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: 17-Apr-03
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 1 of 7
Item 5. Other
CIT Equipment Collateral 2002-VT1
Monthly Servicing Report
Determination Date: 04/17/03
Collection Period: 03/31/03
Payment Date: 04/21/03
I. AVAILABLE FUNDS
A. Available Pledged Revenues
a. Scheduled Payments Received $ 33,030,758.47
b. Liquidation Proceeds Allocated to Owner Trust 1,132,342.17
c. Required Payoff Amounts of Prepaid Contracts 887,183.89
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 = $ 35,050,284.53
B. Determination of Available Funds
a. Total Available Pledged Revenues $ 35,050,284.53
b. Servicer Advances 3,127,377.07
c. Recoveries of prior Servicer Advances (4,030,522.38)
d. Withdrawal from Cash Collateral Account 1,093,946.02
---------------
Total Available Funds = $ 35,241,085.24
Page 2 of 7
II. DISTRIBUTION AMOUNTS
A. COLLECTION ACCOUNT DISTRIBUTIONS
1. Servicing Fee 421,518.75
2. Class A-1 Note Interest Distribution 0.00
Class A-1 Note Principal Distribution 0.00
Aggregate Class A-1 distribution 0.00
3. Class A-2 Note Interest Distribution 483,294.26
Class A-2 Note Principal Distribution 30,296,338.03
Aggregate Class A-2 distribution 30,779,632.29
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 61,359.08
Class B Note Principal Distribution 898,274.17
Aggregate Class B distribution 959,633.25
8. Class C Note Interest Distribution 37,430.87
Class C Note Principal Distribution 489,967.73
Aggregate Class C distribution 527,398.60
9. Class D Note Interest Distribution 87,001.47
Class D Note Principal Distribution 979,935.46
Aggregate Class D distribution 1,066,936.93
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 = 35,241,085.24
=============
B. CASH COLLATERAL ACCOUNT DISTRIBUTIONS
1. Payment due on the Senior Loan 1,818,694.98
2. Payment due on the Holdback 0.00
3. Payment to the Depositor 0.00
---------------
Cash Collateral Account Distributions = 1,818,694.98
==============
C. INCORRECT DEPOSITS TO BE RETURNED TO CIT Collection Account Distributions = 0.00
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Page 3 of 7
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 0.00 483,294.26 1,071,308.33 414,657.08
2 Interest Paid 0.00 483,294.26 1,071,308.33 414,657.08
3 Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4 Principal Paid 0.00 30,296,338.03 0.00 0.00
5 Total Distribution Amount 0.00 30,296,338.03 414,657.08 0.00
((2) plus (4))
----------------------------------------------------------------------------------------------
Distribution Class B Class C Class D Total Offered
Amounts Notes Notes Notes Notes
--------------------------------------------------------------------------------------------
1. Interest Due 61,359.08 37,430.87 87,001.47 2,155,051.09
2 Interest Paid 61,359.08 37,430.87 87,001.47 2,155,051.09
3 Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4 Principal Paid 898,274.17 489,967.73 979,935.46 32,664,515.40
5 Total Distribution Amount 959,633.25 527,398.60 1,066,936.93 33,264,963.90
((2) plus (4))
IV. Information Regarding the Securities
A Summary of Balance Information
--------------------------------------------------------------------------------------------------
Applicable Principal Balance Class Factor Principal Balance Class Factor
Class Coupon Apr-03 Apr-03 Mar-03 Mar-03
Rate Payment Date Payment Date Payment Date Payment Date
--------------------------------------------------------------------------------------------------
a. Class A-1 Notes 1.9600% 0.00 0.00000 0.00 0.00000
b. Class A-2 Notes 2.9000% 169,687,494.31 0.61259 199,983,832.35 0.72196
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% 17,648,551.04 0.60131 18,546,825.22 0.63192
f. Class C Notes 4.4400% 9,626,482.39 0.60166 10,116,450.12 0.63228
g. Class D Notes 5.1600% 19,252,964.78 0.59984 20,232,900.24 0.63037
h. Total Offered Notes 641,765,492.52 674,430,007.92
i. One - Month Libor Rate 1.28375%
B Other Information
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Scheduled Scheduled
Principal Balance Principal Balance
Class Apr-03 Mar-03
Payment Date Payment Date
-----------------------------------------------------------------------
Class A-1 Notes 0.00 0.00
-------------------------------------------------------------------------------------------------
Target Class Target Class
Class Principal Amount Floor Principal Amount Floor
Class Percentage Apr-03 Apr-03 Mar-03 Mar-03
