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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-Jul-02
CIT Equipment Collateral 2002-VT1
A Delaware Commission File I.R.S. Employer
Corporation No. 0001172747 No. 51-0407692
c/o Capita Corporation
1 CIT Drive, Livingston, New Jersey 07039
Telephone number: (973)740-5000
Page 2 of 8
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Item 5. Other
CIT Equipment Collateral 2002-VT1
Monthly Servicing Report
Determination Date: 07/18/02
Collection Period: 06/30/02
Payment Date: 07/22/02
I. AVAILABLE FUNDS
A. Available Pledged Revenues
a. Scheduled Payments Received $ 30,423,953.58
b. Liquidation Proceeds Allocated to Owner Trust 640,422.75
c. Required Payoff Amounts of Prepaid Contracts 2,541,667.41
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 29,193.81
Total Available Pledged Revenues = $ 33,635,237.55
B. Determination of Available Funds
a. Total Available Pledged Revenues $ 33,635,237.55
b. Servicer Advances 4,171,293.99
c. Recoveries of prior Servicer Advances (2,383,849.08)
d. Withdrawal from Cash Collateral Account 8,037.16
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Total Available Funds = $ 35,430,719.62
Page 3 of 8
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II. DISTRIBUTION AMOUNTS
A. COLLECTION ACCOUNT DISTRIBUTIONS
1. Servicing Fee 615,571.14
2. Class A-1 Note Interest Distribution 367,534.97
Class A-1 Note Principal Distribution 29,699,392.34
Aggregate Class A-1 distribution 30,066,927.31
3. Class A-2 Note Interest Distribution 669,416.67
Class A-2 Note Principal Distribution 0.00
Aggregate Class A-2 distribution 669,416.67
4. Class A-3 Note Interest Distribution 1,071,308.33
Class A-3 Note Principal Distribution 0.00
Aggregate Class A-3 distribution 1,071,308.33
5. Class A-4 Note Interest Distribution 414,657.08
Class A-4 Note Principal Distribution 0.00
Aggregate Class A-4 distribution 414,657.08
6. Deposit to the Class A Principal Account 0.00
7. Class B Note Interest Distribution 89,606.64
Class B Note Principal Distribution 880,574.97
Aggregate Class B distribution 970,181.61
8. Class C Note Interest Distribution 54,662.72
Class C Note Principal Distribution 480,313.62
Aggregate Class C distribution 534,976.34
9. Class D Note Interest Distribution 127,053.89
Class D Note Principal Distribution 960,627.25
Aggregate Class D distribution 1,087,681.13
10. Deposit to the Cash Collateral Account 0.00
11. Amounts in accordance with the CCA Loan Agreement 0.00
12. Remainder to the holder of the equity certificate 0.00
Collection Account Distributions = 35,430,719.62
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B. CASH COLLATERAL ACCOUNT DISTRIBUTIONS
1. Payment due on the Senior Loan 2,928,815.37
2. Payment due on the Holdback 0.00
3. Payment to the Depositor 0.00
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Cash Collateral Account Distributions = 2,928,815.37
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C. INCORRECT DEPOSITS TO BE RETURNED TO CIT Collection Account Distributions = 0.00
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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 367,534.97 669,416.67 1,071,308.33 414,657.08
2 Interest Paid 367,534.97 669,416.67 1,071,308.33 414,657.08
3 Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4 Principal Paid 29,699,392.34 0.00 0.00 0.00
5 Total Distribution Amount 30,066,927.31 0.00 414,657.08 0.00
((2) plus (4))
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Distribution Class B Class C Class D Total Offered
Amounts Notes Notes Notes Notes
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1. Interest Due 89,606.64 54,662.72 127,053.89 2,794,240.30
2 Interest Paid 89,606.64 54,662.72 127,053.89 2,794,240.30
3 Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4 Principal Paid 880,574.97 480,313.62 960,627.25 32,020,908.18
5 Total Distribution Amount 970,181.61 534,976.34 1,087,681.13 33,074,423.48
((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 Jul-02 Jul-02 Jun-02 Jun-02
Rate Payment Date Payment Date Payment Date Payment Date
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a. Class A-1 Notes 1.9600% 181,258,181.80 0.62828 210,957,574.14 0.73122
b. Class A-2 Notes 2.9000% 277,000,000.00 1.00000 277,000,000.00 1.00000
c. Class A-3 Notes 4.0300% 319,000,000.00 1.00000 319,000,000.00 1.00000
d. Class A-4 Notes 4.6700% 106,550,000.00 1.00000 106,550,000.00 1.00000
e. Class B Notes 3.9700% 26,204,555.26 0.89283 27,085,130.23 0.92283
f. Class C Notes 4.4400% 14,293,393.78 0.89334 14,773,707.40 0.92336
g. Class D Notes 5.1600% 28,586,787.55 0.89064 29,547,414.80 0.92057
h. Total Offered Notes 952,892,918.38 984,913,826.56
i. One - Month Libor Rate 1.8388%
B Other Information
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Scheduled Scheduled
Principal Balance Principal Balance
Class Jul-02 Jun-02
Payment Date Payment Date
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Class A-1 Notes 192,928,831.00 222,308,318.00
