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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-K
(X) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For The Fiscal Year Ended December 31, 2001
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For The Transition Period From ________________ to ________________
Commission File Number 333-53688
CIT Equipment Collateral 2001-1
A DELAWARE I.R.S. EMPLOYER IDENTIFICATION
TRUST No. 51-0407692
c/o CIT Financial USA, Inc.
1 CIT Drive, Livingston, New Jersey 07039
Telephone Number (973) 740-5000
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Securities registered pursuant to Section 12(b) of the Act:
Title of each class Name of exchange on
which registered
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Receivable-Backed Notes None
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. YES X NO
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. ( x )
State the aggregate market value of the voting stock held by non-affiliates of
registrant. The aggregate market value shall be computed by reference to the
price at which the stock was sold, or the average bid and asked prices of such
stock, as of specified date within 60 days prior to the date of filing. Not
Applicable
DOCUMENTS INCORPORATED BY REFERENCE
Not Applicable
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TABLE OF CONTENTS
PART I
Item Description Page
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2. Properties 1
3. Legal Proceedings 1
4. Submission of Matters to a Vote of Security-Holders 1
PART II
5. Market for Registrant's Common Equity and Related Stockholder Matters 1
9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 1
PART III
12. Security Ownership of Certain Beneficial Owners and Management 2
13. Certain Relationships and Related Transactions 2
PART IV
14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K 2
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PART I
ITEM 2. PROPERTIES
The Trust owns certain equipment loan and lease receivables
acquired from NCT Funding Company, LLC pursuant to a Pooling
and Servicing Agreement (the "Pooling and Servicing
Agreement").
ITEM 3. LEGAL PROCEEDINGS
The registrant knows of no material pending proceedings with
respect to the Trust.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matter has been submitted to a vote of the holders of the
CIT Equipment Collateral 2001-1 (the "Trust")
Receivable-Backed Notes or Equity Certificate through the
solicitation of proxies or otherwise.
PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
MATTERS
There is no established public trading market for the Equity
Certificate of the Trust. As of December 31, 2001, the number
of holders of record were as follows: Equity Certificate: 1.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING
AND FINANCIAL DISCLOSURE.
On June 1, 2001 Tyco International Ltd. ("Tyco") acquired The
CIT Group, Inc. ("CIT"). Prior to Tyco's acquisition of CIT,
the independent auditor for CIT and each of its subsidiaries
was KPMG LLP. The independent auditor for Tyco is
PricewaterhouseCoopers ("PwC"). On June 1, 2001, in connection
with the acquisition referred to above, Tyco and CIT jointly
determined that CIT would terminate its audit engagement with
KPMG and enter into an audit engagement with PwC. The
termination of KPMG's audit engagement was not the result of
any disputes or disagreements between CIT and KPMG during the
past two years. CIT's Board of Directors approved the
appointment of PwC as the independent auditors for CIT and its
subsidiaries.
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PART III
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT.
Not Applicable.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.
None
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K.
a) Documents filed as a part of the report:
Exhibits:
23.1 Consent of Independent Accountants
99.1 Report of Independent Accountants
99.2 Management's Assertion Concerning Compliance with USAP
Minimum Servicing Standards, to the extent the procedures
in such are applicable to the servicing obligations set
forth in the Servicing Agreement
b) Current Reports on Form 8-K:
Date Items Reported Financial Statements
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4/27/2001 5, 7 Monthly report to certificate holders
5/25/2001 5, 7 Monthly report to certificate holders
6/26/2001 5, 7 Monthly report to certificate holders
7/24/2001 5, 7 Monthly report to certificate holders
8/22/2001 5, 7 Monthly report to certificate holders
9/26/2001 5, 7 Monthly report to certificate holders
10/25/2001 5, 7 Monthly report to certificate holders
11/26/2001 5, 7 Monthly report to certificate holders
12/26/2001 5, 7 Monthly report to certificate holders
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
CIT Equipment Collateral 2001-1
By: CIT Financial USA, Inc., as Servicer
By: Frank Garcia
Frank Garcia
Senior Vice President
April 15, 2002
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EXHIBIT INDEX
Exhibit No.
23.1 Consent of Independent Accountants.
99.1 Report of Independent Accountants.
99.2 Management's Assertion Concerning Compliance with USAP
Minimum Servicing Standards, to the extent the procedures
in such are applicable to the servicing obligations set
forth in the Servicing Agreement.