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): September 12, 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 items 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: September 12, 2003
Exhibit 99.1 - Pool Data Report
CIT EQUIPMENT COLLATERAL 2001-1
COMPOSITION OF CONTRACT POOL
AT JUNE 30, 2003
WEIGHTED WEIGHTED AVERAGE
CURRENT AVERAGE AVERAGE REQUIRED
NUMBER REQUIRED ORIGINAL REMAINING PAYOFF
OF PAYOFF TERM TERM AMOUNT
CONTRACTS AMOUNT (RANGE) (RANGE) (RANGE)
--------- -------- -------- ---------- -------
30,675 $ 182,921,285 55.1 months 22.3 months $5,963
(24 to 96 months) (0 to 67 months) ($0 to $2,638,014)
TYPE OF CONTRACT
AT JUNE 30, 2003
% OF
TOTAL % OF
NUMBER NUMBER REQUIRED REQUIRED
OF OF PAYOFF PAYOFF
TYPE OF CONTRACT CONTRACTS CONTRACTS AMOUNT AMOUNT
- ---------------- ---------- --------- ------ ------
True Leases 23,689 77.23% $ 141,916,639 77.58%
Finance Leases 6,814 22.21 40,098,149 21.92
Loans and other financing arrangements 172 0.56 906,498 0.50
---------------------------------------------------------------------------
Total 30,675 100.00% $ 182,921,285 100.00%
===========================================================================
CIT EQUIPMENT COLLATERAL 2001-1
GEOGRAPHICAL DISTRIBUTION
(BASED ON OBLIGOR BILLING ADDRESS)
AT JUNE 30, 2003
% OF
TOTAL % OF
NUMBER NUMBER REQUIRED REQUIRED
OF OF PAYOFF PAYOFF
STATE CONTRACTS CONTRACTS AMOUNT AMOUNT
- ----- --------- --------- -------- ---------
Alabama 324 1.06% $ 1,042,368 0.57%
Alaska 66 0.22 305,678 0.17
Arizona 439 1.43 2,917,312 1.59
Arkansas 181 0.59 635,932 0.35
California 3,757 12.25 17,560,079 9.60
Colorado 597 1.95 2,754,955 1.51
Connecticut 530 1.73 5,430,224 2.97
Delaware 283 0.92 1,338,291 0.73
District of Columbia 174 0.57 1,440,185 0.79
Florida 1,798 5.86 8,044,067 4.40
Georgia 1,223 3.99 10,695,998 5.85
Hawaii 19 0.06 60,404 0.03
Idaho 116 0.38 436,143 0.24
Illinois 717 2.34 10,317,099 5.64
Indiana 378 1.23 1,757,951 0.96
Iowa 222 0.72 2,341,195 1.28
Kansas 199 0.65 2,115,134 1.16
Kentucky 254 0.83 834,574 0.46
Louisiana 271 0.88 445,120 0.24
Maine 42 0.14 159,432 0.09
Maryland 713 2.32 3,311,037 1.81
Massachusetts 1,277 4.16 5,822,418 3.18
Michigan 999 3.26 7,261,486 3.97
Minnesota 562 1.83 3,656,711 2.00
Mississippi 155 0.51 886,508 0.48
Missouri 383 1.25 2,721,106 1.49
Montana 101 0.33 204,971 0.11
Nebraska 101 0.33 1,306,093 0.71
Nevada 171 0.56 609,781 0.33
New Hampshire 222 0.72 833,339 0.46
New Jersery 1,688 5.50 10,927,131 5.97
New Mexico 152 0.50 439,869 0.24
New York 3,277 10.68 24,583,683 13.44
North Carolina 818 2.67 4,192,312 2.29
North Dakota 29 0.09 281,983 0.15
Ohio 848 2.76 4,620,174 2.53
Oklahoma 255 0.83 912,823 0.50
Oregon 353 1.15 1,276,921 0.70
Pennsylvania 1,506 4.91 7,646,771 4.18
Rhode Island 118 0.38 477,882 0.26
South Carolina 297 0.97 1,430,731 0.78
