest from Excess
Collections 663,648.69
Distribution from the Reserve Account
to Holder of GP Interest 54,465.50
Total Amounts to Holder of GP Interest 718,114.19
Total Distribution Amount $6,266,895.95
=============
INTEREST
- --------
1. Current Interest Requirement
(a) Class A-1 Notes @ 6.000% 388,648.55
(b) Class A-2 Notes @ 6.400% 400,000.00
(c) Class A-3 Notes @ 6.650% 346,908.33
Aggregate Interest on Notes 1,135,556.88
(d) Certificates @ 7.100% 85,200.00
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 388,648.55
(b) Class A-2 Notes 400,000.00
(c) Class A-3 Notes 346,908.33
Total Aggregate Interest
on Notes 1,135,556.88
(d) Certificates 85,200.00
<PAGE>
PRINCIPAL
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Number of Contracts
-------------------
1. Amount of Stated Principal
Collected 1,568,910.09
2. Amount of Principal
Prepayment Collected 120 2,663,394.08
3. Amount of Liquidated Contract 0 0.00
4. Amount of Repurchased Contract 0 0.00
Total Formula Principal Distribution
Amount 4,232,304.17
5. Principal Balance before giving effect
to Principal Distribution Pool Factor
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(a) Class A-1 Notes 0.8832922 77,729,709.66
(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 4,232,304.17
(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
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(a) Class A-1 Notes 0.8351978 73,497,405.49
(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 11/30/96 9,381 225,497,405.49
2. Delinquency Information %Delinquent
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(a) 31-59 Days 58 1,595,997.91 0.708%
(b) 60-89 Days 17 522,673.59 0.232%
(c) 90-119 Days 8 238,320.59 0.106%
(d) 120-179 Day 4 145,565.60 0.065%
(e) 180 Days or more 0 0.00 0.000%
3. Contracts Repossessed during the
Due Period 5 85,258.07
4. Current Repossession Inventory 7 154,251.65
5. Net Realized Losses during the
Due Period 0 0.00
6. Current Net Cumulative Realized
Losses 0 -61.21
7. Weighted Average Contract Rate of
all Outstanding Contracts 10.367%
8. Weighted Average Remaining Term to
Maturity of all Outstanding Contracts 150.099
MISCELLANEOUS
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1. Monthly Servicing Fees (Includes
Amount of Investment Earnings) 95,720.71
2. Servicer Advances 157,799.28
3. Opening Balance of the Reserve Account 2,299,884.57
Deposits to the Reserve Account 0.00
Investment Earnings in the Reserve Account 9,554.98
Distribution from the Reserve Account -54,465.50
Ending Balance of the Reserve Account 2,254,974.05
4. Opening Balance of funds on deposit in the
Prefunding Account 0.00
Monthly interest on Prefunding Account 0.00
Transfer of funds from Prefunding Account
for Subsequent Contracts 0.00
Transfer of funds from Prefunding Account to
Collection Account 0.00
Transfer of funds from Prefunding Account to
Available Principal Distribution 0.00
Ending Balance of Prefunding Account 0.00
5. Opening Balance in the Capitalized Interest Account 0.00
Monthly Interest on Capitalized Interest Account 0.00
Transfer of funds from Capitalized Interest Account
to Collection Account 0.00
Ending Balance in the Capitalized Interest Account 0.00
6. Number of Subsequent Contracts 0
7. Aggregate Principal Balance of Subsequent Contracts 0.00
8. Number of Subsequent Contracts Purchased since the
preceding Distribution Date 3,034
9. Aggregate Stated Principal Balance of the Subsequent
Contracts Purchased Since the preceding Distribution
Date 75,723,876.20
