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Previous: AGW LEASING CO INC, 424B1, 1999-09-29 |
Next: CYBERGOLD INC, S-8, 1999-09-29 |
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): September 15, 1999
--------------------------------
CIT RV Trust 1999-A
------------------------------------------------------------------------
Exact name of registrant as specified in its charter)
Delaware
------------------------------------------------------------------------
(State or other jurisdiction of incorporation)
000-26163 36-4294964
-------------------------------------------------------------------------
(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 September 15, 1999, The Bank of New York, as Owner Trustee,
and FMB Bank, as Indenture Trustee, made the monthly distribution to the holders
of CIT RV Trust 1999-A, Class A-1 5.33% Asset Backed Notes, Class A-2 5.78%
Asset Backed Notes, Class A-3 5.96% Asset Backed Notes, Class A-4 6.16% Asset
Backed Notes, Class A-5 6.24% Asset Backed Notes, Class B 6.44% Asset-Backed
Notes and 7.21% 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
---------- ----------- ----
20.1 Monthly Report delivered by 4
the Trustees to Securityholders
in connection with distributions
on September 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 Garcia
---------------------
Name: Frank Garcia
Title: Vice President
Dated: September 29, 1999
<PAGE>
INDEX TO EXHIBITS
Exhibit No. Description
- ---------- -----------
20.1 Monthly Report with respect to the
September 15, 1999 distribution.
<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 1999-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 August 1, 1999 to August 31,
1999 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 September 1999.
THE CIT GROUP/SALES FINANCING, INC.
By: /s/ Frank Garcia
--------------------------------
Name: Frank Garcia
Title: Vice President
<TABLE>
<CAPTION>
CIT RV TRUST 1999-A
MONTHLY SERVICER'S REPORT
Due Period 8/31/99
Determination Date 9/10/99
Distribution Date 9/15/99
<S> <C> <C> <C>
I. All Payments on the Contracts 12,887,926.08
II. All Liquidation Proceeds on the Contracts with respect to Principal 0.00
III. Repurchased Contracts 0.00
IV. Investment Earnings on the Collection Account 0.00
V. Servicer Monthly Advances 322,569.20
VI. Reimbursement of prior monthly Servicer Advances -218,077.91
VII. Incorrect Deposits 0.00
Total available amount in Collection Account $12,992,417.37
==================
Draws from the Reserve Account 0.00
Certificate Interest advanced 0.00
Total Distributions $12,992,417.37
DISTRIBUTION AMOUNTS Cost per $1000
- -------------------------------- ----------------
1. (a) Class A-1 Note Interest Distribution 681,870.83
(b) Class A-1 Note Principal Distribution 10,131,558.31
Aggregate Class A-1 Note Distribution 56.93076308 10,813,429.14
2. (a) Class A-2 Note Interest Distribution 502,667.33
(b) Class A-2 Note Principal Distribution 0.00
Aggregate Class A-2 Note Distribution 4.81666663 502,667.33
3. (a) Class A-3 Note Interest Distribution 544,744.00
(b) Class A-3 Note Principal Distribution 0.00
Aggregate Class A-3 Note Distribution 4.96666667 544,744.00
4. (a) Class A-4 Note Interest Distribution 443,930.67
(b) Class A-4 Note Principal Distribution 0.00
Aggregate Class A-4 Note Distribution 5.13333337 443,930.67
5. (a) Class A-5 Note Interest Distribution 235,144.00
(b) Class A-5 Note Principal Distribution 0.00
Aggregate Class A-5 Note Distribution 5.20000000 235,144.00
7. (a) Class B Note Interest Distribution 152,950.00
(b) Class B Note Principal Distribution 0.00
Aggregate Class B Note Distribution 5.36666667 152,950.00
8. (a) Certificate Interest Distribution 69,187.19
(b) Certificate Principal Distribution 0.00
Aggregate Certificate Distribution 6.00833333 69,187.19
9. Servicer Payment
(a) Servicing Fee 222,416.83
Total Servicer Payment 222,416.83
10. Deposits to the Reserve Account 7,948.21
Total Distributions $12,992,417.37
====================