South Dakota 37 0.12 385,382 0.21
Tennessee 607 1.98 2,404,742 1.31
Texas 2,303 7.51 11,936,226 6.53
Utah 138 0.45 1,100,225 0.60
Vermont 100 0.33 286,812 0.16
Virginia 771 2.51 7,152,656 3.91
Washington 615 2.00 2,271,211 1.24
West Virginia 89 0.29 549,054 0.30
Wisconsin 350 1.14 2,659,288 1.45
Wyoming 50 0.16 139,819 0.08
------------ ---------------- ------------------ --------------
Total 30,675 100.00% $182,921,285 100.00%
============ ================ ================== ==============
CIT EQUIPMENT COLLATERAL 2001-1
PAYMENT STATUS
AT JUNE 30, 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 28,695 93.55% $ 174,351,332 95.31%
31-60 days delinquent 1,042 3.40 5,184,680 2.83
61-90 days delinquent 458 1.49 1,512,250 0.83
91-120 days delinquent 219 0.71 781,835 0.43
Over 120 days delinquent 261 0.85 1,091,189 0.60
----------- ------------- --------------------- ---------------
Total 30,675 100.00% $ 182,921,285 100.00%
=========== ============= ===================== ===============
EQUIPMENT TYPE
AT JUNE 30, 2003
% OF
TOTAL % OF
NUMBER NUMBER REQUIRED REQUIRED
OF OF PAYOFF PAYOFF
TYPE OF EQUIPMENT CONTRACTS CONTRACTS AMOUNT AMOUNT
- ----------------- ----------- --------- ------ ------
Telecommunications 6,928 22.59 % $ 106,008,896 57.95%
Computer & Point-of-Sale 18,938 61.74 40,477,181 22.13
General Office Equipment 2,369 7.72 18,729,963 10.24
Automotive Diagnostic Equipment 2,065 6.73 13,563,727 7.42
Computer Software 85 0.28 2,094,267 1.14
Other(1) 290 0.95 2,047,252 1.12
----------- ------------- -------------------- ---------------
Total 30,675 100.00% $ 182,921,285 100.00%
=========== ============= ==================== ===============
(1) Includes $162,496 as the largest and $7,059 as the average Required Payoff Amount
CIT EQUIPMENT COLLATERAL 2001-1
REQUIRED PAYOFF AMOUNT
AT JUNE 30, 2003
% OF
TOTAL % OF
NUMBER NUMBER REQUIRED REQUIRED
OF OF PAYOFF PAYOFF
REQUIRED PAYOFF AMOUNT CONTRACTS CONTRACTS AMOUNT AMOUNT
- ---------------------- --------- --------- ------ ------
0 - 5,000.00 24,295 79.20 % $ 32,107,866 17.55%
5,000.01 - 10,000.00 2,867 9.35 19,988,886 10.93
10,000.01 - 15,000.00 1,039 3.39 12,684,165 6.93
15,000.01 - 25,000.00 1,113 3.63 21,345,454 11.67
25,000.01 - 50,000.00 818 2.67 27,249,543 14.90
50,000.01 - 100,000.00 360 1.17 24,834,619 13.58
100,000.01 - 150,000.00 79 0.26 9,359,875 5.12
150,000.01 - 250,000.00 59 0.19 10,972,436 6.00
250,000.01 - 500,000.00 30 0.10 10,349,136 5.66
500,000.01 - 1,000,000.00 12 0.04 8,289,096 4.53
1,000,000.01 - 2,000,000.00 1 0.00 1,081,891 0.59
2,000,000.01 - 3,000,000.00 (1) 2 0.01 4,658,319 2.55
---------- ---------- ------------------- --------------
Total 30,675 100.00 % $ 182,921,285 100.00%
========== ========== =================== ==============
(1) Includes $2,638,014 as the largest Required Payoff Amount.
