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 15, 1997
-------------------------
CIT RV Trust 1997-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)
000-23507 Applied For
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(Commission File Number) (IRS Employer Identification No.)
c/o The CIT Group/Sales Financing, Inc.
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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c/o First Omni Bank, N.A.
499 Mitchell Street, Mail Stop 101-591
Millsboro, DE 19966
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(Former name or former address, if changed since last report.)
<PAGE>
Item 5. Other Events.
------------
On December 15, 1997, First Omni Bank, N.A., as Owner Trustee, made
the monthly distribution to the holders of The CIT RV Trust 1997-A, Class A-1
5.800% Asset Backed Notes, Class A-2 5.985% Asset Backed Notes, Class A-3 6.018%
Asset Backed Notes, Class A-4 6.200% Asset Backed Notes, Class A-5 6.250% Asset
Backed Notes, Class A-6 6.350% Asset Backed Notes, Class A-7 6.400% Asset Backed
Notes, Class B 6.450% Asset-Backed Notes and 6.800% 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 15, 1997
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: December 31, 1997
<PAGE>
THE CIT GROUP/SALES FINANCING, INC.
CERTIFICATE OF SERVICING OFFICER
The undersigned certifies 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 November 1, 1997 (the "Agreement"), among
CITSF, The CIT Group Securitization Corporation II and CIT RV Trust 1997-A, (all
capitalized terms used herein without definition having the respective meanings
specified in the Agreement), and further certifies that:
1. The Monthly Report for the period from November 1, 1997 to November 30, 1997
-------------------------------------
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
December 1997.
THE CIT GROUP/SALES FINANCING, INC.
By: /s/ Frank Madeira
--------------------------------
Name: Frank Madeira
Title: Vice President
<PAGE>
CIT RV TRUST 1997-A
MONTHLY SERVICER'S REPORT
Settlement Date 11/30/97
Determination Date 12/10/97
Distribution Date 12/15/97
I. All Payments on the Contracts 13,075,292.29
II. All Liquidation Proceeds on the
Contracts with respect to Principal 0.00
III. Repurchased Contracts 8,683.67
IV. Investment Earnings on Collection Account 0.00
V. Servicer Monthly Advances 926,679.53
VI. Reimbursement of prior monthly Servicer Advances 0.00
VII. Incorrect Deposits 0.00
Total available amount in Collection Account $14,010,655.49
--------------
Draws from the Reserve Account $0.00
Total Distribution $14,010,655.49
DISTRIBUTION AMOUNTS Cost per $1000
- ----------------------- --------------
1.(a) Class A-1 Note Interest
Distribution 84,406.11
(b) Class A-1 Note Principal
Distribution 8,783,461.97
Aggregate Class A-1 Note
Distribution 220.04635434 8,867,868.08
2.(a) Class A-2 Note Interest
Distribution 69,160.00
(b) Class A-2 Note Principal
Distribution 0.00
Aggregate Class A-2 Note
Distribution 2.16125000 69,160.00
3.(a) Class A-3 Note Interest
Distribution 193,411.83
(b) Class A-3 Note Principal
Distribution 0.00
Aggregate Class A-3 Note
Distribution 2.17316663 193,411.83
4.(a) Class A-4 Note Interest
Distribution 286,577.78
(b) Class A-4 Note Principal
Distribution 0.00
