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-Jan-01
CIT Equipment Collateral 2000-2
A New York Commission File I.R.S. Employer
Corporation No. 0001125705 No. 527109880
c/o Capita Corporation
650 CIT Drive, Livingston, N.J. 07039
Telephone Number (973) 740-5000
Page 1 of 8
ITEM 5. OTHER
CIT EQUIPMENT COLLATERAL 2000-2
MONTHLY SERVICING REPORT
DETERMINATION DATE: 01/18/01
COLLECTION PERIOD: 12/31/00
PAYMENT DATE: 01/22/01
I. AVAILABLE FUNDS
A. AVAILABLE PLEDGED REVENUES
a. Scheduled Payments Received $ 31,898,762.12
b. Liquidation Proceeds Allocated to Owner Trust 55,769.31
c. Required Payoff Amounts of Prepaid Contracts 2,631,618.57
d. Required Payoff Amounts of Purchased Contracts 4,955.92
e. Proceeds of Clean-up Call 0.00
f. Investment Earnings on Collection Account and Note Distribution Account 0.00
-----------------
TOTAL AVAILABLE PLEDGED REVENUES = $ 34,591,105.92
B. DETERMINATION OF AVAILABLE FUNDS
a. Total Available Pledged Revenues $ 34,591,105.92
b. Servicer Advances 5,744,709.39
c. Recoveries of prior Servicer Advances (4,191,316.87)
d. Withdrawal from Cash Collateral Account 264,571.68
-----------------
TOTAL AVAILABLE FUNDS = $ 36,409,070.12
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II. DISTRIBUTION AMOUNTS
A. COLLECTION ACCOUNT DISTRIBUTIONS
1. Servicing Fee 593,638.83
2. Class A-1 Note Interest Distribution 598,216.70
Class A-1 Note Principal Distribution 28,523,804.81
Aggregate Class A-1 distribution 29,122,021.51
3. Class A-2 Note Interest Distribution 2,020,300.00
Class A-2 Note Principal Distribution 0.00
Aggregate Class A-2 distribution 2,020,300.00
4. Class A-3 Note Interest Distribution 1,744,200.00
Class A-3 Note Principal Distribution 0.00
Aggregate Class A-3 distribution 1,744,200.00
5. Class A-4 Note Interest Distribution 765,474.32
Class A-4 Note Principal Distribution 0.00
Aggregate Class A-4 distribution 765,474.32
6. Class B Note Interest Distribution 82,515.80
Class B Note Principal Distribution 455,167.10
Aggregate Class B distribution 537,682.90
7. Class C Note Interest Distribution 111,445.80
Class C Note Principal Distribution 606,889.46
Aggregate Class C distribution 718,335.26
8. Class D Note Interest Distribution 148,805.47
Class D Note Principal Distribution 758,611.83
Aggregate Class D distribution 907,417.30
9. Deposit to the Cash Collateral Account 0.00
10. Amounts in accordance with the CCA Loan Agreement 0.00
11. To the holder of the equity certificate 0.00
COLLECTION ACCOUNT DISTRIBUTIONS = 36,409,070.12
======================
B. CASH COLLATERAL ACCOUNT DISTRIBUTIONS
1. Payment due on the Senior Loan 1,872,219.33
2. Payment due on the Holdback 169,157.08
3. Payment to the Depositor 0.00
----------------------
CASH COLLATERAL ACCOUNT DISTRIBUTIONS = 2,041,376.41
======================
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III. INFORMATION REGARDING DISTRIBUTIONS ON THE SECURITIES
------------------------------------------------------------------------------------------------------------------
DISTRIBUTION CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4
AMOUNTS NOTES NOTES NOTES NOTES
------------------------------------------------------------------------------------------------------------------
1. Interest Due 598,216.70 2,020,300.00 1,744,200.00 765,474.32
2. Interest Paid 598,216.70 2,020,300.00 1,744,200.00 765,474.32
3. Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4. Principal Paid 28,523,804.81 0.00 0.00 0.00
5. Total Distribution Amount 29,122,021.51 2,020,300.00 1,744,200.00 765,474.32
