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-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: 09/18/03
Collection Period: 08/31/03
Payment Date: 09/22/03
I. AVAILABLE FUNDS
A. Available Pledged Revenues
a. Scheduled Payments Received $25,870,069.17
b. Liquidation Proceeds Allocated to Owner Trust 756,160.32
c. Required Payoff Amounts of Prepaid Contracts 2,950,510.68
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 = $29,576,740.17
B. Determination of Available Funds
a. Total Available Pledged Revenues $29,576,740.17
b. Servicer Advances 3,988,415.95
c. Recoveries of prior Servicer Advances (3,627,574.66)
d. Withdrawal from Cash Collateral Account 723,121.49
--------------
Total Available Funds = $30,660,702.95
Page 3 of 8
II. DISTRIBUTION AMOUNTS
A. COLLECTION ACCOUNT DISTRIBUTIONS
1. Servicing Fee 315,645.65
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 103,598.00
Class A-2 Note Principal Distribution 26,541,681.15
Aggregate Class A-2 distribution 26,645,279.15
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 45,947.48
Class B Note Principal Distribution 786,950.12
Aggregate Class B distribution 832,897.60
8. Class C Note Interest Distribution 28,029.33
Class C Note Principal Distribution 429,245.52
Aggregate Class C distribution 457,274.85
9. Class D Note Interest Distribution 65,149.26
Class D Note Principal Distribution 858,491.03
Aggregate Class D distribution 923,640.29
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 Distribution = 30,660,702.95
=============
B. CASH COLLATERAL ACCOUNT DISTRIBUTIONS
1. Payment due on the Senior Loan 0.00
2. Payment due on the Holdback 1,812,698.71
3. Payment to the Depositor 0.00
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Cash Collateral Account Distribution = 1,812,698.71
=============
C. INCORRECT DEPOSITS TO BE RETURNED TO CIT Collection Account Distribution = 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 0.00 103,598.00 1,071,308.33 414,657.08
2 Interest Paid 0.00 103,598.00 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 26,541,681.15 0.00 0.00
5 Total Distribution Amount 0.00 26,645,279.15 1,071,308.33 414,657.08
((2) plus (4))
-------------------------------------------------------------------------------------
Distribution Class B Class C Class D Total Offered
Amounts Notes Notes Notes Notes
-------------------------------------------------------------------------------------
1. Interest Due 45,947.48 28,029.33 65,149.26 1,728,689.48
2 Interest Paid 45,947.48 28,029.33 65,149.26 1,728,689.48
3 Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4 Principal Paid 786,950.12 429,245.52 858,491.03 28,616,367.82
5 Total Distribution Amount 832,897.60 457,274.85 923,640.29 30,345,057.30
((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-03 Sep-03 Aug-03 Aug-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% 16,326,456.73 0.05894 42,868,137.89 0.15476
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% 13,101,458.29 0.44639 13,888,408.40 0.47320
f. Class C Notes 4.4400% 7,146,249.97 0.44664 7,575,495.49 0.47347
g. Class D Notes 5.1600% 14,292,499.95 0.44539 15,150,990.98 0.47204
h. Total Offered Notes 476,416,664.94 505,033,032.76
i. One - Month Libor Rate 1.11000%
B Other Information
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Scheduled Scheduled
Principal Balance Principal Balance
Sep-03 Aug-03
Class Payment Date Payment Date
-----------------------------------------------------------------------------
Class A-1 Notes 0.00 0.00
----------------------------------------------------------------------------------------------
Target Class Target Class
Principal Amount Floor Principal Amount Floor
Class Sep-03 Sep-03 Aug-03 Aug-03
Class Percentage Payment Date Payment Date Payment Date Payment Date
----------------------------------------------------------------------------------------------
Class A 92.75% 441,876,456.73 468,418,137.88
Class B 2.75% 13,101,458.29 0.00 13,888,408.40 0.00
Class C 1.50% 7,146,249.97 0.00 7,575,495.49 0.00
