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 EC - EF 2001-A
(Exact Name of Registrant as Specified in its Charter)
Delaware
(State or other jurisdiction of incorporation)
333-74847 22-3634034
(Commission File Number) (IRS Employer Identification No.)
c/o Chase Manhattan Bank USA, National Association
c/o JP Morgan Chase
500 Stanton Christiana Road, OPS4/3rd Floor
Newark, Delaware 19713
(Address of principal executive offices and zip code)
Registrants' telephone number, including area code: (302) 552-6287
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 EC - EF 2001-A
By: THE CIT GROUP/EQUIPMENT FINANCING, 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 - EF 2001-A
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)
--------- ------ ------- ------- -------
8,278 $ 432,491,483 60.5 months 29.53 months $52,246
(24 to 122 months) (0 to 99 months) ($0 to $2,551,482)
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
- ---------------- --------- --------- ------ ------
Leases 3,322 40.13% $ 172,975,089 40.00%
Loans and other financing arrangements 4,956 59.87 259,516,394 60.00
--------------------------------------------------------------------
Total 8,278 100.00% $ 432,491,483 100.00%
====================================================================
CIT EQUIPMENT COLLATERAL - EF 2001-A
ANNUAL PERCENTAGE RATE
AT JUNE 30, 2003
% OF
TOTAL % OF WEIGHTED
NUMBER NUMBER REQUIRED REQUIRED AVERAGE ANNUAL
OF OF PAYOFF PAYOFF PERCENTAGE
ANNUAL PERCENTAGE RATE CONTRACTS CONTRACTS AMOUNT AMOUNT RATE
- ---------------------- ---------- --------- ------ ------ ----
less than 8.001 137 1.76% $ 11,959,914 2.87% 7.17%
8.001- 8.500 302 3.88 20,268,007 4.87 8.30
8.501- 9.000 778 10.01 58,830,105 14.14 8.79
9.001- 9.500 1,011 13.00 68,220,704 16.40 9.28
9.501- 10.000 1,639 21.08 85,795,317 20.62 9.76
10.001- 10.500 1,615 20.77 72,336,244 17.39 10.23
10.501- 11.000 1,062 13.66 45,648,905 10.97 10.71
11.001- 11.500 388 4.99 17,899,284 4.30 11.22
11.501- 12.000 266 3.42 12,454,317 2.99 11.72
12.001- 12.500 187 2.40 7,792,375 1.87 12.24
12.501- 13.000 128 1.65 7,629,785 1.83 12.82
13.001- 13.500 91 1.17 3,190,078 0.77 13.16
13.501- 14.000 60 0.77 1,857,783 0.45 13.69
greater than 14.000 112 1.44 2,168,129 0.52 14.97
------------ ---------- --------------- ---------- -------------
Total 7,776 100.00% $ 416,050,949 100.00% 9.89%
============ ========== =============== ========== =============
Unliquidated Defaulted Contracts 502 16,440,534
------------ ---------------
Total 8,278 $ 432,491,483
============ ===============
CIT EQUIPMENT COLLATERAL - EF 2001-A
GEOGRAPHICAL DIVERSITY
(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 171 2.07% $ 8,462,254 1.96%
Alaska 48 0.58 2,357,060 0.54
Arizona 207 2.50 10,097,967 2.33
Arkansas 105 1.27 5,338,154 1.23
California 1,231 14.87 60,787,460 14.06
Colorado 152 1.84 7,286,420 1.68
