Securities and Exchange Commission
Washington, DC 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report: July 18, 2000
CIT Equipment Collateral 2000-1
A New York Commission File I.R.S. Employer
Corporation No. 0001114967 No. 22-6846998
c/o AT&T Capital Corporation
650 CIT Drive, Livingston, N.J. 07039
Telephone Number (973) 740-5000
Page 2 of 9
ITEM 5. OTHER
CIT EQUIPMENT COLLATERAL 2000-1
MONTHLY SERVICING REPORT
DETERMINATION DATE: JULY 18, 2000
COLLECTION PERIOD: JUNE 30, 2000
PAYMENT DATE: JULY 20, 2000
I. AVAILABLE FUNDS
A. AVAILABLE PLEDGED REVENUES
a. Scheduled Payments Received $ 31,152,998.67
b. Liquidation Proceeds Allocated to Owner Trust 41,106.67
c. Required Payoff Amounts of Prepaid Contracts 3,992,018.24
d. Required Payoff Amounts of Purchased Contracts 0.00
e. Proceeds of Clean-up Call 0.00
f. Investment Earnings on Collection Account and Note Distribution Account 0.00
g. Investment Earnings on Class A-2a Funding Account 0.00
-----------------
TOTAL AVAILABLE PLEDGED REVENUES = $ 35,186,123.58
B. DETERMINATION OF AVAILABLE FUNDS
a. Total Available Pledged Revenues $ 35,186,123.58
b. Receipt from Class A-2 Swap Counterparty 0.00
c. Receipt from Class A-3 Swap Counterparty 0.00
d. Servicer Advances 4,672,347.89
e. Recoveries of prior Servicer Advances (4,212,000.36)
f. Withdrawls from the Class A Principal Account, including Investment Earnings 0.00
g. Withdrawal from Cash Collateral Account 88,024.41
----------------
TOTAL AVAILABLE FUNDS = $ 35,734,495.52
Page 3 of 9
II. DISTRIBUTION AMOUNTS
A. COLLECTION ACCOUNT DISTRIBUTIONS
1. Servicing Fee 430,907.97
2. Class A-1 Note Interest Distribution 1,248,266.64
Class A-1 Note Principal Distribution 29,286,697.83
Aggregate Class A-1 distribution 30,534,964.47
3. Class A-2a Note Interest Distribution 798,564.93
Class A-2a Note Principal Distribution 0.00
Aggregate Class A-2a distribution 798,564.93
4. Class A-2b Note Interest Distribution 0.00
Class A-2b Note Principal Distribution 0.00
Aggregate Class A-2b distribution 0.00
5. Class A-3 Note Interest Distribution 1,062,164.45
Class A-3 Note Principal Distribution 0.00
Aggregate Class A-3 distribution 1,062,164.45
6. Class A-4 Note Interest Distribution 587,641.01
Class A-4 Note Principal Distribution 0.00
Aggregate Class A-4 distribution 587,641.01
7. Deposit to the Class A Principal Account 0.00
8. Class B Note Interest Distribution 64,980.92
Class B Note Principal Distribution 467,340.92
Aggregate Class B distribution 532,321.84
9. Class C Note Interest Distribution 87,675.41
Class C Note Principal Distribution 623,121.23
Aggregate Class C distribution 710,796.64
10. Class D Note Interest Distribution 116,201.52
Class D Note Principal Distribution 778,901.54
Aggregate Class D distribution 895,103.06
11. Payment due to the Class A-2 Swap Counterparty 72,897.42
12. Payment due to the Class A-3 Swap Counterparty 109,133.73
13. Deposit to the Cash Collateral Account 0.00
14. Amounts in accordance with the CCA Loan Agreement 0.00
15. To the holder of the equity certificate 0.00
COLLECTION ACCOUNT DISTRIBUTIONS= 35,734,495.52
===================
Page 4 of 9
B. CASH COLLATERAL ACCOUNT DISTRIBUTIONS
1. Payment due on the Senior Loan 76,348.48
2. Payment due on the Holdback 141,225.50
3. Payment to the Depositor 0.00
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CASH COLLATERAL ACCOUNT DISTRIBUTIONS = 217,573.98
===========
III. INFORMATION REGARDING DISTRIBUTIONS ON THE SECURITIES
------------------------------------------------------------------------------------
DISTRIBUTION CLASS A-1 CLASS A-2a CLASS A-3 CLASS A-4
AMOUNTS NOTES NOTES NOTES NOTES
------------------------------------------------------------------------------------
1. Interest Due 1,248,266.64 798,564.93 1,062,164.45 587,641.01
2 Interest Paid 1,248,266.64 798,564.93 1,062,164.45 587,641.01
3 Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4 Principal Paid 29,286,697.83 0.00 0.00 0.00
