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 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/ Usama Ashraf
----------------------------
Name: Usama Ashraf
Title: Vice President
Dated: April 14, 2004
Exhibit 99.1 - Pool Data Report
CIT EQUIPMENT COLLATERAL - EF 2001-A
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)
--------- ------ ------- ------- -------
7,256 $296,565,500 61.8 months 25.0 months $41,686
(24 to 121 months) (0 to 93 months) ($0 to $1,904,940)
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
- ---------------- ---------- --------- ------ ------
Leases 3,044 41.95 % 125,727,799 42.39 %
Loans and other financing arrangements 4,212 58.05 170,837,700 57.61
---------------------------------------------------------------------------
Total 7,256 100.00 % 296,565,500 100.00 %
===========================================================================
CIT EQUIPMENT COLLATERAL - EF 2001-A
ANNUAL PERCENTAGE RATE
AT DECEMBER 31, 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 8.001 102 1.50 % $ 9,372,786 3.30 % 7.12 %
8.001- 8.500 260 3.82 13,981,366 4.92 8.30
8.501- 9.000 686 10.08 40,632,769 14.29 8.79
9.001- 9.500 916 13.46 47,658,001 16.76 9.28
9.501- 10.000 1,431 21.03 58,891,969 20.71 9.77
10.001- 10.500 1,390 20.43 48,162,528 16.93 10.23
10.501- 11.000 933 13.71 31,405,385 11.04 10.71
11.001- 11.500 340 5.00 12,291,948 4.32 11.22
11.501- 12.000 235 3.45 7,172,096 2.52 11.73
12.001- 12.500 161 2.37 4,757,709 1.67 12.25
12.501- 13.000 118 1.73 5,183,285 1.82 12.83
13.001- 13.500 83 1.22 2,333,621 0.82 13.16
13.501- 14.000 55 0.81 1,169,502 0.41 13.67
greater than 14.000 93 1.37 1,394,537 0.49 15.02
-------- --------- --------------- -------- -------
Total 6,803 100.00 % $ 284,407,502 100.00 % 9.85 %
======== ========= =============== ======== =======
Unliquidated Defaulted Contracts 453 12,157,997
-------- ---------------
Total 7,256 $ 296,565,500
======== ===============
CIT EQUIPMENT COLLATERAL - EF 2001-A
GEOGRAPHICAL DIVERSITY
(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 145 2.00 % $ 5,524,183 1.86 %
Alaska 44 0.61 1,554,394 0.52
Arizona 185 2.55 6,818,875 2.30
Arkansas 89 1.23 3,607,968 1.22
California 1,097 15.12 42,805,153 14.43
Colorado 131 1.81 5,300,031 1.79
Connecticut 105 1.45 4,364,352 1.47
Delaware 29 0.40 1,180,762 0.40
District of Columbia 5 0.07 189,463 0.06
Florida 454 6.26 18,125,465 6.11
Georgia 242 3.34 8,851,685 2.98
Hawaii 15 0.21 544,921 0.18
Idaho 114 1.57 5,248,281 1.77
Illinois 214 2.95 7,786,716 2.63
Indiana 115 1.58 5,670,235 1.91
Iowa 30 0.41 1,211,398 0.41
Kansas 61 0.84 1,642,123 0.55
Kentucky 76 1.05 4,669,894 1.57
