UNITED STATES
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): October 12, 2004
CIT EC - EF 2001-A
(Exact Name of Registrant as Specified in its Charter)
Delaware 333-74847 22-3634034
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
c/o Chase Manhattan Bank USA, National Association
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)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[X] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14A-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
Item 9.01. 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: October 12, 2004
CIT Equipment Collateral - EF 2001-A
Composition of Contract Pool
at June 30, 2004
Weighted Weighted Average
Number Current Average Average Required
of Required Original Remaining Payoff
Contracts Payoff Term Term Amount
Amount (Range) (Range) (Range)
5,870 $187,576,672 63.6 months 21.1 months $31,955
(30 to 121 months) (0 to 87 months) ($0 to $1,708,826.5)
Type of Contract
at June 30, 2004
% of
Total % of
Number Number Required Required
of of Payoff Payoff
Type of Contract Contracts Contracts Amount Amount
Leases 2,622 44.67 % 81,275,832 43.33 %
Loans and other financing arrangements 3,248 55.33 106,300,840 56.67
----------------------------------------------------------------------------------
Total 5,870 100.00 % 187,576,672 100.00 %
==================================================================================
CIT Equipment Collateral - EF 2001-A
Annual Percentage Rate
at June 30, 2004
% of Weighted
Total % of Average
Number Number Required Required Annual
Of of Payoff Payoff Percentage
Annual Percentage Rate Contracts Contracts Amount Amount Rate
less than 8.001 89 1.62 % $ 6,663,749 3.73 % 7.02 %
8.001- 8.500 204 3.72 9,212,931 5.15 8.30
8.501- 9.000 586 10.68 25,660,167 14.35 8.79
9.001- 9.500 761 13.87 31,641,976 17.70 9.28
9.501- 10.000 1,151 20.98 37,750,453 21.11 9.76
10.001- 10.500 1,084 19.76 27,183,358 15.20 10.23
10.501- 11.000 734 13.38 19,578,684 10.95 10.71
11.001- 11.500 265 4.83 8,048,248 4.50 11.23
11.501- 12.000 191 3.48 4,440,858 2.48 11.74
12.001- 12.500 130 2.37 3,064,758 1.71 12.26
12.501- 13.000 94 1.71 2,796,988 1.56 12.80
13.001- 13.500 71 1.29 1,222,363 0.68 13.17
13.501- 14.000 43 0.78 701,039 0.39 13.66
greater than 14.000 82 1.49 835,381 0.47 15.23
------------------------------------------------------------------------------
Total 5,485 100.00 % $ 178,800,954 100.00 % 9.80 %
==============================================================================
Unliquidated Defaulted Contracts 385 8,775,718
---------- ----------
Total 5,870 $187,576,672
========== =============
CIT Equipment Collateral - EF 2001-A
Geographical Diversity
(Based on obligor billing address)
at June 30, 2004
% of
Total % of
Number Number Required Required
of of Payoff Payoff
State Contracts Contracts Amount Amount
Alabama 115 1.96 % $ $3,360,922 1.79 %
Alaska 33 0.56 736,287 0.39
Arizona 164 2.79 4,486,466 2.39
Arkansas 68 1.16 2,236,205 1.19
California 892 15.20 27,023,616 14.41
Colorado 107 1.82 3,376,218 1.80
Connecticut 87 1.48 2,786,661 1.49
Delaware 25 0.43 799,297 0.43
District of Columbia 2 0.03 132,840 0.07
Florida 367 6.25 9,626,909 5.13
Georgia 198 3.37 5,546,790 2.96
Hawaii 13 0.22 448,561 0.24
Idaho 91 1.55 2,728,852 1.45
Illinois 176 3.00 4,888,682 2.61
Indiana 96 1.64 3,969,487 2.12
Iowa 28 0.48 893,981 0.48
Kansas 46 0.78 866,996 0.46
Kentucky 58 0.99 2,968,006 1.58
Louisiana 57 0.97 2,162,377 1.15
Maine 52 0.89 2,036,474 1.09
Maryland 129 2.20 4,006,194 2.14
Massachusetts 116 1.98 4,635,933 2.47
Michigan 173 2.95 4,825,988 2.57
Minnesota 61 1.04 2,094,287 1.12
Mississippi 38 0.65 1,268,250 0.68
Missouri 71 1.21 2,565,559 1.37
Montana 25 0.43 473,972 0.25
Nebraska 22 0.37 880,939 0.47
Nevada 60 1.02 2,701,144 1.44
New Hampshire 38 0.65 1,414,883 0.75
New Jersey 193 3.29 5,344,180 2.85
New Mexico 33 0.56 876,507 0.47
New York 389 6.63 12,097,631 6.45
North Carolina 91 1.55 4,723,705 2.52
North Dakota 2 0.03 59,785 0.03
Ohio 219 3.73 6,032,242 3.22
Oklahoma 55 0.94 2,074,067 1.11
Oregon 128 2.18 4,755,278 2.54
Pennsylvania 299 5.09 11,417,249 6.09
Rhode Island 21 0.36 1,066,540 0.57
South Carolina 59 1.01 1,158,471 0.62
South Dakota 6 0.10 329,765 0.18
