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 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
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 2002-VT1
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 2002-VT1
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)
--------- ---------------- ----------------- ----------------- -----------------
66,342 $ 546,806,251 48.8 months 27.8 months $8,242
(17 to 84 months) (0 to 67 months) ($0 to $6,440,234)
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 45,818 69.06% $ 399,408,240 73.04%
Finance Leases 20,524 30.94 147,398,011 26.96
------------------------------------------------------------------------------------
Total 66,342 100.00% $ 546,806,251 100.00%
====================================================================================
CIT EQUIPMENT COLLATERAL 2002-VT1
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 665 1.00% $ 3,044,430 0.56%
Alaska 125 0.19 507,431 0.09
Arizona 1,666 2.51 12,002,277 2.19
Arkansas 353 0.53 2,851,679 0.52
California 8,457 12.75 56,989,104 10.42
Colorado 1,351 2.04 7,895,285 1.44
Connecticut 1,218 1.84 11,175,774 2.04
Delaware 246 0.37 1,795,392 0.33
District of Columbia 404 0.61 7,454,948 1.36
Florida 4,449 6.71 25,860,665 4.73
Georgia 2,057 3.10 17,795,324 3.25
Hawaii 101 0.15 479,590 0.09
Idaho 176 0.27 696,727 0.13
Illinois 1,437 2.17 28,738,425 5.26
Indiana 926 1.40 7,271,522 1.33
Iowa 392 0.59 3,051,419 0.56
Kansas 374 0.56 6,676,562 1.22
Kentucky 465 0.70 2,283,589 0.42
Louisiana 655 0.99 2,297,014 0.42
Maine 109 0.16 431,897 0.08
Maryland 1,385 2.09 8,629,634 1.58
Massachusetts 2,569 3.87 19,939,981 3.65
Michigan 2,135 3.22 19,273,836 3.52
Minnesota 1,132 1.71 9,308,742 1.70
Mississippi 332 0.50 1,861,548 0.34
Missouri 957 1.44 10,813,593 1.98
Montana 187 0.28 536,839 0.10
Nebraska 231 0.35 1,315,001 0.24
Nevada 372 0.56 2,028,609 0.37
New Hampshire 360 0.54 1,402,496 0.26
New Jersey 4,062 6.12 51,095,641 9.34
New Mexico 315 0.47 1,330,033 0.24
New York 5,837 8.80 51,528,465 9.42
North Carolina 1,699 2.56 13,527,884 2.47
North Dakota 52 0.08 715,504 0.13
Ohio 1,856 2.80 12,743,695 2.33
Oklahoma 636 0.96 4,517,981 0.83
Oregon 878 1.32 5,388,928 0.99
Pennsylvania 3,059 4.61 24,455,019 4.47
Rhode Island 264 0.40 1,598,112 0.29
South Carolina 742 1.12 5,074,508 0.93
South Dakota 141 0.21 681,631 0.12
Tennessee 1,228 1.85 9,258,170 1.69
Texas 5,291 7.98 46,282,343 8.46
Utah 306 0.46 2,138,917 0.39
Vermont 178 0.27 821,059 0.15
Virginia 1,811 2.73 12,199,207 2.23
Washington 1,518 2.29 18,373,511 3.36
West Virginia 214 0.32 1,207,400 0.22
Wisconsin 858 1.29 9,143,740 1.67
Wyoming 111 0.17 315,169 0.06
----------------- ----------------- ------------------- ------------------
Total 66,342 100.00% $546,806,251 100.00%
================= ================= =================== ==================
CIT EQUIPMENT COLLATERAL 2002-VT1
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 63,033 95.01% $ 526,231,026 96.24%
31-60 days delinquent 1,787 2.69 12,197,902 2.23
61-90 days delinquent 732 1.10 4,141,994 0.76
91-120 days delinquent 351 0.53 1,851,187 0.34
Over 120 days delinquent 439 0.66 2,384,142 0.44
--------------- ------------- ----------------- ----------
Total 66,342 100.00% $ 546,806,251 100.00%
=============== ============= ================= ==========
EQUIPMENT TYPE
AT JUNE 30, 2003
% OF
TOTAL % OF
NUMBER NUMBER REQUIRED REQUIRED
OF OF PAYOFF PAYOFF
TYPE OF EQUIPMENT CONTRACTS CONTRACTS AMOUNT AMOUNT
- ----------------------------------- --------------- ---------------- ------------------ ----------------
Computers 47,872 72.16 % $ 236,143,408 43.19%
Telecommunications 11,233 16.93 220,762,796 40.37
General Office Equipment/Copiers 3,873 5.84 45,496,480 8.32
Automotive 2,658 4.01 21,902,327 4.01
Computer Software 236 0.36 18,047,627 3.30
Other(1) 470 0.71 4,453,612 0.81
--------------- ------------- ----------------- ----------
Total 66,342 100.00% $ 546,806,251 100.00%
=============== ============= ================= ==========
(1) Includes $113,103 as the largest and $9,476 as the average Required Payoff Amount
CIT EQUIPMENT COLLATERAL 2002-VT1
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 47,969 72.31 % $ 85,099,612 15.56%
5,000.01 - 10,000.00 8,482 12.79 59,603,794 10.90
10,000.01 - 15,000.00 3,187 4.80 38,786,488 7.09
15,000.01 - 25,000.00 2,783 4.19 53,854,028 9.85
25,000.01 - 50,000.00 2,339 3.53 81,371,774 14.88
50,000.01 - 100,000.00 966 1.46 66,031,241 12.08
100,000.01 - 150,000.00 263 0.40 31,481,720 5.76
