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: 18-Oct-00
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 1 of 9
Item 5. Other
CIT Equipment Collateral 2000-1
Monthly Servicing Report
Determination Date: 10/18/00
Collection Period: 09/30/00
Payment Date: 10/20/00
I. AVAILABLE FUNDS
A. Available Pledged Revenues
a. Scheduled Payments Received $ 25,455,298.75
b. Liquidation Proceeds Allocated to Owner Trust 865,286.88
c. Required Payoff Amounts of Prepaid Contracts 1,875,298.32
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 = $ 28,195,883.95
B. Determination of Available Funds
a. Total Available Pledged Revenues $ 28,195,883.95
b. Receipt from Class A-2 Swap Counterparty 0.00
c. Receipt from Class A-3 Swap Counterparty 0.00
d. Servicer Advances 4,402,043.21
e. Recoveries of prior Servicer Advances (3,837,304.36)
f. Withdrawls from the Class A Principal Account, including Investment Earnings 0.00
g. Withdrawal from Cash Collateral Account 860,151.29
---------------
Total Available Funds = $ 29,620,774.09
Page 2 of 9
II. DISTRIBUTION AMOUNTS
A. COLLECTION ACCOUNT DISTRIBUTIONS
1. Servicing Fee 378,084.21
2. Class A-1 Note Interest Distribution 803,163.58
Class A-1 Note Principal Distribution 24,038,831.89
Aggregate Class A-1 distribution 24,841,995.47
3. Class A-2a Note Interest Distribution 795,258.24
Class A-2a Note Principal Distribution 0.00
Aggregate Class A-2a distribution 795,258.24
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 1,057,857.06
Class A-3 Note Principal Distribution 0.00
Aggregate Class A-3 distribution 1,057,857.06
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 57,015.10
Class B Note Principal Distribution 383,598.38
Aggregate Class B distribution 440,613.48
9. Class C Note Interest Distribution 76,927.53
Class C Note Principal Distribution 511,464.51
Aggregate Class C distribution 588,392.04
10. Class D Note Interest Distribution 101,956.71
Class D Note Principal Distribution 639,330.64
Aggregate Class D distribution 741,287.35
11. Payment due to the Class A-2 Swap Counterparty 76,204.11
12. Payment due to the Class A-3 Swap Counterparty 113,441.12
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 = 29,620,774.09
==============
Page 3 of 9
B. CASH COLLATERAL ACCOUNT DISTRIBUTIONS
1. Payment due on the Senior Loan 76,130.93
2. Payment due on the Holdback 139,252.80
3. Payment to the Depositor 0.00
----------
Cash Collateral Account Distributions = 215,383.73
==========
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 803,163.58 795,258.24 1,057,857.06 587,641.01
2 Interest Paid 803,163.58 795,258.24 1,057,857.06 587,641.01
3 Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4 Principal Paid 24,038,831.89 0.00 0.00 0.00
5 Total Distribution Amount 24,841,995.47 795,258.24 1,057,857.06 587,641.01
((2) plus (4))
-----------------------------------------------------------------------------------------------------------
Distribution Class B Class C Class D Total Offered Class A-2b
Amounts Notes Notes Notes Notes Notes
-----------------------------------------------------------------------------------------------------------
1 Interest Due 57,015.10 76,927.53 101,956.71 3,479,819.23 0.00
2 Interest Paid 57,015.10 76,927.53 101,956.71 3,479,819.23 0.00
3 Interest Shortfall 0.00 0.00 0.00 0.00 0.00
((1) minus (2))
4 Principal Paid 383,598.38 511,464.51 639,330.64 25,573,225.42 0.00
5 Total Distribution Amount 440,613.48 588,392.04 741,287.35 29,053,044.65 0.00
((2) plus (4))
Page 4 of 9
IV. Information Regarding the Securities
A. Summary of Balance Information
-----------------------------------------------------------------------------------------------------------------------
Applicable Principal Balance Class Factor Principal Balance Class Factor
Class Coupon Oct-00 Oct-00 Sep-00 Sep-00
Rate Payment Date Payment Date Payment Date Payment Date
-----------------------------------------------------------------------------------------------------------------------
a. Class A-1 Notes 6.7230% 119,318,725.57 0.41346 143,357,557.47 0.49676
b. Class A-2a Notes 6.6138% 144,291,800.00 1.00000 144,291,800.00 1.00000
c. Class A-3 Notes 6.7538% 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% 8,690,422.65 0.76289 9,074,021.03 0.79656
f. Class C Notes 7.6300% 11,587,230.20 0.76289 12,098,694.71 0.79656
g. Class D Notes 8.0900% 14,484,037.75 0.76289 15,123,368.39 0.79656
h. Total Offered Notes 579,361,510.18 604,934,735.60
