|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: FLASHNET COMMUNICATIONS INC, S-1/A, 1999-01-29 |
Next: PARTNERS FIRST CREDIT CARD MASTER TRUST, 8-K, 1999-01-29 |
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, 1999
--------------------------------
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 FileNumber) (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 January 15, 1999, 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 January 15, 1999
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 29, 1999
<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 December 1, 1998 to December 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 December 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
January 15, 1999 distribution.
<TABLE>
<CAPTION>
CIT RV TRUST 1998-A
MONTHLY SERVICER'S REPORT
Due Period 11/30/98
Determination Date 1/12/99
Distribution Date 1/15/99
<S> <C> <C> <C> <C>
I. All Payments on the Contracts 11,402,552.24
II. All Liquidation Proceeds on the Contracts with respect to Principal 116,954.42
III. Repurchased Contracts 0.00
IV. Investment Earnings on Collection Account 0.00
V. Servicer Monthly Advances 307,990.23
VI. Reimbursement of prior monthly Servicer Advances -200,254.60
VII. Incorrect Deposits 0.00
Total available amount in Collection Account $11,627,242.29
==================
Draws from the Reserve Account $0.00
Total Distribution $11,627,242.29
DISTRIBUTION AMOUNTS Cost per $1000
- -------------------------------------- -------------------
1. (a) Class A-1 Note Interest Distribution 315,104.25
(b) Class A-1 Note Principal Distribution 8,828,325.41
Aggregate Class A-1 Note Distribution 82.37324018 9,143,429.66
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 147,466.41
Total Servicer Payment 147,466.41
10. Deposits to the Reserve Account 880,173.06
Total Distribution $11,627,242.29
==================
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 908,712.16
(d) Distribution to Affiliated Owner 202,614.56
Total Distribution from the Reserve Account 1,111,326.72
<PAGE>
INTEREST
- --------------------------------------
1. Current Interest Requirement
(a) Class A-1 Notes @ 5.830% 315,104.25
(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 1,643,087.58
(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 2.83877703 315,104.25
(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 1,643,087.58
(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 1,946,297.17
2. Amount of Principal Prepayment Collected 178 6,691,155.16
3. Amount of Liquidated Contract 4 190,873.08
4. Amount of Repurchased Contract 0 0.00
Total Formula Principal Distribution Amount 8,828,325.41
5. Principal Balance before giving effect to Principal Distribution Pool Factor
-----------
(a) Class A-1 Notes 0.5843109 64,858,507.96
(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 79.53446315 8,828,325.41
(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 0.5047764 56,030,182.55
(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 12/31/98 10,146 345,091,048.36
2. Delinquency Information % of Pool Balance
-----------------
(a) 31-59 Days 124 2,722,821.39 0.789%
(b) 60-89 Days 46 1,677,095.10 0.486%
(c) 90-119 Days 29 951,958.54 0.276%
(d) 120 Days + 71 2,188,538.40 0.634%
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 4 190,873.08
(b) Net Liquidation Proceeds on any Liquidated Receivables 116,954.42
-------------------
Total Net Liquidation Losses for the related Due Period 73,918.66
7. Cumulative Net Losses on all Liquidated Receivables 5 92,327.97
8. Weighted Average Contract Rate of all Outstanding Contracts 9.693%
9. Weighted Average Remaining Term to Maturity of all Outstanding Contracts 162.714
10. Weighted Average Remaining Original Term to Maturity of all Outstanding Contracts 173.447
TRIGGER ANALYSIS
- --------------------------------------
1. (a) Average Delinquency Rate 1.0782%
(b) Maximum Average Delinquency Rate 1.2500%
(c) Delinquency Rate Trigger in effect ? NO
2. (a) Cumulative Net Loss Rate 0.0231%
(b) Maximum Cumulative Net Loss Rate 0.3200%
(c) Net Loss Rate Trigger in effect NO
MISCELLANEOUS
- --------------------------------------
1. Monthly Servicing Fees 147,466.41
2. Servicer Advances 307,990.23
3. (a) Opening Balance of the Reserve Account 7,963,185.89
(b) Deposits to the Reserve Account 880,173.06
(c) Investment Earnings in the Reserve Account 32,516.34
(d) Distribution from the Reserve Account -1,111,326.72
(e) Ending Balance of the Reserve Account 7,764,548.57
4. Specified Reserve Account Balance 7,764,548.57
5. Available Reserve Amount 2.25% 7,764,548.57
6. Reserve Account Loan Activity
(a) Distribution on Loan:
Interest 4,231.03
Principal 904,481.13
Total P&I 908,712.16
(b) Beginning Loan Balance 904,481.13
(c) Principal Payment 904,481.13
(d) Ending Loan Balance 0.00
</TABLE>
|
|