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 2000-1
(Exact Name of Registrant as Specified in its Charter)
Delaware
(State or other jurisdiction of incorporation)
333-74847 22-2684998
(Commission File Number) (IRS Employer Identification No.)
c/o Allfirst Financial Center National Association
499 Mitchell Road - MC 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 2000-1
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 2000-1
GENERAL COMPOSITION
AT JANUARY 31, 2003
AVERAGE
WEIGHTED AVERAGE WEIGHTED AVERAGE REQUIRED
NUMBER CURRENT REQUIRED ORIGINAL REMAINING PAYOFF
OF PAYOFF TERM TERM AMOUNT
CONTRACTS AMOUNT (RANGE) (RANGE) (RANGE)
--------- ------ ------- ------- -------
22,092 $99,346,635 71.8 months 32.1 months $4,497
(30 to 196 months) (0 to 89 months) ($0 to $2,552,189)
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 16,266 73.63% $ 52,889,195 53.24%
Finance Leases 5,701 25.81 30,025,376 30.22
Loans/Conditional Sales 125 0.57 16,432,064 16.54
---------------------------------------------------------------------------------------------
Total 22,092 100.00% $ 99,346,635 100.00%
=============================================================================================
CIT EQUIPMENT TRUST 2000-1
GEOGRAPHICAL DIVERSITY
AT JANUARY 31, 2003
% OF
TOTAL % OF
NUMBER NUMBER REQUIRED REQUIRED
OF OF PAYOFF PAYOFF
STATE CONTRACTS CONTRACTS AMOUNT AMOUNT
- ----- --------- --------- ------ ------
Alabama 235 1.06% $ 745,670 0.75%
Alaska 47 0.21 91,474 0.09
Arizona 274 1.24 1,301,352 1.31
Arkansas 93 0.42 614,177 0.62
California 2,724 12.33 12,647,766 12.73
Colorado 400 1.81 974,470 0.98
Connecticut 320 1.45 1,336,910 1.35
Delaware 77 0.35 194,388 0.20
District of Columbia 167 0.76 748,805 0.75
Florida 1,357 6.14 5,964,824 6.00
Georgia 671 3.04 2,263,496 2.28
Hawaii 79 0.36 103,757 0.10
Idaho 72 0.33 270,419 0.27
Illinois 1,009 4.57 6,037,354 6.08
Indiana 297 1.34 1,207,694 1.22
Iowa 240 1.09 928,926 0.94
Kansas 115 0.52 256,547 0.26
Kentucky 139 0.63 780,250 0.79
Louisiana 166 0.75 306,792 0.31
Maine 56 0.25 26,716 0.03
Maryland 406 1.84 1,480,454 1.49
Massachusetts 894 4.05 3,491,350 3.51
Michigan 820 3.71 3,906,701 3.93
Minnesota 320 1.45 2,049,854 2.06
Mississippi 100 0.45 379,110 0.38
Missouri 230 1.04 835,068 0.84
Montana 59 0.27 96,978 0.10
Nebraska 88 0.40 411,020 0.41
Nevada 113 0.51 1,297,379 1.31
New Hampshire 141 0.64 1,740,302 1.75
New Jersey 1,610 7.29 9,010,155 9.07
New Mexico 100 0.45 454,541 0.46
New York 2,251 10.19 9,681,383 9.75
North Carolina 550 2.49 2,279,288 2.29
North Dakota 23 0.10 64,721 0.07
Ohio 668 3.02 2,724,723 2.74
Oklahoma 145 0.66 475,647 0.48
Oregon 215 0.97 764,800 0.77
Pennsylvania 1,145 5.18 5,218,021 5.25
Puerto Rico 1 0.00 172 0.00
Rhode Island 94 0.43 292,821 0.29
South Carolina 201 0.91 1,432,249 1.44
South Dakota 25 0.11 51,812 0.05
Tennessee 370 1.67 1,212,548 1.22
Texas 1,497 6.78 7,346,179 7.39
Utah 176 0.80 1,396,910 1.41
Vermont 54 0.24 143,577 0.14
Virginia 488 2.21 1,564,179 1.57
Washington 416 1.88 1,663,094 1.67
West Virginia 71 0.32 129,783 0.13
Wisconsin 251 1.14 865,624 0.87
Wyoming 32 0.14 84,402 0.08
-----------------------------------------------------------------------------------------
Total 22,092 100.00% $ 99,346,635 100.00%
=========================================================================================
CIT EQUIPMENT TRUST 2000-1
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 19,625 88.83% $91,589,184 92.19%
31-60 days delinquent 1,295 5.86 3,742,637 3.77
61-90 days delinquent 530 2.40 2,374,857 2.39
91-120 days delinquent 283 1.28 904,916 0.91
Over 120 days delinquent 359 1.63 735,041 0.74
------------------------------------------------------------------------------
Total 22,092 100.00% $99,346,635 100.00%
==============================================================================