((2) plus (4))
------------------------------------------------------------------------------------------------------------------
DISTRIBUTION CLASS B CLASS C CLASS D TOTAL OFFERED
AMOUNTS NOTES NOTES NOTES NOTES
------------------------------------------------------------------------------------------------------------------
1. Interest Due 82,515.80 111,445.80 148,805.47 5,470,958.09
2. Interest Paid 82,515.80 111,445.80 148,805.47 5,470,958.09
3. Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4. Principal Paid 455,167.10 606,889.46 758,611.83 30,344,473.20
5. Total Distribution Amount 537,682.90 718,335.26 907,417.30 35,815,431.29
((2) plus (4))
IV. INFORMATION REGARDING THE SECURITIES
A SUMMARY OF BALANCE INFORMATION
-------------------------------------------------------------------------------------------------------------------
APPLICABLE PRINCIPAL BALANCE CLASS FACTOR PRINCIPAL BALANCE CLASS FACTOR
CLASS COUPON JAN-01 JAN-01 DEC-00 DEC-00
RATE PAYMENT DATE PAYMENT DATE PAYMENT DATE PAYMENT DATE
-------------------------------------------------------------------------------------------------------------------
a. Class A-1 Notes 6.6400% 69,759,332.93 0.34880 98,283,137.74 0.49142
b. Class A-2 Notes 6.8100% 356,000,000.00 1.00000 356,000,000.00 1.00000
c. Class A-3 Notes 6.8400% 306,000,000.00 1.00000 306,000,000.00 1.00000
d. Class A-4 Notes 6.9300% 132,549,665.00 1.00000 132,549,665.00 1.00000
e. Class B Notes 6.9500% 13,792,164.86 0.86905 14,247,331.96 0.89773
f. Class C Notes 7.0400% 18,389,553.15 0.86905 18,996,442.61 0.89773
g. Class D Notes 7.5200% 22,986,941.43 0.86905 23,745,553.26 0.89773
h. TOTAL OFFERED NOTES 919,477,657.37 949,822,130.57
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B OTHER INFORMATION
------------------------------------------------------------------
SCHEDULED SCHEDULED
PRINCIPAL BALANCE PRINCIPAL BALANCE
CLASS JAN-01 DEC-00
PAYMENT DATE PAYMENT DATE
------------------------------------------------------------------
Class A-1 Notes 81,744,124.00 111,006,012.00
- -----------------------------------------------------------------------------------------------------------------------
TARGET CLASS TARGET CLASS
CLASS PRINCIPAL AMOUNT FLOOR PRINCIPAL AMOUNT FLOOR
CLASS PERCENTAGE JAN-01 JAN-01 DEC-00 DEC-00
PAYMENT DATE PAYMENT DATE PAYMENT DATE PAYMENT DATE
- -----------------------------------------------------------------------------------------------------------------------
Class A 94.00% 864,308,997.93 892,832,802.73
Class B 1.50% 13,792,164.86 0.00 14,247,331.96 0.00
Class C 2.00% 18,389,553.15 0.00 18,996,442.61 0.00
Class D 2.50% 22,986,941.43 0.00 23,745,553.26 0.00
V. PRINCIPAL
A. MONTHLY PRINCIPAL AMOUNT
1. Principal Balance of Notes and Equity Certificates 949,822,130.57
(End of Prior Collection Period)
2. Contract Pool Principal Balance
(End of Collection Period) 919,477,657.37
------------------------
Total monthly principal amount 30,344,473.20
VI. CONTRACT POOL DATA
A. CONTRACT POOL CHARACTERISTICS
-----------------------------------------------------------------
ORIGINAL JAN-01 DEC-00
POOL PAYMENT DATE PAYMENT DATE
-----------------------------------------------------------------
1. a. Contract Pool Balance 1,058,031,559.00 919,477,657.37 949,822,130.57
b. No. of Contracts 68,399 67,572 67,802
2. Weighted Average Remaining Term 41.00 38.5 39.2
3. Weighted Average Original Term 45.4
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B. DELINQUENCY INFORMATION
