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 2002-VT1
(Exact Name of Registrant as Specified in its Charter)
Delaware
(State or other jurisdiction of incorporation)
000-49841 77-0298311
(Commission File Number) (IRS Employer Identification No.)
c/o The Bank of New York
Attn: Corporate Trust Department,
CIT Equipment Collateral 2002-VT1
101 Barclay Street, Floor 12 East
New York, New York 10286
(Address of principal executive offices and zip code)
Registrants' telephone number, including area code: (212) 328-7538
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 2002-VT1
By: CIT FINANCIAL USA, INC.,
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 2002-VT1
COMPOSITION OF CONTRACT POOL
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)
--------- ---------- --------- ----------- ----------
70,632 $ 715,078,904 46.6 months 30.6 months $10,124
(13 to 84 months) (3 to 72 months) ($0 to $6,959,759)
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 48,843 69.15% $527,721,050 73.80%
Finance Leases 21,789 30.85 187,357,854 26.20
------------------------------------------------------------------------------------------
Total 70,632 100.00% $715,078,904 100.00%
==========================================================================================
CIT EQUIPMENT TRUST 2002-VT1
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 705 1.00% $ 3,934,986 0.55%
Alaska 138 0.20 711,374 0.10
Arizona 1,781 2.52 16,263,421 2.27
Arkansas 380 0.54 3,949,984 0.55
California 9,176 12.99 74,374,456 10.40
Colorado 1,444 2.04 10,502,718 1.47
Connecticut 1,277 1.81 14,122,576 1.97
Delaware 274 0.39 3,485,691 0.49
District of Columbia 438 0.62 9,968,423 1.39
Florida 4,720 6.68 33,509,588 4.69
Georgia 2,187 3.10 23,895,893 3.34
Hawaii 103 0.15 590,319 0.08
Idaho 192 0.27 980,951 0.14
Illinois 1,528 2.16 34,710,975 4.85
Indiana 990 1.40 9,240,286 1.29
Iowa 412 0.58 3,807,085 0.53
Kansas 399 0.56 8,312,486 1.16
Kentucky 495 0.70 2,992,017 0.42
Louisiana 697 0.99 3,219,632 0.45
Maine 117 0.17 678,081 0.09
Maryland 1,451 2.05 11,303,163 1.58
Massachusetts 2,711 3.84 27,407,826 3.83
Michigan 2,265 3.21 23,507,162 3.29
Minnesota 1,204 1.70 12,531,902 1.75
Mississippi 351 0.50 2,268,914 0.32
Missouri 1,032 1.46 14,510,028 2.03
Montana 196 0.28 741,034 0.10
Nebraska 243 0.34 1,783,632 0.25
Nevada 398 0.56 2,632,058 0.37
New Hampshire 389 0.55 1,885,113 0.26
New Jersery 4,255 6.02 64,792,673 9.06
New Mexico 345 0.49 1,699,547 0.24
New York 6,140 8.69 64,470,178 9.02
North Carolina 1,823 2.58 17,954,984 2.51
North Dakota 55 0.08 839,983 0.12
Ohio 1,970 2.79 16,548,585 2.31
Oklahoma 690 0.98 7,123,561 1.00
Oregon 932 1.32 6,802,894 0.95
Pennsylvania 3,199 4.53 32,382,706 4.53
Rhode Island 272 0.39 2,036,346 0.28
South Carolina 787 1.11 6,781,299 0.95
South Dakota 144 0.20 864,154 0.12
Tennessee 1,308 1.85 12,250,857 1.71
Texas 5,684 8.05 63,669,388 8.90
Utah 334 0.47 2,679,743 0.37
Vermont 197 0.28 1,098,307 0.15
Virginia 1,954 2.77 16,995,921 2.38
Washington 1,610 2.28 23,822,358 3.33
West Virginia 227 0.32 1,574,931 0.22
Wisconsin 898 1.27 12,432,651 1.74
Wyoming 115 0.16 436,068 0.06
--------------------------------------------------------------------------------------------
Total 70,632 100.00% $ 715,078,904 100.00%
============================================================================================
CIT EQUIPMENT TRUST 2002-VT1
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 66,907 94.73% $690,648,306 96.58%
31-60 days delinquent 2,060 2.92 14,318,835 2.00
61-90 days delinquent 775 1.10 4,674,234 0.65
91-120 days delinquent 414 0.59 2,446,630 0.34
Over 120 days delinquent 476 0.67 2,990,899 0.42
