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, Harris Trust and Savings Bank, as Trustee, made the monthly
distribution to the holders of the CIT Manufactured Housing Contract
Senior/Subordinate Pass-Through Certificates Series 1995-2.
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
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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 Certify 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 November 1, 1995 (the "Agreement"), among CITSF, The CIT
Group Securitization Corporation II and Harris Trust and Savings Bank, as
Trustee (all capitalized terms used herein without definition having the
respective meanings specified in the Agreement), and further certify 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 II
Manufactured Housing Contract Senior / Subordinate Certificates
Series 1995-2
Monthly Report
Remittance Date: Jan 16, 1996
Determination Date: Jan 10, 1996
Record Date: Dec 31, 1995
All payments of principal and interest on the contracts $ 2,483,316.86
Liquidation proceeds with respect to principal --
Proceeds on any repurchased contracts --
Net Servicer Advances --
Investment earnings on Certificate Account 12,407.38
Guarantee payments --
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Amount on deposit in Certificate Account $ 2,495,724.24
Amounts not required to be distributed to Certificateholders 276.76
---------------
Amount Available for Distribution $ 2,495,447.48
Distribution Amounts
1. Aggregate Senior Certificate distribution $ 1,755,567.23
2. Aggregate Class A-5 distribution $ 92,296.00
3. Aggregate Class B distribution $ 139,690.24
4. Aggregate Class R distribution $ 288,669.59
5. Aggregate Servicer distribution $ 177,861.01
6. Aggregate Guarantor distribution $ 41,363.41
Total distribution to Certificate Holders $ 2,495,447.48
SENIOR CERTIFICATES
Interest
1. Aggregate amount of interest
(a) Class A-1 Interest at 5.90% $ 175,063.62
(b) Class A-2 Interest at 6.00% $ 177,280.00
(c) Class A-3 Interest at 6.25% $ 127,260.42
(d) Class A-4 Interest at 7.00% $ 380,333.33
2. Amount applied to Unpaid Senior Certificate
Interest Shortfall $ --
3. Remaining Senior Certificate Interest Shortfall $ --
4. Total distribution in respect of interest
(a) Class A-1 Interest $ 175,063.62
(b) Class A-2 Interest $ 177,280.00
(c) Class A-3 Interest $ 127,260.42
(d) Class A-4 Interest $ 380,333.33
Principal
5. Formula Principal Distribution Amount $ 895,629.86
(a) Stated Principal $ 402,927.97
(b) Principal Prepayment $ 492,701.89
(c) Liquidated Contracts $ --
(d) Repurchases $ --
6. Senior Certificate Percentage of Formula Principal
Distribution Amount 100.00%
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The CIT Group Securitization Corporation II
Manufactured Housing Contract Senior / Subordinate Certificates
Series 1995-2
Monthly Report
Number
of Contracts
-------------
7. Pool Stated Principal Balance at 12/31/95 4,748 $197,648,725.66
8. Principal Balance before giving effect to
Principal Distribution:
(a) Class A-1 $ 35,606,160.54
(b) Class A-2 $ 35,456,000.00
(c) Class A-3 $ 24,434,000.00
(d) Class A-4 $ 65,200,000.00
9. Senior Certificate Principal Distribution:
(a) Class A-1 $ 895,629.86
(b) Class A-2 $ --
(c) Class A-3 $ --
(d) Class A-4 $ --
10. Principal Balance after giving effect to
Principal Distribution:
(a) Class A-1 $ 34,710,530.68
(b) Class A-2 $ 35,456,000.00
(c) Class A-3 $ 24,434,000.00
(d) Class A-4 $ 65,200,000.00
11. Senior Certificate Principal Shortfall for Remittance Date:
(a) Class A-1 $ --
(b) Class A-2 $ --
(c) Class A-3 $ --
(d) Class A-4 $ --
12. Unpaid Senior Certificate Principal Shortfall after
giving effect to Principal Distribution:
(a) Class A-1 $ --
(b) Class A-2 $ --
(c) Class A-3 $ --
(d) Class A-4 $ --
13. Senior Certificate Pool Factor (Pool Stated
Balance of Senior Certificates divided by Initial
Pool Principal Balance) 0.80220669
Delinquency Information
Number Aggregate
of Contracts Principal Balance
