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.
On April 15, 1996, the Servicer notified The First National
Bank of Chicago, as Trustee, that the Servicer had discovered an error
in its investor reporting system with respect to the CIT RV Owner
Trust 1995-A, Class A 6.25% Asset Backed Notes and 6.55% Asset Backed
Certificates. The error is now corrected. This error resulted in the
incorrect inclusion of 28 Defaulted Contracts with principal balances
of $698,204.18 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
$698,068.57 (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 Liquidated
and 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.
(c) Exhibits.
The following are filed herewith. The exhibit numbers
correspond with Item 601(b) of Regulation S-K.
Exhibit No. Description Page
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
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
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 September 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 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
_____________________
Name: Frank Garcia
Title: Vice President
<PAGE>
The CIT RV OWNER TRUST 1995-A
CLASS A 6.25% ASSET BACKED NOTES
6.55% ASSET BACKED CERTIFICATES
MONTHLY REPORT
REVISED
Cut-off date 11/30/95
Determination date 12/12/95
Distribution date 12/15/95
All Payments of Principal on the Contracts 3,575,227.22
All Payments of Interest on the Contracts 1,607,376.66
All Liquidation Proceeds on the Contracts with respect
to Principal 24,037.53
Paid Ahead on Pre-Funding Account 0.00
Monthly Advance 103,525.28
Reimbursement of Prior Month Advances (78,749.65)
Transfer from Capitalized Interest Account 0.00
Total Amount Available for Distribution 5,231,417.04
Distribution Amounts
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1. Aggregate Note Distribution 4,589,258.67
2. Aggregate Certificate Distribution 65,498.71
Amounts to Holder of GP Interest 388,913.89
Amounts to Servicer 187,745.77
Total Distribution 5,231,417.04
Interest
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3. Aggregate amount of Interest
(a) Note interest @ 6.25% 876,230.10
(b) Certificate interest @ 6.55% 65,498.71
4. Total Distribution in respect of interest
(a) Note 876,230.10
(b) Certificate 65,498.71
Principal
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Beginning Outstanding Principal Balance of Notes: 168,236,178.24
5. Formula Principal Distribution Amount 3,713,028.57
(a) Stated Principal 1,059,435.18
(b) Principal Prepayments 2,515,792.04
(c) Liquidated Contracts 137,801.35
(d) Repurchases 0.00
6. Distribution made in respect of Principal
(a) Note 3,713,028.57
(b) Certificate 0.00
<PAGE>
7. Outstanding Principal Balance of Notes: 164,523,149.67
8. Opening Certificate Balance 11,999,763.84
Distribution made in respect of Principal Certificate 0.00
Closing Certificate Balance 11,999,763.84
Contract Pool
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9. Closing Pool Balance 176,522,913.51
10. Note Pool Factor 0.97793
11. Certificate Pool Factor 1.00000
Delinquency Information Number Amount
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12. Delinquent Contracts
(a) 31-59 Days 61 1,361,325.40
(b) 60-89 Days 12 225,164.10
(c) 90 days or more 9 227,843.18
13. Repossessed Contracts 6 291,475.90
14. Repossessed Contracts Remaining in Inventory 14 482,952.69
Miscellaneous
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15. Monthly Servicing Fee 150,196.62
16. Amount of Servicer Fee Paid 150,196.62
17. Guarantee Fee 37,549.15
18. Opening Balance of funds on deposit in the
Pre-Funding Account -
Monthly interest on Pre-Funding Account -
Transfer of funds from Pre-Funding Account
for Subsequent Contracts -
Transfer of funds from Pre-Funding Account to
Capitalized Interest Account -
Ending Balance of funds on deposit in the Pre-
Funding Account -
19. Weighted Average Contract Rate of all Outstanding Contracts 10.90%
Weighted Average Maturity Rate of all Outstanding Contracts 145.10
