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: 16-Nov-01
CIT EC EF 2001-A
A New York Commission File I.R.S. Employer
Corporation No. 0001159705
c/o CIT Financial USA, Inc.
1 Tyco Drive, Livingston, N.J. 07039
Telephone Number (973) 740-5000
Item 5. Other
CIT EC EF 2001-A
Monthly Servicing Report
Determination Date: 11/16/01
Collection Period: 10/31/01
Payment Date: 11/20/01
I. AVAILABLE FUNDS
A. Available Pledged Revenues
a. Scheduled Payments Received $ 33,962,101.83
b. Liquidation Proceeds Allocated to Owner Trust 0.00
c. Required Payoff Amounts of Prepaid Contracts 9,841,302.00
d. Required Payoff Amounts of Purchased Contracts 1,224,088.02
e. Proceeds of Clean-up Call 0.00
f. Investment Earnings on Collection Account and Note Distribution Account 0.00
----------------
Total Available Pledged Revenues = $ 45,027,491.85
B. Determination of Available Funds
a. Total Available Pledged Revenues $ 45,027,491.85
b. Servicer Advances 2,704,406.48
c. Recoveries of prior Servicer Advances (3,390,347.16)
d. Withdrawal from Cash Collateral Account 0.00
----------------
Total Available Funds = $ 44,341,551.17
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II. DISTRIBUTION AMOUNTS
A. COLLECTION ACCOUNT DISTRIBUTIONS
1. Servicing Fee 654,773.37
2. Class A-1 Note Interest Distribution 484,206.08
Class A-1 Note Principal Distribution 30,849,706.19
Aggregate Class A-1 distribution 31,333,912.27
3. Class A-2 Note Interest Distribution 854,791.67
Class A-2 Note Principal Distribution 0.00
Aggregate Class A-2 distribution 854,791.67
4. Class A-3 Note Interest Distribution 1,072,800.00
Class A-3 Note Principal Distribution 0.00
Aggregate Class A-3 distribution 1,072,800.00
5. Class A-4 Note Interest Distribution 1,006,316.67
Class A-4 Note Principal Distribution 0.00
Aggregate Class A-4 distribution 1,006,316.67
6. Class B Note Interest Distribution 199,918.03
Class B Note Principal Distribution 1,623,668.75
Aggregate Class B distribution 1,823,586.78
7. Deposit to the Reserve Account 0.00
8. Amounts Payable in connection with the Reserve Account 19,418.47
9. To the holder of the equity certificate 7,575,951.94
Collection Account Distributions = 44,341,551.17
=============
B. RESERVE ACCOUNT DISTRIBUTIONS
1. Withdrawal from the Reserve Account 0.00
2. Interest to the Holdback Amount Designee 51,546.35
3. Release of Excess from the Reserve Account 496,842.64
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Reserve Account Distributions = 548,388.99
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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 484,206.08 854,791.67 1,072,800.00 1,006,316.67
2 Interest Paid 484,206.08 854,791.67 1,072,800.00 1,006,316.67
3 Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4 Principal Paid 30,849,706.19 0.00 0.00 0.00
5 Total Distribution Amount 31,333,912.27 854,791.67 1,072,800.00 1,006,316.67
((2) plus (4))
--------------------------------------------------------------------------------
Distribution Class B Total Offered
Amounts Notes Notes
--------------------------------------------------------------------------------
1. Interest Due 199,918.03 3,618,032.45
2 Interest Paid 199,918.03 3,618,032.45
3 Interest Shortfall 0.00 0.00
((1) minus (2))
4 Principal Paid 1,623,668.75 32,473,374.94
5 Total Distribution Amount 1,823,586.78 36,091,407.39
((2) plus (4))
IV. Information Regarding the Securities
A Summary of Balance Information
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Applicable Principal Balance Class Factor Principal Balance Class Factor
Class Coupon Nov-01 Nov-01 Oct-01 Oct-01
Rate Payment Date Payment Date Payment Date Payment Date
---------------------------------------------------------------------------------------------------------------------
a. Class A-1 Notes 3.4800% 141,875,410.86 0.60760 172,725,117.05 0.73972
b. Class A-2 Notes 3.7300% 275,000,000.00 1.00000 275,000,000.00 1.00000
c. Class A-3 Notes 4.3200% 298,000,000.00 1.00000 298,000,000.00 1.00000
d. Class A-4 Notes 4.8400% 249,500,000.00 1.00000 249,500,000.00 1.00000
e. Class B Notes 4.5800% 50,756,600.57 0.91348 52,380,269.32 0.94270
f. Total Offered Notes 1,015,132,011.43 1,047,605,386.37
