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 (Date of earliest event reported): April 4, 2003
CIT Equipment Collateral 2000-2
(Exact Name of Registrant as Specified in its Charter)
Delaware
(State or other jurisdiction of incorporation)
333-74847 52-7109880
(Commission File Number) (IRS Employer Identification No.)
c/o Chase Manhattan Bank USA, National Association
1201 North Market Street
Wilmington, Delaware 19801
(Address of principal executive offices and zip code)
Registrants' telephone number, including area code: (302) 428-3372
N/A
(Former name or former address, if changed since last report)
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
- ---------- -----------
99.1 Pool Data Report
SIGNATURE
---------
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.
CIT EQUIPMENT COLLATERAL 2000-2
By: Capita Corporation, as Servicer
By: /s/ Barbara Callahan
----------------------------------
Name: Barbara Callahan
Title: Vice President
Dated: April 4, 2003
Exhibit 99.1 - Pool Data Report
CIT EQUIPMENT TRUST 2000-2
GENERAL COMPOSITION
AT JANUARY 31, 2003
WEIGHTED WEIGHTED AVERAGE
CURRENT AVERAGE AVERAGE REQUIRED
NUMBER REQUIRED ORIGINAL REMAINING PAYOFF
OF PAYOFF TERM TERM AMOUNT
CONTRACTS AMOUNT (RANGE) (RANGE) (RANGE)
--------- -------- -------- ---------- ----------
42,919 $ 221,735,625 61.8 months 28.6 months $5,166
(23 to 121 months) (0 to 93 months) ($0 to $2,173,511)
TYPE OF CONTRACT
AT JANUARY 31, 2003
% OF
TOTAL % OF
NUMBER NUMBER REQUIRED REQUIRED
OF OF PAYOFF PAYOFF
TYPE OF CONTRACT CONTRACTS CONTRACTS AMOUNT AMOUNT
- ----------------- --------- --------- -------- --------
True Leases 32,678 76.14% $127,112,645 57.33%
Finance Leases 9,980 23.25 64,142,349 28.93
Loans and other financing arrangements 261 0.61 30,480,631 13.75
----------------------------------------------------------------------------------
Total 42,919 100.00% $221,735,625 100.00%
==================================================================================
CIT EQUIPMENT TRUST 2000-2
GEOGRAPHICAL DISTRIBUTION
(BASED ON OBLIGOR BILLING ADDRESS)
AT JANUARY 31, 2003
% OF
TOTAL % OF
NUMBER NUMBER REQUIRED REQUIRED
OF OF PAYOFF PAYOFF
STATE CONTRACTS CONTRACTS AMOUNT AMOUNT
- ------ --------- ---------- -------- ----------
Alabama 455 1.06% $ 1,533,857 0.69%
Alaska 83 0.19 234,653 0.11
Arizona 551 1.28 3,890,677 1.75
Arkansas 223 0.52 1,110,924 0.50
California 5,505 12.83 30,159,847 13.60
Colorado 817 1.90 3,686,223 1.66
Connecticut 813 1.89 3,224,771 1.45
Delaware 378 0.88 603,897 0.27
District of Columbia 298 0.69 1,752,964 0.79
Florida 2,663 6.20 13,942,777 6.29
Georgia 1,280 2.98 7,312,908 3.30
Hawaii 31 0.07 76,177 0.03
Idaho 156 0.36 813,364 0.37
Illinois 532 1.24 4,240,649 1.91
Indiana 577 1.34 3,468,249 1.56
Iowa 178 0.41 553,969 0.25
Kansas 230 0.54 3,369,038 1.52
Kentucky 358 0.83 1,610,113 0.73
Louisiana 365 0.85 1,157,792 0.52
Maine 34 0.08 92,012 0.04
Maryland 927 2.16 4,004,752 1.81
Massachusetts 1,733 4.04 9,374,750 4.23