---------------------------------------------------------------------------------------------
Total 70,632 100.00% $715,078,904 100.00%
=============================================================================================
EQUIPMENT TYPE
AT JANUARY 31, 2003
% OF
TOTAL % OF
NUMBER NUMBER REQUIRED REQUIRED
OF OF PAYOFF PAYOFF
TYPE OF EQUIPMENT CONTRACTS CONTRACTS AMOUNT AMOUNT
- ----------------- --------- --------- ---------- ----------
Computers 51,259 72.57% $345,329,974 48.29%
Telecommunications 11,695 16.56 262,863,340 36.76
General Office Equipment/Copiers 4,019 5.69 53,837,755 7.53
Automotive 2,920 4.13 26,691,851 3.73
Computer Software 247 0.35 20,779,345 2.91
Other(1) 492 0.70 5,576,638 0.78
---------------------------------------------------------------------------------------------
Total 70,632 100.00% $715,078,904 100.00%
=============================================================================================
(1) Includes $143,141 as the largest and $11,335 as the average Required Payoff Amount
CIT EQUIPMENT TRUST 2002-VT1
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 47,402 67.11% $ 98,240,950 13.74%
5,000.01 - 10,000.00 10,545 14.93 74,222,245 10.38
10,000.01 - 15,000.00 4,015 5.68 48,794,754 6.82
15,000.01 - 25,000.00 3,473 4.92 66,864,828 9.35
25,000.01 - 50,000.00 2,984 4.22 103,147,750 14.42
50,000.01 - 100,000.00 1,362 1.93 92,608,815 12.95
100,000.01 - 150,000.00 377 0.53 46,055,214 6.44
150,000.01 - 250,000.00 235 0.33 45,649,186 6.38
250,000.01 - 500,000.00 154 0.22 52,695,513 7.37
500,000.01 - 1,000,000.00 57 0.08 35,734,703 5.00
1,000,000.01 - 1,500,000.00 16 0.02 19,293,593 2.70
1,500,000.01 - 2,500,000.00 8 0.01 16,367,646 2.29
2,500,000.01 - 5,000,000.00 3 0.00 8,443,949 1.18
over 5,000,000.01 (1) 1 0.00 6,959,759 0.97
------------------------------------------------------------------------------------
Total 70,632 100.00% $ 715,078,904 100.00%
====================================================================================
(1) Includes $6,959,759 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 CONTRACTS CONTRACTS CONTRACTS AMOUNT AMOUNT
- ---------------------------- --------- --------- ---------- ----------
(MONTHS)
1- 12 14,178 20.07% $ 73,730,217 10.31%
13- 24 27,700 39.22 241,000,103 33.70
25- 36 15,674 22.19 91,457,279 12.79
37- 48 11,888 16.83 261,205,892 36.53
49- 60 1,178 1.67 35,062,475 4.90
61- 72 14 0.02 12,622,938 1.77
-----------------------------------------------------------------------------------
Total 70,632 100.00% $715,078,904 100.00%
===================================================================================
CIT EQUIPMENT TRUST 2002-VT1
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) 25,399 35.96% $278,597,224 38.96%
Manufacturing 7,607 10.77 133,900,978 18.73
Financial Services Institutions 5,804 8.22 67,551,112 9.45
Retail Trade 4,492 6.36 44,671,801 6.25
Other(2) 14,735 20.86 39,930,207 5.58
Wholesale Trade 3,415 4.83 39,790,002 5.56
Medical/Healthcare Organizations 2,703 3.83 29,834,915 4.17
Communications & Utilities 1,041 1.47 29,791,649 4.17
Transportation 1,077 1.52 14,834,434 2.07
Construction 2,497 3.54 13,478,600 1.88
Printing & Publishing 744 1.05 9,596,842 1.34
Government 448 0.63 6,671,332 0.93
Resources & Agriculture 670 0.95 6,429,809 0.90
-------------------------------------------------------------------------------------------------
Total 70,632 100.00% $715,078,904 100.00%
=================================================================================================
(1) Primarily: Miscellaneous Service Organizations (21%); Engineering,
Accounting and Research (18%); Business Services (17%); Legal Services
(8%); and Educational Services (7%).