Louisiana 79 1.09 3,490,800 1.18
Maine 59 0.81 2,643,302 0.89
Maryland 154 2.12 6,333,883 2.14
Massachusetts 141 1.94 6,587,629 2.22
Michigan 223 3.07 7,695,747 2.59
Minnesota 71 0.98 3,038,234 1.02
Mississippi 49 0.68 2,065,627 0.70
Missouri 83 1.14 4,072,726 1.37
Montana 36 0.50 906,325 0.31
Nebraska 25 0.34 1,392,650 0.47
Nevada 81 1.12 3,663,080 1.24
New Hampshire 45 0.62 2,133,625 0.72
New Jersery 224 3.09 8,799,207 2.97
New Mexico 39 0.54 1,279,655 0.43
New York 485 6.68 18,070,798 6.09
North Carolina 112 1.54 6,435,013 2.17
North Dakota 2 0.03 101,941 0.03
Ohio 265 3.65 9,360,880 3.16
Oklahoma 70 0.96 3,138,691 1.06
Oregon 175 2.41 7,930,884 2.67
Pennsylvania 356 4.91 16,168,703 5.45
Rhode Island 25 0.34 1,621,079 0.55
South Carolina 64 0.88 2,008,794 0.68
South Dakota 7 0.10 407,458 0.14
Tennessee 82 1.13 2,746,499 0.93
Texas 455 6.27 20,265,305 6.83
Utah 149 2.05 5,097,552 1.72
Vermont 32 0.44 1,889,476 0.64
Virginia 144 1.98 5,556,308 1.87
Washington 262 3.61 9,247,110 3.12
West Virginia 29 0.40 3,814,042 1.29
Wisconsin 69 0.95 3,287,739 1.11
Wyoming 13 0.18 218,841 0.07
------- -------- -------------- --------
Total 7,256 100.00 % $ 296,565,500 100.00 %
======= ======== ============== ========
CIT EQUIPMENT COLLATERAL - EF 2001-A
PAYMENT STATUS
AT DECEMBER 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 6,334 93.11 % 262,050,410 92.14 %
31-60 days delinquent 257 3.78 11,273,747 3.96
61-90 days delinquent 110 1.62 5,655,604 1.99
91-120 days delinquent 50 0.73 2,386,593 0.84
121-150 days delinquent 34 0.50 1,857,661 0.65
151-180 days delinquent 18 0.26 1,183,488 0.42
--------- --------- -------------- ---------
Total 6,803 100.00 % 284,407,502 100.00 %
========= ========= ============== =========
Unliquidated Defaulted Contracts 453 12,157,997
--------- --------------
Total 7,256 296,565,500
========= ==============
TYPES OF EQUIPMENT
AT DECEMBER 31, 2003
% OF
TOTAL % OF
NUMBER NUMBER REQUIRED REQUIRED
OF OF PAYOFF PAYOFF
TYPE OF EQUIPMENT CONTRACTS CONTRACTS AMOUNT AMOUNT
- ----------------- ---------- --------- ------ ------
Construction 3,238 44.63 % 124,437,394 41.96 %
Manufacturing 1,478 20.37 71,411,099 24.08
Transportation 1,169 16.11 36,681,466 12.37
Printing 660 9.10 27,540,018 9.29
Other(1) 274 3.78 16,200,735 5.46
Medical 40 0.55 6,982,130 2.35
Commercial/Retail Fixtures 72 0.99 4,175,742 1.41
Logging 110 1.52 3,696,112 1.25
Fitness 163 2.25 2,808,333 0.95
Computers 52 0.72 2,632,470 0.89
-------- -------- ------------- --------
Total 7,256 100.00 % 296,565,500 100.00 %
======== ======== ============= ========
(1) Includes $1,350,004 as the largest and $59,127 as the average Required Payoff Amount.
