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 2001-1
(Exact Name of Registrant as Specified in its Charter)
Delaware
(State or other jurisdiction of incorporation)
333-53688 51-0407692
(Commission File Number) (IRS Employer Identification No.)
c/o Allfirst Financial Center National Association
499 Mitchell Road
Mail Code 101-591
Millsboro, Delaware 19966
(Address of principal executive offices and zip code)
Registrants' telephone number, including area code: (410) 244-4626
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 2001-1
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 2001-1
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)
--------- -------- -------- --------- --------
34,473 $259,043,560 52.6 months 24.9 months $7,514
(20 to 96 months) (0 to 72 months) ($0 to $2,927,364)
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 26,759 77.62% $202,788,521 78.28%
Finance Leases 7,503 21.76 55,090,383 21.27
Loans and other financing arrangements 211 0.61 1,164,656 0.45
------------------------------------------------------------------------------
Total 34,473 100.00% $259,043,560 100.00%
==============================================================================
CIT EQUIPMENT TRUST 2001-1
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 365 1.06% $ 1,445,711 0.56%
Alaska 67 0.19 381,014 0.15
Arizona 528 1.53 5,007,951 1.93
Arkansas 195 0.57 822,311 0.32
California 4,239 12.30 24,932,368 9.62
Colorado 686 1.99 3,792,635 1.46
Connecticut 581 1.69 7,248,031 2.80
Delaware 376 1.09 2,170,670 0.84
District of Columbia 196 0.57 2,637,371 1.02
Florida 2,008 5.82 12,161,002 4.69
Georgia 1,328 3.85 14,478,583 5.59
Hawaii 20 0.06 87,346 0.03
Idaho 129 0.37 611,399 0.24
Illinois 787 2.28 13,976,737 5.40
Indiana 444 1.29 2,486,101 0.96
Iowa 268 0.78 2,871,656 1.11
Kansas 221 0.64 3,433,397 1.33
Kentucky 280 0.81 1,202,657 0.46
Louisiana 324 0.94 748,329 0.29
Maine 44 0.13 210,623 0.08
Maryland 784 2.27 4,583,915 1.77
Massachusetts 1,493 4.33 8,555,376 3.30
Michigan 1,110 3.22 9,373,676 3.62
Minnesota 622 1.80 4,885,438 1.89
Mississippi 175 0.51 1,282,164 0.49
Missouri 438 1.27 3,899,191 1.51
Montana 115 0.33 283,726 0.11
Nebraska 111 0.32 1,672,839 0.65
Nevada 186 0.54 881,820 0.34
New Hampshire 252 0.73 1,225,870 0.47
New Jersery 1,870 5.42 14,755,689 5.70
New Mexico 175 0.51 671,496 0.26
New York 3,643 10.57 33,591,683 12.97
North Carolina 927 2.69 6,388,516 2.47
North Dakota 31 0.09 454,252 0.18
Ohio 928 2.69 6,370,293 2.46
Oklahoma 288 0.84 1,382,193 0.53
Oregon 397 1.15 1,743,919 0.67
Pennsylvania 1,663 4.82 10,507,151 4.06
Rhode Island 123 0.36 708,497 0.27
South Carolina 334 0.97 2,064,304 0.80
South Dakota 43 0.12 512,635 0.20
Tennessee 680 1.97 3,800,328 1.47
Texas 2,606 7.56 18,791,820 7.25
Utah 150 0.44 1,457,779 0.56
Vermont 109 0.32 376,106 0.15
Virginia 884 2.56 9,211,315 3.56
Washington 689 2.00 4,008,576 1.55
West Virginia 104 0.30 686,588 0.27
Wisconsin 402 1.17 4,000,170 1.54
Wyoming 55 0.16 210,342 0.08
--------------------------------------------------------------------------------------------
Total 34,473 100.00% $ 259,043,560 100.00%
============================================================================================
CIT EQUIPMENT TRUST 2001-1
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 31,960 92.71% $246,539,666 95.17%
31-60 days delinquent 1,358 3.94 7,298,496 2.82
61-90 days delinquent 532 1.54 2,650,199 1.02
91-120 days delinquent 287 0.83 1,017,090 0.39
Over 120 days delinquent 336 0.97 1,538,109 0.59
-----------------------------------------------------------------------------------
Total 34,473 100.00% $259,043,560 100.00%
===================================================================================
EQUIPMENT TYPE
AT JANUARY 31, 2003
% OF
TOTAL % OF
NUMBER NUMBER REQUIRED REQUIRED
OF OF PAYOFF PAYOFF
TYPE OF EQUIPMENT CONTRACT CONTRACTS AMOUNT AMOUNT
- ----------------- -------- --------- --------- ---------
Telecommunications 7,336 21.28% $134,605,190 51.96%
Computer & Point-of-Sale 21,802 63.24 75,395,066 29.11
General Office Equipment 2,723 7.90 26,049,637 10.06
Automotive Diagnostic Equipment 2,198 6.38 17,089,190 6.60
Computer Software 90 0.26 2,967,336 1.15
Other(1) 324 0.94 2,937,139 1.13
-----------------------------------------------------------------------------------
Total 34,473 100.00% $259,043,560 100.00%
===================================================================================
(1) Includes $198,731 as the largest and $9,065 as the average Required Payoff
Amount
CIT EQUIPMENT TRUST 2001-1
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 25,776 74.77% $ 42,179,020 16.28%
5,000.01 - 10,000.00 3,953 11.47 27,740,019 10.71
