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 Equipment Collateral 2002-VT1
(Exact Name of Registrant as Specified in its Charter)
Delaware 000-49841 77-0298311
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) 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)
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 EQUIPMENT COLLATERAL 2002-VT1
By: CIT FINANCIAL USA, INC.,
as Servicer
By: /s/ Barbara Callahan
------------------------------
Name: Barbara Callahan
Title: Vice President
Dated: October 12, 2004
Exhibit 99.1 - Pool Data Report
CIT EQUIPMENT COLLATERAL 2002-VT1
COMPOSITION OF CONTRACT POOL
at June 30, 2004
WEIGHTED WEIGHTED AVERAGE
CURRENT AVERAGE AVERAGE REQUIRED
NUMBER REQUIRED ORIGINAL REMAINING PAYOFF
OF PAYOFF TERM TERM AMOUNT
CONTRACTS AMOUNT (RANGE) (RANGE) (RANGE)
--------- ------ ------- ------- -------
42,809 $232,359,813 55.66 months 23.17 months $5,428
(24 to 84 months) (0 to 55 months) ($0 to $5,201,213)
TYPE OF CONTRACT
at June 30, 2004
% OF
TOTAL % OF
NUMBER NUMBER REQUIRED REQUIRED
OF OF PAYOFF PAYOFF
AMOUNT AMOUNT
------ ------
True Leases 28,501 66.58 159,955,749 68.84%
Finance Lease 14,308 33.42 72,404,064 31.16
Total --------------------------------------------------------------------------
42,809 100.00% 232,359,813 100.00%
==========================================================================
CIT EQUIPEMLENT COLLATERAL 2002-VT1
GEOGRAPHICAL DISTRIBUTION
(BASED ON OBLIGOR BILLING ADDRESS)
at June 30, 2004
TOTAL % OF
NUMBER NUMBER REQUIRED REQUIRED
OF OF PAYOFF PAYOFF
STATE CONTRACTS CONTRACTS AMOUNT AMOUNT
- ----- --------- --------- ------ ------
Alabama 426 1.00% 1,315,619 0.57%
Alaska 85 0.20 210,310 0.09
Arizona 745 1.74 2,848,345 1.23
Arkansas 235 0.55 861,667 0.37
California 5,442 12.71 25,148,172 10.82
Colorado 875 2.04 3,515,330 1.51
Connecticut 785 1.83 4,732,181 2.04
Delaware 168 0.39 807,077 0.35
District of Columbia 300 0.70 4,513,705 1.94
Florida 2,952 6.90 10,458,764 4.50
Georgia 1,205 2.81 8,805,497 3.79
Hawaii 74 0.17 231,286 0.10
Idaho 114 0.27 323,164 0.14
Illinois 1,079 2.52 16,475,038 7.09
Indiana 609 1.42 3,605,467 1.55
Iowa 240 0.56 1,318,659 0.57
Kansas 223 0.52 2,352,036 1.01
Kentucky 290 0.68 984,184 0.42
Louisiana 412 0.96 733,208 0.32
Maine 77 0.18 156,147 0.07
Maryland 882 2.06 3,618,568 1.56
Massachusetts 1,650 3.85 8,379,169 3.61
Michigan 1,445 3.38 10,023,741 4.31
Minnesota 786 1.84 4,555,660 1.96
Mississippi 232 0.54 862,886 0.37
Missouri 562 1.31 3,606,479 1.55
Montana 117 0.27 204,699 0.09
Louisiana 141 0.33 548,116 0.24
Nevada 233 0.54 829,105 0.36
New Hampshire 221 0.52 617,871 0.27
New Jersey 2,604 6.08 20,244,234 8.71
New Mexico 229 0.53 585,666 0.25
New York 4,010 9.37 24,549,020 10.57
North Carolina 1,074 2.51 5,482,697 2.36
North Dakota 35 0.08 423,491 0.18
Ohio 1,183 2.76 5,676,196 2.44
Oklahoma 387 0.90 1,589,246 0.68
Oregon 579 1.35 2,243,777 0.97
Pennsylvania 2,131 4.98 9,820,332 4.23
Rhode Island 200 0.47 722,797 0.31
South Carolina 487 1.14 2,164,226 0.93
South Dakota 92 0.21 260,531 0.11
Tennessee 758 1.77 4,166,537 1.79
Texas 3,273 7.65 14,791,662 6.37
Utah 204 0.48 1,020,708 0.44
Vermont 82 0.19 358,950 0.15
Virginia 1,078 2.52 4,358,439 1.88
Washington 1,044 2.44 7,247,980 3.12
West Virginia 140 0.33 576,713 0.25
Wisconsin 539 1.26 3,287,373 1.41
