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: 17-Jan-02
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: 01/17/02
Collection Period: 12/31/01
Payment Date: 01/22/02
1. AVAILABLE FUNDS
A. Available Pledged Revenues
a. Scheduled Payments Received $ 27,667,388.00
b. Liquidation Proceeds Allocated to Owner Trust 0.00
c. Required Payoff Amounts of Prepaid Contracts 13,898,558.62
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
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Total Available Pledged Revenues = $ 41,565,946.62
B. Determination of Available Funds
a. Total Available Pledged Revenues $ 41,565,946.62
b. Servicer Advances 3,433,417.58
c. Recoveries of prior Servicer Advances (3,119,017.42)
d. Withdrawal from Cash Collateral Account 0.00
---------------
Total Available Funds = $ 41,880,346.78
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II. DISTRIBUTION AMOUNTS
A. COLLECTION ACCOUNT DISTRIBUTIONS
1. Servicing Fee 613,671.04
2. Class A-1 Note Interest Distribution 351,793.14
Class A-1 Note Principal Distribution 33,866,985.18
Aggregate Class A-1 distribution 34,218,778.32
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 187,374.22
Class B Note Principal Distribution 1,782,472.90
Aggregate Class B distribution 1,969,847.12
7. Deposit to the Reserve Account 0.00
8. Amounts Payable in connection with the Reserve Account 25,548.69
9. To the holder of the equity certificate 2,118,593.27
Collection Account Distributions = 41,880,346.78
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B. RESERVE ACCOUNT DISTRIBUTIONS
1. Withdrawal from the Reserve Account 0.00
2. Interest to the Holdback Amount Designee 50,393.66
3. Release of Excess from the Reserve Account 545,436.71
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Reserve Account Distributions = 595,830.37
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III. INFORMATION REGARDING DISTRIBUTIONS ON THE SECURITIES
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Distribution Class A-1 Class A-2 Class A-3 Class A-4
Amounts Notes Notes Notes Notes
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1. Interest Due 351,793.14 854,791.67 1,072,800.00 1,006,316.67
2. Interest Paid 351,793.14 854,791.67 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 33,866,985.18 0.00 0.00 0.00
5. Total Distribution Amount 34,218,778.32 854,791.67 1,072,800.00 1,006,316.67
((2) plus (4))
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Distribution Class B Total Offered
Amounts Notes Notes
--------------------------------------------------------------------
1. Interest Due 187,374.22 3,473,075.70
2. Interest Paid 187,374.22 3,473,075.70
3. Interest Shortfall 0.00 0.00
((1) minus (2))
4. Principal Paid 1,782,472.90 35,649,458.08
5. Total Distribution Amount 1,969,847.12 39,122,533.78
((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 Jan-02 Jan-02 Dec-01 Dec-01
Rate Payment Date Payment Date Payment Date Payment Date
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a. Class A-1 Notes 3.4800% 76,412,994.74 0.32725 110,279,979.92 0.47229
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% 47,311,210.25 0.85147 49,093,683.15 0.88355
f. Total Offered Notes 946,224,204.99 981,873,663.07
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B Other Information
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Scheduled Scheduled
Principal Balance Principal Balance
Class Jan-02 Dec-01
Payment Date Payment Date
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Class A-1 Notes 143,614,074.00 164,549,456.00
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Target Class Target Class
Class Principal Amount Floor Principal Amount Floor
Class Percentage Jan-02 Jan-02 Dec-01 Dec-01
Payment Date Payment Date Payment Date Payment Date
-----------------------------------------------------------------------------------------------------------------
Class A 95.00% 898,912,994.74 932,779,979.92
Class B 5.00% 47,311,210.25 3,863,575.12 49,093,683.15 3,318,138.41
V. PRINCIPAL
A. MONTHLY PRINCIPAL AMOUNT
1. Principal Balance of Notes and Equity Certificates 981,873,663.07
(End of Prior Collection Period)
2. Contract Pool Principal Balance (End of Collection Period) 946,224,204.99
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Total monthly principal amount 35,649,458.08
VI. CONTRACT POOL DATA
A. CONTRACT POOL CHARACTERISTICS
-----------------------------------------------------
Original Jan-02 Dec-01
Pool Payment Date Payment Date
-----------------------------------------------------
1. a. Contract Pool Balance 1,111,563,967.00 946,224,204.99 981,873,663.07
b. No of Contracts 11,329 10,829 10,951
2. Weighted Average Remaining Term 48.60 43.9 44.9
3. Weighted Average Original Term 57.7
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B. DELINQUENCY INFORMATION
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% of Aggregate
% of Required Payoff No. Of Aggregate Required
Contracts Amount Accounts Payoff Amounts
----------------------------------------------------------------------
1. Current 95.26% 95.53% 10,316 903,961,748.02
31-60 days 2.76% 2.08% 299 19,644,062.92
61-90 days 0.90% 1.15% 97 10,861,745.54
91-120 days 0.59% 0.64% 64 6,066,656.44
120+ days 0.49% 0.60% 53 5,689,992.07
Total Delinquency 100.0% 100.0% 10,829 946,224,204.99
2. Delinquent Scheduled Payments:
Beginning of Collection Period 9,794,688.51
End of Collection Period 10,109,088.67
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Change in Delinquent Scheduled Payments 314,400.16
C. DEFAULTED CONTRACT INFORMATION
A. Current Period Defaulted New Valuation Amount 812,662.00
Current Valuation Reversal 0.00
Current Period Gross loss on Liquidated Contract 0.00
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Total Gross Loss 812,662.00
B. Payments Received on Defaulted Contracts -85,022.17
C. Proceeds received on Liquidated Contracts 0.00
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D. Current Month Net Loss Amount 727,639.83
E. Cumulative Valuation Amount to date 1,713,515.25
% of Initial Contracts 0.159%
% of Initial Contract Pool Balance 0.146%
VII. INFORMATION REGARDING THE RESERVE ACCOUNT
A. RESERVE ACCOUNT
1. Opening Reserve Account Balance 15,022,667.05
2. Investment Earnings 24,844.97
3. Deposit from the Collection Account 25,548.69
4. Withdrawls from the Reserve Account -
5. Interest payment to the Holdback Designee (50,393.66)
6. Release of Reserve Account Surplus (545,436.71)
7. Ending Reserve Account Balance 14,477,230.34
8. Available amount 15,022,667.05
9. Required Reserve Account Amount 14,477,230.34
10. Reserve Account Surplus/ (Shortfall) -
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VIII. MISCELLANEOUS INFORMATION
A. SERVICER ADVANCE BALANCE
1. Opening Servicer Advance Balance 9,794,688.51
2. Current Period Servicer Advance 3,433,417.58
3. Recoveries of prior Servicer Advances (3,119,017.42)
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4. Ending Servicer Advance Balance 10,109,088.67
D. OTHER RELATED INFORMATION
1. Life to Date Prepayment (CPR) 12.6%
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 01/22/02
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
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Glenn Votek
Executive Vice President, and Treasurer
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