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-Jun-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 2 of 8
Item 5. Other
CIT Equipment Collateral 2002-VT1
Monthly Servicing Report
Determination Date: 06/18/03
Collection Period: 05/31/03
Payment Date: 06/20/03
I. AVAILABLE FUNDS
A. Available Pledged Revenues
a. Scheduled Payments Received $31,155,214.78
b. Liquidation Proceeds Allocated to Owner Trust 807,383.94
c. Required Payoff Amounts of Prepaid Contracts 3,716,043.31
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 = $35,678,642.03
B. Determination of Available Funds
a. Total Available Pledged Revenues $35,678,642.03
b. Servicer Advances 2,876,849.28
c. Recoveries of prior Servicer Advances (4,257,594.63)
d. Withdrawal from Cash Collateral Account 1,162,673.34
--------------
Total Available Funds = $35,460,570.02
Page 3 of 8
II. DISTRIBUTION AMOUNTS
A. COLLECTION ACCOUNT DISTRIBUTIONS
1. Servicing Fee 377,762.69
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 326,370.42
Class A-2 Note Principal Distribution 30,703,928.73
Aggregate Class A-2 distribution 31,030,299.15
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 54,989.66
Class B Note Principal Distribution 910,359.07
Aggregate Class B distribution 965,348.73
8. Class C Note Interest Distribution 33,545.33
Class C Note Principal Distribution 496,559.49
Aggregate Class C distribution 530,104.82
9. Class D Note Interest Distribution 77,970.22
Class D Note Principal Distribution 993,118.99
Aggregate Class D distribution 1,071,089.21
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 = 35,460,570.02
===============
B. CASH COLLATERAL ACCOUNT DISTRIBUTIONS
1. Payment due on the Senior Loan 374,400.98
2. Payment due on the Holdback 1,410,174.88
3. Payment to the Depositor 0.00
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Cash Collateral Account Distributions = 1,784,575.86
==============
C. INCORRECT DEPOSITS TO BE RETURNED TO CIT Collection Account Distributions = 0.00
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Page 4 of 8
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 0.00 326,370.42 1,071,308.33 414,657.08
2. Interest Paid 0.00 326,370.42 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 30,703,928.73 0.00 0.00
5. Total Distribution Amount 0.00 30,703,928.73 414,657.08 0.00
((2) plus (4))
---------------------------------------------------------------------------------------
Distribution Class B Class C Class D Total Offered
Amounts Notes Notes Notes Notes
---------------------------------------------------------------------------------------
1. Interest Due 54,989.66 33,545.33 77,970.22 1,978,841.04
2. Interest Paid 54,989.66 33,545.33 77,970.22 1,978,841.04
3. Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4. Principal Paid 910,359.07 496,559.49 993,118.99 33,103,966.29
5. Total Distribution Amount 965,348.73 530,104.82 1,071,089.21 33,685,128.58
((2) plus (4))
IV. Information Regarding the Securities
A. Summary of Balance Information
-------------------------------------------------------------------------------------------------------
Applicable Principal Balance Class Factor Principal Balance Class Factor
Class Coupon Jun-03 Jun-03 May-03 May-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% 104,345,900.59 0.37670 135,049,829.33 0.48754
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% 15,711,199.21 0.53530 16,621,558.28 0.56632
f. Class C Notes 4.4400% 8,569,745.02 0.53561 9,066,304.52 0.56664
g. Class D Notes 5.1600% 17,139,490.05 0.53399 18,132,609.03 0.56493
h. Total Offered Notes 571,316,334.87 604,420,301.16
i. One - Month Libor Rate 1.31813%
B. Other Information
-----------------------------------------------------
Scheduled Scheduled
Principal Balance Principal Balance
Class Jun-03 May-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 Jun-03 Jun-03 May-03 May-03
Payment Date Payment Date Payment Date Payment Date
