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 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/ Usama Ashraf
------------------------------
Name: Usama Ashraf
Title: Vice President
Dated: April 14, 2004
Exhibit 99.1 - Pool Data Report
CIT EQUIPMENT COLLATERAL 2001-1
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)
--------- ------ ------- ------- -------
18,523 $108,340,422 59.4 months 20.5 months $5,735
(24 to 96 months) (0 to 61 months) ($0 to $2,414,752)
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 14,286 77.13 % 81,746,882 75.45
Finance Leases 4,085 22.05 25,955,981 23.96
Loans and other financing arrangements 152 0.82 637,559 0.59
-----------------------------------------------------------------------
Total 18,523 100.00 % 108,340,422 100.00
========================================================================
CIT EQUIPMENT COLLATERAL 2001-1
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 201 1.09 % 673,227 0.62 %
Alaska 48 0.26 214,241 0.20
Arizona 230 1.24 1,049,526 0.97
Arkansas 110 0.59 405,288 0.37
California 2,163 11.68 10,148,362 9.37
Colorado 333 1.80 1,434,209 1.32
Connecticut 291 1.57 2,001,091 1.85
Delaware 114 0.62 765,254 0.71
District of Columbia 110 0.59 971,895 0.90
Florida 1,057 5.71 4,638,159 4.28
Georgia 854 4.61 6,876,753 6.35
Hawaii 11 0.06 33,259 0.03
Idaho 65 0.35 239,680 0.22
Illinois 540 2.92 7,210,040 6.65
Indiana 231 1.25 1,051,987 0.97
Iowa 132 0.71 1,521,384 1.40
Kansas 114 0.62 490,858 0.45
Kentucky 161 0.87 470,241 0.43
Louisiana 157 0.85 160,377 0.15
Maine 20 0.11 97,718 0.09
Maryland 451 2.43 2,078,493 1.92
Massachusetts 727 3.92 3,483,997 3.22
Michigan 629 3.40 4,902,420 4.53
Minnesota 349 1.88 2,426,701 2.24
Mississippi 102 0.55 462,881 0.43
Missouri 206 1.11 1,513,682 1.40
Montana 60 0.32 122,783 0.11
Nebraska 71 0.38 818,941 0.76
Nevada 101 0.55 372,667 0.34
New Hampshire 133 0.72 537,034 0.50
New Jersey 1,118 6.04 7,300,564 6.74
New Mexico 82 0.44 242,736 0.22
New York 2,105 11.36 15,188,487 14.02
North Carolina 471 2.54 2,342,400 2.16
North Dakota 14 0.08 138,862 0.13
Ohio 535 2.89 2,833,481 2.62
Oklahoma 136 0.73 536,467 0.50
Oregon 193 1.04 756,511 0.70
Pennsylvania 991 5.35 4,620,060 4.26
Rhode Island 71 0.38 301,926 0.28
South Carolina 160 0.86 717,218 0.66
South Dakota 21 0.11 265,033 0.24
Tennessee 311 1.68 1,124,685 1.04
Texas 1,299 7.01 5,765,752 5.32
Utah 94 0.51 771,164 0.71
Vermont 65 0.35 187,889 0.17
Virginia 465 2.51 5,032,488 4.65
Washington 343 1.85 1,114,062 1.03
West Virginia 62 0.33 422,557 0.39
Wisconsin 189 1.02 1,421,517 1.31
Wyoming 27 0.15 83,417 0.08
----------- ----------- -------------- ----------
Total 18,523 100.00 % 108,340,422 100.00 %
=========== =========== ============== ==========
CIT EQUIPMENT COLLATERAL 2001-1
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 17,000 91.78 % 103,434,262 95.47 %
31-60 days delinquent 787 4.25 3,014,626 2.78
61-90 days delinquent 344 1.86 1,007,027 0.93
91-120 days delinquent 168 0.91 437,770 0.40
Over 120 days delinquent 224 1.21 446,737 0.41
----------- ---------- --------------- ----------
Total 18,523 100.00 % 108,340,422 100.00 %
=========== ========== =============== ==========
EQUIPMENT TYPE
AT DECEMBER 31, 2003
% OF
TOTAL % OF
NUMBER NUMBER REQUIRED REQUIRED
OF OF PAYOFF PAYOFF
TYPE OF EQUIPMENT CONTRACTS CONTRACTS AMOUNT AMOUNT
- ----------------- --------- --------- ------ ------
Telecommunications 5,624 30.36 % 74,074,377 68.37 %
General Office Equipment 1,543 8.33 11,892,172 10.98
Computer & Point-of-Sale 9,593 51.79 9,958,070 9.19
Automotive Diagnostic Equipment 1,511 8.16 9,687,370 8.94
Computer Software 68 0.37 1,436,503 1.33
Other(1) 184 0.99 1,291,930 1.19
---------- ---------- --------------- ---------
Total 18,523 100.00 % 108,340,422 100.00 %
========== ========== =============== =========
(1) Includes $117,800 as the largest and $7,021 as the average Required Payoff Amount.