CIT EQUIPMENT COLLATERAL - EF 2001-A
REQUIRED PAYOFF AMOUNT
AT DECEMBER 31, 2003
% OF
TOTAL % OF
NUMBER NUMBER REQUIRED REQUIRED
OF OF PAYOFF PAYOFF
REQUIRED PAYOFF AMOUNT CONTRACTS CONTRACTS AMOUNT AMOUNT
- ---------------------- --------- --------- ------ ------
0.01 - 5,000.00 821 11.31 % $ 2,140,811 0.72 %
5,000.01 - 10,000.00 1,076 14.83 8,080,119 2.72
10,000.01 - 15,000.00 906 12.49 11,206,720 3.78
15,000.01 - 25,000.00 1,222 16.84 24,105,233 8.13
25,000.01 - 50,000.00 1,676 23.10 59,448,482 20.05
50,000.01 - 100,000.00 983 13.55 67,379,907 22.72
100,000.01 - 150,000.00 270 3.72 32,562,006 10.98
150,000.01 - 250,000.00 180 2.48 33,994,704 11.46
250,000.01 - 500,000.00 91 1.25 30,150,505 10.17
500,000.01 - 1,000,000.00 19 0.26 12,750,357 4.30
1,000,000.01 - 1,500,000.00 10 0.14 11,189,281 3.77
1,500,000.01 - 1,904,940.00 2 0.03 3,557,375 1.20
-------- -------- ------------- --------
Total 7,256 100.00 $ 296,565,500 100.00
======== ======== ============= ========
REMAINING TERM
AT DECEMBER 31, 2003
% OF
TOTAL % OF
NUMBER NUMBER REQUIRED REQUIRED
OF OF PAYOFF PAYOFF
REMAINING TERMS OF CONTRACTS CONTRACTS CONTRACTS AMOUNT AMOUNT
- ---------------------------- --------- --------- ------ ------
(MONTHS)
Less than 12 1,900 27.93 % $ 31,545,024 11.09 %
12- 24 3,180 46.74 115,561,083 40.63
25- 36 1,432 21.05 93,327,209 32.81
37- 48 200 2.94 29,312,737 10.31
49- 60 84 1.23 12,249,270 4.31
61- 72 2 0.03 491,149 0.17
73- 84 4 0.06 1,298,044 0.46
85- 96 1 0.01 622,987 0.22
--------- --------- -------------- --------
Total 6,803 100.00 % $ 284,407,502 100.00 %
========= ========= ============== ========
Unliquidated Defaulted Contracts 453 12,157,997
--------- --------------
Total 7,256 $ 296,565,500
========= ==============
CIT EQUIPMENT COLLATERAL - EF 2001-A
TYPES OF OBLIGOR
AT DECEMBER 31, 2003
% OF
TOTAL % OF
NUMBER NUMBER REQUIRED REQUIRED
OF OF PAYOFF PAYOFF
TYPE OF OBLIGOR CONTRACTS CONTRACTS AMOUNT AMOUNT
- --------------- ---------- --------- ------ ------
Construction 2,892 39.86 % $ 97,399,688 32.84 %
Manufacturing 1,636 22.55 85,886,807 28.96
Transportation 562 7.75 23,569,460 7.95
Printing 586 8.08 21,891,956 7.38
Services 510 7.03 18,310,730 6.17
Retail & Wholesale Trade 395 5.44 18,128,971 6.11
Other(1) 320 4.41 13,498,796 4.55
Mining, Forestry, Fishing 118 1.63 7,346,453 2.48
Healthcare 43 0.59 6,172,725 2.08
Agriculture 194 2.67 4,359,914 1.47
-------- --------- -------------- ----------
Total 7,256 100.00 % $ 296,565,500 100.00 %
======== ========= ============== ===========
(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 22 0.30% $ 11,337,410 3.82%
The Top 5 obligors conduct business in the Manufacturing, Healthcare, Retail & Wholesale Trade, and Construction industries.