Payment Date Payment Date Payment Date Payment Date
-------------------------------------------------------------------------------------------------
Class A 92.75% 595,237,494.31 625,533,832.35
Class B 2.75% 17,648,551.04 0.00 18,546,825.22 0.00
Class C 1.50% 9,626,482.39 0.00 10,116,450.12 0.00
Class D 3.00% 19,252,964.78 0.00 20,232,900.24 0.00
Page 4 of 7
V. PRINCIPAL
A. MONTHLY PRINCIPAL AMOUNT
1. Principal Balance of Notes and Equity Certificates 674,430,007.92
(End of Prior Collection Period)
2. Contract Pool Principal Balance (End of Collection Period) 641,765,492.52
---------------
Total monthly principal amount 32,664,515.40
B. PRINCIPAL BREAKDOWN No. of Accounts
-----------------
1. Scheduled Principal 69,129 29,402,514.50
2. Prepaid Contracts 244 1,005,590.19
3. Defaulted Contracts 315 2,256,410.71
4. Contracts purchased by CIT Financial USA, Inc. 0 0.00
----------------------------------
Total Principal Breakdown 69,688 32,664,515.40
VI. CONTRACT POOL DATA
A. CONTRACT POOL CHARACTERISTICS
-------------------------------------------------------------
Original Apr-03 Mar-03
Pool Payment Date Payment Date
-------------------------------------------------------------
1. a. Contract Pool Balance 1,068,496,994.00 641,765,492.52 674,430,007.92
b. No of Contracts 73,864 69,688 70,247
c. Pool Factor
2. Weighted Average Remaining Term 38.00 29.4 30.1
3. Weighted Average Original Term 44.1
B. DELINQUENCY INFORMATION
--------------------------------------------------------------------------------
% of % of Aggregate
Required Payoff No. of Aggregate Required
Contracts Amount Accounts Payoff Amounts
--------------------------------------------------------------------------------
1. Current 94.47% 95.66% 65,831 621,573,521.66
31-60 days 3.15% 2.76% 2,197 17,947,235.75
61-90 days 1.08% 0.81% 750 5,290,948.62
91-120 days 0.63% 0.33% 437 2,138,355.71
120+ days 0.68% 0.44% 473 2,838,586.64
Total Delinquency 100.0% 100.0% 69,688 649,788,648.38
2. Delinquent Scheduled Payments:
Beginning of Collection Period 8,926,301.17
End of Collection Period 8,023,155.86
---------------
Change in Delinquent Scheduled Payments (903,145.31)
C. DEFAULTED CONTRACT INFORMATION
1. Required Payoff Amount on Defaulted Contracts 2,256,410.71
2. Liquidation Proceeds received 1,132,342.17
---------------
3. Current Liquidation Loss Amount 1,124,068.54
4. Cumulative Liquidation Losses to date 8,430,238.41
% of Initial Contracts 3.110%
% of Initial Contract Pool Balance 0.789%
Page 5 of 7
VII. MISCELLANEOUS INFORMATION
A. SERVICER ADVANCE BALANCE
1. Opening Servicer Advance Balance 8,926,301.17
2. Current Period Servicer Advance 3,127,377.07
3. Recoveries of prior Servicer Advances -4,030,522.38
--------------
4. Ending Servicer Advance Balance 8,023,155.86
B. CASH COLLATERAL ACCOUNT
1. Applicable Rates for the Interest Period:
a. Libor Rate for the Interest Period 1.2838%
b. Senior Loan Interest Rate 4.7838%
c. Holdback Amount Interest Rate 7.2838%
2. Opening Cash Collateral Account 59,012,625.69
3. Deposit from the Collection Account 0.00
4. Withdrawals from the Cash Collateral Account (1,093,946.02)
5. Investment Earnings 54,495.91
6. Investment Earnings Distributions:
a. Senior Loan Interest -54,495.91
b. Senior Loan Principal 0.00
c. Holdback Amount Interest 0.00
d. Holdback Amount Principal 0.00
-----------
Total Investment Earnings distributions -54,495.91
7. Remaining available amount 0.00
8. Required Cash Collateral Account Amount 56,154,480.60
9. Cash Collateral Account Surplus/ (Shortfall) 0.00
10. Distribution of CCA Surplus:
a. Senior Loan Principal -1,764,199.07
b. Holdback Amount Principal 0.00
-------------
Total Distribution of Surplus -1,764,199.07
11. Ending Cash Collateral Account 56,154,480.60
12. Cash Collateral Account deficiency 0.00
C. OTHER RELATED INFORMATION
1. Discount Rate 4.6150%
2. Life to Date Prepayment (CPR) 6.5%
3. Life to Date Substitutions:
a. Prepayments 0.00
b. Defaults 0.00
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Apr-03 Mar-03
Item Payment Date Payment Date
-----------------------------------------------------------------------------
a. Senior Loan 2,759,759.93 4,523,959.00
b. Holdback Amount 58,767,335.00 58,767,335.00
Page 6 of 7
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
04/21/03
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
-----------
Glenn Votek
Executive Vice President, and Treasurer
Page 7 of 7