REMAINING TERM
AT JUNE 30, 2003
% OF
TOTAL % OF
NUMBER NUMBER REQUIRED REQUIRED
OF OF PAYOFF PAYOFF
REMAINING TERMS OF CONTRACTS CONTRACTS CONTRACTS AMOUNT AMOUNT
- ---------------------------- ----------- --------- ------ ------
(MONTHS)
0- 12 17,302 56.40% $ 34,848,792 19.05%
13- 24 7,561 24.65 54,220,622 29.64
25- 36 5,750 18.74 87,357,858 47.76
37- 48 47 0.15 2,048,198 1.12
49- 60 14 0.05 4,355,379 2.38
61- 72 1 0.00 90,436 0.05
-------------- --------------- ------------------- --------------
Total 30,675 100.00% $ 182,921,285 100.00%
============== =============== =================== ==============
CIT EQUIPMENT COLLATERAL 2001-1
TYPES OF OBLIGOR
AT JUNE 30, 2003
% OF
TOTAL % OF
NUMBER NUMBER REQUIRED REQUIRED
OF OF PAYOFF PAYOFF
TYPE OF OBLIGOR CONTRACTS CONTRACTS AMOUNT AMOUNT
- --------------- ----------- --------- ------ ------
Service Organizations(1) 11,446 37.31% $ 71,297,880 38.98%
Manufacturing 2,730 8.90 25,829,627 14.12
Retail & Wholesale Trade 3,781 12.33 23,974,508 13.11
Financial Services Institutions 2,084 6.79 23,348,317 12.76
Other(2) 6,807 22.19 13,747,625 7.52
Transportation 904 2.95 9,652,633 5.28
Medical/Healthcare Organizations 1,109 3.62 6,018,926 3.29
Printing & Copy Centers 445 1.45 4,575,297 2.50
Construction 927 3.02 2,749,212 1.50
Government 153 0.50 761,772 0.42
Resources, Farming & Fishing 265 0.86 746,770 0.41
Machine Tools 24 0.08 218,719 0.12
---------- ---------- -------------------- --------------
Total 30,675 100.00% $182,921,285 100.00%
========== ========== ==================== ==============
(1) Primarily Automotive Repair, Service & Parts (20%), Business Services (20%); Other Service Organizations (19%);
Engineering, Accounting & Research (12%); and Legal Services (6%).
(2) Includes $176,895 as the largest Required Payoff Amount belonging to a single obligor
As shown in the table above, the servicer's records lists 7.52% of the total required payoff amount in the category of
"Other" types of obligor. The servicer notes that the collateral securing approximately 4.44% of the required payoff amount
represents small ticket computer equipment typically leased to small businesses. The remaining "Other" obligor category represents
approximately 3.08% of the required payoff amount. The depositor 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
TOTAL % OF
NUMBER NUMBER REQUIRED REQUIRED
OBLIGORS (INCLUDING CONTRACTS SECURING OF OF PAYOFF PAYOFF
VENDOR LOANS) CONTRACTS CONTACTS AMOUNT AMOUNT
- ------------- ----------- -------- ------ ------
Top 5 377 1.23% $ 15,968,082 8.73%
The Top 5 obligors conduct business in the Retail & Wholesale Trade, Manufacturing and Financial Services industries.
CIT EQUIPMENT COLLATERAL 2001-1
SCHEDULED PAYMENT
AT JUNE 30, 2003
COLLECTION SCHEDULED COLLECTION SCHEDULED
PERIOD CASHFLOWS PERIOD CASHFLOWS
------ --------- ------ ---------
Positive Rent Due 3,350,778.51
July-2003 10,837,737.11 November-2005 1,345,673.55
August-2003 12,840,183.98 December-2005 789,964.56
September-2003 12,471,665.63 January-2006 421,947.83
October-2003 12,390,024.29 February-2006 235,804.66
November-2003 11,446,572.38 March-2006 194,082.24
December-2003 9,491,865.89 April-2006 170,217.11
January-2004 8,368,537.09 May-2006 157,081.14
February-2004 7,130,178.66 June-2006 154,392.54
March-2004 6,887,265.19 July-2006 143,420.35
April-2004 6,863,356.31 August-2006 142,053.00
May-2004 6,819,208.02 September-2006 130,331.62
June-2004 6,765,034.12 October-2006 126,416.33
July-2004 6,491,403.77 November-2006 119,927.35
August-2004 6,200,450.89 December-2006 116,791.05
September-2004 6,100,803.86 January-2007 135,791.34
October-2004 5,971,348.91 February-2007 111,394.89
November-2004 6,016,386.05 March-2007 104,399.92
December-2004 5,564,696.13 April-2007 98,171.10
January-2005 5,253,856.37 May-2007 98,171.10
February-2005 4,567,883.30 June-2007 98,171.10
March-2005 4,304,021.63 July-2007 97,559.32
April-2005 4,041,587.38 August-2007 98,612.67
May-2005 3,780,364.54 September-2007 88,599.00
June-2005 3,590,643.02 October-2007 27,345.47
July-2005 3,359,289.65 November-2007 12,392.64
August-2005 2,992,994.12 December-2007 10,597.35
September-2005 2,496,009.37 January-2008 31,358.24
October-2005 1,863,812.88