CIT EQUIPMENT COLLATERAL - EF 2001-A
SCHEDULED CASHFLOWS FROM CONTRACTS
AT DECEMBER 31, 2003
Positive Rent Due 6,819,399.82
Adj. RPA of Unliquidated Defau1ted Contracts 12,157,997.41
COLLECTION SCHEDULED SCHEDULED COLLECTION SCHEDULED SCHEDULED
PERIOD PRINCIPAL INTEREST PERIOD PRINCIPAL INTEREST
------ --------- --------- ------ ---------- --------
January-2004 11,413,871.30 2,276,499.42 December-2007 300,069.29 17,899.54
February-2004 12,465,129.68 2,181,829.84 January-2008 251,418.31 15,559.79
March-2004 12,498,817.10 2,078,319.01 February-2008 238,611.10 13,619.35
April-2004 12,979,153.63 1,974,501.43 March-2008 214,548.60 11,787.79
May-2004 13,096,247.96 1,867,022.07 April-2008 192,998.83 10,150.78
June-2004 14,378,093.72 1,758,983.50 May-2008 141,152.09 8,641.72
July-2004 13,129,295.03 1,640,049.89 June-2008 155,843.89 7,528.47
August-2004 12,701,536.39 1,531,372.97 July-2008 66,379.19 6,283.87
September-2004 12,257,232.80 1,426,778.70 August-2008 130,952.19 5,728.02
October-2004 11,957,783.26 1,325,637.34 September-2008 26,422.56 4,716.53
November-2004 11,242,532.81 1,226,851.88 October-2008 26,654.46 4,484.63
December-2004 10,974,407.07 1,134,489.08 November-2008 22,023.92 4,250.66
January-2005 9,641,674.73 1,044,537.68 December-2008 22,216.41 4,058.17
February-2005 9,214,013.72 965,012.87 January-2009 22,410.63 3,863.95
March-2005 8,814,522.92 888,963.28 February-2009 22,606.60 3,667.98
April-2005 8,608,726.38 816,277.62 March-2009 22,804.32 3,470.26
May-2005 8,181,296.04 745,468.80 April-2009 23,003.83 3,270.75
June-2005 7,784,979.38 678,173.61 May-2009 16,686.12 3,069.46
July-2005 7,388,127.29 614,115.31 June-2009 13,343.75 2,926.11
August-2005 7,205,054.97 553,504.13 July-2009 13,460.78 2,809.08
September-2005 6,349,314.84 494,554.56 August-2009 13,578.88 2,690.98
October-2005 5,704,021.70 442,777.93 September-2009 13,698.07 2,571.79
November-2005 5,157,486.77 396,387.58 October-2009 13,818.35 2,451.51
December-2005 4,610,418.14 354,472.54 November-2009 13,939.73 2,330.13
January-2006 3,801,252.48 317,187.10 December-2009 14,062.23 2,207.63
February-2006 3,482,013.22 286,652.91 January-2010 13,415.05 2,084.00
March-2006 3,363,268.17 258,744.95 February-2010 13,533.58 1,965.47
April-2006 3,226,687.84 231,815.12 March-2010 13,653.37 1,845.68
May-2006 2,870,969.10 206,252.64 April-2010 13,774.28 1,724.77
June-2006 2,647,236.98 183,469.86 May-2010 13,896.31 1,602.74
July-2006 2,311,605.68 162,495.91 June-2010 14,019.47 1,479.58
August-2006 2,468,168.98 144,127.75 July-2010 14,143.78 1,355.27
September-2006 1,450,588.87 124,904.97 August-2010 14,269.24 1,229.81
October-2006 1,390,223.92 113,190.85 September-2010 14,395.87 1,103.18
November-2006 1,181,694.04 102,008.88 October-2010 13,210.86 975.19
December-2006 1,803,118.08 92,530.29 November-2010 13,319.91 866.14
January-2007 907,809.54 78,681.83 December-2010 8,746.29 756.18
February-2007 810,461.41 71,376.48 January-2011 8,819.11 683.36
March-2007 886,164.62 64,862.39 February-2011 8,892.53 609.94
April-2007 756,008.89 57,812.45 March-2011 8,966.56 535.91
May-2007 1,023,480.17 51,738.76 April-2011 9,041.20 461.27
June-2007 773,296.16 43,513.16 May-2011 9,116.47 386.00
July-2007 557,767.75 37,389.23 June-2011 9,192.37 310.10
August-2007 499,510.66 32,929.74 July-2011 9,268.89 233.58
September-2007 484,089.76 28,934.77 August-2011 9,346.06 156.41
October-2007 478,711.54 25,071.90 September-2011 9,423.86 78.61
November-2007 425,431.12 21,270.12 October-2011 - -