Wyoming 75 0.18 147,091 0.06
----------------------------- -----------------------------
42,809 100% 232,359,813 100%
============================= =============================
CIT EQUIPMENT COLLATERAL 2002-VT1
PAYMENT STATUS
at June 30, 2004
TOTAL % OF
NUMBER NUMBER REQUIRED REQUIRED
OF OF PAYOFF PAYOFF
DAYS DELINQUENT CONTRACTS CONTRACTS AMOUNT AMOUNT
- --------------- --------- --------- -------- ---------
Current, including 1 to 30 day
delinquent contracts 40,786 95.27% 225,086,082 96.87%
31-60 days delinquent 1,117 2.61 4,313,668 1.86
61-90 days delinquent 415 0.97 1,490,355 0.64
91-120 days delinquent 213 0.50 687,101 0.30
Over 120 days delinquent 278 0.65 782,606 0.34
--------- --------- ------------ --------
Total 42,809 100.00% 232,359,813 100.00%
Equipment Type
at June 30, 2004
NUMBER NUMBER 0.00% REQUIRED REQUIRED
Finance Lease OF PAYOFF
TYPE OF EQUIPMENT CONTRACTS CONTRACTS AMOUNT AMOUNT
- ------------------ --------- --------- ------ ------
Computers 28,355 66.24 54,299,541 23.37%
Telecommunications 8,864 20.71% 127,759,867 54.98
General Office Equipment/Copiers 3,201 7.48 24,992,495 10.76
Automotive 1,839 4.30 12,249,556 5.27
Computer Software 207 0.48 10,883,485 4.68
Other (1) 343 0.80 2,174,869 0.94
--------- --------- ------------ --------
Total 42,809 100.00% 232,359,813 100.00%
(1) Includes $71,457 as the largest and $6,341 as the average Required Payoff
Amount Telecommunications
CIT EQUIPMENT COLLATERAL 2002-VT1
REQUIRED PAYOFF AMOUNT
at June 30, 2004
TOTAL % OF
NUMBER NUMBER REQUIRED REQUIRED
OF OF PAYOFF PAYOFF
REQUIRED PAYOFF AMOUNT CONTRACTS CONTRACTS AMOUNT AMOUNT
- ---------------------- --------- --------- -------- ---------
0.01 - 5,000.00 34,540 80.68% $45,553,420 19.60%
5,000.01 - 10,000.00 4,008 9.36 27,977,229 12.04
10,000.01 - 15,000.00 1,472 3.44 18,027,258 7.76
15,000.01 - 25,000.00 1,382 3.23 26,419,724 11.37
25,000.01 - 50,000.00 833 1.95 28,813,344 12.40
50,000.01 - 100,000.00 352 0.82 24,043,777 10.35
100,000.01 - 150,000.00 101 0.24 12,347,277 5.31
150,000.01 - 250,000.00 57 0.13 10,960,482 4.72
250,000.01 - 500,000.00 48 0.11 16,588,834 7.14
500,000.01 - 1,000,000.00 8 0.02 5,931,192 2.55
1,000,000.01 - 1,500,000.00 4 0.01 5,125,469 2.21
1,500,000.01 - 2,500,000.00 3 0.01 5,370,594 2.31
2,500,000.01- 5,201,212.56 1 0.00 5,201,213 2.24%
--------- --------- --------------- ---------
Total 42,809 100.00% 232,359,813 100.00
========= ========= =============== ===========
REMAINING TERM
at June 30, 2004
TOTAL % OF
NUMBER NUMBER REQUIRED REQUIRED
OF OF PAYOFF PAYOFF
REMAINING TERMS OF CONTRACTS CONTRACTS CONTRACTS AMOUNT AMOUNT
- ---------------------------- --------- --------- -------- ---------
months
0- 12 21,554 50.35% 40,459,528 17.41%
13- 24 14,580 34.06 71,627,055 30.83
25- 36 6,641 15.51 110,336,751 47.49
37- 48 29 0.07 8,362,577 3.60
49- 60 5 0.01 1,573,901 0.68
--------- --------- --------------- --------
Total 42,809 100.00% $232,359,813 100.00%
========= ========= =============== ========
CIT EQUIPEMLENT COLLATERAL 2002-VT1
TYPES OF OBLIGOR
at June 30, 2004
TOTAL % OF
NUMBER NUMBER REQUIRED REQUIRED
OF OF PAYOFF PAYOFF
TYPES OF OBLIGOR CONTRACTS CONTRACTS AMOUNT AMOUNT
- ----------------- --------- --------- -------- ---------
Services Organizations (1) 15,929 37.21% 101,489,107 43.68%
Manufacturing 4,075 9.52 33,896,716 14.59
