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: 15-Feb-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
Page 1 of 8
Item 5. Other
CIT Equipment Collateral - EF - 2001-A
Monthly Servicing Report
Determination Date: 02/15/02
Collection Period: 01/31/02
Payment Date: 02/20/02
I. AVAILABLE FUNDS
A. Available Pledged Revenues
a. Scheduled Payments Received $ 28,767,569.73
b. Liquidation Proceeds Allocated to Owner Trust 0.00
c. Required Payoff Amounts of Prepaid Contracts 14,638,284.70
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 = $ 43,405,854.43
B. Determination of Available Funds
a. Total Available Pledged Revenues $ 43,405,854.43
b. Servicer Advances 2,876,470.74
c. Recoveries of prior Servicer Advances (4,066,484.09)
d. Withdrawal from Reserve Account 0.00
----------------
Total Available Funds = $ 42,215,841.08
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II. DISTRIBUTION AMOUNTS
A. COLLECTION ACCOUNT DISTRIBUTIONS
1. Servicing Fee 591,390.13
2. Class A-1 Note Interest Distribution 214,211.1
Class A-1 Note Principal Distribution 34,163,782.73
Aggregate Class A-1 distribution 34,377,993.83
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 180,571.12
Class B Note Principal Distribution 1,798,093.83
Aggregate Class B distribution 1,978,664.95
7. Deposit to the Reserve Account 0.00
8. Amounts Payable in connection with the Reserve Account 22,084.61
9. To the holder of the equity certificate 2,311,799.23
Collection Account Distributions = 42,215,841.08
=============
B. RESERVE ACCOUNT DISTRIBUTIONS
1. Withdrawal from the Reserve Account 0.00
2. Interest to the Holdback Amount Designee 41,630.95
3. Release of Excess from the Reserve Account 550,216.71
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Reserve Account Distributions = 591,847.66
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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 214,211.10 854,791.67 1,072,800.00 1,006,316.67
2 Interest Paid 214,211.10 854,791.67 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 34,163,782.73 0.00 0.00 0.00
5 Total Distribution Amount 34,377,993.83 854,791.67 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 180,571.12 3,328,690.56
2 Interest Paid 180,571.12 3,328,690.56
3 Interest Shortfall 0.00 0.00
((1) minus (2))
4 Principal Paid 1,798,093.83 35,961,876.55
5 Total Distribution Amount 1,978,664.95 39,290,567.11
((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 Feb-02 Feb-02 Jan-02 Jan-02
Rate Payment Date Payment Date Payment Date Payment Date
------------------------------------------------------------------------------------------------------
a Class A-1 Notes 3.4800% 42,249,212.01 0.18094 76,412,994.74 0.32725
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% 45,513,116.42 0.81911 47,311,210.25 0.85147
f Total Offered Notes 910,262,328.44 946,224,204.99
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B Other Information
-----------------------------------------------------------
Scheduled Scheduled
Principal Balance Principal Balance
Class Feb-02 Jan-02
Payment Date Payment Date
-----------------------------------------------------------
Class A-1 Notes 122,583,496.00 143,614,074.00
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Target Class Target Class
Class Principal Amount Floor Principal Amount Floor
Class Percentage Feb-02 Feb-02 Jan-02 Jan-02
Payment Date Payment Date Payment Date Payment Date
----------------------------------------------------------------------------------------------------------
Class A 95.00% 864,749,212.01 898,912,994.74
Class B 5.00% 45,513,116.42 4,413,791.83 47,311,210.25 3,863,575.12
V. PRINCIPAL
A. MONTHLY PRINCIPAL AMOUNT
1. Principal Balance of Notes and Equity Certificates 946,224,204.99
(End of Prior Collection Period)
2. Contract Pool Principal Balance (End of Collection Period) 910,262,328.44
--------------
Total monthly principal amount 35,961,876.55
VI. CONTRACT POOL DATA
A. CONTRACT POOL CHARACTERISTICS
---------------------------------------------------------
Original Feb-02 Jan-02
Pool Payment Date Payment Date
---------------------------------------------------------
1. a. Contract Pool Principal Balance 1,111,563,967.00 910,262,328.44 946,224,204.99
b. No of Contracts 11,329 10,651 10,829
2. Weighted Average Remaining Term 48.60 42.9 43.9
3. Weighted Average Original Term 57.7
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B. DELINQUENCY INFORMATION
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% of
No. Of Contract Pool
Contracts % of CPB Accounts Principal Balance
-----------------------------------------------------------
1. Current 94.86% 95.37% 10,104 868,093,122.64
31-60 days 3.14% 2.51% 334 22,805,348.57
61-90 days 0.88% 0.73% 94 6,607,583.81
91-120 days 0.52% 0.56% 55 5,118,225.20
120+ days 0.60% 0.84% 64 7,638,048.22
Total Delinquency 100.0% 100.0% 10,651 910,262,328.44
2. Delinquent Scheduled Payments:
Beginning of Collection Period 10,109,088.67
End of Collection Period 8,919,075.32
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Change in Delinquent Scheduled Payments (1,190,013.35)
C. DEFAULTED CONTRACT INFORMATION
A. Current Period Defaulted New Valuation Amount 2,099,432.04
Current Valuation Reversal 0.00
Current Period Gross loss on Liquidated Contract 0.00
--------------
Total Gross Loss 2,099,432.04
B. Payments Received on Defaulted Contracts -43,367.10
C. Proceeds received on Liquidated Contracts 0.00
--------------
D. Current Month Net Loss Amount 2,056,064.94
E. Cumulative Valuation Amount to date 3,721,959.64
% of Initial Contracts 0.159%
% of Initial Contract Pool Balance 0.331%
VII. INFORMATION REGARDING THE RESERVE ACCOUNT
A. RESERVE ACCOUNT
1. Opening Reserve Account Balance 14,477,230.34
2. Investment Earnings 19,546.34
3. Deposit from the Collection Account 22,084.61
4. Withdrawls from the Reserve Account -
5. Interest payment to the Holdback Designee (41,630.95)
6. Release of Reserve Account Surplus (550,216.71)
7. Ending Reserve Account Balance 13,927,013.63
8. Available amount 14,477,230.34
9. Required Reserve Account Amount 13,927,013.63
10. Reserve Account Surplus/(Shortfall) -
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VIII. MISCELLANEOUS INFORMATION
A. SERVICER ADVANCE BALANCE
1. Opening Servicer Advance Balance 10,109,088.67
2. Current Period Servicer Advance 2,876,470.74
3. Recoveries of prior Servicer Advances (4,066,484.09)
--------------
4. Ending Servicer Advance Balance 8,919,075.32
D. OTHER RELATED INFORMATION
1. Life to Date Prepayment (CPR) 14.0%
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 02/20/02
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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