Class D 3.00% 14,292,499.95 0.00 15,150,990.98 0.00
Page 5 of 8
V. PRINCIPAL
A. MONTHLY PRINCIPAL AMOUNT
1. Principal Balance of Notes and Equity Certificates 505,033,032.76
(End of Prior Collection Period)
2. Contract Pool Principal Balance (End of Collection Period) 476,416,664.94
--------------
Total monthly principal amount 28,616,367.82
B. PRINCIPAL BREAKDOWN No. of Accounts
---------------
1. Scheduled Principal 61,069 24,275,681.78
2. Prepaid Contracts 1,546 2,950,510.67
3. Defaulted Contracts 193 1,390,175.37
4. Contracts purchased by CIT Financial USA, Inc. 0 0.00
------ --------------
Total Principal Breakdown 62,808 28,616,367.82
VI. CONTRACT POOL DATA
A. CONTRACT POOL CHARACTERISTICS
---------------------------------------------------
Original Sep-03 Aug-03
Pool Payment Date Payment Date
---------------------------------------------------
1. a. Contract Pool Balance 1,068,496,994.00 476,416,664.94 505,033,032.76
b. No of Contracts 73,864 62,808 64,547
c. Pool Factor
2. Weighted Average Remaining Term 38.00 27.2 27.7
3. Weighted Average Original Term 44.1
B. DELINQUENCY INFORMATION
- ----------------------------------------------------------------------------------------------------------------------
% of Aggregate
% of Required Payoff No. of Aggregate Required
Contracts Amount Accounts Payoff Amounts
- ----------------------------------------------------------------------------------------------------------------------
1. Current 94.91% 96.01% 59,614 465,260,812.68
31-60 days 2.77% 2.36% 1,739 11,451,911.14
61-90 days 1.02% 0.74% 641 3,590,214.71
91-120 days 0.59% 0.42% 371 2,013,672.97
120+ days 0.71% 0.47% 443 2,299,112.95
Total Delinquency 100.0% 100.0% 62,808 484,615,724.45
2. Delinquent Scheduled Payments:
Beginning of Collection Period 7,838,218.22
End of Collection Period 8,199,059.51
------------
Change in Delinquent Scheduled Payments 360,841.29
C. DEFAULTED CONTRACT INFORMATION
1. Required Payoff Amount on Defaulted Contracts 1,390,175.37
2. Liquidation Proceeds received 756,160.32
------------
3. Current Liquidation Loss Amount 634,015.05
4. Cumulative Liquidation Losses to date 12,207,266.97
% of Initial Contracts 4.688%
% of Initial Contract Pool Balance 1.142%
Page 6 of 8
VII. MISCELLANEOUS INFORMATION
A. SERVICER ADVANCE BALANCE
1. Opening Servicer Advance Balance 7,838,218.22
2. Current Period Servicer Advance 3,988,415.95
3. Recoveries of prior Servicer Advances -3,627,574.66
-------------
4. Ending Servicer Advance Balance 8,199,059.51
B. CASH COLLATERAL ACCOUNT
1. Applicable Rates for the Interest Period:
a. Libor Rate for the Interest Period 1.1100%
b. Senior Loan Interest Rate 4.6100%
c. Holdback Amount Interest Rate 7.1100%
2. Opening Cash Collateral Account 44,190,390.37
3. Deposit from the Collection Account 0.00
4. Withdrawals from the Cash Collateral Account (723,121.49)
5. Investment Earnings 31,888.01
6. Investment Earnings Distributions:
a. Senior Loan Interest 0.00
b. Senior Loan Principal 0.00
c. Holdback Amount Interest -31,888.01
d. Holdback Amount Principal 0.00
-------------
Total Investment Earnings distributions -31,888.01
7. Remaining available amount 0.00
8. Required Cash Collateral Account Amount 41,686,458.18
9. Cash Collateral Account Surplus/ (Shortfall) 0.00
10. Distribution of CCA Surplus:
a. Senior Loan Principal 0.00
b. Holdback Amount Principal -1,780,810.70
-------------
-1,780,810.70
11. Ending Cash Collateral Account 41,686,458.18
12. Cash Collateral Account deficiency 0.00
C. OTHER RELATED INFORMATION
1. Discount Rate 4.6150%
2. Life to Date Prepayment (CPR) 6.47%
3. Life to Date Substitutions:
a. Prepayments 0.00
b. Defaults 0.00
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Sep-03 Aug-03
Item Payment Date Payment Date
-----------------------------------------------------------------
a. Senior Loan 0.00 0.00
b. Holdback Amount 50,888,775.36 52,669,586.06
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 09/22/03
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