Michigan 1,812 4.22 10,189,592 4.60
Minnesota 723 1.68 3,061,891 1.38
Mississippi 211 0.49 900,002 0.41
Missouri 662 1.54 3,839,984 1.73
Montana 119 0.28 597,627 0.27
Nebraska 147 0.34 668,019 0.30
Nevada 238 0.55 944,573 0.43
New Hampshire 298 0.69 1,208,576 0.55
New Jersery 2,668 6.22 16,584,952 7.48
New Mexico 223 0.52 666,626 0.30
New York 4,319 10.06 21,006,820 9.47
North Carolina 1,081 2.52 5,181,089 2.34
North Dakota 40 0.09 156,541 0.07
Ohio 1,289 3.00 4,771,284 2.15
Oklahoma 384 0.89 1,478,079 0.67
Oregon 476 1.11 4,665,721 2.10
Pennsylvania 2,242 5.22 9,803,925 4.42
Rhode Island 160 0.37 660,223 0.30
South Carolina 432 1.01 2,750,027 1.24
South Dakota 44 0.10 214,702 0.10
Tennessee 731 1.70 2,245,169 1.01
Texas 3,372 7.86 16,958,225 7.65
Utah 309 0.72 1,844,557 0.83
Vermont 119 0.28 252,745 0.11
Virginia 1,095 2.55 6,957,911 3.14
Washington 800 1.86 4,777,926 2.15
West Virginia 143 0.33 509,821 0.23
Wisconsin 524 1.22 2,497,168 1.13
Wyoming 71 0.17 127,491 0.06
--------------------------------------------------------------------------------------------
Total 42,919 100.00% $ 221,735,625 100.00%
============================================================================================
CIT EQUIPMENT TRUST 2000-2
PAYMENT STATUS
AT JANUARY 31, 2003
% OF
TOTAL % OF
NUMBER NUMBER REQUIRED REQUIRED
OF OF PAYOFF PAYOFF
DAYS DELINQUENT CONTRACTS CONTRACTS AMOUNT AMOUNT
--------------- --------- --------- -------- ---------
Current, including 1 to 30 day
delinquent contracts 39,722 92.55% $208,519,840 94.04%
31-60 days delinquent 1,771 4.13 8,091,994 3.65
61-90 days delinquent 659 1.54 2,290,390 1.03
91-120 days delinquent 352 0.82 1,175,741 0.53
Over 120 days delinquent 415 0.97 1,657,661 0.75
-----------------------------------------------------------------------
Total 42,919 100.00% $221,735,625 100.00%
=======================================================================
TYPES OF EQUIPMENT
AT JANUARY 31, 2003
% OF
TOTAL % OF
NUMBER NUMBER REQUIRED REQUIRED
OF OF PAYOFF PAYOFF
TYPE OF EQUIPMENT CONTRACTS CONTRACTS AMOUNT AMOUNT
- ----------------- --------- --------- --------- ---------
Telecommunications 9,939 23.16% $ 97,025,043 43.76%
Computers & Point-of-Sale 27,218 63.42 47,393,331 21.37
Medical / Healthcare 139 0.32 30,064,856 13.56
Automotive Diagnostic Equipment 2,379 5.54 14,773,820 6.66
General Office Equipment / Copiers 2,015 4.69 12,092,697 5.45
Construction 199 0.46 5,798,525 2.62
Other(1) 463 1.08 4,548,500 2.05
Manufacturing 256 0.60 4,319,247 1.95
Printing 73 0.17 2,060,471 0.93
Transportation 50 0.12 1,365,963 0.62
Computer Software 69 0.16 1,318,713 0.59
Commercial / Retail Fixtures 119 0.28 974,461 0.44
-----------------------------------------------------------------------
Total 42,919 100.00% $ 221,735,625 100.00%
=======================================================================
(1) Includes $408,921 as the largest and $9,824 as the average Required Payoff Amount
CIT EQUIPMENT TRUST 2000-2
REQUIRED PAYOFF AMOUNT
