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 14, 2004
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/ Usama Ashraf
----------------------------
Name: Usama Ashraf
Title: Vice President
Dated: April 14, 2004
Exhibit 99.1 - Pool Data Report
CIT EQUIPMENT COLLATERAL 2002-VT1
COMPOSITION OF CONTRACT POOL
AT DECEMBER 31, 2003
Weighted Weighted Average
Current Average Average Required
Number Required Original Remaining Payoff
of Payoff Term Term Amount
Contracts Amount (Range) (Range) (Range)
--------- -------- -------- --------- --------
54,388 $373,419,525 52.3 months 25.5 months $6,762
(22 to 84 months) (0 to 61 months) ($0 to $5,795,382)
Type of Contract
at December 31, 2003
% of
Total % of
Number Number Required Required
of of Payoff Payoff
Type of Contract Contracts Contracts Amount Amount
- ---------------- --------- --------- -------- ---------
True Leases 36,420 66.96% 266,955,391 71.49 %
Finance Leases 17,968 33.04 106,464,134 28.51
----------------------------------------------------------------------------
Total 54,388 100.00% 373,419,525 100.00 %
============================================================================
CIT EQUIPMENT COLLATERAL 2002-VT1
GEOGRAPHICAL DISTRIBUTION
(BASED ON OBLIGOR BILLING ADDRESS)
AT DECEMBER 31, 2003
% of
Total % of
Number Number Required Required
of of Payoff Payoff
State Contracts Contracts Amount Amount
- ----- --------- --------- -------- --------
Alabama 538 0.99% 1,990,702 0.53 %
Alaska 103 0.19 334,992 0.09
Arizona 1,084 1.99 6,527,226 1.75
Arkansas 299 0.55 1,674,708 0.45
California 6,834 12.57 39,033,546 10.45
Colorado 1,091 2.01 5,543,744 1.48
Connecticut 1,014 1.86 7,714,753 2.07
Delaware 217 0.40 1,222,559 0.33
District of Columbia 357 0.66 5,932,151 1.59
Florida 3,655 6.72 17,051,708 4.57
Georgia 1,663 3.06 12,860,114 3.44
Hawaii 88 0.16 333,402 0.09
Idaho 147 0.27 486,462 0.13
Illinois 1,302 2.39 22,135,996 5.93
Indiana 768 1.41 5,369,212 1.44
Iowa 322 0.59 1,910,942 0.51
Kansas 306 0.56 4,426,279 1.19
Kentucky 367 0.67 1,592,985 0.43
Louisiana 543 1.00 1,433,324 0.38
Maine 94 0.17 258,427 0.07
Maryland 1,114 2.05 5,813,606 1.56
Massachusetts 2,109 3.88 12,787,923 3.42
Michigan 1,789 3.29 14,088,092 3.77
Minnesota 964 1.77 6,591,766 1.77
Mississippi 278 0.51 1,379,447 0.37
Missouri 763 1.40 6,545,080 1.75
Montana 153 0.28 357,719 0.10
Nebraska 180 0.33 856,594 0.23
Nevada 302 0.56 1,300,793 0.35
New Hampshire 273 0.50 939,021 0.25
New Jersey 3,530 6.49 38,774,774 10.38
New Mexico 266 0.49 913,375 0.24
New York 4,987 9.17 37,144,065 9.95
North Carolina 1,382 2.54 9,258,735 2.48
North Dakota 44 0.08 566,422 0.15
Ohio 1,507 2.77 8,900,841 2.38
Oklahoma 509 0.94 2,701,528 0.72
Oregon 731 1.34 3,710,334 0.99
Pennsylvania 2,591 4.76 14,898,901 3.99
Rhode Island 235 0.43 1,147,249 0.31
South Carolina 605 1.11 3,405,670 0.91
South Dakota 123 0.23 451,721 0.12
Tennessee 966 1.78 6,294,186 1.69
Texas 4,190 7.70 27,427,379 7.34
Utah 245 0.45 1,475,332 0.40
Vermont 127 0.23 546,439 0.15
Virginia 1,390 2.56 7,455,033 2.00
Washington 1,275 2.34 12,756,377 3.42
West Virginia 173 0.32 862,638 0.23
Wisconsin 701 1.29 6,021,304 1.61
Wyoming 94 0.17 213,949 0.06
-------- -------------------- ----------------------- -----------------
Total 54,388 100.00% 373,419,525 100.00 %
======== ==================== ======================= =================
CIT EQUIPMENT COLLATERAL 2002-VT1
