SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report: January 18, 2000
CHASE MANHATTAN RV OWNER TRUST 1997-A
(Issuer of Securities)
CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION
(Sponsor of the Trust)
(Exact name of registrant as specified in its charter)
- --------------------------------------------------------------------------------
United States 333-32263 22-2382028
- ---------------------------- ------------------------ -------------------
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
802 Delaware Avenue, Wilmington, Delaware 19801
----------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (302) 575-5033
THE CHASE MANHATTAN BANK
(Sponsor of the Trust)
(Exact name of registrant as specified in its charter)
New York 333-32236 13-4994650
- ---------------------------- ------------------------ -------------------
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
270 Park Avenue, New York, New York 10017
----------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 270-6000
Item 5. Other Events:
Chase Manhattan RV Owner Trust 1997-A is the issuer of 10 classes of Asset
Backed Notes and one class of Asset Backed Certificates. The notes and
certificates are serviced in accordance with the Sale and Servicing Agreement,
dated as of October 1, 1997, as amended. The parties to the Sale and Servicing
Agreement are: Chase Manhattan Bank USA, National Association, as a seller, The
Chase Manhattan Bank, as seller, and The CIT Group/Sales Financing, Inc., as
servicer.
On January 18, 2000, CIT, as servicer, distributed monthly interest to the
holders of the notes and certificates. CIT furnished a copy of monthly reports
for each class of notes and certificates as required by the Sale and Servicing
Agreement. Copies of the monthly reports are being filed as Exhibit 20.1 to this
Current Report on Form 8-K.
Item 7(c). Exhibits
Exhibits Description
---------- -----------
20.1 Monthly Report with respect to the January 18,
2000 distribution
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
Dated: January 28, 2000
THE CIT GROUP/SALES FINANCING,
INC.,
as Servicer
By: /s/ Frank Garcia
------------------------------
Name: Frank Garcia
Title: Vice President
INDEX TO EXHIBITS
Exhibit No. Description
- ----------- --------------
20.1 Monthly Report with respect to the January
18, 2000 distribution
CHASE MANHATTAN RV OWNER TRUST 1997-A
MONTHLY SERVICER'S REPORT
Settlement Date 12/31/1999
Determination Date 01/12/2000
Distribution Date 01/18/2000
I. All Payments on the Contracts 11,909,311.37
II. All Liquidation Proceeds on the Contracts with respect to Principal 382,361.94
III. Repurchased Contracts 0.00
IV. Investment Earnings on Collection Account 0.00
V. Servicer Monthly Advances 253,928.39
VI. Distribution from the Reserve Account 0.00
VII. Deposits from the Pay-Ahead Account (including Investment Earnings) 150,023.46
VIII. Transfers to the Pay-Ahead Account (164,971.97)
IX. Less: Investment Earnings distributions 0.00
(a) To Sellers with respect to the Collection Account 0.00
(b) To Sellers with respect to the Pay-Ahead Account
Total available amount in Collection Account $12,530,653.19
==============
DISTRIBUTION AMOUNTS Cost per $1000
- -------------------------------- ----------------
1. (a) Class A-1 Note Interest Distribution 0.00
(b) Class A-1 Note Principal Distribution 0.00
Aggregate Class A-1 Note Distribution 0.00000000 0.00
2. (a) Class A-2 Note Interest Distribution 0.00
(b) Class A-2 Note Principal Distribution 0.00
Aggregate Class A-2 Note Distribution 0.00000000 0.00
3. (a) Class A-3 Note Interest Distribution 0.00
(b) Class A-3 Note Principal Distribution 0.00
Aggregate Class A-3 Note Distribution 0.00000000 0.00
4. (a) Class A-4 Note Interest Distribution 0.00
(b) Class A-4 Note Principal Distribution 0.00
Aggregate Class A-4 Note Distribution 0.00000000 0.00