i. Class A-2b Notes 144,291,800.00
j. One - Month Libor Rate 6.6238%
B Other Information
-------------------------------------------------------------------------------------------
Scheduled Scheduled
Principal Balance Principal Balance
Class Oct-00 Sep-00
Payment Date Payment Date
-------------------------------------------------------------------------------------------
Class A-1 Notes 131,613,858.00 155,254,318.00
-------------------------------------------------------------------------------------------------------------
Target Class Target Class
Class Principal Amount Floor Principal Amount Floor
Class Percentage Oct-00 Oct-00 Sep-00 Sep-00
Payment Date Payment Date Payment Date Payment Date
-------------------------------------------------------------------------------------------------------------
Class A 94.00% 544,599,819.57 568,638,651.46
Class B 1.50% 8,690,422.65 0.00 9,074,021.03 0.00
Class C 2.00% 11,587,230.20 0.00 12,098,694.71 0.00
Class D 2.50% 14,484,037.75 0.00 15,123,368.39 0.00
Page 5 of 9
V. PRINCIPAL
A. MONTHLY PRINCIPAL AMOUNT
1. Principal Balance of Notes and Equity Certificates 604,934,735.60
(End of Prior Collection Period)
2. Contract Pool Principal Balance (End of Collection Period) 579,361,510.18
--------------
Total monthly principal amount 25,573,225.42
VI. CONTRACT POOL DATA
A. CONTRACT POOL CHARACTERISTICS
----------------------------------------------------------
Original Oct-00 Sep-00
Pool Payment Date Payment Date
----------------------------------------------------------
1. a. Contract Pool Balance 759,430,525.00 579,361,510.18 604,934,735.60
b. No of Contracts 79,033 67,788 69,680
2. Weighted Average Remaining Term 39.70 38.0 38.4
3. Weighted Average Original Term 53.3
B. DELINQUENCY INFORMATION
------------------------------------------------------------------------------
% of % of Aggregate No. Of
Required Payoff Aggregate Required
Contracts Amount Accounts Payoff Amounts
------------------------------------------------------------------------------
1. Current 91.37% 91.13% 61,939 538,039,679.04
31-60 days 4.66% 4.81% 3,156 28,379,713.29
61-90 days 1.76% 1.74% 1,194 10,298,303.26
91-120 days 0.98% 0.99% 661 5,860,268.74
120+ days 1.24% 1.33% 838 7,827,905.11
Total Delinquency 100.0% 100.0% 67,788 590,405,869.44
2. Delinquent Scheduled Payments:
Beginning of Collection Period 10,479,620.41
End of Collection Period 11,044,359.26
-------------
Change in Delinquent Scheduled Payments 564,738.85
C. DEFAULTED CONTRACT INFORMATION
1. Required Payoff Amount on Defaulted Contracts 2,213,791.42
2. Liquidation Proceeds received 865,286.88
------------
3. Current Liquidation Loss Amount 1,348,504.54
4. Cumulative Liquidation Losses to date 3,989,990.73
% of Initial Contracts 1.076%
% of Initial Contract Pool Balance 0.525%
Page 6 of 9
VII. INFORMATION REGARDING THE CASH COLLATERAL ACCOUNT
A. CASH COLLATERAL ACCOUNT
1. Opening Cash Collateral Account 39,891,960.03
2. Deposit from the Collection Account 0.00
3. Withdrawls from the Cash Collateral Account (860,151.29)
4. Available amount 39,031,808.74
5. Required Cash Collateral Account Amount 41,768,678.88
6. Cash Collateral Account Surplus/(Shortfall) (2,736,870.10)
7. Release of Cash Collateral Surplus 0.00
8. Ending Cash Collateral Account 39,031,808.74
B. CASH COLLATERAL ACCOUNT LOANS
1. Available Funds
a. Excess Spread from Collection Account 0.00
b. Investment Earnings 215,383.73
Total Available Funds 215,383.73
2. Distribution of Available Funds
a. Senior Loan Interest 76,130.93
b. Senior Loan Principal 0.00
c. Holdback Amount Interest 139,252.80
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 6.6238%
b. Senior Loan Interest Rate 9.6238%
c. Holdback Amount Interest Rate 11.8738%
- -----------------------------------------------------------------------
Oct-00 Sep-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 7 of 9
VIII. MISCELLANEOUS INFORMATION
A. SERVICER ADVANCE BALANCE
1. Opening Servicer Advance Balance 10,479,620.41
2. Current Period Servicer Advance 4,402,043.21
3. Recoveries of prior Servicer Advances -3,837,304.36
--------------
4. Ending Servicer Advance Balance 11,044,359.26
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) 7.5%
3. Life to Date Substitutions:
a. Prepayments 0.00
b. Defaults 0.00
Page 8 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 10/20/00
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
-----------
Glenn Votek
Executive Vice President, and Treasurer
Page 9 of 9