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Target Class Target Class
Class Principal Amount Floor Principal Amount Floor
Class Percentage Jul-02 Jul-02 Jun-02 Jun-02
Payment Date Payment Date Payment Date Payment Date
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Class A 92.75% 883,808,181.80 913,507,574.14
Class B 2.75% 26,204,555.26 0.00 27,085,130.23 0.00
Class C 1.50% 14,293,393.78 0.00 14,773,707.40 0.00
Class D 3.00% 28,586,787.55 0.00 29,547,414.80 0.00
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V. PRINCIPAL
A. MONTHLY PRINCIPAL AMOUNT
1. Principal Balance of Notes and Equity Certificates 984,913,826.56
(End of Prior Collection Period)
2. Contract Pool Principal Balance (End of Collection Period) 952,892,918.38
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Total monthly principal amount 32,020,908.18
A. PRINCIPAL BREAKDOWN No. of Accounts
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1. Scheduled Principal 73,005 28,405,677.18
2. Prepaid Contracts 128 2,541,667.41
3. Defaulted Contracts 89 1,073,563.59
4. Contracts purchased by CIT Financial USA, Inc. 0 0.00
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Total Principal Breakdown 73,222 32,020,908.18
VI. CONTRACT POOL DATA
A. CONTRACT POOL CHARACTERISTICS
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Original Jul-02 Jun-02
Pool Payment Date Payment Date
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1. a. Contract Pool Balance 1,068,496,994.00 952,892,918.38 984,913,826.56
b. No of Contracts 73,864 73,222 73,439
c. Pool Factor
2. Weighted Average Remaining Term 38.00 35.5 36.3
3. Weighted Average Original Term 44.1
B. DELINQUENCY INFORMATION
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% of % of Aggregate
Required Payoff No. Of Aggregate Required
Contracts Amount Accounts Payoff Amounts
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1. Current 95.46% 96.12% 69,899 924,195,728.73
31-60 days 2.70% 2.59% 1,977 24,854,997.74
61-90 days 0.95% 0.74% 692 7,150,809.14
91-120 days 0.54% 0.37% 392 3,578,878.70
120+ days 0.36% 0.17% 262 1,676,698.82
Total Delinquency 100.0% 100.0% 73,222 961,457,113.13
2. Delinquent Scheduled Payments:
Beginning of Collection Period 6,776,749.84
End of Collection Period 8,564,194.75
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Change in Delinquent Scheduled Payments 1,787,444.91
C. DEFAULTED CONTRACT INFORMATION
1. Required Payoff Amount on Defaulted Contracts 1,073,563.59
2. Liquidation Proceeds received 640,422.75
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3. Current Liquidation Loss Amount 433,140.84
4. Cumulative Liquidation Losses to date 433,140.84
% of Initial Contracts 0.120%
% of Initial Contract Pool Balance 0.041%
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VII. MISCELLANEOUS INFORMATION
A. SERVICER ADVANCE BALANCE
1. Opening Servicer Advance Balance 6,776,749.84
2. Current Period Servicer Advance 4,171,293.99
3. Recoveries of prior Servicer Advances -2,383,849.08
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4. Ending Servicer Advance Balance 8,564,194.75
B. CASH COLLATERAL ACCOUNT
1. Applicable Rates for the Interest Period:
a. Libor Rate for the Interest Period 1.8388%
b. Senior Loan Interest Rate 5.3388%
c. Holdback Amount Interest Rate 7.8388%
2. Opening Cash Collateral Account 86,179,959.82
3. Deposit from the Collection Account 0.00
4. Withdrawals from the Cash Collateral Account (8,037.16)
5. Investment Earnings 135,023.07
6. Investment Earnings Distributions:
a. Senior Loan Interest -135,023.07
b. Senior Loan Principal 0.00
c. Holdback Amount Interest 0.00
d. Holdback Amount Principal 0.00
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Total Investment Earnings distributions -135,023.07
7. Remaining available amount 0.00
8. Required Cash Collateral Account Amount 83,378,130.36
9. Cash Collateral Account Surplus/ (Shortfall) 0.00
10. Distribution of CCA Surplus:
a. Senior Loan Principal -2,793,792.30
b. Holdback Amount Principal 0.00
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Total Distribution of Surplus -2,793,792.30
11. Ending Cash Collateral Account 83,378,130.36
12. Cash Collateral Account deficiency 0.00
D. OTHER RELATED INFORMATION
1. Discount Rate 4.6150%
2. Life to Date Prepayment (CPR) 12.0%
3. Life to Date Substitutions:
a. Prepayments 0.00
a. Defaults 0.00
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Jul-02 Jun-02
Item Payment Date Payment Date
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a. Senior Loan 24,618,832.52 27,412,624.82
b. Holdback Amount 58,767,335.00 58,767,335.00
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NCT 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 07/22/02
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.
Capita Corporation
Glenn Votek
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Glenn Votek
Executive Vice President, and Treasurer
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