5. (a) Class A-5 Note Interest Distribution 43,968.81
(b) Class A-5 Note Principal Distribution 8,721,086.88
Aggregate Class A-5 Note Distribution 66.40193707 8,765,055.69
6. (a) Class A-6 Note Interest Distribution 449,533.33
(b) Class A-6 Note Principal Distribution 774,253.33
Aggregate Class A-6 Note Distribution 13.90666663 1,223,786.66
7. (a) Class A-7 Note Interest Distribution 291,650.00
(b) Class A-7 Note Principal Distribution 0.00
Aggregate Class A-7 Note Distribution 5.11666667 291,650.00
8. (a) Class A-8 Note Interest Distribution 441,291.67
(b) Class A-8 Note Principal Distribution 0.00
Aggregate Class A-8 Note Distribution 5.19166667 441,291.67
9. (a) Class A-9 Note Interest Distribution 321,266.67
(b) Class A-9 Note Principal Distribution 0.00
Aggregate Class A-9 Note Distribution 5.26666667 321,266.67
10. (a) Class A-10 Note Interest Distribution 345,041.67
(b) Class A-10 Note Principal Distribution 0.00
Aggregate Class A-10 Note Distribution 5.30833333 345,041.67
11. (a) Class B Certificate Interest Distribution 244,679.31
(b) Class B Certificate Principal Distribution 0.00
Aggregate Class B Certificate Distribution 5.45000000 244,679.31
12. Servicer Payment
Page 1 of 4
(a) Servicing Fee 170,673.49
(b) Reimbursement of prior Monthly Advances 305,062.44
Total Servicer Payment 475,735.93
13. Deposits to the Reserve Account 422,145.60
Total Distribution Amount $12,530,653.19
==============
Reserve Account distributions:
- --------------------------------
(a) Amounts to the Sellers (Chase USA) from Excess Collections 54,161.28
(b) Amounts to the Sellers (Chase Manhattan Bank) from Excess Collections 367,984.32
(c) Distribution from the Reserve Account to the Sellers(Chase USA) 5,536.62
(d) Distribution from the Reserve Account to the Sellers(Chase Manhattan Bank) 37,617.10
Total Amounts to Sellers(Chase USA & Chase Manhattan Bank) = $465,299.32
==============
INTEREST
- --------------------------------
1. Current Interest Requirement
(a) Class A-1 Notes @ 5.598% 0.00
(b) Class A-2 Notes @ 5.852% 0.00
(c) Class A-3 Notes @ 5.919% 0.00
(d) Class A-4 Notes @ 6.020% 0.00
(e) Class A-5 Notes @ 6.050% 43,968.81
(f) Class A-6 Notes @ 6.130% 449,533.33
(g) Class A-7 Notes @ 6.140% 291,650.00
(h) Class A-8 Notes @ 6.230% 441,291.67
(i) Class A-9 Notes @ 6.320% 321,266.67
(j) Class A-10 Notes @ 6.370% 345,041.67
Aggregate Interest on Notes 1,892,752.15
(k) Class B Certificates 6.540% 244,679.31
2. Remaining Interest Shortfall
(a) Class A-1 Notes 0.00
(b) Class A-2 Notes 0.00
(c) Class A-3 Notes 0.00
(d) Class A-4 Notes 0.00
(e) Class A-5 Notes 0.00
(f) Class A-6 Notes 0.00
(g) Class A-7 Notes 0.00
(h) Class A-8 Notes 0.00
(i) Class A-9 Notes 0.00
(j) Class A-10 Notes 0.00
(k) Class B Certificates 0.00
3. Total Distribution of Interest Cost per $1000
----------------
(a) Class A-1 Notes 0.00000000 0.00
(b) Class A-2 Notes 0.00000000 0.00
(c) Class A-3 Notes 0.00000000 0.00
(d) Class A-4 Notes 0.00000000 0.00
(e) Class A-5 Notes 0.33309707 43,968.81
(f) Class A-6 Notes 5.10833333 449,533.33
(g) Class A-7 Notes 5.11666667 291,650.00
(h) Class A-8 Notes 5.19166667 441,291.67
(i) Class A-9 Notes 5.26666667 321,266.67
(j) Class A-10 Notes 5.30833333 345,041.67
Total Aggregate Interest on Notes 1,892,752.15
(k) Class B Certificates 5.45000000 244,679.31
PRINCIPAL
- --------------------------------
No. of Contracts
----------------
1. Amount of Stated Principal Collected 3,939,133.06
2. Amount of Principal Prepayment Collected 224 4,775,434.60
3. Amount of Liquidated Contract 22 780,772.55
4. Amount of Repurchased Contract 0 0.00
Total Formula Principal Distribution Amount 9,495,340.21
5. Principal Balance before giving effect to Principal Distribution Pool Factor
-----------
(a) Class A-1 Notes 0.0000000 0.00
(b) Class A-2 Notes 0.0000000 0.00
(c) Class A-3 Notes 0.0000000 0.00
(d) Class A-4 Notes 0.0000000 0.00
Page 2 of 4
(e) Class A-5 Notes 0.0660688 8,721,086.88