11. Distributions from the Reserve Account
(a) Draw deposited into the Note Distribution Account 0.00
(b) Draw deposited into the Certificate distribution Account 0.00
(c) Distribution to Lender 47,526.73
(d) Distribution to Affiliated Owner 0.00
Total Distributions from the Reserve Account 47,526.73
<PAGE>
INTEREST
- --------------------------------
1. Current Interest Requirement
(a) Class A-1 Notes @5.330% 681,870.83
(b) Class A-2 Notes @5.780% 502,667.33
(c) Class A-3 Notes @5.960% 544,744.00
(d) Class A-4 Notes @6.160% 443,930.67
(e) Class A-5 Notes @6.240% 235,144.00
Aggregate Interest on Class A Notes 2,408,356.83
(f) Class B Notes @ 6.440% 152,950.00
(g) Certificate @ 7.210% 69,187.19
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 3.58992750 681,870.83
(b) Class A-2 Notes 4.81666663 502,667.33
(c) Class A-3 Notes 4.96666667 544,744.00
(d) Class A-4 Notes 5.13333337 443,930.67
(e) Class A-5 Notes 5.20000000 235,144.00
Total Aggregate Interest on Class A Notes 2,408,356.83
(f) Class B Notes 5.36666667 152,950.00
(g) Certificate 6.00833333 69,187.19
PRINCIPAL
- --------------------------------
No. of Contracts
----------------
1. Principal Collected 199 8,773,298.64
2. Liquidated Contracts 0 0.00
3. Repurchased Contracts 0 0.00
4. Additional Principal Distribution Amount 1,358,259.67
Total Formula Principal Distribution Amount 10,131,558.31
5. Principal Balance before giving effect to Principal Distribution Pool Factor
-----------
(a) Class A-1 Notes 0.8082388 153,516,885.87
(b) Class A-2 Notes 1.0000000 104,360,000.00
(c) Class A-3 Notes 1.0000000 109,680,000.00
(d) Class A-4 Notes 1.0000000 86,480,000.00
(e) Class A-5 Notes 1.0000000 45,220,000.00
(f) Class B Notes 1.0000000 28,500,000.00
(g) Certificate 1.0000000 11,515,205.00
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 53.34083558 10,131,558.31
(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 0.7548980 143,385,327.56
(b) Class A-2 Notes 1.0000000 104,360,000.00
(c) Class A-3 Notes 1.0000000 109,680,000.00
(d) Class A-4 Notes 1.0000000 86,480,000.00
(e) Class A-5 Notes 1.0000000 45,220,000.00
(f) Class B Notes 1.0000000 28,500,000.00
(g) Certificate 1.0000000 11,515,205.00
POOL DATA
- --------------------------------
Aggregate
No. of Contracts Pool Balance
---------------- ------------
1. Pool Stated Principal Balance as of 5/31/99 13,014 525,027,090.06
2. Delinquency Information % of Pool Balance
-----------------
(a) 31-59 Days 104 2,591,990.67 0.494%
(b) 60-89 Days 30 809,379.85 0.154%
(c) 90-119 Days 18 751,929.34 0.143%
(d) 120 Days + 11 440,362.62 0.084%
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 1 638.01
8. Weighted Average Contract Rate of all Outstanding Contracts 9.293%
9. Weighted Average Remaining Term to Maturity of all Outstanding Contracts 171
10. Weighted Average Remaining Original Term to Maturity of all Outstanding Contracts 180
TRIGGER ANALYSIS
- --------------------------------
1. (a) Average Delinquency Rate 0.2356%
(b) Maximum Average Delinquency Rate 1.2500%
(c) Delinquency Rate Trigger in effect ? NO
2. (a) Cumulative Net Loss Rate 0.0001%
(b) Maximum Cumulative Net Loss Rate 0.3200%
(c) Net Loss Rate Trigger in effect NO
MISCELLANEOUS
- --------------------------------
1. Monthly Servicing Fees 222,416.83
2. Servicer Advances 322,569.20
3. (a) Opening Balance of the Reserve Account 9,670,317.00
(b) Deposits to the Reserve Account 7,948.21
(c) Investment Earnings in the Reserve Account 39,578.52
(d) Distribution from the Reserve Account -47,526.73
(e) Ending Balance of the Reserve Account 9,670,317.00
4. Specified Reserve Account Balance 9,670,317.00
5. Available Reserve Amount 1.84% 9,670,317.00
6. Reserve Account Loan Activity
(a) Distribution to Lender
Lender Fees 7,948.21
Investment Earnings 39,578.52
Principal 0.00
Total Distribution to Lender 47,526.73
(b) Beginning Loan Balance 9,670,317.00
(c) Principal Payment 0.00
(d) Ending Loan Balance 9,670,317.00
</TABLE>
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