Connecticut 116 1.40 6,088,662 1.41
Delaware 34 0.41 1,575,825 0.36
District of Columbia 5 0.06 234,632 0.05
Florida 495 5.98 25,052,769 5.79
Georgia 289 3.49 13,736,443 3.18
Hawaii 16 0.19 2,879,235 0.67
Idaho 133 1.61 7,933,910 1.83
Illinois 246 2.97 10,867,160 2.51
Indiana 141 1.70 8,008,819 1.85
Iowa 33 0.40 1,596,660 0.37
Kansas 75 0.91 2,681,225 0.62
Kentucky 89 1.08 8,137,233 1.88
Louisiana 92 1.11 5,143,484 1.19
Maine 65 0.79 3,994,688 0.92
Maryland 166 2.01 9,031,754 2.09
Massachusetts 151 1.82 8,844,752 2.05
Michigan 258 3.12 12,410,360 2.87
Minnesota 79 0.95 4,095,542 0.95
Mississippi 56 0.68 3,023,773 0.70
Missouri 99 1.20 7,388,384 1.71
Montana 41 0.50 1,349,735 0.31
Nebraska 28 0.34 2,011,994 0.47
Nevada 93 1.12 4,719,059 1.09
New Hampshire 48 0.58 2,970,885 0.69
New Jersery 253 3.06 13,726,096 3.17
New Mexico 45 0.54 1,729,936 0.40
New York 537 6.49 24,668,624 5.70
North Carolina 126 1.52 8,800,547 2.03
North Dakota 3 0.04 150,202 0.03
Ohio 299 3.61 13,647,290 3.16
Oklahoma 78 0.94 4,293,551 0.99
Oregon 212 2.56 12,677,193 2.93
Pennsylvania 403 4.87 22,193,756 5.13
Rhode Island 25 0.30 2,026,985 0.47
South Carolina 75 0.91 3,040,405 0.70
South Dakota 9 0.11 566,117 0.13
Tennessee 97 1.17 3,955,785 0.91
Texas 542 6.55 30,509,757 7.05
Utah 175 2.11 6,900,073 1.60
Vermont 36 0.43 2,300,410 0.53
Virginia 171 2.07 8,367,146 1.93
Washington 302 3.65 14,175,379 3.28
West Virginia 35 0.42 5,135,410 1.19
Wisconsin 78 0.94 5,194,200 1.20
Wyoming 15 0.18 326,323 0.08
-------------------- ------------- --------------------- ---------------
Total 8,278 100.00% $ 432,491,483 100.00%
==================== ============= ===================== ===============
CIT EQUIPMENT COLLATERAL - EF 2001-A
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 7,208 92.70% $ 384,084,969 92.32%
31-60 days delinquent 294 3.78 16,931,203 4.07
61-90 days delinquent 127 1.63 6,510,375 1.56
91-120 days delinquent 73 0.94 4,173,226 1.00
121-150 days delinquent 46 0.59 2,533,855 0.61
151-180 days delinquent 28 0.36 1,817,319 0.44
---------- ---------- --------------- ---------
Total 7,776 100.00% $ 416,050,949 100.00%
========== ========== =============== =========
Unliquidated Defaulted Contracts 502 16,440,534
---------- ---------------
Total 8,278 $ 432,491,483
========== ===============
TYPES OF EQUIPMENT
AT JUNE 30, 2003
% OF
TOTAL % OF
NUMBER NUMBER REQUIRED REQUIRED
OF OF PAYOFF PAYOFF
TYPE OF EQUIPMENT CONTRACTS CONTRACTS AMOUNT AMOUNT
- ----------------- --------- --------- ------ ------
Construction 3,777 45.63% $ 186,970,392 43.23%
Manufacturing 1,638 19.79 100,298,056 23.19
Transportation 1,390 16.79 58,115,530 13.44
Printing 697 8.42 35,042,944 8.10
Other (1) 297 3.59 22,389,391 5.18
Medical 45 0.54 9,631,131 2.23
Logging 132 1.59 6,251,843 1.45
Commercial/Retail Fixtures 77 0.93 5,219,387 1.21
Computers 57 0.69 4,415,763 1.02
Fitness 168 2.03 4,157,047 0.96
