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): December 15, 1995
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 December 15, 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 December 15, 1995
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 2, 1996
2
<PAGE>
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 November 1, 1995 to November 30,
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 15th day of December 1995.
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 11/30/95
Determination date 12/12/95
Remittance date 12/15/95
All Payments of Principal on the Contracts 551,550.69
All Payments of Interest on the Contracts 1,098,353.68
All Liquidation Proceeds on the Contracts
with respect to Principal 0.00
Paid Ahead on Pre-Funding Account 0.00
Monthly Advance 169,528.52
Reimbursement of Prior Month Advances (111,261.70)
Withdrawal from the Pre-Funding Account 0.00
Total Amount Available for Distribution 1,708,171.19
Distribution Amounts
1. Aggregate Senior Certificate Distribution 1,211,313.36
2. Aggregate Class A-4 distribution 73,986.67
3. Aggregate Class A-5 distribution 79,489.17
4. Aggregate Class R distribution 221,371.63
5. Amounts to Servicer 122,010.36
Total Distribution 1,708,171.19
Interest
1. Aggregate amount of Interest
(a) Class A-1 interest @ 7.70% 217,178.20
(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-1 217,178.20
(b) Class A-2 190,154.42
(c) Class A-3 241,346.00
Principal
5. Formula Principal Distribution Amount 562,634.74
(a) Stated Principal 185,600.72
Page 1 of 4
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(b) Principal Prepayments 365,949.97
(c) Liquidated Contracts 11,084.05
(d) Repurchases 0.00
6. Pool Stated Principal Balance 116,567,317.89
7. Senior Certificate Principal Distribution
(a) Class A-1 562,634.74
(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 33,283,317.89
(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 562,634.74
14. Senior Certificate Pool Balance Factor 0.99418
Delinquency Information Number Amount
------ ------
15. Delinquent Contracts
(a) 31-59 Days 87 3,285,926.11
(b) 60 days or more 76 2,604,010.51
16. Repossessed Contracts 14 489,659.52
17. Repossessed Contracts Remaining in Inventory 33 1,171,397.12
18. Remaining Amount Available 496,857.83
Class A-4 and Class A-5 Certificates
Interest
Page 2 of 4
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1. Aggregate Class A-4 Interest @ 8.95% 73,986.67
2. Aggregate Class A-5 Interest @ 9.05% 79,489.17
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 73,986.67
6. Remaining Class A-5 Interest Shortfall 79,489.17
7. Total Distribution in respect of Interest to Class A-4 73,986.67
Certificates
8. Total Distribution in respect of Interest to Class A-5 79,489.17
Certificates
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 9,920,000.00
Distribution Class A-4
12. Principal Balance after giving effect to Principal 10,540,000.00
Distribution Class A-5
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 0.00
Principal Distribution
17. Unpaid Class A-5 Principal Shortfall after giving effect to 0.00
Principal Distribution
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 1.00000
21. Class A-5 Pool Factor 1.00000
22. Amount of Guarantee Payment made to Holders of Class A-5 0.00
Certificates
Page 3 of 4
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Class R Certificates
23. Class R Residual Payment 221,371.63
a. The amount (if any) by which the Amount 221,371.63
Available exceeds the amounts distributed to
Offered Certificateholders, the Monthly Servicing fee
and the Guarantee Fee
b. Aggregate Repossession Profits less amount retained 0.00
by Servicer to reimburse itself for taxes paid
Miscellaneous
24. Monthly Servicing Fee 97,608.29
25. Guarantee Fee 24,402.07
26. Amount of funds on deposit in the Pre-Funding Account 0.00
27. Weighted Average Contract Rate of Outstanding Contracts 11.43%
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
Page 4 of 4
