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Previous: CHASE MANHATTAN BANK /NY/, 8-K, 2000-03-22 |
Next: CHASE MANHATTAN BANK /NY/, 8-K, 2000-03-22 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report: March 15, 2000
CHASE MANHATTAN RV OWNER TRUST 1997-A
(Issuer of Securities)
- --------------------------------------------------------------------------------
CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION
(Sponsor of the Trust)
(Exact name of registrant as specified in its charter)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
United States 333-32263 22-2382028
- ------------------------------------ --------------------------- ---------------------
<S> <C> <C>
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
</TABLE>
802 Delaware Avenue, Wilmington, Delaware 19801
----------------------------------------- ------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (302) 575-5033
THE CHASE MANHATTAN BANK
(Sponsor of the Trust)
(Exact name of registrant as specified in its charter)
<TABLE>
<CAPTION>
New York 333-32236 13-4994650
- ------------------------------ ------------------------------- --------------------------------
<S> <C> <C>
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
</TABLE>
270 Park Avenue, New York, New York 10017
--------------------------------------- ------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 270-6000
--------------
<PAGE>
Item 5. Other Events:
Chase Manhattan RV Owner Trust 1997-A is the issuer of 10 classes of
Asset Backed Notes and one class of Asset Backed Certificates. The notes and
certificates are serviced in accordance with the Sale and Servicing Agreement,
dated as of October 1, 1997, as amended. The parties to the Sale and Servicing
Agreement are: Chase Manhattan Bank USA, National Association, as a seller, The
Chase Manhattan Bank, as seller, and The CIT Group/Sales Financing, Inc., as
servicer.
On March 15, 2000, CIT, as servicer, distributed monthly interest to
the holders of the notes and certificates. CIT furnished a copy of monthly
reports for each class of notes and certificates as required by the Sale and
Servicing Agreement. Copies of the monthly reports are being filed as Exhibit
20.1 to this Current Report on Form 8-K.
Item 7(c). Exhibits
Exhibits Description
-------- -----------
20.1 Monthly Report with respect to the March 15,
2000 distribution
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: March 22, 2000
THE CIT GROUP/SALES FINANCING, INC.,
as Servicer
By: /s/ Frank Garcia
-------------------------------
Name: Frank Garcia
Title: Vice President
<PAGE>
INDEX TO EXHIBITS
----------------------------
Exhibit No. Description
- --------------- -----------------
20.1 Monthly Report with respect to the March 15,
2000 distribution
<PAGE>
<TABLE>
<CAPTION>
CHASE MANHATTAN RV OWNER TRUST 1997-A
MONTHLY SERVICER'S REPORT
Settlement Date 2/29/00
Determination Date 3/10/00
Distribution Date 3/15/00
<S> <C> <C> <C>
I. All Payments on the Contracts 10,958,164.95
II. All Liquidation Proceeds on the Contracts with respect to Principal 327,086.08
III. Repurchased Contracts 0.00
IV. Investment Earnings on Collection Account 0.00
V. Servicer Monthly Advances 275,243.80
VI. Distribution from the Reserve Account 0.00
VII. Deposits from the Pay-Ahead Account (including Investment Earnings) 133,368.22
VIII. Transfers to the Pay-Ahead Account (124,610.65)
IX. Less: Investment Earnings distributions 0.00
(a) To Sellers with respect to the Collection Account 0.00
(b) To Sellers with respect to the Pay-Ahead Account
Total available amount in Collection Account $11,569,252.40
==================
DISTRIBUTION AMOUNTS Cost per $1000
- ------------------------------- ----------------
1. (a) Class A-1 Note Interest Distribution 0.00
(b) Class A-1 Note Principal Distribution 0.00
Aggregate Class A-1 Note Distribution 0.00000000 0.00
2. (a) Class A-2 Note Interest Distribution 0.00
(b) Class A-2 Note Principal Distribution 0.00