Aggregate Class A-4 Note
Distribution 2.23888891 286,577.78
5.(a) Class A-5 Note Interest
Distribution 167,013.89
(b) Class A-5 Note Principal
Distribution 0.00
Aggregate Class A-5 Note
Distribution 2.25694446 167,013.89
6.(a) Class A-6 Note Interest
Distribution 243,063.89
(b) Class A-6 Note Principal
Distribution 0.00
Aggregate Class A-6 Note
Distribution 2.29305557 243,063.89
6.(a) Class A-7 Note Interest
Distribution 114,862.22
(b) Class A-7 Note Principal
Distribution 0.00
Aggregate Class A-7 Note
Distribution 2.31111107 114,862.22
7.(a) Class B Note Interest
Distribution 72,204.17
(b) Class B Note Principal
Distribution 0.00
Aggregate Class B Note
Distribution 2.32916677 72,204.17
8.(a) Certificate Interest
Distribution 34,679.48
(b) Certificate Principal
Distribution 0.00
Aggregate Certificate
Distribution 2.45555576 34,679.48
9. Servicer Payment
(a) Servicing Fee 235,051.19
Total Servicer Payment 235,051.19
10. Deposits to the Reserve Account 3,726,762.95
Total Distribution $14,010,655.49
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11. Distribution from the Reserve Account
(a) Draws deposited to the Note Distribution
Account 0.00
(b) Draws deposited to the Certificate
distribution Account 0.00
(c) Distribution to Lender 3,919,949.30
(d) Distribution to Affiliated Owner 0.00
Total Distribution from the Reserve Account 3,919,949.30
INTEREST
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1. Current Interest Requirement
(a) Class A-1 Notes @ 5.800% 84,406.11
(b) Class A-2 Notes @ 5.985% 69,160.00
(c) Class A-3 Notes @ 6.018% 193,411.83
(d) Class A-4 Notes @ 6.200% 286,577.78
(e) Class A-5 Notes @ 6.250% 167,013.89
(f) Class A-6 Notes @ 6.350% 243,063.89
(g) Class A-7 Notes @ 6.400% 114,862.22
Aggregate Interest on Class A Notes 1,158,495.72
(g) Class B Notes @ 6.450% 72,204.17
(h) Certificate @ 6.800% 34,679.48
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) Class A-4 Notes 0.00
(e) Class A-5 Notes 0.00
(f) Class A-6 Notes 0.00
(g) Class A-7 Notes 0.00
(h) Class B Notes 0.00
(i) Certificate 0.00
3. Total Distribution of Interest Cost per $1000
-----------
(a) Class A-1 Notes 2.09444442 84,406.11
(b) Class A-2 Notes 2.16125000 69,160.00
(c) Class A-3 Notes 2.17316663 193,411.83
(d) Class A-4 Notes 2.23888891 286,577.78
(e) Class A-5 Notes 2.25694446 167,013.89
(f) Class A-6 Notes 2.29305557 243,063.89
(g) Class A-7 Notes 2.31111107 114,862.22
Total Aggregate Interest
on Class A Notes 1,158,495.72
(i) Class B Notes 2.32916677 72,204.17
(h) Certificate 2.45555576 34,679.48
PRINCIPAL
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No. of Contracts
--------------
1. Amount of Stated Principal
Collected 2,790,872.13
2. Amount of Principal Prepayment
Collected 202 5,983,992.08
3. Amount of Liquidated Contract 0 0.00
4. Amount of Repurchased Contract 1 8,597.76
Total Formula Principal Distribution
Amount 8,783,461.97
5. Principal Balance before giving effect
to Principal Distribution Pool Factor
-----------
(a) Class A-1 Notes 1.0000000 40,300,000.00
(b) Class A-2 Notes 1.0000000 32,000,000.00
(c) Class A-3 Notes 1.0000000 89,000,000.00
(d) Class A-4 Notes 1.0000000 128,000,000.00
(e) Class A-5 Notes 1.0000000 74,000,000.00
(f) Class A-6 Notes 1.0000000 106,000,000.00
(g) Class A-7 Notes 1.0000000 49,700,000.00