---------- ------------ ---------------- ---------
Total 8,278 100.00% $ 432,491,483 100.00%
========== ============ ================ =========
(1) Includes $1,506,498 as the largest and $75,385 as the average Required Payoff Amount
CIT EQUIPMENT COLLATERAL - EF 2001-A
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 - 5,000.00 531 6.41% $ 1,351,136 0.31%
5,000.01 - 10,000.00 865 10.45 6,552,840 1.52
10,000.01 - 15,000.00 900 10.87 11,226,000 2.60
15,000.01 - 25,000.00 1,370 16.55 27,004,485 6.24
25,000.01 - 50,000.00 2,197 26.54 79,013,590 18.27
50,000.01 - 100,000.00 1,486 17.95 102,895,189 23.79
100,000.01 - 150,000.00 453 5.47 54,705,506 12.65
150,000.01 - 250,000.00 277 3.35 52,540,509 12.15
250,000.01 - 500,000.00 149 1.80 49,776,153 11.51
500,000.01 - 1,000,000.00 32 0.39 21,873,315 5.06
1,000,000.01 - 1,500,000.00 14 0.17 16,959,397 3.92
1,500,000.01 - 2,500,000.00 3 0.04 6,041,881 1.40
Greater than 2,500,000.00 (1) 1 0.01 2,551,482 0.59
---------- ----------- ---------------- ---------
Total 8,278 100.00 $ 432,491,483 100.00
========== =========== ================ =========
(1) Includes $2,551,482 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)
Less than 12 942 12.11% $ 15,593,066 3.75%
12- 24 3,688 47.43 140,023,554 33.66
25- 36 2,507 32.24 166,439,413 40.00
37- 48 476 6.12 64,570,588 15.52
49- 60 143 1.84 24,561,553 5.90
61- 72 15 0.19 2,836,318 0.68
73- 84 2 0.03 1,003,375 0.24
85- 96 2 0.03 374,474 0.09
97-108 1 0.01 648,608 0.16
---------- ----------- ---------------- ---------
Total 7,776 100.00% $ 416,050,949 100.00%
========== =========== ================ =========
Unliquidated Defaulted Contracts 502 16,440,534
---------- ----------------
Total 8,278 $ 432,491,483
========== ================
CIT EQUIPMENT COLLATERAL - EF 2001-A
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
- --------------- ---------- --------- ------ ------
Construction 3,349 40.46% $ 144,879,888 33.50%
Manufacturing 1,825 22.05 123,327,367 28.52
Transportation 667 8.06 35,486,774 8.21
Printing 624 7.54 28,669,945 6.63
Services 562 6.79 27,791,379 6.43
Retail & Wholesale Trade 449 5.42 24,677,580 5.71
Other(1) 384 4.64 19,881,723 4.60
Mining, Forestry, Fishing 150 1.81 12,601,988 2.91
Healthcare 50 0.60 8,960,262 2.07
Agriculture 218 2.63 6,214,577 1.44
---------- ----------- ---------------- ---------
Total 8,278 100.00% $ 432,491,483 100.00%
========== =========== ================ =========
(1) Includes $718,533 as the largest required payoff amount belonging to a single obligor
OBLIGOR CONCENTRATION
% OF
NUMBER % OF TOTAL REQUIRED REQUIRED
OBLIGORS (INCLUDING CONTRACTS SECURING OF NUMBER OF PAYOFF PAYOFF
VENDOR LOANS ) CONTRACTS CONTRACTS AMOUNT AMOUNT
- ----------------- ---------- --------- ------ ------
Top 5 27 0.33% $ 15,884,805 3.67%
The Top 5 obligors conduct business in the Manufacturing, Healthcare and Retail & Wholesale Trade industries.