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B Other Information
- ---------------------------------------------------------------------------
Scheduled Scheduled
Principal Balance Principal Balance
Class Nov-01 Oct-01
Payment Date Payment Date
- ---------------------------------------------------------------------------
Class A-1 Notes 185,631,610.00 206,627,380.00
- ---------------------------------------------------------------------------------------------------------------
Target Class Target Class
Class Principal Amount Floor Principal Amount Floor
Class Percentage Nov-01 Nov-01 Oct-01 Oct-01
Payment Date Payment Date Payment Date Payment Date
- ---------------------------------------------------------------------------------------------------------------
Class A 95.00% 964,375,410.86 995,225,117.05
Class B 5.00% 50,756,600.57 2,809,285.69 52,380,269.32 2,312,443.05
V. PRINCIPAL
A. MONTHLY PRINCIPAL AMOUNT
1. Principal Balance of Notes and Equity Certificates 1,047,605,386.37
(End of Prior Collection Period)
2. Contract Pool Principal Balance (End of Collection Period) 1,015,132,011.43
----------------
Total monthly principal amount 32,473,374.94
VI. CONTRACT POOL DATA
A. CONTRACT POOL CHARACTERISTICS
------------------------------------------------------------------------
Original Nov-01 Oct-01
Pool Payment Date Payment Date
------------------------------------------------------------------------
1. a. Contract Pool Balance 1,111,563,967.00 1,015,132,011.43 1,047,605,386.37
b. No of Contracts 11,329 11,075 11,170
2. Weighted Average Remaining Term 48.60 45.9 46.8
3. Weighted Average Original Term 57.7
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B. DELINQUENCY INFORMATION
-------------------------------------------------------------------------------
% of % of Aggregate
Required Payoff No. Of Aggregate Required
Contracts Amount Accounts Payoff Amounts
-------------------------------------------------------------------------------
1. Current 96.54% 96.73% 10,692 981,973,454.50
31-60 days 2.36% 2.18% 261 22,086,586.07
61-90 days 0.77% 0.75% 85 7,622,773.90
91-120 days 0.32% 0.33% 35 3,336,192.68
120+ days 0.02% 0.01% 2 113,004.27
Total Delinquency 100.0% 100.0% 11,075 1,015,132,011.43
2. Delinquent Scheduled Payments:
Beginning of Collection Period 9,194,573.87
End of Collection Period 8,508,633.19
-------------
Change in Delinquent Scheduled Payments (685,940.68)
C. DEFAULTED CONTRACT INFORMATION
A. Current Period Defaulted Valuation Amount 133,843.54
Current Period Gross loss on Defaulted Contract 0.00
-------------
Total Gross Loss 133,843.54
B. Payments Received on Defaulted Contracts 2,460.05
-------------
C. Current Month Net Loss Amount 131,383.49
D. Cumulative Liquidation Losses to date 579,774.68
% of Initial Contracts 0.088%
% of Initial Contract Pool Balance 0.052%
VII. INFORMATION REGARDING THE RESERVE ACCOUNT
A. RESERVE ACCOUNT
1. Opening Reserve Account Balance 16,028,362.41
2. Investment Earnings 32,127.88
3. Deposit from the Collection Account 19,418.47
4. Withdrawals from the Reserve Account -
5. Interest payment to the Holdback Designee (51,546.35)
6. Release of Reserve Account Surplus (496,842.64)
7. Ending Reserve Account Balance 15,531,519.77
8. Available amount 16,028,362.41
9. Required Reserve Account Amount 15,531,519.77
10. Reserve Account Surplus/ (Shortfall) -
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VIII. MISCELLANEOUS INFORMATION
A. SERVICER ADVANCE BALANCE
1. Opening Servicer Advance Balance 9,194,573.87
2. Current Period Servicer Advance 2,704,406.48
3. Recoveries of prior Servicer Advances (3,390,347.16)
-----------------
4. Ending Servicer Advance Balance 8,508,633.19
D. OTHER RELATED INFORMATION
1. Life to Date Prepayment (CPR) 10.1%
2. Life to Date Substitutions:
a. Prepayments 0.00
b. Defaults 0.00
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NCT Funding Company LLC, Allfirst Bank, as trustee under the
Indenture, and CIT Financial USA, Inc., 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 11/20/01.
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.
CIT Financial USA, Inc.
Glenn Votek
-----------
Glenn Votek
Executive Vice President, and Treasurer
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