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, 2002
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 000-49841
CIT Equipment Collateral 2002-VT1
Delaware Trust 77-0298311
(State or other jurisdiction (IRS Employer Identification No.)
of incorporation)
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
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
TABLE OF CONTENTS
PART I
Item Description Page
---- ----------- ----
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
PART I
ITEM 2. PROPERTIES
CIT Equipment Collateral 2002-VT1 (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
Trust's Receivable-Backed Notes or Equity Certificates 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
Receivable-Backed Notes or the Equity Certificates of the
Trust. As of December 31, 2002, the number of holders of
record were 33.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.
None.
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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:
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
99.3 Schedule of Year-to-Date Distributions of Principal and
Interest to Certificate Holders and Pool Balance and
Delinquencies as of December 31, 2002.
99.4 Annual Officer's Certificate.
b) Current Reports on Form 8-K:
Date Items Reported Financial Statements
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6/24/2002 5, 7 Monthly report to certificate holders
7/25/2002 5, 7 Monthly report to certificate holders
8/21/2002 5, 7 Monthly report to certificate holders
9/24/2002 5, 7 Monthly report to certificate holders
10/25/2002 5, 7 Monthly report to certificate holders
11/25/2002 5, 7 Monthly report to certificate holders
12/24/2002 5, 7 Monthly report to certificate holders
01/24/03 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 2002-VT1
By: CIT Financial USA, Inc., as Servicer
By: /s/ Frank Garcia
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Name: Frank Garcia
Title: Senior Vice President
March 31, 2003
I, Kenneth P. Reynolds, a Senior Vice President and Controller in
charge of the servicing function of CIT Financial USA, Inc., as servicer for
CIT Equipment Collateral 2002-VT1, certify that:
1. I have reviewed this annual report on Form 10-K, and all reports on
Form 8-K containing distribution or servicing reports filed in respect
of periods included in the year covered by this annual report, of the
Trust;
2. Based on my knowledge, the information in these reports, taken as a
whole, does not contain any untrue statement of a material fact or omit
to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not
misleading as of the last day of the period covered by this annual
report;
3. Based on my knowledge, the distribution or servicing information
required to be provided to the trustee by the servicer under the
pooling and servicing agreement for inclusion in these reports is
included in these reports;
4. I am responsible for reviewing the activities performed by the servicer
under the pooling and servicing agreement and based upon my knowledge
and the annual compliance review required under the pooling and
servicing agreement and except as disclosed in the reports, the
servicer has fulfilled its obligations under the pooling and servicing
agreement; and
5. This annual report discloses all significant deficiencies relating to
the servicer's compliance with the minimum servicing standards based
upon the report provided by an independent public accountant, after
conducting a review in compliance with the Uniform Single Attestation
Program for Mortgage Bankers or similar procedure, as set forth in the
pooling and servicing agreement, that is included in this annual
report.
Date: March 31, 2003
/s/ Kenneth P. Reynolds
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Name: Kenneth P. Reynolds
Title: Senior Vice President and Controller
CIT Financial USA, Inc.
EXHIBIT INDEX
Exhibit No.
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.
99.3 Schedule of Year-to-Date Distributions of Principal and
Interest to Certificate Holders and Pool Balance and
Delinquencies as of December 31, 2002.
99.4 Annual Officer's Certificate