AT JANUARY 31, 2003
% OF
TOTAL % OF
NUMBER NUMBER REQUIRED REQUIRED
OF OF PAYOFF PAYOFF
REQUIRED PAYOFF AMOUNT CONTRACTS CONTRACTS AMOUNT AMOUNT
- ---------------------- --------- --------- -------- ---------
0 - 5,000.00 35,515 82.75% $ 42,326,838 19.09%
5,000.01 - 10,000.00 3,715 8.66 25,786,990 11.63
10,000.01 - 15,000.00 1,290 3.01 15,686,607 7.07
15,000.01 - 25,000.00 1,082 2.52 20,746,733 9.36
25,000.01 - 50,000.00 735 1.71 25,112,038 11.33
50,000.01 - 100,000.00 314 0.73 21,785,033 9.82
100,000.01 - 150,000.00 100 0.23 12,451,992 5.62
150,000.01 - 250,000.00 83 0.19 16,513,267 7.45
250,000.01 - 500,000.00 57 0.13 19,674,210 8.87
500,000.01 - 1,000,000.00 25 0.06 17,376,816 7.84
1,000,000.01 - 1,500,000.00 2 0.00 2,101,592 0.95
1,500,000.01- 2,500,000.00(1) 1 0.00 2,173,511 0.98
2,500,000.01- 5,000,000.00 - 0.00 - 0.00
------------------------------------------------------------------------
Total 42,919 100.00% $221,735,625 100.00%
========================================================================
(1) Includes $2,173,511 as the largest Required Payoff Amount.
REMAINING TERM
AT JANUARY 31, 2003
% OF
TOTAL % OF
NUMBER NUMBER REQUIRED REQUIRED
OF OF PAYOFF PAYOFF
REMAINING TERMS OF CONTRACT CONTRACTS CONTRACTS AMOUNT AMOUNT
- --------------------------- --------- --------- -------- ---------
(MONTHS)
0- 12 29,766 69.35% $ 49,580,564 22.36%
13- 24 7,619 17.75 67,770,232 30.56
25- 36 5,360 12.49 70,126,896 31.63
37- 48 61 0.14 4,141,467 1.87
49- 60 43 0.10 5,377,487 2.43
61- 72 1 0.00 151,228 0.07
73- 84 13 0.03 3,647,137 1.64
85- 96 56 0.13 20,940,614 9.44
97-120 - 0.00 - 0.00
------------------------------------------------------------------------
Total 42,919 100.00% $ 221,735,625 100.00%
========================================================================
CIT EQUIPMENT TRUST 2000-2
TYPES OF OBLIGOR
AT JANUARY 31, 2003
% OF
TOTAL % OF
NUMBER NUMBER REQUIRED REQUIRED
OF OF PAYOFF PAYOFF
TYPE OF OBLIGOR CONTRACTS CONTRACTS AMOUNT AMOUNT
- --------------- --------- --------- ---------- ---------
Service Organizations(1) 17,462 40.69% $ 82,798,174 37.34%
Medical/Healthcare 1,952 4.55 40,876,627 18.43
Manufacturing 4,766 11.10 29,424,585 13.27
Retail & Wholesale 5,836 13.60 27,279,742 12.30
Financial Services 2,941 6.85 12,680,898 5.72
Transportation 1,469 3.42 10,164,161 4.58
Other(2) 5,817 13.55 10,965,425 4.95
Construction 1,627 3.79 3,459,603 1.56
Printing & Copy Centers 471 1.10 1,959,109 0.88
Resources 409 0.95 1,115,134 0.50
Government 140 0.33 856,508 0.39
Machine Tools 29 0.07 155,659 0.07
--------------------------------------------------------------------------------
Total 42,919 100.00% $ 221,735,625 100.00%
================================================================================
(1) Primarily Business Services (51%); Other Service Organizations (13%);
Engineering, Accounting and Research (12%); and Communications (3%).
(2) Includes $408,921 as the largest required payoff amount belonging to a
single obligor.