Tennessee 64 1.09 1,616,011 0.86
Texas 357 6.08 11,412,585 6.08
Utah 115 1.96 3,525,806 1.88
Vermont 28 0.48 1,441,017 0.77
Virginia 115 1.96 3,421,215 1.82
Washington 200 3.41 4,998,355 2.66
West Virginia 24 0.41 2,790,489 1.49
Wisconsin 54 0.92 2,353,227 1.25
Wyoming 10 0.17 139,770 0.07
------------------------------------------------------------------
Total 5,870 100.00 % $ 187,576,672 100.00 %
==================================================================
CIT Equipment Collateral - EF 2001-A
Payment Status
at June 30, 2004
% 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 5,151 93.91 % 167,550,616 93.71 %
31-60 days delinquent 213 3.88 6,863,185 3.84
61-90 days delinquent 57 1.04 2,063,478 1.15
91-120 days delinquent 31 0.57 1,192,992 0.67
121-150 days delinquent 21 0.38 861,430 0.48
151-180 days delinquent 12 0.22 269,253 0.15
----- ------ ---------- --------
Total 5,485 100.00 % 178,800,954 100.00 %
===== ====== =========== ========
Unliquidated Defaulted Contracts 385 8,775,718
----- ----------
Total 5,870 187,576,672
===== ===========
Types of Equipment
at June 30, 2004
% of
Total % of
Number Number Required Required
of of Payoff Payoff
Contracts Contracts Amount Amount
Type of Equipment
Construction 2,495 42.50 % 75,587,095 40.30 %
Manufacturing 1,305 22.23 48,791,223 26.01
Transportation 896 15.26 22,639,334 12.07
Printing 598 10.19 19,740,973 10.52
Other(1) 229 3.90 9,050,066 4.82
Medical 29 0.49 3,814,164 2.03
Commercial/Retail Fixtures 59 1.01 2,599,178 1.39
Logging 88 1.50 2,086,617 1.11
Fitness 130 2.21 1,741,067 0.93
Computers 41 0.70 1,526,954 0.81
----- ------ ----------- ------
Total 5,870 100.00 % 187,576,672 100.00 %
===== ======= =========== =======
(1) Includes $697,631 as the largest and $39,520 as the average Required Payoff
Amount.
CIT Equipment Collateral - EF 2001-A
Required Payoff Amount
at June 30, 2004
% of
Total % of
Number Number Required Required
of of Payoff Payoff
Required Payoff Amount Contracts Contract Amount Amount
0.01 - 5,000.00 1,192 20.31 % $ 2,696,617 1.44 %
5,000.01 - 10,000.00 1,030 17.55 7,492,561 3.99
10,000.01 - 15,000.00 672 11.45 8,317,677 4.43
15,000.01 - 25,000.00 979 16.68 19,008,344 10.13
25,000.01 - 50,000.00 1,066 18.16 37,647,245 20.07
50,000.01 - 100,000.00 587 10.00 40,056,293 21.35
100,000.01 - 150,000.00 156 2.66 18,827,524 10.04
150,000.01 - 250,000.00 115 1.96 21,418,433 11.42
250,000.01 - 500,000.00 56 0.95 18,440,734 9.83
500,000.01 - 1,000,000.00 15 0.26 10,933,835 5.83
1,000,000.01 - 1,500,000.00 1 0.02 1,028,582 0.55
1,500,000.01 - 1,708,826.00 1 0.02 1,708,826 0.91
----- ------ ------------- ------
Total 5,870 100.00 $ 187,576,672 100.00
===== ====== ============= ======
Remaining Term
at June 30, 2004
% of
Total % of
Number Number Required Required
of of Payoff Payoff
Remaining Terms of Contracts Contracts Contracts Amount Amount
(months)
0 - 12 2,891 52.71 $ 43,136,910 24.13 %
13- 24 2,054 37.45 80,598,985 45.08
25- 36 401 7.31 34,107,717 19.08
37- 48 123 2.24 17,783,487 9.95
49- 60 12 0.22 1,975,076 1.10
61- 72 2 0.04 868,336 0.49
73- 84 2 0.04 330,444 0.18
----- ------ ------------ --------
Total 5,485 100.00 % $ 178,800,954 100.00 %
===== ======= ============= ========
Unliquidated Defaulted Contracts 385 8,775,718
----- -------------
Total 5,870 $ 187,576,672
===== =============
CIT Equipment Collateral - EF 2001-A
Types of Obligor
at June 30, 2004
% of
Total % of
Number Number Required Required
of of Payoff Payoff
Type of Obligor Contracts Contracts Amount Amount
Construction 2,229 37.97 % $ 58,051,363 30.95 %
Manufacturing 1,381 23.53 57,960,759 30.90
Printing 529 9.01 15,713,044 8.38
Transportation 453 7.72 14,894,553 7.94
Services 418 7.12 11,917,180 6.35
Retail & Wholesale Trade 319 5.43 10,694,545 5.70
Other (1) 255 4.34 8,519,803 4.54
Mining, Forestry, Fishing 99 1.69 4,628,914 2.47
Agriculture 156 2.66 2,696,411 1.44
Healthcare 31 0.53 2,500,100 1.33
----- ------- ----------- -------
Total 5,870 100.00 % $ 187,576,672 100.00 %
===== ======= ============= ========
(1)Includes $403,125 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 21 0.36% $ 7,643,478 4.07%
The Top 5 obligors conduct business in the Manufacturing, Construction and
Service industries.