PAYMENT STATUS
AT DECEMBER 31, 2003
Number of % of Total Number Required Payoff % of Required
Days Delinquent Contracts of Contracts Amount Payoff Amount
- --------------- --------- ----------------- --------------- -------------
Current, including 1 to 30
day delinquent contracts 51,410 94.52% 360,911,088 96.65%
31-60 days delinquent 1,568 2.88 7,389,828 0.59
61-90 days delinquent 628 1.15 2,217,967 0.59
91-120 days delinquent 338 0.62 1,183,973 0.32
Over 120 days delinquent 444 0.82 1,716,670 0.46
------ ------- ------------ -------
Total 54,388 100.00% 373,419,525 100.00%
====== ======= ============ =======
EQUIPMENT TYPE
AT DECEMBER 31, 2003
Number of % of Total Number Required Payoff % of Required
Type of Equipment Contracts of Contracts Amount Payoff Amount
- ----------------- --------- ----------------- --------------- -------------
Telecommunications 10,602 19.49% 176,666,947 47.31%
Computers 37,120 68.25 127,275,214 34.08
General Office Equipment/Copiers 3,668 6.74 35,342,606 9.46
Automotive 2,344 4.31 16,620,048 4.45
Computer Software 224 0.41 14,352,995 3.84
Other (1) 430 0.79 3,161,714 0.85
------ ------ ----------- -------
Total 54,388 100.00% 373,419,525 100.00%
====== ====== =========== =======
(1) Includes $83,897 as the largest and $7,352 as the average Required Payoff Amount.
CIT EQUIPMENT COLLATERAL 2202-VT1
REQUIRED PAYOFF AMOUNT
AT DECEMBER 31, 2003
Number of % of Total Number Required Payoff % of Required
Required Payoff Amount Contracts of Contracts Amount Payoff Amount
- ---------------------- --------- ----------------- --------------- -------------
0.01 - 5,000.00 41,355 76.04% $65,141,421 17.44%
5,000.01 - 10,000.00 6,157 11.32 43,081,567 11.54
10,000.01 - 15,000.00 2,246 4.13 27,449,053 7.35
15,000.01 - 25,000.00 2,032 3.74 39,318,561 10.53
25,000.01 - 50,000.00 1,583 2.91 54,536,047 14.60
50,000.01 - 100,000.00 633 1.16 43,365,089 11.61
100,000.01 - 150,000.00 168 0.31 20,307,931 5.44
150,000.01 - 250,000.00 115 0.21 21,675,699 5.80
250,000.01 - 500,000.00 1 0.00 2,518,724 0.67
500,000.01 - 1,000,000.00 21 0.04 15,004,063 4.02
1,000,000.01 - 1,500,000.00 2 0.00 2,267,569 0.61
1,500,000.01 - 2,500,000.00 5 0.01 9,054,832 2.42
2,500,000.01 - 5,000,000.00 69 0.13 23,903,585 6.40
5,000,000.01 - 5,795,382.45 1 0.00 5,795,382 1.55
------ ------- ------------ -------
Total 54,388 100.00% $373,419,525 100.00%
====== ======= ============ =======
REMAINING TERM
AT DECEMBER 31, 2003
Number of % of Total Number Required Payoff % of Required
Remaining Terms of Contract Contracts of Contracts Amount Payoff Amount
- -------------------------- --------- ----------------- --------------- -------------
(months)
0-12 25,122 46.19% 87,400,327 23.41%
13-24 15,752 28.96 58,862,549 15.76
25-36 11,528 21.20 173,004,577 46.33
37-48 1,970 3.62 43,592,724 11.67
49-60 14 0.03 10,223,609 2.74
61-72 2 0.00 335,739 0.09
------ ------ ------------ -------
Total 54,388 100.00% $373,419,525 100.00%
====== ====== ============ =======
CIT EQUIPMENT COLLATERAL 2002-VT1
TYPES OF OBLIGOR
AT DECEMBER 31, 2003
% of Total
Number of Number of Required Payoff % of Required
Type of Obligor Contracts Contracts Amount Payoff Amount
- --------------- --------- --------- --------------- --------------
Services Organizations (1) 19,897 36.58% 149,822,422 40.12%
Manufacturing 5,489 10.09 60,275,653 16.14
Financial Services Institutions 4,202 7.73 35,692,703 9.56
