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): March 15, 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.)
<PAGE>
Item 5. Other Events.
On March 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.
(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 March 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/ RICHARD w. BAUERBAND
-------------------------------
Name: Richard W. Bauerband
Title: Executive Vice President
Dated: March 27, 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 February 1, 1996 to February 29,
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 12th day of
March 1996.
THE CIT GROUP/SALES FINANCING, INC.
BY /s/ RICHARD W. BAUERBAND
------------------------
Richard W. Bauerband
Executive Vice President
<PAGE>
The CIT RV OWNER TRUST 1996-A
Class A 5.40% Asset Backed Notes
5.85% Asset Backed Certificate
Monthly Report
Remittance Date: Mar 15, 1996
Determination Date: Mar 12, 1996
Record Date: Feb 29, 1996
All payments of principal and
interest on the contracts 4,956,288.60
Liquidation proceeds with
respect to principal 18,375.42
Proceeds on any repurchased
contracts --
Net Servicer Advances 97,625.66
Investment earnings on Certificate
Account --
Transfer from Capitalized Interest
Account 471,854.00
---------------
Amount on deposit in Certificate Account $ 5,544,143.68
Amounts not required to be distributed
to Certificateholders --
---------------
Amount Available for Distribution $ 5,544,143.68
Distribution Amounts
- --------------------
1. Aggregate Note distribution $ 4,650,486.50
2. Aggregate Certificate distribution $ 67,031.25
3. Aggregate Class R distribution $ 672,874.91
4. Amount to Servicer : $ 151,454.14
5. Interest Payment on Cash Collateral Loan $ 2,296.88
Total Distribution $ 5,544,143.68
Class A Notes
- -------------
Interest
- --------
1. Aggregate amount of interest
(a) Class A Note Interest at 5.40% $ 1,063,125.00
2. Amount applied to Unpaid Interest Shortfall $ --
3. Remaining Note Interest Shortfall $ --
4. Total distribution in respect of interest
(a) Class A Note Interest $ 1,063,125.00
<PAGE>
The CIT RV OWNER TRUST 1996-A
Class A 5.40% Asset Backed Notes
5.85% Asset Backed Certificate
Monthly Report
Principal
- ---------
5. Formula Principal Distribution Amount $ 3,587,361.50
Number of Contracts
-------------------
(a) Stated Principal $ 1,278,327.06
(b) Principal Prepayment 78 $ 2,288,551.66
(c) Liquidated Contracts 1 $ 20,482.78
(d) Repurchases / Defaults -- $ --
Number of Contracts
-------------------
6. Pool Stated Principal Balance
at 02/29/96 6,985 $178,157,603.21
7. Note Principal Balance before giving effect
to Principal Distribution: $236,250,000.00
8. Note Principal Distribution: $ 3,587,361.50
9. Note Principal Balance after giving effect
to Principal Distribution: $232,662,638.50
10. Note Principal Shortfall for Remittance Date: $ --
11. Unpaid Note Principal Shortfall after giving
effect to Principal Distribution: $ --
12. Note Pool Factor (Pool Stated Balance of Notes
divided by Initial Pool Principal Balance) 0.98481540
Delinquency Information
- -----------------------
Number Aggregate
of Contracts Principal Balance
------------ -----------------
Delinquent Contracts
30 to 59 days 29 $ 754,507.00
60 days or more 1 $ 3,999.75
Defaulted Contracts -- $ --
Contracts Repossessed during the Due Period -- $ --
Repossessed Contracts remaining in inventory -- $ --
SUBORDINATED CERTIFICATES
Remaining Amount Available (after payment of
interest and principal to the Noteholders) $ 893,657.18
---------------
Certificates
- ------------
Interest
- --------
13. Aggregate amount of Certificate Interest
at 5.85% $ 67,031.25
14. Amount applied to Unpaid Certificate
Interest Shortfall $ --
<PAGE>
The CIT RV OWNER TRUST 1996-A
Class A 5.40% Asset Backed Notes
5.85% Asset Backed Certificate
Monthly Report
15. Remaining Certificate Unpaid Interest
Shortfall $ --
16. Total distribution in respect of interest
to Certificates $ 67,031.25
Principal
- ---------
17. Certificate Principal Balance before giving
effect to Principal Distribution: $ 13,750,000.00
18. Certificate Principal Distribution Amount $ --
19. Certificate Principal Balance after
giving effect to Principal Distribution: $ 13,750,000.00
20. Certificate Principal Shortfall for
Remittance Date: $ --
21. Certificate Principal Liquidation Loss Amount $ --
22. Certificate Pool Factor ( Pool Stated Balance
of Certificates divided by Initial Pool Principal 1.00000000
Class R Certificates
- --------------------
23. Class R Residual Payment
(a). Amount (if any) by which the Amount
Available exceeds the amounts distributed to
Offered Certificateholders, the Monthly Servicing Fee. $ 672,874.91
(b) Aggregate Repossession Profits less amount
retained by Servicer to reimburse itself for taxes
paid. $ (0.00)
Miscellaneous
- -------------
24. Monthly Servicing Fee $ 151,454.14
25. Unpaid Service Fee --
26. Amount of Service Fee Paid $ 151,454.14
27. Servicer Advances $ 97,625.66
28. Servicer Recoveries $ --
29. Weighted Average Contract Rate of all
outstanding Contracts 10.01%
30. Weighted Average Remaining Maturity of all
outstanding Contracts 146.82
31. Number of Subsequent Contracts 0
32. Aggregate Principal Balance of Subsequent Contracts 0.00
<PAGE>
The CIT RV OWNER TRUST 1996-A
Class A 5.40% Asset Backed Notes
5.85% Asset Backed Certificate
Monthly Report
33. Number of Subsequent Contracts Purchased 0
34. Aggregate Stated Principal Balance of the Subsequent
Contracts Purchased 0.00
35. Amount of Non-Reimbursable Payments by Servicer 801.59
36. Opening Balance of funds on deposit in the
Pre-Funding Account 68,255,035.00
Monthly interest on Pre-Funding Account 167,633.90
Transfer of funds from Pre-Funding Account
for Subsequent Contracts --
Transfer of funds from Pre-Funding Account
to Capitalized Interest Account (167,633.90)
Ending Balance of funds on deposit in the
Pre-Funding Account 68,255,035.00
37. Opening Balance in the Capitalized Interest Account 499,116.00
Monthly interest on Capitalized Interest Account 1,225.00
Transfer of funds from Pre-Funding Account
to Capitalized Interest Account 167,633.90
Transfer of funds from Capitalized Interest
Account to available for Distribution (471,854.00)
Ending Balance in the Capitalized Interest Account 196,120.90
38. Opening Balance of Cash Collateral Account 5,625,000.00
Principal Prepayment to Cash Collateral Depositor (80,715.64)
Deposit to Cash Collateral Account --
Available Balance of Cash Collateral Account at
the End of the current Period 5,544,284.36