CIT Equipment Collateral - EF 2001-A
Scheduled Cashflows from Contracts
at June 30, 2004
Positive Rent Due 5,863,182.93
Adj. RPA of Unliquidated defaulted Contracts 8,775,718.32
Collection Scheduled Scheduled Collection Scheduled Scheduled
Period Principal Interest Period Principal Interest
July-2004 10,063,231.50 1,411,824.55 March-2008 191,207.01 7,852.43
August-2004 10,916,751.32 1,328,361.63 April-2008 169,470.19 6,402.47
September-2004 10,547,126.88 1,238,629.22 May-2008 118,561.65 5,082.21
October-2004 10,275,954.35 1,151,475.08 June-2008 135,236.15 4,149.79
November-2004 9,652,636.95 1,066,466.48 July-2008 50,514.45 3,071.74
December-2004 9,502,343.43 987,177.00 August-2008 46,860.22 2,645.05
January-2005 8,407,237.71 909,303.13 September-2008 21,349.92 2,252.55
February-2005 8,053,815.41 839,962.01 October-2008 21,539.82 2,062.65
March-2005 7,760,941.21 773,478.58 November-2008 16,866.94 1,871.02
April-2005 7,612,943.10 709,480.65 December-2008 15,023.91 1,721.32
May-2005 7,164,057.93 646,806.14 January-2009 15,158.26 1,586.97
June-2005 6,826,207.93 587,891.79 February-2009 15,293.86 1,451.37
July-2005 6,403,396.17 531,733.02 March-2009 15,430.72 1,314.51
August-2005 6,343,288.93 479,157.50 April-2009 15,568.85 1,176.38
September-2005 5,526,983.47 427,310.22 May-2009 9,189.26 1,036.97
October-2005 4,977,609.96 382,279.44 June-2009 5,784.48 956.03
November-2005 4,466,220.76 341,818.16 July-2009 5,838.60 901.91
December-2005 4,055,228.35 305,572.90 August-2009 5,893.26 847.25
January-2006 3,320,375.83 272,822.84 September-2009 5,948.47 792.04
February-2006 3,038,765.93 246,251.86 October-2009 6,004.25 736.26
March-2006 2,963,181.11 221,946.51 November-2009 6,060.59 679.92
April-2006 2,849,239.62 198,251.62 December-2009 6,117.51 623.00
May-2006 2,438,557.74 175,729.19 January-2010 5,431.08 565.50
June-2006 2,204,077.65 156,496.43 February-2010 5,483.19 513.39
July-2006 1,797,849.01 139,123.24 March-2010 5,535.96 460.62
August-2006 1,960,679.58 124,876.91 April-2010 5,589.29 407.29
September-2006 1,189,012.02 109,709.90 May-2010 5,643.18 353.40
October-2006 1,272,664.63 100,158.71 June-2010 5,697.63 298.95
November-2006 1,033,287.62 90,026.88 July-2010 5,752.66 243.92
December-2006 1,665,058.40 81,786.64 August-2010 5,808.27 188.31
January-2007 837,107.54 69,091.53 September-2010 5,864.46 132.12
February-2007 753,390.29 62,371.49 October-2010 4,608.39 75.19
March-2007 829,939.89 56,329.90 November-2010 4,645.83 37.75
April-2007 714,353.56 49,744.90 December-2010 - -
May-2007 983,618.61 44,007.32
June-2007 614,604.38 36,102.69
July-2007 520,097.18 31,222.31
August-2007 458,077.94 27,067.25
September-2007 442,324.80 23,404.52
October-2007 436,611.55 19,876.68
November-2007 386,086.05 16,412.45
December-2007 273,766.33 13,352.48
January-2008 224,903.19 11,224.89
February-2008 215,455.25 9,498.25