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Previous: MFS INSTITUTIONAL TRUST, N-30D, 2000-02-23 |
Next: CHASE MANHATTAN BANK USA, 8-K, 2000-02-23 |
<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: February 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)
- --------------------------------------------------------------------------------
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 February 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 February 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: February 23, 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
February 15, 2000 distribution
<PAGE>
CHASE MANHATTAN RV OWNER TRUST 1997-A
MONTHLY SERVICER'S REPORT
Settlement Date 1/31/2000
Determination Date 2/10/2000
Distribution Date 2/15/2000
<TABLE>
<S> <C>
I. All Payments on the Contracts 10,596,653.72
II. All Liquidation Proceeds on the Contracts with respect to Principal 310,614.83
III. Repurchased Contracts 0.00
IV. Investment Earnings on Collection Account 0.00
V. Servicer Monthly Advances 247,205.08
VI. Distribution from the Reserve Account 0.00
VII. Deposits from the Pay-Ahead Account (including Investment Earnings) 162,419.21
VIII. Transfers to the Pay-Ahead Account (119,364.58)
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 $11,197,528.26
==============
</TABLE>
<TABLE>
<CAPTION>
DISTRIBUTION AMOUNTS Cost per $1000
- ------------------------------ ----------------
<S> <C> <C> <C>
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 445,578.19
(b) Class A-6 Note Principal Distribution 8,157,530.47
Aggregate Class A-6 Note Distribution 97.76259840 8,603,108.66
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
</TABLE>
Page 1 of 4
<PAGE>
<TABLE>
<S> <C> <C>
(a) Servicing Fee 166,717.10
(b) Reimbursement of prior Monthly Advances 338,238.17
Total Servicer Payment 504,955.27
13. Deposits to the Reserve Account 445,535.03
Total Distribution Amount $11,197,528.26
==============
Reserve Account distributions:
- --------------------------------
(a) Amounts to the Sellers (Chase USA) from Excess Collections 57,162.14
(b) Amounts to the Sellers (Chase Manhattan Bank) from Excess Collections 388,372.89
(c) Distribution from the Reserve Account to the Sellers(Chase USA) 5,547.94
(d) Distribution from the Reserve Account to the Sellers(Chase Manhattan Bank) 37,694.01
Total Amounts to Sellers(Chase USA & Chase Manhattan Bank) = $488,776.98
===================
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% 445,578.19
(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 1,844,828.19
(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>
3. Total Distribution of Interest Cost per $1000
----------------
<S> <C> <C> <C>
(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 5.06338851 445,578.19
(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 1,844,828.19
(k) Class B Certificates 5.45000000 244,679.31
<CAPTION>
PRINCIPAL
- --------------------------------
No. of Contracts
----------------
<S> <C> <C> <C>
1. Amount of Stated Principal Collected 3,944,860.03
2. Amount of Principal Prepayment Collected 213 3,612,910.99
3. Amount of Liquidated Contract 19 599,759.45
4. Amount of Repurchased Contract 0 0.00
Total Formula Principal Distribution Amount 8,157,530.47
<CAPTION>
5. Principal Balance before giving effect to Principal Distribution Pool Factor
-----------
<S> <C> <C>
(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
</TABLE>
Page 2 of 4
<PAGE>
<TABLE>
<S> <C> <C>
(e) Class A-5 Notes 0.0000000 0.00
(f) Class A-6 Notes 0.9912017 87,225,746.67
(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>
7. Principal Distribution Cost per $1000
----------------
<S> <C> <C>
(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 92.69920989 8,157,530.47
(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
<CAPTION>
8. Principal Balance after giving effect to Principal Distribution Pool Factor
-----------
<S> <C> <C> <C>
(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 0.8985025 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
</TABLE>
<TABLE>
<CAPTION>
POOL DATA Aggregate
- ---------------------------------- No. of Contracts Principal Balance
---------------- -----------------
<S> <C> <C>
1. Pool Stated Principal Balance as of 1/31/2000 14,524 391,963,501.74
<CAPTION>
2. Delinquency Information % Delinquent
------------
<S> <C> <C> <C>
(a) 31-59 Days 148 3,633,067.80 0.927%
(b) 60-89 Days 48 1,573,528.00 0.401%
(c) 90-119 Days 26 862,105.33 0.220%
(d) 120 Days + 89 2,395,111.68 0.611%
3. Contracts Repossessed during the Due Period 19 703,033.48
4. Current Repossession Inventory 29 1,037,356.66
5. Aggregate Net Losses for the preceding Collection Period
(a) Aggregate Principal Balance of Liquidated Receivables 19 599,759.45
(b) Net Liquidation Proceeds on any Liquidated Receivables 310,614.83
-------------------
Total Aggregate Net Losses for the preceding Collection Period 289,144.62
6. Aggregate Losses on all Liquidated Receivables (Year-To-Date) 295,456.38
7. Aggregate Net Losses on all Liquidated Receivables (Life-To-Date) 622 9,275,654.18
8. Weighted Average Contract Rate of all Outstanding Contracts 9.244%
9. Weighted Average Remaining Term to Maturity of all Outstanding Contracts 104.868
</TABLE>
Page 3 of 4
<PAGE>
<TABLE>
<CAPTION>
TRIGGER ANALYSIS
- --------------------------------
<S> <C> <C>
1. (a) Average Delinquency Percentage 1.434%
(b) Delinquency Percentage Trigger in effect ? NO
2. (a) Average Net Loss Ratio 0.049%
(b) Net Loss Ratio Trigger in effect ? NO
(c) Net Loss Ratio (using ending Pool Balance) 0.075%
3. (a) Servicer Replacement Percentage 0.062%
(b) Servicer Replacement Trigger in effect ? NO
<CAPTION>
MISCELLANEOUS
- --------------------------------
<S> <C> <C>
1. Monthly Servicing Fees 166,717.10
2. Servicer Advances 247,205.08
3. (a) Opening Balance of the Reserve Account 8,973,952.86
(b) Deposits to the Reserve Account 445,535.03
(c) Investment Earnings in the Reserve Account 43,241.95
(d) Distribution from the Reserve Account (488,776.98)
(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 469,427.66
(b) Deposits to the Pay-Ahead Account from the Collection Account 119,364.58
(c) Investment Earnings in the Pay-Ahead Account 0.00
(d) Transfers from the Pay-Ahead Account to the Collection Account (162,419.21)
(e) Ending Balance in the Pay-Ahead Account 426,373.03
</TABLE>
Page 4 of 4
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