Aggregate Class A-2 Note Distribution 0.00000000 0.00
3. (a) Class A-3 Note Interest Distribution 0.00
(b) Class A-3 Note Principal Distribution 0.00
Aggregate Class A-3 Note Distribution 0.00000000 0.00
4. (a) Class A-4 Note Interest Distribution 0.00
(b) Class A-4 Note Principal Distribution 0.00
Aggregate Class A-4 Note Distribution 0.00000000 0.00
5. (a) Class A-5 Note Interest Distribution 0.00
(b) Class A-5 Note Principal Distribution 0.00
Aggregate Class A-5 Note Distribution 0.00000000 0.00
6. (a) Class A-6 Note Interest Distribution 403,906.80
(b) Class A-6 Note Principal Distribution 8,743,160.09
Aggregate Class A-6 Note Distribution 103.94394198 9,147,066.89
7. (a) Class A-7 Note Interest Distribution 291,650.00
(b) Class A-7 Note Principal Distribution 0.00
Aggregate Class A-7 Note Distribution 5.11666667 291,650.00
8. (a) Class A-8 Note Interest Distribution 441,291.67
(b) Class A-8 Note Principal Distribution 0.00
Aggregate Class A-8 Note Distribution 5.19166667 441,291.67
9. (a) Class A-9 Note Interest Distribution 321,266.67
(b) Class A-9 Note Principal Distribution 0.00
Aggregate Class A-9 Note Distribution 5.26666667 321,266.67
10. (a) Class A-10 Note Interest Distribution 345,041.67
(b) Class A-10 Note Principal Distribution 0.00
Aggregate Class A-10 Note Distribution 5.30833333 345,041.67
11. (a) Class B Certificate Interest Distribution 244,679.31
(b) Class B Certificate Principal Distribution 0.00
Aggregate Class B Certificate Distribution 5.45000000 244,679.31
12. Servicer Payment
Page 1 of 4
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C>
(a) Servicing Fee 163,318.13
(b) Reimbursement of prior Monthly Advances 291,471.16
Total Servicer Payment 454,789.29
13. Deposits to the Reserve Account 323,466.91
Total Distribution Amount $11,569,252.40
==================
Reserve Account distributions:
- -------------------------------
(a) Amounts to the Sellers (Chase USA) from Excess Collections 41,500.80
(b) Amounts to the Sellers (Chase Manhattan Bank) from Excess Collections 281,966.11
(c) Distribution from the Reserve Account to the Sellers(Chase USA) 5,206.30
(d) Distribution from the Reserve Account to the Sellers(Chase Manhattan Bank) 35,372.80
Total Amounts to Sellers(Chase USA & Chase Manhattan Bank) = $364,046.01
==================
INTEREST
- -------------------------------
1. Current Interest Requirement
(a) Class A-1 Notes @ 5.598% 0.00
(b) Class A-2 Notes @ 5.852% 0.00
(c) Class A-3 Notes @ 5.919% 0.00
(d) Class A-4 Notes @ 6.020% 0.00
(e) Class A-5 Notes @ 6.050% 0.00
(f) Class A-6 Notes @ 6.130% 403,906.80
(g) Class A-7 Notes @ 6.140% 291,650.00
(h) Class A-8 Notes @ 6.230% 441,291.67
(i) Class A-9 Notes @ 6.320% 321,266.67
(j) Class A-10 Notes @ 6.370% 345,041.67
Aggregate Interest on Notes 1,803,156.80
(k) Class B Certificates @ 6.540% 244,679.31
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 A-6 Notes 0.00
(g) Class A-7 Notes 0.00
(h) Class A-8 Notes 0.00
(i) Class A-9 Notes 0.00
(j) Class A-10 Notes 0.00
(k) Class B Certificates 0.00
3. Total Distribution of Interest Cost per $1000
----------------
(a) Class A-1 Notes 0.00000000 0.00
(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 A-6 Notes 4.58985005 403,906.80
(g) Class A-7 Notes 5.11666667 291,650.00
(h) Class A-8 Notes 5.19166667 441,291.67
(i) Class A-9 Notes 5.26666667 321,266.67
(j) Class A-10 Notes 5.30833333 345,041.67
Total Aggregate Interest on Notes 1,803,156.80
(k) Class B Certificates 5.45000000 244,679.31
PRINCIPAL
- -------------------------------
No. of Contracts
----------------
1. Amount of Stated Principal Collected 3,676,183.02
2. Amount of Principal Prepayment Collected 256 4,364,815.02
3. Amount of Liquidated Contract 22 702,162.05
4. Amount of Repurchased Contract 0 0.00
Total Formula Principal Distribution Amount 8,743,160.09
5. Principal Balance before giving effect to Principal Distribution Pool Factor
-----------
(a) Class A-1 Notes 0.0000000 0.00
