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Previous: PIPELINE DATA INC, SB-2/A, 1999-12-30 |
Next: CWMBS INC RESIDENTIAL ASSET SECURITIZATION TRUST 1999-A5, 8-K, 1999-12-30 |
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): December 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 Indentification 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 December 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 December 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: December 28 , 1999
<PAGE>
INDEX TO EXHIBITS
Exhibit No. Description
- ---------- -----------
20.1 Monthly Report with respect to the December
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 November 1, 1999 to November 30,
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 December 1999.
THE CIT GROUP/SALES FINANCING, INC.
By: /s/ Frank Garcia
---------------------
Name: Frank Garcia
Title: Vice President
CIT RV TRUST 1999-A
MONTHLY SERVICER'S REPORT
<TABLE>
<CAPTION>
Due Period 11/30/99
Determination Date 12/10/99
Distribution Date 12/15/99
<S> <C>
I. All Payments on the Contracts 11,238,478.09
II. All Liquidation Proceeds on the Contracts
with respect to Principal 163,213.99
III. Repurchased Contracts 0.00
IV. Investment Earnings on the Collection Account 0.00
V. Servicer Monthly Advances 371,821.50
VI. Reimbursement of prior monthly Servicer Advances -328,224.63
VII. Incorrect Deposits 0.00
Total available amount in Collection Account $11,445,288.95
==============
Draws from the Reserve Account 0.00
Certificate Interest advanced 0.00
Total Distributions $11,445,288.95
<CAPTION>
DISTRIBUTION AMOUNTS Cost per $1000
- -------------------- --------------
<C> <C> <C> <C>
1. (a) Class A-1 Note Interest Distribution 546,065.55
(b) Class A-1 Note Principal Distribution 8,731,421.04
Aggregate Class A-1 Note Distribution 48.84430131 9,277,486.59
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
6. (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
7. (a) Certificate Interest Distribution 69,187.19
(b) Certificate Principal Distribution 0.00
Aggregate Certificate Distribution 6.00833333 69,187.19
8. Servicer Payment
(a) Servicing Fee 211,230.96
Total Servicer Payment 211,230.96
9. Deposits to the Reserve Account 7,948.21
Total Distributions $11,445,288.95
==============
10. 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 49,330.56
(d) Distribution to Affiliated Owner 0.00
Total Distributions from the Reserve Account 49,330.56
</TABLE>
<PAGE>
INTEREST
- ----------------------
<TABLE>
<CAPTION>
1. Current Interest Requirement
<S> <C> <C> <C> <C>
(a) Class A-1 @ 5.330% 546,065.55
(b) Class A-2 @ 5.780% 502,667.33
(c) Class A-3 @ 5.960% 544,744.00
(d) Class A-4 @ 6.160% 443,930.67
(e) Class A-5 @ 6.240% 235,144.00
Aggregate Interest on Class A Notes 2,272,551.55
(f) Class B Notes e 6.440% 152,950.00
(g) Certificate e 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 2.87493709 546,065.55
(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 2,272,551.55
(f) Class B Notes 5.36666667 152,950.00
(g) Certificate 6.00833333 69,187.19
<CAPTION>
PRINCIPAL
- ----------------------
No. of Contracts
----------------
<C> <C> <C> <C>
1. Principal Collected 149 7,359,782.13
2. Liquidated Contracts 6 241,695.03
3. Repurchased Contracts 0 0.00
4. Additional Principal Distribution Amount 1,129,943.88
Total Formula Principal Distribution Amount 8,731,421.04
5. Principal Balance before giving effect to Principal Distributon Pool Factor
-----------
(a) Class A-1 Notes 0.6472654 122,941,587.06
(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 45.96936422 8,731,421.04
(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
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
8. Principal Balance after giving effect to Principal Distribution Pool Factor
-----------
<S> <C> <C>
(a) Class A-1 Notes 0.6012960 114,210,166.02
(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
<CAPTION>
POOL DATA
- ----------------------
Aggregate
No.of Contracts Pool Balance
--------------- ------------
<C> <C> <C> <C> <C>
1. Pool Stated Principal Ba1ance as of 11/30/99 12,456 499,352,823.60
2. Delinquency Information % of Pool Balance
-----------------
(a) 31-59 Days 93 3,001,389.61 0.601%
(b) 60-89 Days 41 1,666,233.91 0.334%
(c) 90-119 Days 26 917,118.33 0.184%
(d) 120 Days + 57 1,818,459.49 0.364%
3. Contracts Repossessed during the Due Period 5 290,300.49
4. Current Repossession Inventory 8 381,924.50
5. Net Liquidation Losses for the related Due Period
(a) Principal Balance of Liquidated Receivables 6 241,695.03
(b) Net Liquidation Proceeds on any Liquidated Receivable 163,213.99
--------------
Total Net Liquidation Losses for the related Due Period 78,481.04
6. Cumulative Net Losses on all Liquidated Receivables 18 267,002.97
7. Weighted Average Contract Rate of all Outstanding Contracts 9.275%
8. Weighted Average Remaining Term to Maturity of all Outstanding Contracts 167.914
9. Weighted Average Remaining Original Term to Maturity of all Outstanding Contracts 180.566
<CAPTION>
TRIGGER ANALYSIS
- ----------------------
<C> <C> <C>
1. (a) Average Delinquency Rate 0.7335%
(b) Maximum Average Delinquency Rate 2.0000%
(c) Delinquency Rate Trigger in effect ? NO
2. (a) Cumulative Net Loss Rate 0.0472%
(b) Maximum Cumulative Net Loss Rate 0.3200%
(c) Net Loss Rate Trigger in effect NO
<CAPTION>
MISCELLANEOUS
- ----------------------
<C> <C> <C>
1. Monthly Servicing Fees 211,230.96
2. Servicer Advances 371,821.50
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 41,382.35
(d) Distribution from the Reserve Account -49,330.56
(e) Ending Balance of the Reserve Account 9,670,317.00
4. Specified Reserve Account Balance 9,670,317.00
5. Available Reserve Amount 1.94% 9,670,317.00
6. Reserve Account Loan Activity
(a) Distribution to Lender
Lender Fees 7,948.21
Investment Earnings 41,382.35
Principal 0.00
</TABLE>
<PAGE>
Total Distribution to Lender 49,330.56
(b) Beginning Loan Balance 9,670,317.00
(c) Principal Payment 0.00
(d) Ending Loan Balance 9,670,317.00
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