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
-------------------------
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.
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On October 15, 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 October 15, 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: 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 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 September 1, 1996 to September
------------------------------
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 9th
---
day of October 1996.
- -------------------
THE CIT GROUP/SALES FINANCING, INC.
BY /s/ 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 9/30/96
Determination Date 10/9/96
Remittance Date 10/15/96
I. All Payments on the Contract 5,628,158.89
II. All Liquidation Proceeds on the Contract
with respect to Principal 61.21
III. Repurchased Contracts 0.00
IV. Investment Earnings on Collection Account 0.00
V. Servicer Monthly Advances 112,495.39
VI. Reimbursement of Prior Month Advances -72,547.97
VII. Withdrawal from the Reserve Account 0.00
VIII. Deposits from the Pre-Funding Account 115,149.89
IX. Deposits from the Capitalized Interest Account 258,167.91
Total Available Amount $6,041,485.32
---------------
DISTRIBUTION AMOUNTS
- --------------------
1. Class A-1 Note Interest Distribution 426,965.23
Class A-1 Note Principal Distribution 3,918,351.60
Aggregate Class A-1 Note Distribution 4,345,316.83
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) 67,362.14
6. Deposits to the Reserve Account 796,698.02
7. Amounts to Holder of GP Interest 0.00
Total Distribution Amount $6,041,485.32
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INTEREST
- --------
1. Current Interest Requirement
(a) Class A-1 Notes @ 6.000% 426,965.23
(b) Class A-2 Notes @ 6.400% 400,000.00
(c) Class A-3 Notes @ 6.650% 346,908.33
Aggregate Interest on Notes 1,173,873.56
(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 426,965.23
(b) Class A-2 Notes 400,000.00
(c) Class A-3 Notes 346,908.33
Total Aggregate Interest
on Notes 1,173,873.56
(d) Certificates 85,200.00
PRINCIPAL
- --------- Number of Contracts
-------------------
1. Amount of Stated Principal
Collected 1,611,951.35
2. Amount of Principal Prepayment
Collected 113 2,306,370.36
3. Amount of Liquidated Contract 0 0.00
4. Amount of Repurchased Contract 0 0.00
<PAGE>
5. Remaining Balance of Prefunding
Available for Principal Distribution 29.89
Total Formula Principal Distribution Amount 3,918,351.60
5. Principal Balance before giving effect Pool Factor
to Principal Distribution -----------
(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
6. Principal Distribution
(a) Class A-1 Notes 3,918,351.60
(b) Class A-2 Notes 0.00
(c) Class A-3 Notes 0.00
(d) Certificates 0.00
7. Principal Balance after giving effect Pool Factor
to Principal Distribution -----------
(a) Class A-1 Notes 0.9258488 81,474,694.32
(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
09/30/96 8,265 197,610,029.39
2. Delinquency Information % Delinquent
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(a) 31-59 Days 42 814,548.72 0.412%
(b) 60-89 Days 9 269,199.57 0.136%
(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 1 42,069.41
4. Current Repossession Inventory 1 42,069.41
5. Net Realized Losses during the
Due Period 0 -61.21
6. Current Net Cumulative Realized Losses 0 -61.21
7. Weighted Average Contract Rate of all
Outstanding Contracts 10.337%
8. Weighted Average Remaining Term to
Maturity of all Outstanding Contracts 150.985
MISCELLANEOUS
- -------------
1. Monthly Servicing Fees (Includes Amount
of Investment Earnings) 67,362.14
2. Servicer Advances 112,495.39
3. Opening Balance of the Reserve Account 1,096,925.32
Deposits to the Reserve Account 796,698.02
Investment Earnings in the Reserve Account 4,048.79
Distribution from the Reserve Account 0.00
Ending Balance of the Reserve Account 1,897,672.13
4. Opening Balance of funds on deposit in the
Prefunding Account 35,864,694.82
Monthly interest on Prefunding Account 115,120.00
Transfer of funds from Prefunding Account
for Subsequent Contracts (35,864,664.93)
Transfer of funds from Prefunding
Account to Collection Account (115,120.00)
Transfer of funds from Prefunding Account
to Available Principal Distribution (29.89)
Ending Balance of Prefunding Account 0.00
5. Opening Balance in the Capitalized Interest
Account 257,351.91
Monthly Interest on Capitalized Interest
Account 816.00
Transfer of funds from Capitalized Interest
Account to Collection Account (258,167.91)
<PAGE>
Ending Balance in the Capitalized Interest
Account 0.00
6. Number of Subsequent Contracts 1,363
7. Aggregate Principal Balance of Subsequent
Contracts 35,864,664.93
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