(b) Class A-2 Notes 0.0000000 0.00
(c) Class A-3 Notes 0.0000000 0.00
(d) Class A-4 Notes 0.0000000 0.00
Page 2 of 4
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C>
(e) Class A-5 Notes 0.0000000 0.00
(f) Class A-6 Notes 0.8985025 79,068,216.20
(g) Class A-7 Notes 1.0000000 57,000,000.00
(h) Class A-8 Notes 1.0000000 85,000,000.00
(i) Class A-9 Notes 1.0000000 61,000,000.00
(j) Class A-10 Notes 1.0000000 65,000,000.00
(k) Class B Certificates 1.0000000 44,895,285.54
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 A-6 Notes 0.00
(g) Class A-7 Notes 0.00
(h) Class A-8 Notes 0.00
(i) Class A-9 Notes 0.00
(j) Class A-10 Notes 0.00
(k) Class B Certificates 0.00
7. Principal Distribution Cost per $1000
----------------
(a) Class A-1 Notes 0.00000000 0.00
(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 A-6 Notes 99.35409193 8,743,160.09
(g) Class A-7 Notes 0.00000000 0.00
(h) Class A-8 Notes 0.00000000 0.00
(i) Class A-9 Notes 0.00000000 0.00
(j) Class A-10 Notes 0.00000000 0.00
(k) Class B Certificates 0.00000000 0.00
8. Principal Balance after giving effect to Principal Distribution Pool Factor
-----------
(a) Class A-1 Notes 0.0000000 0.00
(b) Class A-2 Notes 0.0000000 0.00
(c) Class A-3 Notes 0.0000000 0.00
(d) Class A-4 Notes 0.0000000 0.00
(e) Class A-5 Notes 0.0000000 0.00
(f) Class A-6 Notes 0.7991484 70,325,056.11
(g) Class A-7 Notes 1.0000000 57,000,000.00
(h) Class A-8 Notes 1.0000000 85,000,000.00
(i) Class A-9 Notes 1.0000000 61,000,000.00
(j) Class A-10 Notes 1.0000000 65,000,000.00
(k) Class B Certificates 1.0000000 44,895,285.54
POOL DATA Aggregate
- -------------------------------
No. of Contracts Principal Balance
1. Pool Stated Principal Balance as of 2/29/00 14,246 383,220,341.65
2. Delinquency Information % Delinquent
------------
(a) 31-59 Days 144 3,507,642.27 0.915%
(b) 60-89 Days 48 1,596,009.63 0.416%
(c) 90-119 Days 28 682,098.50 0.178%
(d) 120 Days + 75 2,000,459.95 0.522%
3. Contracts Repossessed during the Due Period 15 697,346.56
4. Current Repossession Inventory 36 1,422,654.39
5. Aggregate Net Losses for the preceding Collection Period
(a) Aggregate Principal Balance of Liquidated Receivables 22 702,162.05
(b) Net Liquidation Proceeds on any Liquidated Receivables 327,086.08
------------------
Total Aggregate Net Losses for the preceding Collection Period 375,075.97
6. Aggregate Losses on all Liquidated Receivables (Year-To-Date) 694,118.00
7. Aggregate Net Losses on all Liquidated Receivables (Life-To-Date) 644 9,650,730.15
8. Weighted Average Contract Rate of all Outstanding Contracts 9.241%
9. Weighted Average Remaining Term to Maturity of all Outstanding Contracts 104.103
Page 3 of 4
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C>
TRIGGER ANALYSIS
- -------------------------------
1. (a) Average Delinquency Percentage 1.472%
(b) Delinquency Percentage Trigger in effect ? NO
2. (a) Average Net Loss Ratio 0.059%
(b) Net Loss Ratio Trigger in effect ? NO
(c) Net Loss Ratio (using ending Pool Balance) 0.090%
3. (a) Servicer Replacement Percentage 0.080%
(b) Servicer Replacement Trigger in effect ? NO
MISCELLANEOUS
- -------------------------------
1. Monthly Servicing Fees 163,318.13
2. Servicer Advances 275,243.80
3. (a) Opening Balance of the Reserve Account 8,973,952.86
(b) Deposits to the Reserve Account 323,466.91
(c) Investment Earnings in the Reserve Account 40,579.10
(d) Distribution from the Reserve Account (364,046.01)
(e) Ending Balance of the Reserve Account 8,973,952.86
4. Specified Reserve Account Balance 8,973,952.86
5. (a) Opening Balance in the Pay-Ahead Account 426,373.03
(b) Deposits to the Pay-Ahead Account from the Collection Account 124,610.65
(c) Investment Earnings in the Pay-Ahead Account 0.00
(d) Transfers from the Pay-Ahead Account to the Collection Account (133,368.22)
(e) Ending Balance in the Pay-Ahead Account 417,615.46
Page 4 of 4
</TABLE>
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