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Previous: CHASE MANHATTAN BANK USA, 8-K, 1999-11-22 |
Next: CMA TREASURY MONEY FUND, NSAR-A, 1999-11-22 |
<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: November 15, 1999
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)
United States 333-32263 22-2382028
- ------------------------------ ------------------------ ------------------
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
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)
New York 333-32236 13-4994650
- ------------------------------ ------------------------- -------------------
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
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 November 15, 1999, CIT, as servicer, distributed monthly interest to the
holders of the notes and certificates. CIT furnished a copy of monthly reports
for each of those series 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 November
15, 1999 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: November 22, 1999
THE CIT GROUP/SALES FINANCING, INC.,
as Servicer
By: /s/ Frank J. Madeira
------------------------------
Name: Frank J. Madeira
Title: Vice President
<PAGE>
INDEX TO EXHIBITS
-----------------
Exhibit No. Description
- ----------- -----------
20.1 Monthly Report with respect to the November 15,
1999 distribution
CHASE MANHATTAN RV OWNER TRUST 1997-A
MONTHLY SERVICER'S REPORT
Settlement Date 10/31/1999
Determination Date 11/9/1999
Distribution Date 11/15/1999
<TABLE>
<S> <C>
I. All Payments on the Contracts 12,757,325.15
II. All Liquidation Proceeds on the Contracts with respect to Principal 708,726.30
III. Repurchased Contracts 0.00
IV. Investment Earnings on Collection Account 0.00
V. Servicer Monthly Advances 319,686.85
VI. Distribution from the Reserve Account 0.00
VII. Deposits from the Pay-Ahead Account (including Investment Earnings) 125,799.42
VIII. Transfers to the Pay-Ahead Account (215,130.63)
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 $13,696,407.09
==============
<CAPTION>
<S> <C> <C> <C>
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 150,839.02
(b) Class A-5 Note Principal Distribution 10,705,045.75
Aggregate Class A-5 Note Distribution 82.24155131 10,855,884.77
6. (a) Class A-6 Note Interest Distribution 449,533.33
(b) Class A-6 Note Principal Distribution 0.00
Aggregate Class A-6 Note Distribution 5.10833333 449,533.33
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
(a) Servicing Fee 179,505.74
(b) Reimbursement of prior Monthly Advances 298,620.96
Total Servicer Payment 478,126.70
13. Deposits to the Reserve Account 268,932.98
TOTAL DISTRIBUTION AMOUNT $13,696,407.09
==============
<PAGE>
</TABLE>
<TABLE>
<S> <C> <C>
RESERVE ACCOUNT DISTRIBUTIONS:
- ------------------------------
(a) Amounts to the Sellers (Chase USA) from Excess Collections 34,504.10
(b) Amounts to the Sellers (Chase Manhattan Bank) from Excess Collections 234,428.88
(c) Distribution from the Reserve Account to the Sellers(Chase USA) 5,169.47
(d) Distribution from the Reserve Account to the Sellers(Chase Manhattan Bank) 35,122.60
TOTAL AMOUNTS TO SELLERS(CHASE USA & CHASE MANHATTAN BANK) = $ 309,225.05
==============
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% 150,839.02
(f) Class A-6 Notes @ 6.130% 449,533.33
(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 1,999,622.36
(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
<CAPTION>
<S> <C> <C> <C>
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 1.14271987 150,839.02
(f) Class A-6 Notes 5.10833333 449,533.33
(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 1,999,622.36
(k) Class B Certificates 5.45000000 244,679.31
PRINCIPAL No. of Contracts
- -------------------------------------------- ------------------
1. Amount of Stated Principal Collected 4,097,222.12
2. Amount of Principal Prepayment Collected 300 5,370,611.16
3. Amount of Liquidated Contract 34 1,237,212.47
4. Amount of Repurchased Contract 0 0.00
Total Formula Principal Distribution Amount 10,705,045.75
<PAGE>
</TABLE>
<TABLE>
<S> <C> <C>
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
(e) Class A-5 Notes 0.2266552 29,918,483.98
(f) Class A-6 Notes 1.0000000 88,000,000.00
(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
<CAPTION>
<S> <C> <C>
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 81.09883144 10,705,045.75
(f) Class A-6 Notes 0.00000000 0.00
(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 0.1455564 19,213,438.23
(f) Class A-6 Notes 1.0000000 88,000,000.00
(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
<CAPTION>
<S> <C> <C> <C>
POOL DATA
- ----------------------------------------- Aggregate
No. of Contracts Principal Balance
---------------- -----------------
1. Pool Stated Principal Balance as of 10/31/1999 15,341 420,108,723.77
2. Delinquency Information % Delinquent
------------
(a) 31-59 Days 159 3,512,469.16 0.836%
(b) 60-89 Days 40 1,281,860.95 0.305%
(c) 90-119 Days 24 665,883.36 0.159%
(d) 120 Days + 77 2,160,274.52 0.514%
3. Contracts Repossessed during the Due Period 18 573,934.31
4. Current Repossession Inventory 26 851,545.66
5. Aggregate Net Losses for the preceding Collection Period
(a) Aggregate Principal Balance of Liquidated Receivables 34 1,237,212.47
(b) Net Liquidation Proceeds on any Liquidated Receivables 708,726.30
----------------
Total Aggregate Net Losses for the preceding Collection Period 528,486.17
6. Aggregate Losses on all Liquidated Receivables (Year-To-Date) 5,163,651.70
7. Aggregate Net Losses on all Liquidated Receivables (Life-To-Date) 561 8,375,336.78
8. Weighted Average Contract Rate of all Outstanding Contracts 9.249%
9. Weighted Average Remaining Term to Maturity of all Outstanding Contracts 107.385
TRIGGER ANALYSIS
- --------------------------------------------
1. (a) Average Delinquency Percentage 1.237%
(b) Delinquency Percentage Trigger in effect? NO
2. (a) Average Net Loss Ratio 0.064%
(b) Net Loss Ratio Trigger in effect? NO
(c) Net Loss Ratio (using ending Pool Balance) 0.095%
3. (a) Servicer Replacement Percentage 1.238%
(b) Servicer Replacement Trigger in effect? NO
MISCELLANEOUS
- --------------------------------------------
1. Monthly Servicing Fees 179,505.74
2. Servicer Advances 319,686.85
3. (a) Opening Balance of the Reserve Account 8,973,952.86
(b) Deposits to the Reserve Account 268,932.98
(c) Investment Earnings in the Reserve Account 40,292.07
(d) Distribution from the Reserve Account (309,225.05)
(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 462,524.43
(b) Deposits to the Pay-Ahead Account from the Collection Account 215,130.63
(c) Investment Earnings in the Pay-Ahead Account 0.00
(d) Transfers from the Pay-Ahead Account to the Collection Account (125,799.42)
(e) Ending Balance in the Pay-Ahead Account 551,855.64
</TABLE>
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