SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 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): January 16, 1996
The CIT Group Securitization Corporation II
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
33-85224 22-3328188
(Commission File Number) (IRS Employer Identification No.)
650 CIT Drive, Livingston, New Jersey 07039
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: (201) 740-5000
N/A
(Former name or former address, if changed since last report.)
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Item 5. Other Events.
On January 16, The Chase Manhattan Bank (National Association), as Trustee,
made the monthly distribution to the holders of the CIT Manufactured Housing
Contract Senior/Subordinate Pass-Through Certificates Series 1995-1.
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
----------- ----------- ----
28 Monthly Report delivered by 3
the Trustee to Certificateholders
in connection with distributions
on January 16, 1996
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/ Richard W. Bauerband
-----------------------------
Name: Richard W. Bauerband
Title: Executive Vice President
Dated: January 22, 1996
2
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THE CIT GROUP/SALES FINANCING, INC.
CERTIFICATE OF SERVICING OFFICERS
The undersigned states 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 6.02 of the Pooling and Servicing
Agreement, dated as of February 1, 1995 (the "Agreement"), among CITSF, The CIT
Group Securitization Corporation II and The Chase Manhattan Bank (National
Association), as Trustee (all capitalized terms used herein without definition
having the respective meanings specified in the Agreement), and further states
that:
1. The Monthly Report for the period from December 1, 1995 to December 31,
1995 attached to this certificate is complete and accurate in accordance
with the requirements of Sections 6.01 and 6.02 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.
I have affixed hereunto my signature this 12th day of January 1996.
THE CIT GROUP/SALES FINANCING, INC.
BY /s/ Frank Garcia
------------------------------
Frank Garcia
Vice President
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The CIT Group Securitization Corporation
Manufactured Housing Contract Senior Subordinate Certificates
Series 1995-1
Cut-off date 12/31/95
Determination date 1/10/96
Remittance date 1/12/96
All Payments of Principal on the Contracts 856,855.89
All Payments of Interest on the Contracts 1,014,638.68
All Liquidation Proceeds on the Contracts with
respect to Principal 110,630.45
Amounts not required to be Deposited 1,316.26
Paid Ahead on Pre-Funding Account 0.00
Monthly Advance 220,557.25
Reimbursement of Prior Month Advances (96,646.70)
Withdrawal from the Pre-Funding Account 0.00
Total Amount on Deposit in Certificate Account 2,107,351.83
Distribution Amounts
1. Aggregate Senior Certificate Distribution 1,643,074.04
2. Aggregate Class A-4 distribution 73,986.67
3. Aggregate Class A-5 distribution 79,489.17
4. Aggregate Class R distribution 188,061.40
5. Amounts to Servicer 122,740.55
Total Distribution 2,107,351.83
Interest
1. Aggregate amount of Interest
(a) Class A-1 interest @ 7.70% 213,567.96
(b) Class A-2 interest @ 8.05% 190,154.42
(c) Class A-3 interest @ 8.40% 241,346.00
2. Amount applied to Senior Certificate Interest Shortfall 0.00
3. Remaining Unpaid Senior Certificate Interest Shortfall 0.00
4. Total Distribution in respect of interest
(a) Class A-1 213,567.96
(b) Class A-2 190,154.42
(c) Class A-3 241,346.00
Principal
5. Formula Principal Distribution Amount 998,005.66
(a) Stated Principal 195,489.79
(b) Principal Prepayments 661,366.10
(c) Liquidated Contracts 141,149.77
(d) Repurchases 0.00
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6. Pool Stated Principal Balance 115,569,312.23
7. Senior Certificate Principal Distribution
(a) Class A-1 998,005.66
(b) Class A-2 0.00
(c) Class A-3 0.00
8. Principal Balance after giving effect to Principal
Distribution
(a) Class A-1 32,285,312.23
(b) Class A-2 28,346,000.00
(c) Class A-3 34,478,000.00
9. Class A-4 Principal Balance 9,920,000.00
10. Class A-5 Principal Balance 10,540,000.00
11. Senior Certificate Principal Shortfall for Remittance date
(a) Class A-1 0.00
(b) Class A-2 0.00
(c) Class A-3 0.00
12. Unpaid Senior Certificate Principal Shortfall after giving
effect to Principal Distribution
(a) Class A-1 0.00
(b) Class A-2 0.00
(c) Class A-3 0.00
13. Total Distribution in respect of Principal 998,005.66
14. Senior Certificate Pool Balance Factor 0.76701
Delinquency Information Number Amount
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15. Delinquent Contracts
(a) 31-59 Days 123 4,429,681.03
(b) 60 days or more 87 3,146,166.53
16. Repossessed Contracts 3 82,651.87
17. Repossessed Contracts Remaining in Inventory 32 1,137,410.63
18. Remaining Amount Available 464,277.79
Class A-4 and Class A-5 Certificates
Interest
1. Aggregate Class A-4 Interest @ 8.95% 73,986.67
2. Aggregate Class A-5 Interest @ 9.05% 79,489.17
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3. Amounts applied to unpaid Class A-4 interest shortfall 0.00
4. Amounts applied to unpaid Class A-5 interest shortfall 0.00
5. Remaining Class A-4 Interest Shortfall 0.00
6. Remaining Class A-5 Interest Shortfall 0.00
7. Total Distribution in respect of Interest to Class A-4
Certificates 73,986.67
8. Total Distribution in respect of Interest to Class A-5
Certificates 79,489.17
Principal
9. Class A-4 Principal Distribution 0.00
10. Class A-5 Principal Distribution 0.00
11. Principal Balance after giving effect to Principal
Distribution Class A-4 9,920,000.00
12. Principal Balance after giving effect to Principal
Distribution Class A-5 10,540,000.00
13. Class A-4 Principal Shortfall for Remittance Date 0.00
14. Class A-5 Principal Shortfall for Remittance Date 0.00
15. Class A-5 Principal Liquidation Loss Amount 0.00
16. Unpaid Class A-4 Principal Shortfall after giving effect to
Principal Distribution 0.00
17. Unpaid Class A-5 Principal Shortfall after giving effect to
Principal Distribution 0.00
18. Total Distribution in respect of Principal Class A-4 0.00
19. Total Distribution in respect of Principal Class A-5 0.00
20. Class A-4 Pool Factor 0.08000
21. Class A-5 Pool Factor 0.08500
22. Amount of Guarantee Payment made to Holders of Class A-5 0.00
Certificates
Class R Certificates
23. Class R Residual Payment 188,061.40
a. The amount (if any ) by which the Amount Available
exceeds the amounts distributed to Offered
Certificateholders, the Monthly Servicing fee and
the Guarantee Fee 188,061.40
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b. Aggregate Repossession Profits less amount
retained by Servicer to reimburse itself for
taxes paid 0.00
Miscellaneous
24. Monthly Servicing Fee 97,139.43
25. Guarantee Fee 24,284.86
26. Amount of funds on deposit in the Pre-Funding Account 0.00
27. Weighted Average Contract Rate of Outstanding Contracts 11.44%
28. Number of Subsequent Contracts 0
29. Aggregate Principal Balance of Subsequent Contracts 0.00
30. Number of Subsequent Contracts purchased by the Trustee 0
31. Aggregate stated Principal Balance of the Subsequent
contracts purchased by the Trustee 0.00