(2) Includes $332,080 as the largest Required Payoff Amount belonging to a
single obligor
As shown in the table above, the servicer's records list 5.58% of the total
required payoff amount in the category of "Other" obligor. The servicer notes
that the collateral securing approximately 4.94% of the required payoff amount
represents small ticket computer equipment typically leased to small businesses.
The remaining "Other" obligor category represents approximately 0.64% 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 OF PAYOFF PAYOFF
SECURING VENDOR LOANS) CONTRACTS AMOUNT AMOUNT
- ----------------------------- ----------- ----------- ------------
Top 5 825 $43,954,662 6.15%
The top 5 obligors conduct business in the retail trade, manufacturing, services
industries, and communications & utilities.
CIT EQUIPMENT TRUST 2002-VT1
SCHEDULED PAYMENTS FROM THE CONTRACTS
AT JANUARY 31, 2003
COLLECTION SCHEDULED COLLECTION SCHEDULED
PERIOD CASHFLOWS PERIOD CASHFLOWS
----------- -------------- --------------- --------------
Positive Rent Due 9,466,774.20
February-2003 26,139,942.47 February-2006 7,412,320.72
March-2003 31,471,259.58 March-2006 6,897,211.07
April-2003 37,873,402.06 April-2006 6,335,195.21
May-2003 31,292,638.24 May-2006 5,763,672.40
June-2003 31,576,843.01 June-2006 5,130,829.22
July-2003 35,052,618.25 July-2006 4,676,229.81
August-2003 30,040,949.50 August-2006 3,972,361.29
September-2003 28,617,434.15 September-2006 3,306,374.58
October-2003 30,891,933.74 October-2006 2,537,282.17
November-2003 25,917,615.39 November-2006 2,087,746.85
December-2003 25,529,380.57 December-2006 1,592,735.52
January-2004 26,867,318.65 January-2007 1,111,209.55
February-2004 23,323,134.94 February-2007 621,153.85
March-2004 22,578,864.24 March-2007 423,399.78
April-2004 23,934,054.08 April-2007 380,148.85
May-2004 21,229,990.85 May-2007 327,321.82
June-2004 20,401,009.03 June-2007 253,737.86
July-2004 20,851,887.57 July-2007 250,233.94
August-2004 17,449,943.52 August-2007 246,723.48
September-2004 15,896,587.79 September-2007 245,283.33
October-2004 15,992,509.57 October-2007 243,310.91
November-2004 13,773,873.30 November-2007 241,603.53
December-2004 12,683,560.57 December-2007 231,244.67
January-2005 12,080,342.29 January-2008 229,761.18
February-2005 10,825,427.68 February-2008 93,435.30
March-2005 10,217,247.65 March-2008 37,965.90
April-2005 10,331,380.83 April-2008 37,254.96
May-2005 9,969,967.03 May-2008 37,254.96
June-2005 9,882,526.63 June-2008 37,254.96
July-2005 9,617,653.80 July-2008 37,254.96
August-2005 9,322,880.40 August-2008 37,254.96
September-2005 9,098,454.41 September-2008 37,255.96
October-2005 8,800,245.90 October-2008 14,981.76
November-2005 8,510,453.38 November-2008 6,519.36
December-2005 8,278,937.69 December-2008 6,276.76
January-2006 7,957,959.36 January-2009 -