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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-Sep-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
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Item 5. Other
CIT Equipment Collateral 2002-VT1
Monthly Servicing Report
Determination Date: 09/18/02
Collection Period: 08/31/02
Payment Date: 09/20/02
I. AVAILABLE FUNDS
A. Available Pledged Revenues
a. Scheduled Payments Received $ 33,820,503.42
b. Liquidation Proceeds Allocated to Owner Trust 1,522,796.85
c. Required Payoff Amounts of Prepaid Contracts 853,046.19
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
Total Available Pledged Revenues = $ 36,196,346.46
B. Determination of Available Funds
a. Total Available Pledged Revenues $ 36,196,346.46
b. Servicer Advances 3,146,661.39
c. Recoveries of prior Servicer Advances (4,107,300.26)
d. Withdrawal from Cash Collateral Account 560,436.69
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Total Available Funds = $ 35,796,144.28
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II. DISTRIBUTION AMOUNTS
A. COLLECTION ACCOUNT DISTRIBUTIONS
1. Servicing Fee 570,078.61
2. Class A-1 Note Interest Distribution 242,106.07
Class A-1 Note Principal Distribution 30,215,451.20
Aggregate Class A-1 distribution 30,457,557.27
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 82,984.44
Class B Note Principal Distribution 895,875.91
Aggregate Class B distribution 978,860.35
8. Class C Note Interest Distribution 50,622.98
Class C Note Principal Distribution 488,659.59
Aggregate Class C distribution 539,282.57
9. Class D Note Interest Distribution 117,664.22
Class D Note Principal Distribution 977,319.18
Aggregate Class D distribution 1,094,983.40
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 = 35,796,144.28
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B. CASH COLLATERAL ACCOUNT DISTRIBUTIONS
1. Payment due on the Senior Loan 2,397,507.39
2. Payment due on the Holdback 0.00
3. Payment to the Depositor 0.00
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Cash Collateral Account Distributions = 2,397,507.39
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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 242,106.07 669,416.67 1,071,308.33 414,657.08
2. Interest Paid 242,106.07 669,416.67 1,071,308.33 414,657.08
3. Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4. Principal Paid 30,215,451.20 0.00 0.00 0.00
5. Total Distribution Amount 30,457,557.27 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 82,984.44 50,622.98 117,664.22 2,648,759.79
2. Interest Paid 82,984.44 50,622.98 117,664.22 2,648,759.79
3. Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4. Principal Paid 895,875.91 488,659.59 977,319.18 32,577,305.88
5. Total Distribution Amount 978,860.35 539,282.57 1,094,983.40 33,485,340.67
((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 Sep-02 Sep-02 Aug-02 Aug-02
Rate Payment Date Payment Date Payment Date Payment Date
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a. Class A-1 Notes 1.9600% 113,231,198.81 0.39248 143,446,650.02 0.49722
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% 24,187,582.71 0.82411 25,083,458.63 0.85463
f. Class C Notes 4.4400% 13,193,226.93 0.82458 13,681,886.52 0.85512
g. Class D Notes 5.1600% 26,386,453.87 0.82208 27,363,773.05 0.85253
h. Total Offered Notes 879,548,462.33 912,125,768.21
i. One-Month Libor Rate 1.7975%
B. Other Information
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Scheduled Scheduled
Principal Balance Principal Balance
Class Sep-02 Aug-02
Payment Date Payment Date
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Class A-1 Notes 126,430,452.00 157,127,331.00
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Target Class Target Class
Class Principal Amount Floor Principal Amount Floor
Class Percentage Sep-02 Sep-02 Aug-02 Aug-02
Payment Date Payment Date Payment Date Payment Date
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Class A 92.75% 815,781,198.81 845,996,650.01
Class B 2.75% 24,187,582.71 0.00 25,083,458.63 0.00