(h) Class B Notes 1.0000000 31,000,000.00
(i) Certificate 1.0000000 14,122,864.00
6. Remaining Principal Shortfall
(a) Class A-1 Notes 0.00
(b) Class A-2 Notes 0.00
(c) Class A-3 Notes 0.00
(d) Class A-4 Notes 0.00
(e) Class A-5 Notes 0.00
(f) Class A-6 Notes 0.00
(g) Class A-7 Notes 0.00
(h) Class B Notes 0.00
(i) Certificate 0.00
7. Principal Distribution Cost per $1000
-----------
(a) Class A-1 Notes 217.95190993 8,783,461.97
(b) Class A-2 Notes 0.00000000 0.00
(c) Class A-3 Notes 0.00000000 0.00
(d) Class A-4 Notes 0.00000000 0.00
(e) Class A-5 Notes 0.00000000 0.00
(f) Class A-6 Notes 0.00000000 0.00
(g) Class A-7 Notes 0.00000000 0.00
(h) Class B Notes 0.00000000 0.00
(i) Certificate 0.00000000 0.00
8. Principal Balance after giving
effect to Principal Distribution Pool Factor
-----------
(a) Class A-1 Notes 0.7820481 31,516,538.03
(b) Class A-2 Notes 1.0000000 32,000,000.00
(c) Class A-3 Notes 1.0000000 89,000,000.00
(d) Class A-4 Notes 1.0000000 128,000,000.00
(e) Class A-5 Notes 1.0000000 74,000,000.00
(f) Class A-6 Notes 1.0000000 106,000,000.00
(g) Class A-7 Notes 1.0000000 49,700,000.00
(h) Class B Notes 1.0000000 31,000,000.00
(h) Certificate 1.0000000 14,122,864.00
POOL DATA
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Aggregate
No.of Contracts Principal Balance
--------------- -----------------
1. Pool Stated Principal Balance
as 11/30/97 19,447 555,339,401.95
2. Delinquency Information %Delinquent
-----------
(a) 31-59 Days 165 4,188,576.55 0.754%
(b) 60-89 Days 2 21,456.87 0.004%
(c) 90-119 Days 0 0.00 0.000%
(d) 120 Days + 0 0.00 0.000%
3. Contracts Repossessed during the
Due Period 0 0.00
4. Current Repossession Inventory 0 0.00
5. Aggregate Net Losses for the related
Due Period
(a) Aggregate Principal Balance of
Liquidated Receivables 0 0.00
(b) Net Liquidation Proceeds on any
Liquidated Receivables 0.00
-------------
Total Aggregate Net Losses for the
related Due Period 0.00
6. Aggregate Losses on all Liquidated
Receivables (Year-To-Date) 0.00
7. Aggregate Net Losses on all Liquidated 0
Receivables (Life-To-Date) 0.00
8. Weighted Average Contract Rate of all
Outstanding Contracts 10.096%
9. Weighted Average Remaining Term to
Maturity of all Outstanding Contracts 157.450
10. Weighted Average Months Seasoning of all
Outstanding Contracts 5.853
TRIGGER ANALYSIS
- -----------------------
1. (a) Average Delinquency Percentage N/A
(b) Delinquency Percentage Trigger
in effect ? NO
2. (a) Average Liquidated Contracts
Percentage N/A
(b) Liquidated Contracts Trigger in
effect ? NO
MISCELLANEOUS
- -----------------------
1. Monthly Servicing Fees 235,051.19
2. Servicer Advances 926,679.53
3. (a) Opening Balance of the Reserve Account 11,282,457.00
(b) Deposits to the Reserve Account 3,726,762.95
(c) Investment Earnings in the Reserve
Account 17,517.39
(d) Distribution from the Reserve Account -3,919,949.30
(e) Ending Balance of the Reserve Account 11,106,788.04
4. Specified Reserve Account Balance 11,106,788.04
5. Available Reserve Amount 11,106,788.04
6. Reserve Account Loan Activity
(a) Distribution on Loan:
Interest 20,330.28
Principal 3,899,619.02
Total P&I 3,919,949.30
(b) Beginning Loan Balance 11,282,457.00
(c) Principal Payment 3,899,619.02
(d) Ending Loan Balance 7,382,837.98