CIT EQUIPMENT COLLATERAL 2001-1
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 14,359 77.52 % 17,846,394 16.47
5,000.01 - 10,000.00 1,851 9.99 12,883,708 11.89
10,000.0 - 15,000.00 732 3.95 9,029,312 8.33
15,000.01 - 25,000.00 795 4.29 15,237,303 14.06
25,000.0 - 50,000.00 480 2.59 16,648,677 15.37
50,000.01 - 100,000.00 205 1.11 14,097,137 13.01
100,000.01 - 150,000.00 58 0.31 7,158,292 6.61
150,000.01 - 250,000.00 23 0.12 4,470,856 4.13
250,000.01 - 500,000.00 13 0.07 4,777,697 4.41
500,000.01 - 1,000,000.00 6 0.03 3,776,295 3.49
1,000,000.01 - 2,414,752.00 1 0.01 2,414,752 2.23
---------- ---------- -------------- ---------
Total 18,523 100.00 % 108,340,422 100.00
========== ========== ============== =========
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)
0- 12 9,453 51.03 % 13,567,973 12.52
13- 24 7,858 42.42 76,045,931 70.19
25- 36 1,185 6.40 14,063,977 12.98
37- 48 22 0.12 4,049,626 3.74
49- 60 4 0.02 519,719 0.48
61- 72 1 0.01 93,195 0.09
----------- ---------- -------------- --------
Total 18,523 100.00 % 108,340,422 100.00
=========== ========== ============== ========
CIT EQUIPMENT COLLATERAL 2001-1
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
- --------------- --------- --------- ------ ------
Service Organizations(1) 7,117 38.42 % $ 45,533,873 42.03 %
Retail & Wholesale Trade 2,465 13.31 14,252,163 13.15
Manufacturing 1,477 7.97 14,076,855 12.99
Financial Services Institutions 1,268 6.85 13,447,407 12.41
Other(2) 3,947 21.31 6,499,699 6.00
Transportation 523 2.82 5,117,034 4.72
Medical/Healthcare Organizations 672 3.63 3,881,075 3.58
Printing & Copy Centers 268 1.45 2,849,162 2.63
Construction 539 2.91 1,677,721 1.55
Resources, Farming & Fishing 158 0.85 480,385 0.44
Government 83 0.45 444,576 0.41
Machine Tools 6 0.03 80,503 0.07
---------- ------------- ---------------- ------------
Total 18,523 100.00 % $ 108,340,453 100.00 %
========== ============= ================ ============
(1) Primarily Automotive Repair, Service & Parts (22%), Other Service Organizations (22%); Business Services (17%);
Engineering, Accounting & Research (10%); and Lodging (6%).
(2) Includes $159,950 as the largest Required Payoff Amount belonging to a single obligor.
As shown in the table above, the servicer's records lists 6.00% of the total required payoff amount in the
category of "Other" types of obligor. The servicer notes that the collateral securing approximately 2.63% of the
required payoff amount represents small ticket computer equipment typically leased to small businesses. The remaining
"Other" obligor category represents approximately 3.37% 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 % OF
NUMBER TOTAL REQUIRED REQUIRED
OBLIGORS (INCLUDING CONTRACTS SECURING OF NUMBER OF PAYOFF PAYOFF
VENDOR LOANS ) CONTRACTS CONTRACTS AMOUNT AMOUNT
- ----------------- ----------- --------- ------ ------
Top 5 359 1.23% $ 10,435,307 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 DECEMBER 31, 2003
COLLECTION SCHEDULED COLLECTION SCHEDULED
PERIOD CASHFLOWS PERIOD CASHFLOWS
------ --------- ------ ---------
Positive Rent Due 2,110,965.09
January-2004 6,323,075.19 August-2006 142,250.17
February-2004 6,593,050.55 September-2006 130,331.62
March-2004 6,427,478.23 October-2006 126,416.33
April-2004 6,411,658.51 November-2006 119,927.35
May-2004 6,400,744.44 December-2006 116,791.05
June-2004 6,351,042.70 January-2007 135,791.34
July-2004 6,087,408.58 February-2007 111,394.89
August-2004 5,829,290.66 March-2007 104,399.92
September-2004 5,732,577.10 April-2007 98,171.10
October-2004 5,607,904.20 May-2007 98,171.10
November-2004 5,662,022.32 June-2007 98,171.10
December-2004 5,212,302.70 July-2007 97,559.32
January-2005 4,923,850.76 August-2007 98,612.67
February-2005 4,258,742.05 September-2007 88,599.00
March-2005 4,020,356.32 October-2007 27,345.47
April-2005 3,788,205.53 November-2007 12,392.64
May-2005 3,545,763.14 December-2007 10,597.35
June-2005 3,360,354.66 January-2008 31,358.24
July-2005 3,142,798.81 February-2008 -
August-2005 2,880,618.99
September-2005 2,394,750.34
October-2005 1,794,026.39
November-2005 1,304,602.97
December-2005 759,420.78
January-2006 407,984.39
February-2006 232,249.36
March-2006 193,170.04
April-2006 169,114.33
May-2006 157,423.26
June-2006 154,906.25
July-2006 143,934.06