As shown in the table above, the servicer's records list 4.95% of the total
required payoff amount in the category of "Other" obligor. The servicer notes
that the collateral securing approximately 3.14% of the required payoff amount
represents small ticket computer equipment typically leased to small businesses.
The remaining "Other" obligor category represents approximately 1.80% of the
required payoff amount. The servicer has not analyzed this category to determine
whether or not the contracts included in it could be grouped into some other
more specific type of obligor category.
OBLIGOR CONCENTRATION
% OF
NUMBER REQUIRED REQUIRED
OBLIGORS (INCLUDING CONTRACTS SECURIN OF PAYOFF PAYOFF
VENDOR LOANS) CONTRACTS AMOUNT AMOUNT
- ------------------------------------- --------- --------- ----------
Top 5 417 $ 10,587,217 4.77%
The industries in which the top 5 obligors conduct business are Service
Organizations, Manufacturing, Retail and Wholesale Trade, and Financial
Services.
CIT EQUIPMENT TRUST 2000-2
SCHEDULED PAYMENT
AT JANUARY 31, 2003
COLLECTION SCHEDULED COLLECTION SCHEDULED
PERIOD CASHFLOWS PERIOD CASHFLOWS
----------- ------------- ----------- ----------
Positive Rent Due 5,019,246.28
February-2003 13,335,379.91 January-2007 487,455.48
March-2003 15,978,708.46 February-2007 487,455.48
April-2003 15,952,682.54 March-2007 480,693.32
May-2003 14,449,098.70 April-2007 496,329.16
June-2003 13,039,290.69 May-2007 462,147.30
July-2003 11,455,919.72 June-2007 448,603.50
August-2003 9,149,736.23 July-2007 450,539.45
September-2003 7,933,592.08 August-2007 387,423.79
October-2003 7,396,848.09 September-2007 420,212.47
November-2003 7,183,442.21 October-2007 369,082.01
December-2003 7,222,743.87 November-2007 369,082.01
January-2004 7,162,182.15 December-2007 369,082.01
February-2004 6,978,275.23 January-2008 369,082.01
March-2004 6,933,597.12 February-2008 369,082.01
April-2004 6,993,129.40 March-2008 369,082.01
May-2004 6,757,449.66 April-2008 369,083.01
June-2004 6,614,824.67 May-2008 366,127.41
July-2004 6,595,003.99 June-2008 366,127.41
August-2004 6,123,551.31 July-2008 366,127.41
September-2004 5,239,745.25 August-2008 366,127.41
October-2004 4,476,783.55 September-2008 366,127.41
November-2004 3,954,610.58 October-2008 366,127.41
December-2004 3,553,212.79 November-2008 366,127.41
January-2005 3,397,592.09 December-2008 366,127.41
February-2005 3,221,003.95 January-2009 366,127.41
March-2005 3,037,131.10 February-2009 366,127.41
April-2005 2,727,490.11 March-2009 366,127.41
May-2005 2,259,820.77 April-2009 366,127.41
June-2005 1,779,210.24 May-2009 366,127.41
July-2005 1,320,840.02 June-2009 366,127.41
August-2005 865,213.30 July-2009 366,127.41
September-2005 704,635.94 August-2009 366,127.41
October-2005 661,491.54 September-2009 366,127.41
November-2005 637,847.79 October-2009 344,757.55
December-2005 628,454.92 November-2009 312,681.24
January-2006 627,824.35 December-2009 308,393.36
February-2006 596,748.75 January-2010 308,393.36
March-2006 594,233.50 February-2010 308,393.36
April-2006 592,193.93 March-2010 368,054.79
May-2006 576,317.90 April-2010 274,117.35
June-2006 580,384.27 May-2010 197,665.89
July-2006 565,654.62 June-2010 216,319.99
August-2006 557,064.46 July-2010 71,564.97
September-2006 542,241.72 August-2010 14,216.71
October-2006 534,764.17 September-2010 14,216.71
November-2006 509,046.99 October-2010 14,216.71
December-2006 487,455.48 November-2010 -