Retail Trade 3,684 6.77 28,315,982 7.58
Wholesale Trade 2,579 4.74 21,330,938 5.71
Other (2) 11,435 21.02 18,779,443 5.03
Medical/Healthcare Organizations 2,207 4.06 17,036,626 4.56
Communications & Utilities 736 1.35 14,654,463 3.92
Transportation 836 1.54 9,136,154 2.45
Construction 1,855 3.41 6,998,916 1.87
Printing & Publishing 608 1.12 5,223,512 1.40
Government 386 0.71 3,539,023 0.95
Resources & Agriculture 474 0.87 2,613,690 0.70
------ ------ ----------- -------
Total 54,388 100.00% 373,419,525 100.00%
====== ======= =========== =======
(1) Primarily: Engineering, Accounting and Research (17.0%); Business
Services (12.4%); Automotive Repair, Services & Parts (12.1%);
Miscellaneous Services Organizations (7.2%); and Legal Services
(7.2%).
(2) Includes $251,933 as the largest payoff amount relating to a single
obligor.
As shown in the table above, the servicer's records lists
5.03% of the total required payoff amount in the category of "Other"
types of obligor. The servicer notes that the collateral securing
approximately 4.27% of the required payoff amount represents small
ticket computer equipment typically leased to small businesses. The
remaining "Other" obligor category represents approximately 0.76% 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
Obligors (including contracts Number of % of Total Number Required Payoff % of Required
securing vendor loans) Contracts of Contracts Amount Payoff Amount
- ----------------------------- --------- ----------------- --------------- -------------
Top 5 Obligors 630 1.16% $27,728,235 7.43%
The Top 5 obligors conduct business in the Services, Manufacturing, and Retail Trade industries.
CIT EQUIPMENT TRUST 2002-VT1
SCHEDULED PAYMENTS FROM THE CONTRACTS
AT DECEMBER 31, 2003
Collection Scheduled Collection Scheduled
Period Cashflows Period Cashflows
---------- --------- ---------- ---------
Positive Rent Due 5,660,325.00
January-2004 21,069,748.92 August-2006 3,817,496.82
February-2004 21,708,602.16 September-2006 3,170,757.06
March-2004 21,252,107.52 October-2006 2,421,068.44
April-2004 22,648,408.90 November-2006 2,011,349.37
May-2004 19,976,521.76 December-2006 1,536,547.73
June-2004 19,274,374.86 January-2007 1,080,943.15
July-2004 19,754,019.65 February-2007 604,182.01
August-2004 16,456,173.39 March-2007 411,822.25
September-2004 14,986,698.36 April-2007 373,658.79
October-2004 15,047,253.08 May-2007 324,128.71
November-2004 12,957,141.33 June-2007 252,627.91
December-2004 11,927,496.17 July-2007 249,123.99
January-2005 11,240,521.89 August-2007 246,723.48
February-2005 10,141,409.40 September-2007 245,283.33
March-2005 9,564,983.22 October-2007 243,310.91
April-2005 9,626,752.28 November-2007 241,603.53
May-2005 9,334,241.45 December-2007 231,244.67
June-2005 9,247,762.07 January-2008 229,761.18
July-2005 9,003,047.10 February-2008 93,435.30
August-2005 8,730,907.83 March-2008 37,965.90
September-2005 8,520,483.98 April-2008 37,254.96
October-2005 8,243,249.36 May-2008 37,254.96
November-2005 7,981,746.75 June-2008 37,254.96
December-2005 7,776,287.13 July-2008 37,254.96
January-2006 7,497,633.01 August-2008 37,254.96
February-2006 7,025,483.54 September-2008 37,255.96
March-2006 6,536,810.50 October-2008 14,981.76
April-2006 6,010,045.96 November-2008 6,519.36
May-2006 5,491,289.88 December-2008 6,276.76
June-2006 4,918,288.44 January-2009 -
July-2006 4,470,715.75