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Previous: INSIGNIA PROPERTIES TRUST /, SC 14F1, 1998-10-28 |
Next: HERSHA HOSPITALITY TRUST, S-11/A, 1998-10-28 |
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, 1998
---------------------------
CIT RV Trust 1998-A
------------------------------------------------------------------------
Exact name of registrant as specified in its charter)
Delaware
------------------------------------------------------------------------
(State or other jurisdiction of incorporation)
000-24495 36-4232666
-------------------------------------------------------------------------
(Commission File Number) (IRS Employer Identification No.)
c/o The CIT Group/Sales Financing, Inc.
650 CIT Drive, Livingston, New Jersey 07039
------------------------------------------------------------------------
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: (973) 740-5000
-----------------------
N/A
------------------------------------------------------------------------
(Former name or former address, if changed since last report.)
<PAGE>
Item 5. Other Events.
------------
On October 15, 1998, Bankers Trust (Delaware), as Owner Trustee, and
Harris Trust and Savings Bank, as Indenture Trustee, made the monthly
distribution to the holders of CIT RV Trust 1998-A, Class A-1 5.83% Asset Backed
Notes, Class A-2 5.92% Asset Backed Notes, Class A-3 5.99% Asset Backed Notes,
Class A-4 6.09% Asset Backed Notes, Class A-5 6.12% Asset Backed Notes, Class B
6.29% Asset-Backed Notes and 6.70% 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 Trustees to Securityholders
in connection with distributions
on October 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 Garcia
--------------------------
Name: Frank Garcia
Title: Vice President
Dated: October 28, 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 June 1, 1998 (the "Agreement"), among CITSF,
The CIT Group Securitization Corporation II and CIT RV Trust 1998-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 September 1, 1998 to September
30, 1998 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, the undersigned has affixed hereunto his signature
this 9th day of October 1998.
THE CIT GROUP/SALES FINANCING, INC.
By: /s/ Frank J. Madeira
--------------------------------
Name: Frank J. Madeira
Title: Vice President
<PAGE>
INDEX TO EXHIBITS
-----------------
Exhibit No. Description
- ---------- -----------
20.1 Monthly Reports with respect to the
October 15, 1998 distribution.
<PAGE>
<TABLE>
<CAPTION>
CIT RV TRUST 1998-A
MONTHLY SERVICER'S REPORT
Due Period 9/30/98
Determination Date 10/9/98
Distribution Date 10/15/98
<S> <C> <C>
I. All Payments on the Contracts 12,060,561.65
II. All Liquidation Proceeds on the Contracts with respect to Principal 0.00
III. Repurchased Contracts 0.00
IV. Investment Earnings on Collection Account 0.00
V. Servicer Monthly Advances 284,067.53
VI. Reimbursement of prior monthly Servicer Advances -178,336.18
VII. Incorrect Deposits 0.00
Total available amount in Collection Account $12,166,293.00
===============
Draws from the Reserve Account $0.00
Total Distribution $12,166,293.00
<C> <C> <C>
DISTRIBUTION AMOUNTS Cost per $1000
- ------------------------------- ----------------
1. (a) Class A-1 Note Interest Distribution 429,956.81
(b) Class A-1 Note Principal Distribution 9,070,029.98
Aggregate Class A-1 Note Distribution 85.58546658 9,499,986.79
2. (a) Class A-2 Note Interest Distribution 463,733.33
(b) Class A-2 Note Principal Distribution 0.00
Aggregate Class A-2 Note Distribution 4.93333330 463,733.33
3. (a) Class A-3 Note Interest Distribution 269,550.00
(b) Class A-3 Note Principal Distribution 0.00
Aggregate Class A-3 Note Distribution 4.99166667 269,550.00
4. (a) Class A-4 Note Interest Distribution 406,000.00
(b) Class A-4 Note Principal Distribution 0.00
Aggregate Class A-4 Note Distribution 5.07500000 406,000.00
5. (a) Class A-5 Note Interest Distribution 188,700.00
(b) Class A-5 Note Principal Distribution 0.00
Aggregate Class A-5 Note Distribution 5.10000000 188,700.00
7. (a) Class B Note Interest Distribution 94,350.00
(b) Class B Note Principal Distribution 0.00
Aggregate Class B Note Distribution 5.24166667 94,350.00
8. (a) Certificate Interest Distribution 33,839.83
(b) Certificate Principal Distribution 0.00
Aggregate Certificate Distribution 5.58333340 33,839.83
9. Servicer Payment
(a) Servicing Fee 157,316.54
Total Servicer Payment 157,316.54
10. Deposits to the Reserve Account 1,052,816.51
Total Distribution $12,166,293.00
===============
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 1,290,589.39