5 Total Distribution Amount 30,534,964.47 798,564.93 1,062,164.45 587,641.01
((2) plus (4))
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DISTRIBUTION CLASS B CLASS C CLASS D TOTAL OFFERED CLASS A-2b
AMOUNTS NOTES NOTES NOTES NOTES NOTES
-----------------------------------------------------------------------------------------------------
1. Interest Due 64,980.92 87,675.41 116,201.52 3,965,494.88 0.00
2 Interest Paid 64,980.92 87,675.41 116,201.52 3,965,494.88 0.00
3 Interest Shortfall 0.00 0.00 0.00 0.00 0.00
((1) minus (2))
4 Principal Paid 467,340.92 623,121.23 778,901.54 31,156,061.52 0.00
5 Total Distribution Amount 532,321.84 710,796.64 895,103.06 35,121,556.40 0.00
((2) plus (4))
Page 5 of 9
V. INFORMATION REGARDING THE SECURITIES
A SUMMARY OF BALANCE INFORMATION
------------------------------------------------------------------------------------------------
APPLICABLE PRINCIPAL BALANCE CLASS FACTOR PRINCIPAL BALANCE CLASS FACTOR
CLASS COUPON JUL-00 JUL-00 JUN-00 JUN-00
RATE PAYMENT DATE PAYMENT DATE PAYMENT DATE PAYMENT DATE
------------------------------------------------------------------------------------------------
a Class A-1 Notes 6.7230% 193,517,797.56 0.67058 222,804,495.38 0.77206
b Class A-2a Notes 6.6413% 144,291,800.00 1.00000 144,291,800.00 1.00000
c Class A-3 Notes 6.7813% 187,959,055.00 1.00000 187,959,055.00 1.00000
d Class A-4 Notes 7.5800% 93,030,239.00 1.00000 93,030,239.00 1.00000
e Class B Notes 7.5400% 9,874,450.40 0.86683 10,341,791.32 0.90785
f Class C Notes 7.6300% 13,165,933.86 0.86683 13,789,055.09 0.90785
g Class D Notes 8.0900% 16,457,417.33 0.86683 17,236,318.87 0.90785
h TOTAL OFFERED NOTES 658,296,693.14 689,452,754.66
i Class A-2b Notes 144,291,800.00
j ONE - MONTH LIBOR RATE 6.6513%
B Other Information
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SCHEDULED SCHEDULED
PRINCIPAL BALANCE PRINCIPAL BALANCE
CLASS JUL-00 JUN-00
PAYMENT DATE PAYMENT DATE
---------------------------------------------------------------------------
Class A-1 Notes 205,576,575.00 231,491,950.00
-------------------------------------------------------------------------------------------
TARGET CLASS TARGET CLASS
CLASS PRINCIPAL AMOUNT FLOOR PRINCIPAL AMOUNT FLOOR
CLASS PERCENTAGE JUL-00 JUL-00 JUN-00 JUN-00
PAYMENT DATE PAYMENT DATE PAYMENT DATE PAYMENT DATE
-------------------------------------------------------------------------------------------
Class A 94.00% 618,798,891.55 648,085,589.38
Class B 1.50% 9,874,450.40 0.00 10,341,791.32 0.00
Class C 2.00% 13,165,933.86 0.00 13,789,055.09 0.00
Class D 2.50% 16,457,417.33 0.00 17,236,318.87 0.00
Page 6 of 9
V. PRINCIPAL
A. MONTHLY PRINCIPAL AMOUNT
1. Principal Balance of Notes and Equity Certificates 689,452,754.66
(End of Prior Collection Period)
2. Contract Pool Principal Balance (End of Collection Period) 658,296,693.14
---------------
Total monthly principal amount 31,156,061.52
VI. CONTRACT POOL DATA
A. CONTRACT POOL CHARACTERISTICS
-------------------------------------------------------
ORIGINAL JUL-00 JUN-00
POOL PAYMENT DATE PAYMENT DATE
-------------------------------------------------------
1 a. Contract Pool Balance 759,430,525.00 658,296,693.14 759,430,525.00
b. No of Contracts 79,033 73,699 79,033
2 Weighted Average Remaining Term 39.70 39.0 39.5
3 Weighted Average Original Term 53.3
B. DELINQUENCY INFORMATION
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% OF % OF AGGREGATE NO. OF
REQUIRED PAYOFF AGGREGATE REQUIRED
CONTRACTS AMOUNT ACCOUNTS PAYOFF AMOUNTS
-------------------------------------------------------------------
1 Current 92.02% 93.07% 67,816 622,847,671.44
31-60 days 4.32% 3.66% 3,181 24,486,823.47
61-90 days 2.15% 1.74% 1,583 11,666,987.03
91-120 days 0.98% 0.91% 723 6,080,193.98
120+ days 0.54% 0.62% 396 4,118,522.16
Total Delinquency 100.0% 100.0% 73,699 669,200,198.08
2. Delinquent Scheduled Payments:
Beginning of Collection Period 10,443,157.41
