SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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): April 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.)
<PAGE>
Item 5. Other Events.
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On April 15, 1996, the Servicer notified The Chase
Manhattan Bank (National Association), as Trustee, that the Servicer had
discovered an error in its investor reporting system with respect to
the CIT RV Owner Trust 1995-B, Class A 6.50% Asset Backed Notes and
6.85% Asset Backed Certificates. This error, which is now corrected,
resulted in the inclusion of 15 Defaulted Contracts with principal
balances of $366,169.99 at the applicable Cut-Off Dates in the Pool
Balance during the months of November 1995 through February 1996.
This resulted in an overstatement of the February 29, 1996 Pool
Balance and reduced the amount payable as principal on the Class A
Notes by $349,377.09 (this figure, which was deposited into the Trust
for payment to the Noteholders on April 15, 1996, as an additional
principal payment on the Class A Notes, is lower than the principal
balances of the Defaulted Contracts because subsequent collections or
liquidations of the Defaulted Contracts were already passed through to
investors as principal payments). This also had the effect of
overstating the delinquency amounts and understating the Defaulted
Contracts reported during the four periods affected. The amount of
Defaulted Contracts is not indicative of the ultimate losses on these
contracts as it does not take into account any future collections or
liquidation proceeds on these contracts.
The investor reporting system was adjusted in March 1996 to
properly reflect defaulted accounts. The enclosed restated monthly
reports reflect the balances, delinquencies and liquidations as they
should have been reported during the two periods of November 1995 and
December 1995.
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 Restated Monthly Reports 8
delivered by the Trustee to
Certificateholders in
connection with distributions
on December 15, 1995 and January
15, 1996
2
<PAGE>
SIGNATURES
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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: April 29, 1996
3
<PAGE>
THE CIT GROUP/SALES FINANCING, INC.
CERTIFICATE OF SERVICING OFFICER
The undersigned certifies 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 in connection with Section 4.09 of the Pooling and
Servicing Agreement, dated as of June 1, 1995 (the "Agreement"),
among CITSF, The CIT Group Securitization Corporation II and The
First National Bank of Chicago, as Trustee (all capitalized terms
used herein without definition having the respective meanings
specified in the Agreement), and further states that:
1. The Restated Monthly Reports for the periods from November
1, 1995 to November 30, 1995 and December 1, 1995 to December
31, 1995 attached to this certificate are complete and
accurate in accordance with the requirements of Sections 4.09
and 5.08 of the Agreement;
2. The two Restated Monthly Reports attached to this
certificate supersede and replace the Monthly Reports for
these periods previously delivered by the Trustee; and
3. As of the date hereof, no Event of Termination or event that
with notice or lapse of time or both would have become an
Event of Termination has occurred and is continuing.
I have affixed hereto my signature this 10th day of April,
1996.
THE CIT GROUP/SALES FINANCING,
INC.