150,000.01 - 250,000.00 189 0.28 36,163,043 6.61
250,000.01 - 500,000.00 110 0.17 37,584,175 6.87
500,000.01 - 1,000,000.00 36 0.05 22,948,081 4.20
1,000,000.01 - 1,500,000.00 11 0.02 13,963,665 2.55
1,500,000.01 - 2,500,000.00 4 0.01 8,178,602 1.50
2,500,000.01- 5,000,000.00 2 0.00 5,299,794 0.97
over 5,000,000.01 (1) 1 0.00 6,440,234 1.18
----------- ----------- --------------- -----------
Total 66,342 100.00% $ 546,806,251 100.00%
=========== =========== =============== ===========
(1) Includes $6,440,234 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 19,000 28.64% $ 71,521,851 13.08%
13- 24 23,716 35.75 159,655,330 29.20
25- 36 16,227 24.46 130,421,781 23.85
37- 48 7,359 11.09 172,552,852 31.56
49- 60 32 0.05 10,554,790 1.93
61- 72 8 0.01 2,099,647 0.38
----------- ------------ ---------------- -----------
Total 66,342 100.00% $ 546,806,251 100.00%
=========== ============ ================ ===========
CIT EQUIPMENT COLLATERAL 2002-VT1
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) 23,901 36.03% $214,308,432 39.19%
Manufacturing 6,887 10.38 97,188,270 17.77
Financial Services Institutions 5,484 8.27 52,188,192 9.54
Retail Trade 4,278 6.45 36,976,290 6.76
Wholesale Trade 3,210 4.84 30,740,158 5.62
Other (2) 13,946 21.02 29,548,525 5.40
Medical/Healthcare Organizations 2,589 3.90 24,003,208 4.39
Communications & Utilities 969 1.46 21,936,290 4.01
Transportation 1,018 1.53 12,092,856 2.21
Construction 2,288 3.45 10,123,822 1.85
Printing & Publishing 712 1.07 7,454,469 1.36
Government 430 0.65 5,536,395 1.01
Resources & Agriculture 630 0.95 4,709,345 0.86
----------- ------------- ----------------- -----------
Total 66,342 100.00% $ 546,806,251 100.00%
=========== ============= ================= ===========
(1) Primarily: Miscellaneous Service Organizations (22.2%); Engineering, Accounting and Research (17.5%); Business Services (14.9%);
Automotive Repair, Services & Parts (11.1%); and Legal Services (7.2%).
(2) Includes $291,824 as the largest contract principal balance relating to a single obligor.
As shown in the table above, the servicer's records lists 5.40% of the total required payoff amount in the category of "Other"
types of obligor. The servicer notes that the collateral securing approximately 4.71% of the required payoff amount represents small
ticket computer equipment typically leased to small businesses. The remaining "Other" obligor category represents approximately
0.69% 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
NUMBER % OF TOTAL REQUIRED REQUIRED
OBLIGORS (INCLUDING CONTRACTS SECURING OF NUMBER OF PAYOFF PAYOFF
VENDOR LOANS ) CONTRACTS CONTRACTS AMOUNT AMOUNT
- ----------------- ------------- ---------------- -------------- --------------
Top 5 867 1.31% $ 36,933,828 6.75%
The Top 5 obligors conduct business in the service and manufacturing industries.
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 8,039,830.93
July-2003 27,704,474.79 June-2006 5,008,214.95
August-2003 28,993,487.69 July-2006 4,580,999.02
September-2003 27,753,468.94 August-2006 3,904,517.62
October-2003 30,184,763.06 September-2006 3,259,419.69
November-2003 25,251,608.19 October-2006 2,495,015.29
December-2003 24,902,820.72 November-2006 2,067,480.29
January-2004 26,247,928.99 December-2006 1,575,174.50
February-2004 22,721,943.38 January-2007 1,099,680.83
March-2004 22,042,038.74 February-2007 616,199.72
April-2004 23,399,696.51 March-2007 419,393.33
May-2004 20,724,347.59 April-2007 378,174.65
June-2004 19,939,949.87 May-2007 325,570.88
July-2004 20,388,969.42 June-2007 253,737.86
August-2004 17,034,955.64 July-2007 250,233.94
September-2004 15,513,952.27 August-2007 246,723.48
October-2004 15,539,712.62 September-2007 245,283.33
November-2004 13,421,401.87 October-2007 243,310.91
December-2004 12,364,568.92 November-2007 241,603.53
January-2005 11,644,942.44 December-2007 231,244.67
February-2005 10,511,124.82 January-2008 229,761.18
March-2005 9,925,737.87 February-2008 93,435.30
April-2005 9,977,452.74 March-2008 37,965.90
May-2005 9,673,447.49 April-2008 37,254.96
June-2005 9,587,158.73 May-2008 37,254.96
July-2005 9,330,959.23 June-2008 37,254.96
August-2005 9,043,213.12 July-2008 37,254.96
September-2005 8,828,408.36 August-2008 37,254.96
October-2005 8,534,798.79 September-2008 37,255.96
November-2005 8,258,518.64 October-2008 14,981.76
December-2005 8,047,231.18 November-2008 6,519.36
January-2006 7,754,325.12 December-2008 6,276.76
February-2006 7,222,810.44 January-2009 -
March-2006 6,716,636.10
April-2006 6,169,629.02
May-2006 5,618,300.72