(d) Distribution to Affiliated Owner 0.00
Total Distribution from the Reserve Account 1,290,589.39
<PAGE>
INTEREST
- -------------------------------
1. Current Interest Requirement
(a) Class A-1 Notes @ 5.830% 429,956.81
(b) Class A-2 Notes @ 5.920% 463,733.33
(c) Class A-3 Notes @ 5.990% 269,550.00
(d) Class A-4 Notes @ 6.090% 406,000.00
(e) Class A-5 Notes @ 6.120% 188,700.00
Aggregate Interest on Class A Notes 1,757,940.14
(f) Class B Notes @ 6.290% 94,350.00
(g) Certificate @ 6.700% 33,839.83
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 B Notes 0.00
(g) Certificate 0.00
3. Total Distribution of Interest Cost per $1000
----------------
(a) Class A-1 Notes 3.87348477 429,956.81
(b) Class A-2 Notes 4.93333330 463,733.33
(c) Class A-3 Notes 4.99166667 269,550.00
(d) Class A-4 Notes 5.07500000 406,000.00
(e) Class A-5 Notes 5.10000000 188,700.00
Total Aggregate Interest on Class A Notes 1,757,940.14
(f) Class B Notes 5.24166667 94,350.00
(g) Certificate 5.58333340 33,839.83
PRINCIPAL
- -------------------------------
No. of Contracts
----------------
1. Amount of Stated Principal Collected 2,052,819.01
2. Amount of Principal Prepayment Collected 174 7,017,210.97
3. Amount of Liquidated Contract 0 0.00
4. Amount of Repurchased Contract 0 0.00
Total Formula Principal Distribution Amount 9,070,029.98
5. Principal Balance before giving effect to Principal Distribution Pool Factor
-----------
(a) Class A-1 Notes 0.7972867 88,498,828.81
(b) Class A-2 Notes 1.0000000 94,000,000.00
(c) Class A-3 Notes 1.0000000 54,000,000.00
(d) Class A-4 Notes 1.0000000 80,000,000.00
(e) Class A-5 Notes 1.0000000 37,000,000.00
(f) Class B Notes 1.0000000 18,000,000.00
(g) Certificate 1.0000000 6,060,865.00
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 B Notes 0.00
(g) Certificate 0.00
7. Principal Distribution Cost per $1000
----------------
(a) Class A-1 Notes 81.71198180 9,070,029.98
(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 B Notes 0.00000000 0.00
(g) Certificate 0.00000000 0.00
<PAGE>
8. Principal Balance after giving effect to Principal Distribution Pool Factor
-----------
(a) Class A-1 Notes 0.7155748 79,428,798.83
(b) Class A-2 Notes 1.0000000 94,000,000.00
(c) Class A-3 Notes 1.0000000 54,000,000.00
(d) Class A-4 Notes 1.0000000 80,000,000.00
(e) Class A-5 Notes 1.0000000 37,000,000.00
(f) Class B Notes 1.0000000 18,000,000.00
(g) Certificate 1.0000000 6,060,865.00
POOL DATA
- -------------------------------
Aggregate
No. of Contracts Pool Balance
---------------- ------------
1. Pool Stated Principal Balance as of 9/30/98 10,673 368,489,664.64
2. Delinquency Information % of Pool Balance
-----------------
(a) 31-59 Days 92 2,251,387.83 0.611%
(b) 60-89 Days 34 812,093.11 0.220%
(c) 90-119 Days 23 1,000,087.95 0.271%
(d) 120 Days + 10 318,110.09 0.086%
3. Contracts Repossessed during the Due Period 0 0.00
4. Current Repossession Inventory 1 9,218.73
5. Net Liquidation Losses for the related Due Period
(a) Principal Balance of Liquidated Receivables 0 0.00
(b) Net Liquidation Proceeds on any Liquidated Receivables 0.00
------------------
Total Net Liquidation Losses for the related Due Period 0.00
7. Cumulative Net Losses on all Liquidated Receivables 0 0.00
8. Weighted Average Contract Rate of all Outstanding Contracts 9.693%
9. Weighted Average Remaining Term to Maturity of all Outstanding Contracts 165.465
10. Weighted Average Remaining Original Term to Maturity of all Outstanding Contracts 173.198
TRIGGER ANALYSIS
- -------------------------------
1. (a) Average Delinquency Rate 0.3605%
(b) Maximum Average Delinquency Rate 1.2500%
(c) Delinquency Rate Trigger in effect ? NO
2. (a) Cumulative Net Loss Rate 0.0000%
(b) Maximum Cumulative Net Loss Rate 0.3200%
(c) Net Loss Rate Trigger in effect NO
MISCELLANEOUS
- -------------------------------
1. Monthly Servicing Fees 157,316.54
2. Servicer Advances 284,067.53
3. (a) Opening Balance of the Reserve Account 8,495,093.11
(b) Deposits to the Reserve Account 1,052,816.51
(c) Investment Earnings in the Reserve Account 33,697.21
(d) Distribution from the Reserve Account - 1,290,589.39
(e) Ending Balance of the Reserve Account 8,291,017.44
4. Specified Reserve Account Balance 8,291,017.44
5. Available Reserve Amount 2.25% 8,291,017.44
6. Reserve Account Loan Activity
(a) Distribution on Loan:
Interest 20,871.51
Principal 1,269,717.88
Total P&I 1,290,589.39
(b) Beginning Loan Balance 4,595,214.49
(c) Principal Payment 1,269,717.88
(d) Ending Loan Balance 3,325,496.61
</TABLE>
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