End of Collection Period 10,903,504.94
--------------
Change in Delinquent Scheduled Payments 460,347.53
C. DEFAULTED CONTRACT INFORMATION
1. Required Payoff Amount on Defaulted Contracts 342,811.56
2. Liquidation Proceeds received 41,106.67
------------
3. Current Liquidation Loss Amount 301,704.89
4. Cumulative Liquidation Losses to date 709,788.06
% of Initial Contracts 0.170%
% of Initial Contract Pool Balance 0.093%
Page 7 of 9
VII. INFORMATION REGARDING THE CASH COLLATERAL ACCOUNT
A. CASH COLLATERAL ACCOUNT
1 Opening Cash Collateral Account 41,768,678.88
2 Deposit from the Collateral Account 0.00
3 Withdrawls from the Cash Collateral Account (88,024.41)
4 Available amount 41,680,654.47
5 Required Cash Collateral Collateral Account Amount 41,768,678.88
6 Cash Collateral Account Surplus/(Shortfall) 0.00
7 Release of Cash Collateral Surplus (88,024.40)
8 Ending Cash Collateral Account 41,680,654.47
B. CASH COLLATERAL ACCOUNT LOANS
1 Available Funds
a. Excess Spread from Collection Account 0.00
b. Investment Earnings 217,573.98
Total Available Funds 217,573.98
2 Distribution of Available Funds
a. Senior Loan Interest 76,348.48
b. Senior Loan Principal 0.00
c. Holdback Amount Interest 141,225.50
d. Holdback Amount Principal 0.00
e. Remainder to the Depositor 0.00
3 Distribution of CCA Surplus:
a. Senior Loan Principal 0.00
b. Holdback Amount Principal 0.00
Total Distribution of Surplus 0.00
4 Summary of Balance and Rate Information
Applicable Rates for the Interest Period:
a. Libor Rate for the Interest Period 6.6513%
b. Senior Loan Interest Rate 9.6513%
c. Holdback Amount Interest Rate 11.9013%
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JUL-00 JUN-00
ITEM PAYMENT DATE PAYMENT DATE
-------------------------------------------------------------------------
a. Senior Loan 9,492,881.56 9,492,881.56
b. Holdback Amount 32,275,797.31 32,275,797.31
Page 8 of 9
VIII. MISCELLANEOUS INFORMATION
A. SERVICER ADVANCE BALANCE
1. Opening Servicer Advance Balance 10,443,157.41
2. Current Period Servicer Advance 4,672,347.89
3. Recoveries of prior Servicer Advances -4,212,000.36
---------------
4. Ending Servicer Advance Balance 10,903,504.94
B. CLASS A-2a FUNDING ACCOUNT
1. Opening Class A-2a Funding Account 144,291,800.00
2. Monthly Accrued Interest 793,604.90
2. Investment Earnings 0.00
3. Withdrawal to the Collection Account 0.00
4. Distribution to Class A-2a on Stated Maturity Date 0.00
---------------
5. Ending Class A-2a Funding Account 144,291,800.00
C. CLASS A PRINCIPAL ACCOUNT
1. Opening Class A Principal Account 0.00
2. Investment Earnings 0.00
3. Withdrawls to the Collection Account 0.00
4. Deposits 0.00
---------------
5. Ending Class A Principal Account 0.00
D. OTHER RELATED INFORMATION
1. Discount Rate 8.1540%
2. Life to Date Prepayment (CPR) 10.3%
3. Life to Date Substitutions:
Page 9 of 9
Servicer's Certificate
The undersigned, on behalf of AT&T Capital Corporation, in its capacity as
servicer (The "Servicer") under the Pooling and Servicing Agreement, dated as of
April 1, 2000 (the "Pooling and Servicing Agreement"), among CIT Equipment
Collateral 2000-1, NTC Funding Company LLC, The Chase Manhattan Bank, as trustee
under the Indenture, and AT&T Capital Corporation, in its individual capacity
and as Servicer, DO HEREBY CERTIFY that I am a Responsible Officer of the
Servicer and, pursuant to Section 9.02 of the Pooling and Servicing Agreement, I
DO HEREBY FURTHER CERTIFY the following report with respect to the Payment Date
occurring on July 20, 2000
This Certificate shall constitute the Servicer's
Certificate as required by Section 9.02 of the Pooling and Servicing Agreement
with respect to the above Payment Date. Any term capitalized but not defined
herein shall have the meaning ascribed thereto in the Pooling and Servicing
Agreement.
AT&T CAPITAL CORPORATION
Glenn Votek
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Glenn Votek
Executive Vice President, and Treasurer