Class C 1.50% 13,193,226.93 0.00 13,681,886.52 0.00
Class D 3.00% 26,386,453.87 0.00 27,363,773.05 0.00
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V. PRINCIPAL
A. MONTHLY PRINCIPAL AMOUNT
1. Principal Balance of Notes and Equity Certificates 912,125,768.21
(End of Prior Collection Period)
2. Contract Pool Principal Balance (End of Collection Period) 879,548,462.33
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Total monthly principal amount 32,577,305.88
A. PRINCIPAL BREAKDOWN No. of Accounts
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1. Scheduled Principal 72,249 29,270,591.32
2. Prepaid Contracts 102 853,046.19
3. Defaulted Contracts 272 2,453,668.37
4. Contracts purchased by CIT Financial USA, Inc. 0 0.00
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Total Principal Breakdown 72,623 32,577,305.88
VI. CONTRACT POOL DATA
A. CONTRACT POOL CHARACTERISTICS
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Original Sep-02 Aug-02
Pool Payment Date Payment Date
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1. a. Contract Pool Balance 1,068,496,994.00 879,548,462.33 912,125,768.21
b. No of Contracts 73,864 72,623 72,997
c. Pool Factor
2. Weighted Average Remaining Term 38.00 34.0 34.8
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 94.75% 95.04% 68,807 844,065,055.98
31-60 days 3.26% 3.69% 2,367 32,807,965.30
61-90 days 0.96% 0.69% 695 6,113,386.96
91-120 days 0.46% 0.27% 335 2,364,397.14
120+ days 0.58% 0.31% 419 2,788,107.29
Total Delinquency 100.0% 100.0% 72,623 888,138,912.67
2. Delinquent Scheduled Payments:
Beginning of Collection Period 9,551,089.21
End of Collection Period 8,590,450.34
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Change in Delinquent Scheduled Payments (960,638.87)
C. DEFAULTED CONTRACT INFORMATION
1. Required Payoff Amount on Defaulted Contracts 2,453,668.37
2. Liquidation Proceeds received 1,522,796.85
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3. Current Liquidation Loss Amount 930,871.52
4. Cumulative Liquidation Losses to date 2,502,195.63
% of Initial Contracts 0.601%
% of Initial Contract Pool Balance 0.234%
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VII. MISCELLANEOUS INFORMATION
A. SERVICER ADVANCE BALANCE
1. Opening Servicer Advance Balance 9,551,089.21
2. Current Period Servicer Advance 3,146,661.39
3. Recoveries of prior Servicer Advances -4,107,300.26
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4. Ending Servicer Advance Balance 8,590,450.34
B. CASH COLLATERAL ACCOUNT
1. Applicable Rates for the Interest Period:
a. Libor Rate for the Interest Period 1.7975%
b. Senior Loan Interest Rate 5.2975%
c. Holdback Amount Interest Rate 7.7975%
2. Opening Cash Collateral Account 79,811,004.72
3. Deposit from the Collection Account 0.00
4. Withdrawals from the Cash Collateral Account (560,436.69)
5. Investment Earnings 107,429.82
6. Investment Earnings Distributions:
a. Senior Loan Interest -107,429.82
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 -107,429.82
7. Remaining available amount 0.00
8. Required Cash Collateral Account Amount 76,960,490.46
9. Cash Collateral Account Surplus/ (Shortfall) 0.00
10. Distribution of CCA Surplus:
a. Senior Loan Principal -2,290,077.57
b. Holdback Amount Principal 0.00
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Total Distribution of Surplus -2,290,077.57
11. Ending Cash Collateral Account 76,960,490.46
12. Cash Collateral Account deficiency 0.00
D. OTHER RELATED INFORMATION
1. Discount Rate 4.6150%
2. Life to Date Prepayment (CPR) 8.7%
3. Life to Date Substitutions:
a. Prepayments 0.00
a. Defaults 0.00
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Sep-02 Aug-02
Item Payment Date Payment Date
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a. Senior Loan 19,479,029.35 21,769,106.92
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 09/20/02.
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.
Capita Corporation
Glenn Votek
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Glenn Votek
Executive Vice President, and Treasurer