CIT EQUIPMENT COLLATERAL - EF 2001-A
SCHEDULED CASHFLOWS FROM CONTRACTS
AT JUNE 30, 2003
Positive Rent Due 8,621,184.44
Adj. RPA of Unliquidated Defaulted Contracts 16,440,534.24
COLLECTION SCHEDULED SCHEDULED COLLECTION SCHEDULED SCHEDULED
PERIOD INTEREST PRINCIPAL PERIOD INTEREST PRINCIPAL
------ -------- --------- ------ -------- ---------
July-2004 3,353,483.56 13,505,884.64 September-2008 32,527.56 504,855.04
August-2004 3,241,374.96 15,317,985.39 October-2008 28,503.31 508,610.80
September-2004 3,114,403.98 15,268,251.59 November-2008 24,460.61 455,571.30
October-2004 2,987,843.86 15,478,158.83 December-2008 20,847.41 329,016.32
November-2004 2,859,537.92 15,225,053.91 January-2009 18,274.08 272,629.35
December-2004 2,733,374.37 15,369,372.70 February-2009 16,158.56 259,997.22
January-2005 2,606,049.18 14,278,671.86 March-2009 14,150.52 387,426.53
February-2005 2,487,533.00 14,055,039.07 April-2009 10,935.88 280,115.26
March-2005 2,370,796.32 14,102,577.12 May-2009 8,792.11 143,772.08
April-2005 2,253,673.37 14,643,516.58 June-2009 7,664.15 175,948.84
May-2005 2,132,394.89 14,853,501.28 July-2009 6,283.81 66,379.25
June-2005 2,009,999.41 16,120,929.90 August-2009 5,727.91 130,952.30
July-2005 1,876,677.04 14,804,804.19 September-2009 4,716.54 26,422.55
August-2005 1,754,103.62 14,305,183.41 October-2009 4,484.64 26,654.45
September-2005 1,636,191.56 13,826,203.47 November-2009 4,250.67 22,023.91
October-2005 1,522,041.45 13,489,144.57 December-2009 4,058.18 22,216.40
November-2005 1,410,605.24 12,673,728.29 January-2010 3,863.96 22,410.62
December-2005 1,306,384.33 12,371,236.57 February-2010 3,667.99 22,606.59
January-2006 1,204,810.03 10,874,926.33 March-2010 3,470.27 22,804.31
February-2006 1,115,058.15 10,380,894.38 April-2010 3,270.77 23,003.81
March-2006 1,029,320.87 9,886,697.72 May-2010 3,069.48 16,686.10
April-2006 947,675.92 9,696,570.15 June-2010 2,926.13 13,343.73
May-2006 867,767.91 9,249,911.00 July-2010 2,809.10 13,460.76
June-2006 791,533.11 8,882,213.43 August-2010 2,690.99 13,578.87
July-2006 718,322.94 8,424,415.10 September-2010 2,571.81 13,698.05
August-2006 649,098.01 8,169,150.35 October-2010 2,451.53 13,818.33
September-2006 582,139.61 7,267,430.27 November-2010 2,330.14 13,939.72
October-2006 522,718.30 6,539,817.17 December-2010 2,207.64 14,062.22
November-2006 469,390.56 5,893,760.64 January-2011 2,084.02 13,415.03
December-2006 421,381.90 5,266,667.52 February-2011 1,965.53 13,533.52
January-2007 378,736.35 4,402,182.57 March-2011 1,845.73 13,653.32
February-2007 343,280.38 3,979,945.68 April-2011 1,724.83 13,774.22
March-2007 311,335.33 5,522,779.44 May-2011 1,602.80 13,896.25
April-2007 267,159.65 3,693,045.56 June-2011 1,479.64 14,019.41
May-2007 237,746.39 3,640,182.55 July-2011 1,355.34 14,143.71
June-2007 208,032.32 3,086,129.80 August-2011 1,229.87 14,269.18
July-2007 183,560.88 2,650,749.42 September-2011 1,103.24 14,395.81
August-2007 162,463.22 2,780,928.13 October-2011 975.22 13,210.83
September-2007 140,606.34 1,609,317.25 November-2011 866.16 13,319.89
October-2007 127,529.43 1,543,245.94 December-2011 756.20 8,746.27
November-2007 115,019.89 1,307,974.12 January-2012 683.38 8,819.09
December-2007 104,425.98 1,923,165.70 February-2012 609.97 8,892.50
January-2008 89,518.17 1,029,448.78 March-2012 535.94 8,966.53
February-2008 81,135.98 925,668.79 April-2012 461.29 9,041.18
March-2008 73,597.78 1,001,541.94 May-2012 386.02 9,116.45
April-2008 65,416.17 858,990.82 June-2012 310.13 9,192.34
May-2008 58,436.40 1,252,423.97 July-2012 233.60 9,268.87
June-2008 48,014.48 802,150.57 August-2012 156.44 9,346.03
July-2008 41,659.82 583,386.90 September-2012 78.63 9,423.84
August-2008 36,997.59 556,800.88