------------------------------------------------------------------------------------------------------------
Class A 92.75% 529,895,900.59 560,599,829.33
Class B 2.75% 15,711,199.21 0.00 16,621,558.28 0.00
Class C 1.50% 8,569,745.02 0.00 9,066,304.52 0.00
Class D 3.00% 17,139,490.05 0.00 18,132,609.03 0.00
Page 5 of 8
V. PRINCIPAL
A. MONTHLY PRINCIPAL AMOUNT
1. Principal Balance of Notes and Equity Certificates 604,420,301.16
(End of Prior Collection Period)
2. Contract Pool Principal Balance (End of Collection Period) 571,316,334.87
--------------
Total monthly principal amount 33,103,966.29
B. PRINCIPAL BREAKDOWN No. of Accounts
---------------
1. Scheduled Principal 67,249 27,110,370.99
2. Prepaid Contracts 603 4,023,538.02
3. Defaulted Contracts 252 1,970,057.28
4. Contracts purchased by CIT Financial USA, Inc. 0 0.00
------------------------------------------
Total Principal Breakdown 68,104 33,103,966.29
VI. CONTRACT POOL DATA
A. CONTRACT POOL CHARACTERISTICS
------------------------------------------------------------
Original Jun-03 May-03
Pool Payment Date Payment Date
------------------------------------------------------------
1. a. Contract Pool Balance 1,068,496,994.00 571,316,334.87 604,420,301.16
b. No of Contracts 73,864 68,104 68,959
c. Pool Factor
2. Weighted Average Remaining Term 38.00 28.5 29.0
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 94.87% 95.87% 64,609 555,003,387.07
31-60 days 2.85% 2.36% 1,940 13,682,649.34
61-90 days 1.01% 0.85% 685 4,907,753.08
91-120 days 0.60% 0.50% 411 2,915,150.39
120+ days 0.67% 0.41% 459 2,397,701.15
Total Delinquency 100.0% 100.0% 68,104 578,906,641.03
2. Delinquent Scheduled Payments:
Beginning of Collection Period 8,971,051.51
End of Collection Period 7,590,306.16
-------------
Change in Delinquent Scheduled Payments (1,380,745.35)
C. DEFAULTED CONTRACT INFORMATION
1. Required Payoff Amount on Defaulted Contracts 1,970,057.28
2. Liquidation Proceeds received 807,383.94
-------------
3. Current Liquidation Loss Amount 1,162,673.34
4. Cumulative Liquidation Losses to date 10,461,037.04
% of Initial Contracts 3.773%
% of Initial Contract Pool Balance 0.979%
Page 6 of 8
VII. MISCELLANEOUS INFORMATION
A. SERVICER ADVANCE BALANCE
1. Opening Servicer Advance Balance 8,971,051.51
2. Current Period Servicer Advance 2,876,849.28
3. Recoveries of prior Servicer Advances -4,257,594.63
-------------
4. Ending Servicer Advance Balance 7,590,306.16
B. CASH COLLATERAL ACCOUNT
1. Applicable Rates for the Interest Period:
a. Libor Rate for the Interest Period 1.3181%
b. Senior Loan Interest Rate 4.8181%
c. Holdback Amount Interest Rate 7.3181%
2. Opening Cash Collateral Account 52,886,776.35
3. Deposit from the Collection Account 0.00
4. Withdrawals from the Cash Collateral Account (1,162,673.34)
5. Investment Earnings 50,652.15
6. Investment Earnings Distributions:
a. Senior Loan Interest -50,652.15
b. Senior Loan Principal 0.00
c. Holdback Amount Interest 0.00
d. Holdback Amount Principal 0.00
-------------
Total Investment Earnings distributions -50,652.15
7. Remaining Available Amount 0.00
8. Required Cash Collateral Account Amount 49,990,179.30
9. Cash Collateral Account Surplus/ (Shortfall) 0.00
10. Distribution of CCA Surplus:
a. Senior Loan Principal -323,748.83
b. Holdback Amount Principal -1,410,174.88
-------------
Total Distribution of Surplus -1,733,923.71
11. Ending Cash Collateral Account 49,990,179.30
12. Cash Collateral Account deficiency 0.00
C. OTHER RELATED INFORMATION
1. Discount Rate 4.6150%
2. Life to Date Prepayment (CPR) 6.58%
3. Life to Date Substitutions:
a. Prepayments 0.00
b. Defaults 0.00
-------------------------------------------------------------
Jun-03 May-03
Item Payment Date Payment Date
-------------------------------------------------------------
a. Senior Loan 0.00 323,748.83
b. Holdback Amount 57,357,160.12 58,767,335.00
Page 7 of 8
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
06/20/03
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 8 of 8