----------------------------------------------------------------------
% OF AGGREGATE
% OF REQUIRED PAYOFF NO. OF AGGREGATE REQUIRED
CONTRACTS AMOUNT ACCOUNTS PAYOFF AMOUNTS
----------------------------------------------------------------------
1. Current 91.12% 92.39% 61,569 862,014,918.19
31-60 days 5.08% 4.29% 3,435 40,042,735.28
61-90 days 1.62% 1.43% 1,096 13,348,674.92
91-120 days 1.03% 0.86% 693 8,046,591.89
120+ days 1.15% 1.03% 779 9,570,097.56
Total Delinquency 100.0% 100.0% 67,572 933,023,017.84
2. Delinquent Scheduled Payments:
Beginning of Collection Period 11,991,967.95
End of Collection Period 13,545,360.47
-------------
Change in Delinquent Scheduled Payments 1,553,392.52
C. DEFAULTED CONTRACT INFORMATION
1. Required Payoff Amount on Defaulted Contracts 433,163.43
2. Liquidation Proceeds received 55,769.31
------------
3. Current Liquidation Loss Amount 377,394.12
4. Cumulative Liquidation Losses to date 1,231,553.56
% of Initial Contracts 0.124%
% of Initial Contract Pool Balance 0.116%
VII. INFORMATION REGARDING THE CASH COLLATERAL ACCOUNT
A. CASH COLLATERAL ACCOUNT
1. Opening Cash Collateral Account 61,738,438.00
2. Deposit from the Collection Account 0.00
3. Withdrawals from the Cash Collateral Account (264,571.68)
4. Available amount 61,473,866.32
5. Required Cash Collateral Account Amount 59,766,047.73
6. Cash Collateral Account Surplus/(Shortfall) 0.00
7. Release of Cash Collateral Surplus 1,707,818.59
8. Ending Cash Collateral Account 59,766,047.73
Page 6 of 8
B. CASH COLLATERAL ACCOUNT LOANS
1. Available Funds
a. Excess Spread from Collection Account 0.00
b. Investment Earnings 333,557.82
Total Available Funds 333,557.82
2. Distribution of Available Funds
a. Senior Loan Interest 164,400.74
b. Senior Loan Principal 0.00
c. Holdback Amount Interest 169,157.08
d. Holdback Amount Principal 0.00
e. Remainder to the Depositor 0.00
3. Distribution of CCA Surplus:
a. Senior Loan Principal 1,707,818.59
b. Holdback Amount Principal 0.00
Total Distribution of Surplus 1,707,818.59
4. Summary of Balance and Rate Information
Applicable Rates for the Interest Period:
a. Libor Rate for the Interest Period 6.6863%
b. Senior Loan Interest Rate 9.6863%
c. Holdback Amount Interest Rate 11.9363%
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JAN-01 DEC-00
ITEM PAYMENT DATE PAYMENT DATE
----------------------------------------------------------
a. Senior Loan 10,035,489.46 11,743,308.05
b. Holdback Amount 50,256,499.00 50,256,499.00
VIII. MISCELLANEOUS INFORMATION
A. SERVICER ADVANCE BALANCE
1. Opening Servicer Advance Balance 11,991,967.95
2. Current Period Servicer Advance 5,744,709.39
3. Recoveries of prior Servicer Advances -4,191,316.87
-------------------
4. Ending Servicer Advance Balance 13,545,360.47
D. OTHER RELATED INFORMATION
1. Discount Rate 7.6240%
2. Life to Date Prepayment (CPR) 6.3%
3. Life to Date Substitutions:
a. Prepayments 0.00
b. Defaults 0.00
Page 7 of 8
Servicer's Certificate
The undersigned, on behalf of Capita Corporation, in its
capacity as servicer (The "Servicer") under the Pooling and
Servicing Agreement, dated as of September 1, 2000 (the
"Pooling and Servicing Agreement"), among CIT Equipment
Collateral 2000-2, NTC Funding Company LLC, Allfirst Bank,
as trustee under the Indenture, and Capita 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 12/20/00
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.
CAPITA CORPORATION
Glenn Votek
-----------
Glenn Votek
Executive Vice President, and Treasurer
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