By: /s/ Frank Garcia
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Name: Frank Garcia
Title: Vice President
<PAGE>
The CIT RV OWNER TRUST 1995-B
CLASS A 6.50% ASSET BACKED NOTES
6.85% ASSET BACKED CERTIFICATES
REVISED MONTHLY REPORT
End of Period 11/30/95
Determination date 12/12/95
Distribution date 12/15/95
All Payments of Principal on the Contracts 3,266,364.71
All Payments of Interest on the Contracts 1,564,839.03
All Liquidation Proceeds on the Contracts with respect
to Principal 41,730.25
Paid Ahead on Pre-Funding Account 0.00
Monthly Advance 108,095.46
Reimbursement of Prior Month Advance (77,027.26)
Transfer from Capitalized Interest Account 634.39
Investment Earnings on Collection Account 9.98
Total Amount Available for Distribution 4,904,646.56
Distribution Amounts
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1. Aggregate Note Distribution 4,321,102.44
2. Aggregate Certificate Distribution 68,500.00
Amounts to Holder of GP Interest 354,202.07
Amounts to Servicer 157,592.12
Interest Payment on Cash Collateral Loan 3,249.93
Total Distribution 4,904,646.56
Interest
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3. Aggregate amount of Interest
(a) Note interest @ 6.50% 959,219.05
(b) Certificate interest @ 6.85 68,500.00
4. Total Distribution in respect of interest
(a) Note 959,219.05
(b) Certificate 68,500.00
Principal
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Beginning Outstanding Principal Balance of No 177,086,594.68
5. Formula Principal Distribution Amount 3,361,883.39
(a) Stated Principal 1,096,779.88
(b) Principal Prepayments 2,169,584.83
(c) Liquidated Contracts 95,518.68
(d) Repurchases 0.00
6. Distribution made in respect of Principal
(a) Note 3,361,883.39
(b) Certificate 0.00
7. Outstanding Principal Balance of Notes: 173,724,711.29
8. Opening Certificate Balance 12,000,000.00
Distribution made in respect of Principal
Certificate 0.00
Closing Certificate Balance 12,000,000.00
<PAGE>
Contract Pool
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9. Closing Pool Balance 185,724,711.29
10. Note Pool Factor 0.98102
11. Certificate Pool Factor 1.00000
Delinquency Information Number Amount
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12. Delinquent Contracts
(a) 31-59 Days 44 1,168,299.49
(b) 60-89 Days 15 519,073.93
(c) 90 days or more 3 157,785.27
13. Repossessed Contracts 3 169,436.92
14. Repossessed Contracts Remaining in Inventory 5 214,360.48
Miscellaneous
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15. Monthly Servicing Fee (including collection account
interest) 157,582.14
16. Amount of Servicer Fee Paid 157,582.14
17. Guarantee Fee 0
18. Opening Balance of funds on deposit in the Pre-
Funding Account -
Monthly interest on Pre-Funding Account 58.52
Transfer of funds from Pre-Funding Account
for Subsequent Contracts -
Transfer of funds from Pre-Funding Account to
Capitalized Interest Account (58.52)
Transfer of funds from Pre-Funding Account to
Available for Principal Distribution -
Ending Balance of funds on deposit in the Pre-
Funding Account -
19. Weighted Average Contract Rate of all Outstanding Contracts 10.17%
Weighted Average Remaining Term to Maturity Rate of all
Outstanding Contracts 145.62
20. Number of Subsequent Contracts 0
21. Aggregate Principal Balance of Subsequent Contracts 0.00
22. Number of Subsequent Contracts Purchased 0
23. Aggregate Stated Principal Balance of the Subsequent
Contracts Purchased 0.00
24. Amounts to Holder of GP Interest 354,202.07
25. Amount of monthly advances by Servicer 108,095.46
26. Amount of Non-Reimbursable Payments by Servicer 1,032.48
27. Opening Balance of Cash Collateral Account 5,199,881.34
Principal Prepayment to Cash Collateral Deposit (92,451.79)
Deposit to Cash Collateral Account -
Available Balance of Cash Collateral Account at the
End of the current Period 5,107,429.55
28. Amount on deposit in the Certificate Reserve Account 0.00
29. Amount withdrawn from the Certificate Reserve Account 0.00
30. Amount on deposit in the Alternate Credit Enhancement Account 0.00
31. Amount withdrawn from the Alternate Credit Enhancement Account 0.00
32. Opening Balance in the Capitalized Interest Account 0.00
Monthly interest on Capitalized Interest Account 575.87
