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): July 15, 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: (201)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 July 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 July 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: July 29, 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 June 1, 1998 to June 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 10th day of July 1998.
THE CIT GROUP/SALES FINANCING, INC.
By: /s/ Frank J. Madeira
--------------------------------
Name: Frank Madeira
Title: Vice President
<PAGE>
CIT RV TRUST 1998-A
MONTHLY SERVICER'S REPORT
Due Period 6/30/98
Determination Date 7/10/98
Distribution Date 7/15/98
I. All Payments on the Contracts 11,038,532.43
II. All Liquidation Proceeds on the
Contracts with respect to Principal 0.00
III. Repurchased Contracts 301,910.38
IV. Investment Earnings on Collection Account 0.00
V. Servicer Monthly Advances 428,733.31
VI. Reimbursement of prior monthly
Servicer Advances 0.00
VII. Incorrect Deposits 0.00
Total available amount in Collection Account $11,769,176.12
==============
Draws from the Reserve Account $0.00
Total Distribution $11,769,176.12
DISTRIBUTION AMOUNTS Cost per $1000
- ----------------------- --------------
1.(a) Class A-1 Note Interest
Distribution 539,275.00
(b) Class A-1 Note Principal
Distribution 8,089,503.36
Aggregate Class A-1 Note
Distribution 77.73674198 8,628,778.36
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 166,692.03
Total Servicer Payment 166,692.03
10.Deposits to the Reserve Account 1,517,532.58
Total Distribution $11,769,176.12
===============
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 1,737,326.94
(d) Distribution to Affiliated Owner 0.00
Total Distribution from the Reserve Account 1,737,326.94
INTEREST
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1. Current Interest Requirement
(a) Class A-1 Notes @ 5.830% 539,275.00
(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 1,867,258.33
(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 4.85833333 539,275.00
(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 1,867,258.33
(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 2,459,984.35
2. Amount of Principal Prepayment
Collected 146 5,330,303.27
3. Amount of Liquidated Contract 0 0.00
4. Amount of Repurchased Contract 11 299,215.74
Total Formula Principal Distribution
Amount 8,089,503.36
<PAGE>
5. Principal Balance before giving effect
to Principal Distribution Pool Factor
-----------
(a) Class A-1 Notes 1.0000000 111,000,000.00
(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 72.87840865 8,089,503.36
(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 0.9271216 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
POOL DATA
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Aggregate
No. of Contracts Pool Balance
---------------- ------------
1. Pool Stated Principal
Balance as of 6/30/98 11,158 391,971,362.45
2. Delinquency Information % of Pool Balance
-----------------
(a) 31-59 Days 59 1,265,527.17 0.323%
(b) 60-89 Days 0 0.00 0.000%
(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. 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
<PAGE>
8. Weighted Average Contract Rate of all
Outstanding Contracts 9.692%
9. Weighted Average Remaining Term to Maturity
of all Outstanding Contracts 168.508
10. Weighted Average Remaining Original Term
to Maturity of all Outstanding Contracts 173.123
TRIGGER ANALYSIS
- -----------------------
1. (a) Average Delinquency Rate 0.0000%
(b) Maximun Average Delinquency
Rate 1.2500%
(c) Delinquency Rate Trigger in
effect ? NO
2. (a) Cumulative Net Loss Rate 0.0000%
(b) Maximun Cumulative Net Loss
Rate 0.3200%
(c) Net Loss Rate Trigger in
effect NO
MISCELLANEOUS
- -----------------------
1. Monthly Servicing Fees 166,692.03
2. Servicer Advances 428,733.31
3. (a) Opening Balance of the Reserve Account 9,000,000.00
(b) Deposits to the Reserve Account 1,517,532.58
(c) Investment Earnings in the Reserve Account 39,150.00
(d) Distribution from the Reserve Account -1,737,326.94
(e) Ending Balance of the Reserve Account 8,819,355.64
4. Specified Reserve Account Balance 8,819,355.64
5. Available Reserve Amount 2.25% 8,819,355.64
6. Reserve Account Loan Activity (a) Distribution
on Loan:
Interest 44,328.08
Principal 1,692,998.86
Total P&I 1,737,326.94
(b) Beginning Loan Balance 9,000,000.00
(c) Principal Payment 1,692,998.86
(d) Ending Loan Balance 7,307,001.14
