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 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 November 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 November 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: November 26, 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 October 1, 1996 to October 31, 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
--------
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 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 10/31/96
Determination Date 11/12/96
Remittance Date 11/15/96
I. All Payments on the Contract 5,724,967.31
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 126,134.16
VI. Reimbursement of Prior Month Advances -103,549.85
VII. Withdrawal from the Reserve Account 0.00
VIII. Deposits from the Pre-Funding Account 0.00
IX. Deposits from the Capitalized Interest Account 0.00
Total Available Amount $5,747,551.62
=============
DISTRIBUTION AMOUNTS
- --------------------
1. Class A-1 Note Interest Distribution 407,373.47
Class A-1 Note Principal Distribution 3,744,984.66
Aggregate Class A-1 Note Distribution 4,152,358.13
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) 82,337.51
6. Deposits to the Reserve Account 393,919.98
7. Amounts to Holder of GP Interest 286,827.66
Total Distribution Amount $5,747,551.62
=============
INTEREST
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1. Current Interest Requirement
(a) Class A-1 Notes @ 6.000% 407,373.47
(b) Class A-2 Notes @ 6.400% 400,000.00
(c) Class A-3 Notes @ 6.650% 346,908.33
Aggregate Interest on Notes 1,154,281.80
(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 407,373.47
(b) Class A-2 Notes 400,000.00
(c) Class A-3 Notes 346,908.33
Total Aggregate Interest on Notes 1,154,281.80
(d) Certificates 85,200.00
PRINCIPAL
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Number of Contracts
-------------------
1. Amount of Stated Principal
Collected 1,416,452.31
2. Amount of Principal Prepayment
Collected 127 2,328,532.35
3. Amount of Liquidated Contract 0 0.00
4. Amount of Repurchased Contract 0 0.00
Total Formula Principal Distribution Amount 3,744,984.66
5. Principal Balance before giving effect to
Principal Distribution
Pool Factor
-----------
(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
6. Principal Distribution
(a) Class A-1 Notes 3,744,984.66
(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 0.8832922 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
POOL DATA Aggregate
- ---------- Number Principal Balance
------ -----------------
1. Pool Stated Principal Balance as of
10/31/96 9,501 229,729,709.66
2. Delinquency Information % Delinquent
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(a) 31-59 Days 54 1,342,500.62 0.584%
(b) 60-89 Days 15 418,218.91 0.182%
(c) 90-119 Days 4 145,565.60 0.063%
(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 26,979.69
4. Current Repossession Inventory 2 69,049.10
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 10.366%
8. Weighted Average Remaining Term to Maturity
of all Outstanding Contracts 150.997
MISCELLANEOUS
- -------------
1. Monthly Servicing Fees (Includes Amount of
Investment Earnings) 82,337.51
2. Servicer Advances 126,134.16
3. Opening Balance of the Reserve Account 1,897,672.13
Deposits to the Reserve Account 393,919.98
Investment Earnings in the Reserve Account 8,292.46
Distribution from the Reserve Account 0.00
Ending Balance of the Reserve Account 2,299,884.57
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