Transfer of funds from Pre-Funding Account to
Capitalized Interest Account 58.52
Transfer of funds from Capitalized Interest Account
to available for distribution (634.39)
Ending Balance in the Capitalized Interest Account 0.00
<PAGE>
The CIT RV OWNER TRUST 1995-B
CLASS A 6.50% ASSET BACKED NOTES
6.85% ASSET BACKED CERTIFICATES
REVISED MONTHLY REPORT
End of Period 12/31/95
Determination date 1/11/96
Distribution date 1/16/96
All Payments of Principal on the Contracts 3,446,061.54
All Payments of Interest on the Contracts 1,526,631.35
All Liquidation Proceeds on the Contracts with respect
to Principal 9,717.22
Paid Ahead on Pre-Funding Account 0.00
Servicer Advances 108,081.91
Reimbursement of Prior Month Advances (86,866.07)
Proceeds on Repurchased accounts
Transfer from Capitalized Interest Account 0.00
Investment Earnings on Collection Account 5.13
Total Amount Available for Distribution 5,003,631.08
Distribution Amounts
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1. Aggregate Note Distribution 4,441,660.41
2. Aggregate Certificate Distribution 68,500.00
Amounts to Holder of GP Interest 335,604.08
Amounts to Servicer 154,780.85
Interest Payment on Cash Collateral Loan 3,085.74
Total Distribution 5,003,631.08
Interest
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3. Aggregate amount of Interest
(a) Note interest @ 6.50% 941,008.85
(b) Certificate interest @ 6.85% 68,500.00
4. Total Distribution in respect of interest
(a) Note 941,008.85
(b) Certificate 68,500.00
Principal
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Beginning Outstanding Principal Balance of Notes: 173,724,711.29
5. Formula Principal Distribution Amount 3,500,651.56
(a) Stated Principal 1,131,148.74
(b) Principal Prepayments 2,314,912.80
(c) Liquidated Contracts 54,590.02
(d) Repurchases 0.00
6. Distribution made in respect of Principal
(a) Note 3,500,651.56
(b) Certificate 0.00
7. Outstanding Principal Balance of Notes: 170,224,059.73
8. Opening Certificate Balance 12,000,000.00
Distribution made in respect of Principal
Certificate 0.00
Closing Certificate Balance 12,000,000.00
<PAGE>
Contract Pool Number Amount
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9. Closing Pool Balance 7,782 182,224,059.73
10. Note Pool Factor 0.97985
11. Certificate Pool Factor 1.00000
Delinquency Information Number Amount
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12. Delinquent Contracts
(a) 31-59 Days 58 1,513,317.68
(b) 60-89 Days 17 598,266.52
(c) 90 days or more 10 433,761.35
13. Repossessed Contracts 1 76,552.77
14. Repossessed Contracts Remaining in Inventory 5 273,836.52
Miscellaneous
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15. Monthly Servicing Fee (including collection account interest 154,775.72
16. Amount of Servicer Fee Paid 154,775.72
17. Guarantee Fee 0.00
18. Opening Balance of funds on deposit in the Pre-Funding
Account 0.00
Monthly interest on Pre-Funding Account 0.00
Transfer of funds from Pre-Funding Account for
Subsequent Contracts 0.00
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 0.00
Ending Balance of funds on deposit in the Pre-Funding Account 0.00
19. Weighted Average Contract Rate of all Outstanding Contract 10.16%
Weighted Average Remaining Term to Maturity Rate of all
Outstanding Contracts 144.66
20. Number of Subsequent Contracts 0
21. Aggregate Principal Balance of Subsequent Contracts 0.00
22. Number of Subsequent Contracts Purchased 0
23. Aggregate Stated Principal Balance of the Subsequent
Contracts Purchased 0.00
24. Amounts to Holder of GP Interest 335,604.08
25. Amount of Monthly Advances by Servicer 107,370.57
26. Amount of Non-Reimbursable Payments by Servicer 711.34
27. Opening Balance of Cash Collateral Account 5,107,429.55
Principal Prepayment to Cash Collateral Depositor (96,267.92)
Deposit to Cash Collateral Account -
Available Balance of Cash Collateral Account at the End
of the current Period 5,011,161.63
28. Amount on deposit in the Certificate Reserve Account 0.00
29. Amount withdrawn from the Certificate Reserve Account 0.00
30. Amount on deposit in the Alternate Credit Enhancement Account 0.00
31. Amount withdrawn from the Alternate Credit Enhancement Account 0.00
32. 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 0.00