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 388,913.89
25. Amount of monthly advances by Servicer 103,525.28
<PAGE>
26. Amount of Non-Reimbursable Payments by Servicer 262.25
27. The Guarantee Payment Limit 5,000,000.00
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 -
Monthly interest on Capitalized Interest Account -
Transfer of funds from Pre-Funding Account to
Capitalized Interest Account -
Transfer of funds from Pre-Funding Account to
Capitalized Interest Account -
Ending Balance in the Capitalized Interest Account -
<PAGE>
The CIT RV OWNER TRUST 1995-A
CLASS A 6.25% ASSET BACKED NOTES
6.55% ASSET BACKED CERTIFICATES
MONTHLY REPORT
REVISED
Cut-off date 12/31/95
Determination date 1/10/96
Distribution date 1/16/96
All Payments of Principal on the Contracts 4,512,166.58
All Payments of Interest on the Contracts 1,577,872.12
All Liquidation Proceeds on the Contracts with respect
to Principal 106,843.87
Paid Ahead on Pre-Funding Account 0.00
Monthly Advance 112,640.46
Reimbursement of Prior Month Advances (87,894.01)
Transfer from Capitalized Interest Account 0.00
Total Amount Available for Distribution 6,221,629.02
Distribution Amounts
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1. Aggregate Note Distribution 5,730,713.00
2. Aggregate Certificate Distribution 65,498.71
Amounts to Holder of GP Interest 241,539.27
Amounts to Servicer 147,102.43
Amounts to Guarantor 36,775.61
Total Distribution 6,221,629.02
Interest
3. Aggregate amount of Interest
(a) Note interest @ 6.25% 856,891.40
(b) Certificate interest @ 6.55% 65,498.71
4. Total Distribution in respect of interest
(a) Note 856,891.40
(b) Certificate 65,498.71
Principal
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Beginning Outstanding Principal Balance of Notes: 164,523,149.67
5. Formula Principal Distribution Amount 4,873,821.60
(a) Stated Principal 1,109,972.06
(b) Principal Prepayments 3,402,194.52
(c) Liquidated Contracts 361,655.02
(d) Repurchases 0.00
6. Distribution made in respect of Principal
(a) Note 4,873,821.60
(b) Certificate 0.00
<PAGE>
7. Outstanding Principal Balance of Notes: 159,649,328.07
8. Opening Certificate Balance 11,999,763.84
Distribution made in respect of Principal Certificate 0.00
Closing Certificate Balance 11,999,763.84
Contract Pool
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9. Closing Pool Balance 171,649,091.91
10. Note Pool Factor 0.8491986
11. Certificate Pool Factor 0.9999803
Delinquency Information Number Amount
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12. Delinquent Contracts
(a) 31-59 Days 70 1,331,301.89
(b) 60-89 Days 20 418,619.66
(c) 90 days or more 11 190,844.00
13. Repossessed Contracts 2 6,582.92
14. Repossessed Contracts Remaining in Inventory 12 319,743.75
Miscellaneous
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15. Monthly Servicing Fee 147,102.43
16. Amount of Servicer Fee Paid 147,102.43
17. Guarantee Fee 36,775.61
18. Opening Balance of funds on deposit in the Pre-Funding
Account -
Monthly interest on Pre-Funding Account -
Transfer of funds from Pre-Funding Account for
Subsequent Contracts -
Transfer of funds from Pre-Funding Account to
Capitalized Interest Account -
Ending Balance of funds on deposit in the Pre-Funding Account -
19. Weighted Average Contract Rate of all Outstanding Contracts 10.91%
Weighted Average Maturity Rate of all Outstanding Contracts 144.03
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 241,539.27
25. Amount of monthly advances by Servicer 112,640.46
<PAGE>
26. Amount of Non-Reimbursable Payments by Servicer 774.07
27. The Guarantee Payment Limit 5,000,000.00
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 -
Monthly interest on Capitalized Interest Account -
Transfer of funds from Pre-Funding Account to
Capitalized Interest Account -
Transfer of funds from Pre-Funding Account to
Capitalized Interest Account -
Ending Balance in the Capitalized Interest Account -
33. 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.