10,000.01 - 15,000.00 1,433 4.16 17,459,755 6.74
15,000.01 - 25,000.00 1,396 4.05 27,214,046 10.51
25,000.01 - 50,000.00 1,158 3.36 39,677,762 15.32
50,000.01 - 100,000.00 459 1.33 31,997,142 12.35
100,000.01 - 150,000.00 143 0.41 17,050,100 6.58
150,000.01 - 250,000.00 83 0.24 15,760,507 6.08
250,000.01 - 500,000.00 48 0.14 16,610,495 6.41
500,000.01 - 1,000,000.00 17 0.05 11,565,975 4.46
1,000,000.01 - 1,500,000.00 5 0.01 6,466,491 2.50
1,500,000.01 - 2,500,000.00 1 0.00 2,394,884 0.92
2,500,000.01 - 5,000,000.00(1) 1 0.00 2,927,364 1.13
------------------------------------------------------------------------
Total 34,473 100.00% $ 259,043,560 100.00%
========================================================================
(1) Includes $2,927,364 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)
0- 12 19,366 56.18% $ 67,898,159 26.21%
13- 24 7,273 21.10 43,763,576 16.89
25- 36 7,409 21.49 134,291,442 51.84
37- 48 401 1.16 7,512,370 2.90
49- 60 21 0.06 4,957,016 1.91
61- 72 3 0.01 620,998 0.24
73- 84 - - - -
------------------------------------------------------------------------
Total 34,473 100.00% $ 259,043,560 100.00%
========================================================================
CIT EQUIPMENT TRUST 2001-1
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) 12,776 37.06% $100,584,459 38.83%
Manufacturing 3,218 9.33 39,376,198 15.20
Retail & Wholesale Trade 4,155 12.05 33,094,061 12.78
Financial Services Institutions 2,362 6.85 31,491,969 12.16
Other(2) 7,695 22.32 22,041,531 8.51
Transportation 1,013 2.94 11,600,419 4.48
Medical/Healthcare Organizations 1,216 3.53 7,984,541 3.08
Printing & Copy Centers 512 1.49 6,451,484 2.49
Construction 1,046 3.03 3,916,881 1.51
Government 167 0.48 1,191,035 0.46
Resources, Farming & Fishing 288 0.84 1,020,737 0.39
Machine Tools 25 0.07 290,245 0.11
-----------------------------------------------------------------------------------
Total 34,473 100.00% $259,043,560 100.00%
===================================================================================
(1) Primarily Business Services (44%); Other Service Organizations (17%);
Engineering, Accounting & Research (12%); Legal Services (6%); and
Communications (2%).
(2) Includes $198,731 as the largest Required Payoff Amount belonging to a
single obligor
As shown in the table above, the servicer's records list 8.51% of the total
required payoff amount in the category of "Other" obligor. The servicer notes
that the collateral securing approximately 7.37% of the required payoff amount
represents small ticket computer equipment typically leased to small businesses.
The remaining "Other" obligor category represents approximately 1.14% 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 SECURING OF PAYOFF PAYOFF
VENDOR LOANS) CONTRACTS AMOUNT AMOUNT
- --------------------------------------- --------- -------- ---------
Top 5 381 $19,452,056 7.51%
The industries in which the top 5 obligors conduct business are, Retail and
Wholesale Trade, Service Organizations and Financial Services.
CIT EQUIPMENT TRUST 2001-1
SCHEDULED PAYMENT
AT JANUARY 31, 2003
COLLECTION SCHEDULED COLLECTION SCHEDULED
PERIOD CASHFLOWS PERIOD CASHFLOWS
---------- --------- ---------- ---------
Positive Rent Due 4,113,919.53
February-2003 12,490,864.83 September-2005 2,580,765.77
March-2003 14,643,176.02 October-2005 1,899,929.14
April-2003 15,060,003.77 November-2005 1,373,975.37
May-2003 14,611,087.69 December-2005 807,927.57
June-2003 14,062,582.71 January-2006 427,646.47
July-2003 14,088,458.57 February-2006 240,342.58
August-2003 13,567,283.07 March-2006 194,263.83
September-2003 13,095,187.17 April-2006 169,604.45
October-2003 12,948,589.60 May-2006 155,701.90
November-2003 11,953,004.16 June-2006 153,769.24
December-2003 9,900,745.71 July-2006 143,108.27
January-2004 8,721,073.88 August-2006 141,740.92
February-2004 7,417,859.96 September-2006 130,019.54
March-2004 7,156,295.94 October-2006 126,416.33
April-2004 7,138,014.68 November-2006 119,927.35
May-2004 7,096,090.53 December-2006 116,791.05
June-2004 7,028,059.76 January-2007 135,791.34
July-2004 6,760,572.50 February-2007 111,394.89
August-2004 6,470,033.67 March-2007 104,399.92
September-2004 6,327,725.62 April-2007 98,171.10
October-2004 6,219,055.53 May-2007 98,171.10
November-2004 6,260,935.57 June-2007 98,171.10
December-2004 5,783,949.46 July-2007 97,559.32
January-2005 5,447,911.96 August-2007 98,612.67
February-2005 4,740,463.61 September-2007 88,599.00
March-2005 4,467,395.06 October-2007 27,345.47
April-2005 4,208,729.31 November-2007 12,392.64
May-2005 3,933,118.37 December-2007 10,597.35
June-2005 3,732,664.44 January-2008 31,358.24
July-2005 3,489,608.08 February-2008 -
August-2005 3,084,703.64