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Delinquent Contracts
30 to 59 days 99 $ 4,406,196.23
60 days or more 43 $ 1,892,025.49
Contracts Repossessed during the Due Period -- $ --
Repossessed Contracts remaining in inventory -- $ --
SUBORDINATED CERTIFICATES
Remaining Amount Available (after payment of interest
and principal to the Senior Certificateholders) $ 739,880.25
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The CIT Group Securitization Corporation II
Manufactured Housing Contract Senior / Subordinate Certificates
Series 1995-2
Monthly Report
Class A-5 and Class B Certificates
Interest
1. Aggregate amount of Class A-5 Interest at 6.95% $ 92,296.00
2. Aggregate amount of Class B Interest at 7.65% $ 139,690.24
3. Amount applied to Unpaid Class A-5 Interest Shortfall $ --
4. Amount applied to Unpaid Class B Interest Shortfall $ --
5. Remaining Class A-5 Unpaid Interest Shortfall $ --
6. Remaining Class B Unpaid Interest Shortfall $ --
7. Total distribution in respect of interest to Class A-5 $ 92,296.00
8. Total distribution in respect of interest to Class B $ 139,690.24
9. Amount of Guarantee Payment made to Class B
Certificateholders with respect to Interest $ --
Principal
10. Class A-5 Formula Principal Distribution Amount $ --
11. Class B Formula Principal Distribution Amount $ --
12. Class A-5 Percentage of Formula Principal
Distribution Amount 0.00%
13. Class B Percentage of Formula Principal
Distribution Amount 0.00%
14. Principal Balance before giving effect to
Principal Distribution:
(a) Class A-5 $ 15,936,000.00
(b) Class B $ 21,912,194.00
15. Principal Distribution:
(a) Class A-5 $ --
(b) Class B $ --
16. Principal Balance after giving effect to
Principal Distribution:
(a) Class A-5 $ 15,936,000.00
(b) Class B $ 21,912,194.00
17. Principal Shortfall for Remittance Date:
(a) Class A-5 $ --
(b) Class B $ --
18. Class B Principal Liquidation Loss Amount $ --
19. Class A-5 Pool Factor ( Pool Stated Balance
of Class A-5 Certificates divided by Initial
Pool Principal Balance) 0.07999952
20. Class B Pool Factor ( Pool Stated Balance of
Class B Certificates divided by Initial
Pool Principal Balance) 0.11000031
21. Amount of Guarantee Payment made to Class B
Certificateholders with respect to principal $ --
<PAGE>
The CIT Group Securitization Corporation II
Manufactured Housing Contract Senior / Subordinate Certificates
Series 1995-2
Monthly Report
Class R Certificates
22. Class R Residual Payment
(a). Amount (if any) by which the Amount Available
exceeds the amounts distributed to Offered Certificateholders,
the Monthly Servicing Fee and the Guarantee Fee $ 288,669.59
(b) Aggregate Repossession Profits less amount retained
by Servicer to reimburse itself for taxes paid $ --
Miscellaneous
23. Monthly Servicing Fee $ 177,861.01
24. Guarantee Fee $ 41,363.41
25. Servicer Advances $ --
26. Servicer Recoveries $ --
25. Weighted Average Contract Rate of all
outstanding Contracts 10.18%
26. Weighted Average Remaining Maturity of all
outstanding Contracts 252.36
27. Guarantee Payment Limit (after giving effect to
any Guarantee Payments made on such Distribution Date $ 5,929,461.77
28. Class A-5 and Class B Principal Distribution Tests
(a) Ratio of Senior Certificates to Pool Stated
Principal Balance as of immediately preceding
Distribution Date 80.94%
(b) Average Thirty Day Delinquency Ratio #DIV/0!
(c) Average Sixty Day Delinquency Ratio #DIV/0!
(d) Current Realized Loss Ratio 0.00%
(e) Cumulative Realized Loss Ratio 0.00%
Principal Distribution Tests Met? NO
29. The CIT Group Holdings, Inc. is subject to the requirements if the
Securities Exchange Act of 1934, as amended, and, in accordance therewith,
files reports and other information with the Securities and Exchange
Commission. As a result of the limited guaranty by the CIT Group Holdings,
Inc., information relating to The CIT Group Holdings, Inc. which is
material will be available through such reports and other information.
