SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
F O R M 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): May 15, 1996
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The CIT Group Securitization Corporation II
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Exact name of registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
33-85224 22-3328188
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(Commission File Number) (IRS Employer Identification No.)
650 CIT Drive, Livingston, New Jersey 07039
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(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: (201) 740-5000
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N/A
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(Former name or former address, if changed since last report.)
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Item 5. Other Events.
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On May 15, 1996, The Bank of New York (Delaware), as Owner
Trustee, made the monthly distribution to the holders of The CIT RV Owner Trust
1996-A, Class A 5.40% Asset Backed Notes and 5.85% Asset Backed Certificates.
Item 7. Financial Statements and Exhibits.
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(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 May 15, 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/ Frank Garcia
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Name: Frank Garcia
Title: Vice President
Dated: May 22, 1996
2
<PAGE>
THE CIT GROUP/SALES FINANCING, INC.
CERTIFICATE OF SERVICING OFFICER
The undersigned states that he is an Executive 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 4.09 of the Sale and
Servicing Agreement, dated as of February 1, 1996 (the "Agreement"), among
CITSF, The CIT Group Securitization Corporation II and The Bank of New York
(Delaware), as Owner 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 April 1, 1996 to April 30, 1996
attached to this certificate is complete and accurate in accordance with
the requirements of Sections 4.09 and 5.08 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.
IN WITNESS WHEREOF, he has affixed hereunto his signature this 10th day of May
1996. ---------------
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THE CIT GROUP/SALES FINANCING, INC.
BY: /s/ Frank Garcia
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Frank Garcia
Vice President
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CLASS A 5.40% ASSET BACKED NOTES
5.85% ASSET BACKED CERTIFICATES
MONTHLY REPORT
End of Period 4/30/96
Determination date 5/10/96
Distribution date 5/15/96
All Payments on the Contracts 7,952,482.80
All Liquidation Proceeds on the Contracts with
respect to Principal 39,025.27
Recoveries on Previously Defaulted/Liquidated Contracts 37.72
Repurchased Contracts 0.00
Servicer Advances 104,948.05
Reimbursement of Prior Month Advances (94,472.20)
Transfer from Capitalized Interest Account 0.00
Investment Earnings on Collection Account 1.23
Transfer of Funds from Pre-Funding Account Available for
Principal Distribution 1,296.75
Total Amount Available for Distribution 8,003,319.62
Distribution Amounts
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1. Aggregate Note Distribution 6,994,763.18
2. Aggregate Certificate Distribution 67,102.57
Amounts to Holder of GP Interest 736,258.10
Amounts to Servicer 201,805.44
Interest Payment on Cash Collateral Loan 3,390.33
Total Distribution 8,003,319.62
Interest
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3. Aggregate amount of Interest
(a) Note Interest @ 5.40 1,027,873.56
(b) Certificate Interest @ 5.85 67,031.25
4. Total Distribution in respect of interest
(a) Note Interest 1,027,873.56
(b) Certificate Interest 67,031.25
Principal
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Beginning Outstanding Principal Balance of Notes: 228,416,345.97
5. Formula Principal Distribution Amount 5,966,960.94
(a) Stated Principal 1,748,846.17
(b) Principal Prepayments 4,175,358.54
(c) Liquidated Contracts 41,459.48
(d) Defaulted Contracts 0.00
(e) Prefunding Account Available for Principal
Distribution 1,296.75
6. Distribution made in respect of Principal
(a) Note 5,966,889.62
(b) Certificate 71.32
7. Outstanding Principal Balance of Notes: 222,449,456.35
8. Opening Certificate Balance 13,750,000.00
Distribution made in respect of Principal Certificate 71.32
Closing Certificate Balance 13,749,928.68
<PAGE>
Contract Pool
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9. Closing Pool Balance 9,380 236,199,384.74
10. Note Pool Factor 0.941590
11. Certificate Pool Factor 0.999990
Delinquency Information Number Amount
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12. Delinquent Contracts
(a) 31-59 Days 33 795,325.78
(b) 60-89 Days 14 274,012.92
(c) 90 Days or more 2 57,311.29
13. Repossessed Contracts 1 128,650.66
14. Repossessed Contracts Remaining in Inventory 1 128,650.66
Miscellaneous
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15. Monthly Servicing Fee (Includ. Amount of Investment
Earnings on amounts on the Collection Account) 201,805.44
16. Amount of Servicer Fee Paid 201,805.44
17. Opening Balance of Cash Collateral Account 5,448,742.78
Principal Prepayment to Cash Collateral Depositor (134,256.62)
Deposit to Cash Collateral Account -
Available Balance of Cash Collateral Account at the
End of the current Period 5,314,486.16
Required Cash Collateral Amount 5,314,486.16
18. Opening Balance of funds on deposit in the
Pre-Funding Account 38,925,037.49
Monthly interest on Pre-Funding Account 0.00
Transfer of funds from Pre-Funding Account for
Subsequent Contracts 38,923,740.74
Transfer of funds from Pre-Funding Account to
Capitalized Interest Account 0.00
Transfer of funds from Pre-Funding Account to
Available for Principal Distribution 1,296.75
Ending Balance of Prefunding Account 0.00
19. Weighted Average Contract Rate of all Outstanding Contracts 9.970%
Weighted Average Remaining Term to Maturity Rate of all
Outstanding Contracts 147.090
20. Number of Subsequent Contracts 2,697
21. Aggregate Principal Balance of Subsequent Contracts 68,253,738.25
22. Number of Subsequent Contracts Purchased since the
preceding Distribution Date 1,577
23. Aggregate Stated Principal Balance of the Subsequent
Contracts Purchased since the preceding Distribution Date 38,923,740.74
24. Opening Balance in the Capitalized Interest Account 0.00
Monthly interest on Capitalized Interest Account -
Transfer of funds from Pre-Funding Account to Capitalized
Interest Account -
Transfer of funds from Capitalized Interest Account to
available for distribution -
Ending Balance in the Capitalized Interest Account -
25. Amount of Monthly Advances by Servicer 103,351.60
26. Amount of Non-Reimbursable Payments by Servicer 1,596.45
27. Amounts to Holder of GP Interest 736,258.10