EQUIPMENT TYPE
AT JANUARY 31, 2003
% OF
TOTAL % OF
NUMBER NUMBER REQUIRED REQUIRED
OF OF PAYOFF PAYOFF
TYPE OF EQUIPMENT CONTRACTS CONTRACTS AMOUNT AMOUNT
- ----------------- --------- --------- ------ ------
Telecommunications 7,646 34.61% $50,522,630 50.85%
Medical / Healthcare 124 0.56 20,660,273 20.80
Computers & Point-of-Sale 12,483 56.50 8,486,778 8.54
General Office Equipment / Copiers 693 3.14 4,850,252 4.88
Construction 240 1.09 4,668,248 4.70
Computer Software 58 0.26 2,523,541 2.54
Manufacturing 104 0.47 2,498,402 2.51
Other(1) 541 2.45 2,185,083 2.20
Printing 89 0.40 1,310,274 1.32
Transportation 76 0.34 1,069,596 1.08
Commercial / Retail Fixtures 16 0.07 345,215 0.35
Automotive Diagnostic Equipment 17 0.08 177,580 0.18
Resources 4 0.02 28,999 0.03
Industrial 1 0.00 19,763 0.02
------------------------------------------------------------------------------
Total 22,092 100.00% $99,346,635 100.00%
==============================================================================
(1) Includes $99,090 as the largest and $4,039 as the average Required Payoff
Amount.
CIT EQUIPMENT TRUST 2000-1
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 19,044 86.20 % $ 17,023,581 17.14 %
5,000.01 - 10,000.00 1,430 6.47 9,867,883 9.93
10,000.01 - 15,000.00 502 2.27 6,124,760 6.17
15,000.01 - 25,000.00 473 2.14 9,069,267 9.13
25,000.01 - 50,000.00 378 1.71 13,366,299 13.45
50,000.01 - 100,000.00 135 0.61 9,252,041 9.31
100,000.01 - 150,000.00 54 0.24 6,761,947 6.81
150,000.01 - 250,000.00 36 0.16 6,936,753 6.98
250,000.01 - 500,000.00 27 0.12 9,211,035 9.27
500,000.01 - 1,000,000.00 10 0.05 6,781,026 6.83
1,000,000.01- 2,000,000.00 2 0.01 2,399,855 2.42
2,000,000.01- 3,000,000.00 (1) 1 0.00 2,552,189 2.57
3,000,000.01- 4,000,000.00 - - - -
--------------------------------- ------------------------------
Total 22,092 100.00 % $ 99,346,635 100.00 %
================================= ==============================
(1) Includes $2,552,189 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 14,440 65.36% $ 12,307,295 12.39%
13- 24 4,823 21.83 39,092,783 39.35
25- 36 2,726 12.34 26,135,825 26.31
37- 48 40 0.18 3,307,606 3.33
49- 60 20 0.09 3,049,947 3.07
61- 72 2 0.01 461,652 0.46
73- 84 18 0.08 5,782,365 5.82
85- 96 23 0.10 9,209,163 9.27
97-108 - - - -
--------------------------------- ---------------------------------
Total 22,092 100.00% $ 99,346,635 100.00%
================================= =================================
CIT EQUIPMENT TRUST 2000-1
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) 7,276 32.93% $ 25,847,369 26.02%
Professional(2) 1,530 6.93 21,959,760 22.10
Manufacturing 2,075 9.39 15,234,375 15.33
Retail & Wholesale 3,325 15.05 13,484,560 13.57
Financial Services 1,466 6.64 7,110,058 7.16
Transportation 800 3.62 4,990,764 5.02
Medical 322 1.46 4,367,218 4.40
Other(3) 3,989 18.06 3,241,349 3.26
Construction 836 3.78 1,711,591 1.72
Machine Tools 12 0.05 473,026 0.48
Resources 278 1.26 418,183 0.42
Government 51 0.23 298,834 0.30
Print Center 132 0.60 209,546 0.21
---------------------------------------------------------------------------
Total 22,092 100.00% $ 99,346,635 100.00%
===========================================================================
(1) Primarily Other Service Organizations (23%); Business Services (21%);
Membership Organizations (18%); and Engineering, Accounting and Research
(15%)
(2) Primarily Healthcare Professionals (82%) and Legal Professionals (7%)
(3) Includes $151,819 as the largest Required Payoff Amount belonging to single
obligor
As shown in the table above, the servicer's records list 3.26% of the total
required payoff amount in the category of "Other" obligor. The servicer notes
that the collateral securing approximately 1.79% of the required payoff amount
represents small ticket computer equipment typically leased to small businesses.
