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): August 17, 1998
-----------------------------
CIT RV Trust 1998-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)
000-24495 36-4232666
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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: (973)740-5000
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c/o Bankers Trust (Delaware)
1011 Centre Road, Suite 200
Wilmington, Delaware 19805-1266
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(Former name or former address, if changed since last report.)
<PAGE>
Item 5. Other Events.
------------
On August 17, 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 August 17, 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: August 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 July 1, 1998 to July 31, 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 12th day of August 1998.
THE CIT GROUP/SALES FINANCING, INC.
By: /s/ Frank Garcia
--------------------------------
Name: Frank Garcia
Title: Vice President
<PAGE>
CIT RV TRUST 1998-A
MONTHLY SERVICER'S REPORT
Due Period 7/31/98
Determination Date 8/12/98
Distribution Date 8/17/98
I. All Payments on the Contracts 10,732,912.25
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 297,436.05
VI. Reimbursement of prior monthly Servicer
Advances -162,574.75
VII. Incorrect Deposits 0.00
Total available amount in Collection Account $10,867,773.55
==============
Draws from the Reserve Account $0.00
Total Distribution $10,867,773.55
DISTRIBUTION AMOUNTS Cost per $1000
- ----------------------- --------------
1. (a) Class A-1 Note Interest
Distribution 499,973.50
(b) Class A-1 Note Principal
Distribution 7,511,219.46
Aggregate Class A-1 Note
Distribution 72.17290955 8,011,192.96
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
<PAGE>
9. Servicer Payment
(a) Servicing Fee 163,321.40
Total Servicer Payment 163,321.40
10. Deposits to the Reserve Account 1,237,086.03
Total Distribution $10,867,773.55
==============
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 1,445,040.62
(d) Distribution to Affiliated Owner 0.00
Total Distribution from the Reserve Account 1,445,040.62
INTEREST
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1. Current Interest Requirement
(a) Class A-1 Notes @ 5.830% 499,973.50
(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 1,827,956.83
(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
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(a) Class A-1 Notes 4.50426577 499,973.50
(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 1,827,956.83
(f) Class B Notes 5.24166667 94,350.00
(g) Certificate 5.58333340 33,839.83
PRINCIPAL
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No. of Contracts
----------------
1. Amount of Stated Principal
Collected 1,910,499.99
2. Amount of Principal
Prepayment Collected 151 5,600,719.47
3. Amount of Liquidated Contract 0 0.00
4. Amount of Repurchased Contract 0 0.00
<PAGE>
Total Formula Principal
Distribution Amount 7,511,219.46
5. Principal Balance before giving
effect to Principal Distribution Pool Factor
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(a) Class A-1 Notes 0.9271216 102,910,496.64
(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
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(a) Class A-1 Notes 67.66864378 7,511,219.46
(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
8. Principal Balance after giving
effect to Principal Distribution Pool Factor
-----------
(a) Class A-1 Notes 0.8594529 95,399,277.18
(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
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Aggregate
No.of Contracts Pool Balance
--------------- ------------
1. Pool Stated Principal
Balance as of 7/31/98 11,007 384,460,142.99
2. Delinquency Information % of
Pool Balance
------------
(a) 31-59 Days 75 2,895,247.1 0.753%
(b) 60-89 Days 14 341,695.1 0.089%
(c) 90-119 Days 0 0.0 0.000%
(d) 120 Days + 0 0.0 0.000%
3. Contracts Repossessed during
the Due Period 1 9,218.73
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
<PAGE>
7. Cumulative Net Losses on all
Liquidated Receivables 0 0.00
8. Weighted Average Contract Rate
of all Outstanding Contracts 9.691%
9. Weighted Average Remaining Term
to Maturity of all Outstanding
Contracts 167.432
10. Weighted Average Remaining Original
Term to Maturity of all Outstanding Contract 173.089
TRIGGER ANALYSIS
- -----------------------
1. (a) Average Delinquency Rate 0.0304%
(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
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1. Monthly Servicing Fees 163,321.40
2. Servicer Advances 297,436.05
3. (a) Opening Balance of the Reserve Account 8,819,355.64
(b) Deposits to the Reserve Account 1,237,086.03
(c) Investment Earnings in the Reserve Account 38,952.15
(d) Distribution from the Reserve Account -1,445,040.62
(e) Ending Balance of the Reserve Account 8,650,353.20
4. Specified Reserve Account Balance 8,650,353.20
5. Available Reserve Amount 2.25% 8,650,353.20
6. Reserve Account Loan Activity
(a) Distribution on Loan:
Interest 36,897.02
Principal 1,408,143.60
Total P&I 1,445,040.62
(b) Beginning Loan Balance 7,307,001.14
(c) Principal Payment 1,408,143.60
(d) Ending Loan Balance 5,898,857.54