(f) Class A-6 Notes 1.0000000 88,000,000.00
(g) Class A-7 Notes 1.0000000 57,000,000.00
(h) Class A-8 Notes 1.0000000 85,000,000.00
(i) Class A-9 Notes 1.0000000 61,000,000.00
(j) Class A-10 Notes 1.0000000 65,000,000.00
(k) Class B Certificates 1.0000000 44,895,285.54
6. Remaining Principal Shortfall
(a) Class A-1 Notes 0.00
(b) Class A-2 Notes 0.00
(c) Class A-3 Notes 0.00
(d) Class A-4 Notes 0.00
(e) Class A-5 Notes 0.00
(f) Class A-6 Notes 0.00
(g) Class A-7 Notes 0.00
(h) Class A-8 Notes 0.00
(i) Class A-9 Notes 0.00
(j) Class A-10 Notes 0.00
(k) Class B Certificates 0.00
7. Principal Distribution Cost per $1000
----------------
(a) Class A-1 Notes 0.00000000 0.00
(b) Class A-2 Notes 0.00000000 0.00
(c) Class A-3 Notes 0.00000000 0.00
(d) Class A-4 Notes 0.00000000 0.00
(e) Class A-5 Notes 66.06884000 8,721,086.88
(f) Class A-6 Notes 8.79833330 774,253.33
(g) Class A-7 Notes 0.00000000 0.00
(h) Class A-8 Notes 0.00000000 0.00
(i) Class A-9 Notes 0.00000000 0.00
(j) Class A-10 Notes 0.00000000 0.00
(k) Class B Certificates 0.00000000 0.00
8. Principal Balance after giving effect to Principal Distribution Pool Factor
-----------
(a) Class A-1 Notes 0.0000000 0.00
(b) Class A-2 Notes 0.0000000 0.00
(c) Class A-3 Notes 0.0000000 0.00
(d) Class A-4 Notes 0.0000000 0.00
(e) Class A-5 Notes 0.0000000 0.00
(f) Class A-6 Notes 0.9912017 87,225,746.67
(g) Class A-7 Notes 1.0000000 57,000,000.00
(h) Class A-8 Notes 1.0000000 85,000,000.00
(i) Class A-9 Notes 1.0000000 61,000,000.00
(j) Class A-10 Notes 1.0000000 65,000,000.00
(k) Class B Certificates 1.0000000 44,895,285.54
POOL DATA
- ---------------------------------------- Aggregate
No. of Contracts Principal Balance
---------------- -----------------
1. Pool Stated Principal Balance as of 12/31/1999 14,756 400,121,032.21
2. Delinquency Information % Delinquent
------------
(a) 31-59 Days 144 3,122,390.99 0.780%
(b) 60-89 Days 45 1,402,863.80 0.351%
(c) 90-119 Days 39 1,371,495.71 0.343%
(d) 120 Days + 89 2,394,575.07 0.598%
3. Contracts Repossessed during the Due Period 8 229,448.28
4. Current Repossession Inventory 17 562,052.45
5. Aggregate Net Losses for the preceding Collection Period
(a) Aggregate Principal Balance of Liquidated Receivables 22 780,772.55
(b) Net Liquidation Proceeds on any Liquidated Receivables 382,361.94
------------
Total Aggregate Net Losses for the preceding Collection Period 398,410.61
6. Aggregate Losses on all Liquidated Receivables (Year-To-Date) 5,811,442.47
7. Aggregate Net Losses on all Liquidated Receivables (Life-To-Date) 603 8,986,509.56
8. Weighted Average Contract Rate of all Outstanding Contracts 9.247%
9. Weighted Average Remaining Term to Maturity of all Outstanding Contracts 105.675
Page 3 of 4
TRIGGER ANALYSIS
- --------------------------------
1. (a) Average Delinquency Percentage 1.329%
(b) Delinquency Percentage Trigger in effect ? NO
2. (a) Average Net Loss Ratio 0.061%
(b) Net Loss Ratio Trigger in effect ? NO
(c) Net Loss Ratio (using ending Pool Balance) 0.092%
3. (a) Servicer Replacement Percentage 0.085%
(b) Servicer Replacement Trigger in effect ? NO
MISCELLANEOUS
- --------------------------------
1. Monthly Servicing Fees 170,673.49
2. Servicer Advances 253,928.39
3. (a) Opening Balance of the Reserve Account 8,973,952.86
(b) Deposits to the Reserve Account 422,145.60
(c) Investment Earnings in the Reserve Account 43,153.72
(d) Distribution from the Reserve Account (465,299.32)
(e) Ending Balance of the Reserve Account 8,973,952.86
4. Specified Reserve Account Balance 8,973,952.86
5. (a) Opening Balance in the Pay-Ahead Account 454,479.15
(b) Deposits to the Pay-Ahead Account from the Collection Account 164,971.97
(c) Investment Earnings in the Pay-Ahead Account 0.00
(d) Transfers from the Pay-Ahead Account to the Collection Account (150,023.46)
(e) Ending Balance in the Pay-Ahead Account 469,427.66
Page 4 of 4