The remaining "Other" obligor category represents approximately 1.47% 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 CONTACTS SECURING OF PAYOFF PAYOFF
VENDOR LOANS) CONTRACTS AMOUNT AMOUNT
- ----------------- --------- ------ ------
Top 5 331 $ 8,014,464 8.07%
The industries in which the top 5 obligors conduct business are Manufacturing,
Retail and Wholesale, and Medical.
CIT EQUIPMENT TRUST 2000-1
SCHEDULED PAYMENT
AT JANUARY 31, 2003
COLLECTION SCHEDULED COLLECTION SCHEDULED
PERIOD CASHFLOWS PERIOD CASHFLOWS
------ --------- ------ ---------
Positive Rent Due 2,798,655.46
February-2003 5,610,948.66 November-2006 411,652.86
March-2003 5,466,207.15 December-2006 339,846.54
April-2003 4,570,732.62 January-2007 395,813.65
May-2003 4,534,106.31 February-2007 364,131.45
June-2003 4,685,946.55 March-2007 313,498.65
July-2003 4,539,415.78 April-2007 240,248.45
August-2003 4,304,093.53 May-2007 240,248.45
September-2003 4,132,126.44 June-2007 240,248.45
October-2003 4,094,625.96 July-2007 244,487.42
November-2003 4,028,449.26 August-2007 244,173.09
December-2003 3,860,084.27 September-2007 244,173.09
January-2004 3,707,258.18 October-2007 244,173.09
February-2004 3,551,994.33 November-2007 244,173.09
March-2004 3,331,217.82 December-2007 244,173.09
April-2004 3,268,854.10 January-2008 244,173.09
May-2004 3,221,770.41 February-2008 244,173.09
June-2004 3,353,917.82 March-2008 234,905.11
July-2004 3,066,048.35 April-2008 234,905.11
August-2004 2,973,694.73 May-2008 234,905.11
September-2004 2,933,268.82 June-2008 234,905.11
October-2004 2,835,047.64 July-2008 234,905.11
November-2004 2,532,292.04 August-2008 234,905.11
December-2004 2,128,389.63 September-2008 234,905.11
January-2005 1,619,800.82 October-2008 234,905.11
February-2005 1,131,629.46 November-2008 234,905.11
March-2005 659,492.73 December-2008 234,905.11
April-2005 495,588.49 January-2009 234,905.11
May-2005 478,409.49 February-2009 234,905.11
June-2005 455,814.67 March-2009 234,905.11
July-2005 438,517.49 April-2009 234,905.11
August-2005 432,120.41 May-2009 234,905.11
September-2005 427,172.14 June-2009 234,905.11
October-2005 424,117.29 July-2009 234,905.11
November-2005 419,424.14 August-2009 234,905.11
December-2005 403,797.18 September-2009 234,905.11
January-2006 401,552.46 October-2009 233,124.11
February-2006 393,489.62 November-2009 233,124.11
March-2006 409,001.60 December-2009 233,124.11
April-2006 375,704.86 January-2010 419,816.04
May-2006 371,213.35 February-2010 141,597.94
June-2006 371,213.35 March-2010 80,264.49
July-2006 371,213.35 April-2010 16,446.36
August-2006 366,097.61 May-2010 16,446.36
September-2006 364,491.16 June-2010 16,946.93
October-2006 364,491.16 July-2010 -