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): January 15, 1998
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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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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 January 15, 1998, 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 January 15, 1998
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 J. Madeira
--------------------------
Name: Frank J. Madeira
Title: Vice President
Dated: January 23, 1998
<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 December 1, 1997 to December 31, 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 January 1998.
- ---------------
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 12/31/97
Determination Date 1/12/98
Distribution Date 1/15/98
I. All Payments on the Contracts 14,614,049.56
II. All Liquidation Proceeds on the Contracts
with respect to Principal 32.17
III.Repurchased Contracts 65,410.99
IV Investment Earnings on Collection Account 6,168.69
V. Servicer Monthly Advances 477,874.41
VI. Reimbursement of prior monthly Servicer Advances -392,618.44
VII.Incorrect Deposits 0.00
Total available amount in Collection Account $14,770,917.38
=============
Draws from the Reserve Account $0.00
Total Distribution $14,770,917.38
DISTRIBUTION AMOUNTS Cost per $1000
- ---------------------- --------------
1. (a) Class A-1 Note Interest
Distribution 157,407.60
(b) Class A-1 Note Principal
Distribution 9,828,924.67
Aggregate Class A-1 Note
Distribution 247.79980819 9,986,332.27
2. (a) Class A-2 Note Interest
Distribution 159,600.00
(b) Class A-2 Note Principal
Distribution 0.00
Aggregate Class A-2 Note
Distribution 4.98750000 159,600.00
3. (a) Class A-3 Note Interest
Distribution 446,335.00
(b) Class A-3 Note Principal
Distribution 0.00
Aggregate Class A-3 Note
Distribution 5.01500000 446,335.00
4. (a) Class A-4 Note Interest
Distribution 661,333.33
(b) Class A-4 Note Principal
Distribution 0.00
Aggregate Class A-4 Note
Distribution 5.16666664 661,333.33
5. (a) Class A-5 Note Interest
Distribution 385,416.67
(b) Class A-5 Note Principal
Distribution 0.00
Aggregate Class A-5 Note
Distribution 5.20833338 385,416.67
6. (a) Class A-6 Note Interest
Distribution 560,916.67
(b) Class A-6 Note Principal
Distribution 0.00
Aggregate Class A-6 Note
Distribution 5.29166670 560,916.67
6. (a) Class A-7 Note Interest
Distribution 265,066.67
(b) Class A-7 Note Principal
Distribution 0.00
Aggregate Class A-7 Note
Distribution 5.33333340 265,066.67
<PAGE>
7. (a) Class B Note Interest
Distribution 166,625.00
(b) Class B Note Principal
Distribution 0.00
Aggregate Class B Note
Distribution 5.37500000 166,625.00
8. (a) Certificate Interest
Distribution 80,029.56
(b) Certificate Principal
Distribution 0.00
Aggregate Certificate
Distribution 5.66666648 80,029.56
9. Servicer Payment
(a) Servicing Fee 237,560.11
Total Servicer Payment 237,560.11
10. Deposits to the Reserve Account 1,821,702.10
Total Distribution $14,770,917.38
=============
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 2,078,246.61
(d) Distribution to Affiliated Owner 0.00
Total Distribution from the Reserve Account 2,078,246.61
INTEREST
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1. Current Interest Requirement
(a) Class A-1 Notes @ 5.800% 157,407.60
(b) Class A-2 Notes @ 5.985% 159,600.00
(c) Class A-3 Notes @ 6.018% 446,335.00
(d) Class A-4 Notes @ 6.200% 661,333.33
(e) Class A-5 Notes @ 6.250% 385,416.67
(f) Class A-6 Notes @ 6.350% 560,916.67
(g) Class A-7 Notes @ 6.400% 265,066.67
Aggregate Interest on Class A Notes 2,636,075.94
(g) Class B Notes @ 6.450% 166,625.00
(h) Certificate @ 6.800% 80,029.56
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 3.90589578 157,407.60
(b) Class A-2 Notes 4.98750000 159,600.00
(c) Class A-3 Notes 5.01500000 446,335.00
(d) Class A-4 Notes 5.16666664 661,333.33
(e) Class A-5 Notes 5.20833338 385,416.67
(f) Class A-6 Notes 5.29166670 560,916.67
(g) Class A-7 Notes 5.33333340 265,066.67
Total Aggregate Interest on Class A Notes 2,636,075.94
(i) Class B Notes 5.37500000 166,625.00
(h) Certificate 5.66666648 80,029.56
<PAGE>
PRINCIPAL
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No. of Contracts
--------------
1. Amount of Stated Principal
Collected 2,914,323.03
2. Amount of Principal Prepayment
Collected 229 6,847,723.35
3. Amount of Liquidated Contract 1 2,020.91
4. Amount of Repurchased Contract 3 64,857.38
Total Formula Principal Distribution Amount 9,828,924.67
5. Principal Balance before 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
(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 243.89391241 9,828,924.67
(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 0.5381542 21,687,613.36
(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 of
12/31/97 19,214 545,510,477.28
<PAGE>
2. Delinquency Information % Delinquent
(a) 31-59 Days 220 5,360,490.44 0.983%
(b) 60-89 Days 57 1,806,637.29 0.331%
(c) 90-119 Days 2 17,364.05 0.003%
(d) 120 Days + 0 0.00 0.000%
3. Contracts Repossessed during
the Due Period 2 204,315.22
4. Current Repossession Inventory 2 204,315.22
5. Aggregate Net Losses for the
related Due Period
(a) Aggregate Principal Balance
of Liquidated Receivables 1 2,020.91
(b) Net Liquidation Proceeds on
any Liquidated Receivables 32.17
----------------
Total Aggregate Net Losses for
the related Due Period 1,988.74
6. Aggregate Losses on all Liquidated
Receivables (Year-To-Date) 2,020.91
7. Aggregate Net Losses on all
Liquidated Receivables(Life-To-Date)1 1,988.74
8. Weighted Average Contract Rate of all
Outstanding Contracts 10.093%
9. Weighted Average Remaining Term to Maturity
of all Outstanding Contracts 156.488
10. Weighted Average Months Seasoning of all
Outstanding Contracts 6.911
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 237,560.11
2. Servicer Advances 477,874.41
3. (a) Opening Balance of the Reserve Account 11,106,788.04
(b) Deposits to the Reserve Account 1,821,702.10
(c) Investment Earnings in the Reserve
Account 59,966.01
(d) Distribution from the Reserve Account -2,078,246.61
(e) Ending Balance of the Reserve Account 10,910,209.54
4. Specified Reserve Account Balance 10,910,209.54
5. Available Reserve Amount 2% 10,910,209.54
6. Reserve Account Loan Activity
(a) Distribution on Loan:
Interest 44,249.50
Principal 2,033,997.11
Total P&I 2,078,246.61
(b) Beginning Loan Balance 7,382,837.98
(c) Principal Payment 2,033,997.11
(d) Ending Loan Balance 5,348,840.87