Financial Services Institutions 3,272 7.64 21,911,322 9.43
Wholesale Trade 2,104 4.91 13,757,758 5.92
Retail Trade 2,664 6.22 12,925,432 5.56
Medical /Healthcare Organizations 1,855 4.33 11,077,813 4.77
Other (2) 9,139 21.35 10,502,542 4.52
Communications & Utilities 510 1.19 8,543,217 3.68
Transportation 667 1.56 6,589,304 2.84
Construction 1,441 3.37 4,544,369 1.96
Printing & Publishing 460 1.07 3,334,414 1.44
Government 326 0.76 2,254,479 0.97
Resources & Agriculture 367 0.86 1,533,340 0.66
---------- ---------- --------------- -----------
Total 42,809 100.00% 232,359,813 100.00%
========== ========== =============== ============
(1) Primarily: Miscellaneous Services Organizations (27.2%); Engineering,
Accounting and Research (16.3%); Auto Repair Services & Parts (13.0%); Business
Services (10.3%); and Membership Organizations (7.3%).
(2) Includes $211,112 as the largest required payoff amount relating to a single
obligor.
As shown in the table above, the servicer's records lists 4.52% of the
total required payoff amount in the category of "Other" types of obligor. The
servicer notes that the collateral securing approximately 3.68% of the required
payoff amount represents small ticket computer equipment typically leased to
small businesses. The remaining "Other" obligor category represents
approximately 0.84% of the required payoff amount. The servicer 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 (INLUDING CONTRACTS OF NUMBER OF PAYOFF PAYOFF
SECURING VENDOR LOANS) CONTRACTS CONTRACTS AMOUNT AMOUNT
- ----------------- --------- --------- -------- ---------
Top 5 Obligors 140 0.33% $15,898,363 6.84 %
The Top 5 obligors conduct business in the Services, Manufacturing,
Transportation and Financial Institution industries.
CIT EQUIPEMENT TRUST 2002-VT1
SCHEDULED PAYMENTS FROM THE CONTRACTS
at June 30, 2004
COLLECTION SCHEDULED COLLECTION SCHEDULED
PERIOD CASHFLOWS PERIOD CASHFLOWS
--------- --------- -------- ---------
Positive Rent Due 4,248,268.34
July-2004 15,452,374.02 November-2006 2,250,413.62
August-2004 15,332,416.74 December-2006 1,863,639.17
September-2004 14,014,468.60 January-2007 1,440,999.41
October-2004 14,110,786.03 February-2007 1,022,796.11
November-2004 12,089,272.07 March-2007 579,837.46
December-2004 11,099,556.72 April-2007 402,647.44
January-2005 10,437,199.64 May-2007 367,336.23
February-2005 9,394,703.58 June-2007 318,857.18
March-2005 8,839,737.57 July-2007 248,863.38
April-2005 8,886,445.08 August-2007 244,134.46
May-2005 8,622,762.31 September-2007 240,891.92
June-2005 8,554,856.45 October-2007 239,451.77
August-2005 8,295,185.50 November-2007 237,479.35
September-2005 8,055,331.42 December-2007 235,771.97
October-2005 7,859,511.93 January-2008 225,413.11
November-2005 7,577,406.90 February-2008 225,414.11
December-2005 7,346,529.00 March-2008 89,088.23
January-2006 7,154,505.39 April-2008 33,618.83
February-2006 6,890,021.43 May-2008 33,618.83
March-2006 6,471,964.32 June-2008 33,618.83
April-2006 6,029,781.33 July-2008 33,618.83
May-2006 5,533,064.13 August-2008 33,618.83
June-2006 5,051,435.85 September-2008 33,618.83
July-2006 4,529,282.09 October-2008 33,619.83
August-2006 4,110,333.69 November-2008 11,345.63
September-2006 3,515,820.40 December-2008 6,519.36
October-2006 2,915,795.82 January-2009 6,276.76
February-2009 -