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: 16-Oct-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: 10/16/03
Collection Period: 09/30/03
Payment Date: 10/20/03
I. AVAILABLE FUNDS
A. Available Pledged Revenues
a. Scheduled Payments Received $ 29,346,079.53
b. Liquidation Proceeds Allocated to Owner Trust 590,719.67
c. Required Payoff Amounts of Prepaid Contracts 3,841,899.65
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 = $ 33,778,698.85
B. Determination of Available Funds
a. Total Available Pledged Revenues $ 33,778,698.85
b. Servicer Advances 2,264,343.30
c. Recoveries of prior Servicer Advances (3,890,585.37)
d. Withdrawal from Cash Collateral Account 881,243.89
----------------
Total Available Funds = $ 33,033,700.67
Page 3 of 8
II. DISTRIBUTION AMOUNTS
A. COLLECTION ACCOUNT DISTRIBUTIONS
1. Servicing Fee 297,760.42
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 39,455.60
Class A-2 Note Principal Distribution 16,326,456.73
Aggregate Class A-2 distribution 16,365,912.33
4. Class A-3 Note Interest Distribution 1,071,308.33
Class A-3 Note Principal Distribution 12,499,572.11
Aggregate Class A-3 distribution 13,570,880.44
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 43,343.99
Class B Note Principal Distribution 854,680.10
Aggregate Class B distribution 898,024.09
8. Class C Note Interest Distribution 26,441.12
Class C Note Principal Distribution 466,189.15
Aggregate Class C distribution 492,630.27
9. Class D Note Interest Distribution 61,457.75
Class D Note Principal Distribution 932,378.29
Aggregate Class D distribution 993,836.04
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 = 33,033,700.67
=============
B. CASH COLLATERAL ACCOUNT DISTRIBUTIONS
1. Payment due on the Senior Loan 0.00
2. Payment due on the Holdback 1,865,143.99
3. Payment to the Depositor 0.00
-------------
Cash Collateral Account Distributions = 1,865,143.99
=============
C. INCORRECT DEPOSITS TO BE RETURNED TO CIT Collection Account Distributions = 0.00
-------------
Page 4 of 8
III. INFORMATION REGARDING DISTRIBUTIONS ON THE SECURITIES
-----------------------------------------------------------------------------------------------
Distribution Class A-1 Class A-2
Amounts Notes Notes
-----------------------------------------------------------------------------------------------
1. Interest Due 0.00 39,455.60
2 Interest Paid 0.00 39,455.60
3 Interest Shortfall 0.00 0.00
((1) minus (2))
4 Principal Paid 0.00 16,326,456.73
5 Total Distribution Amount 0.00 16,365,912.33
((2) plus (4))
-----------------------------------------------------------------------------------------------
Distribution Class A-3 Class A-4
Amounts Notes Notes
-----------------------------------------------------------------------------------------------
1. Interest Due 1,071,308.33 414,657.08
2 Interest Paid 1,071,308.33 414,657.08
3 Interest Shortfall 0.00 0.00
((1) minus (2))
4 Principal Paid 12,499,572.11 0.00
5 Total Distribution Amount 13,570,880.44 414,657.08
((2) plus (4))
-----------------------------------------------------------------------------------------------
Distribution Class B Class C
Amounts Notes Notes
-----------------------------------------------------------------------------------------------
1. Interest Due 43,343.99 26,441.12
2 Interest Paid 43,343.99 26,441.12
3 Interest Shortfall 0.00 0.00
((1) minus (2))
4 Principal Paid 854,680.10 466,189.15
5 Total Distribution Amount 898,024.09 492,630.27
((2) plus (4))
------------------------------------------------------------------------------------------------
Distribution Class D Total Offered
Amounts Notes Notes
------------------------------------------------------------------------------------------------
1. Interest Due 61,457.75 1,656,663.87
2 Interest Paid 61,457.75 1,656,663.87
3 Interest Shortfall 0.00 0.00
((1) minus (2))
4 Principal Paid 932,378.29 31,079,276.38
5 Total Distribution Amount 993,836.04 32,735,940.25
((2) plus (4))
IV. Information Regarding the Securities
A Summary of Balance Information
----------------------------------------------------------------------------------------
Applicable Principal Balance
Class Coupon Oct-03
Rate Payment Date
----------------------------------------------------------------------------------------
a. Class A-1 Notes 1.9600% 0.00
b. Class A-2 Notes 2.9000% 0.00
c. Class A-3 Notes 4.0300% 306,500,427.89
d. Class A-4 Notes 4.6700% 106,550,000.00
e. Class B Notes 3.9700% 12,246,778.19
f. Class C Notes 4.4400% 6,680,060.83
g. Class D Notes 5.1600% 13,360,121.66
h. Total Offered Notes 445,337,388.56
i. One - Month Libor Rate 1.12000%
--------------------------------------------------------------------------------------------------------
Class Factor Principal Balance Class Factor
Class Oct-03 Sep-03 Sep-03
Payment Date Payment Date Payment Date
--------------------------------------------------------------------------------------------------------
a. Class A-1 Notes 0.00000 0.00 0.00000
b. Class A-2 Notes 0.00000 16,326,456.73 0.05894
c. Class A-3 Notes 0.96082 319,000,000.00 1.00000
d. Class A-4 Notes 1.00000 106,550,000.00 1.00000
e. Class B Notes 0.41727 13,101,458.29 0.44639
f. Class C Notes 0.41750 7,146,249.97 0.44664
g. Class D Notes 0.41624 14,292,499.95 0.44529
h. Total Offered Notes 476,416,664.94
i. One - Month Libor Rate
B Other Information
---------------------------------------------------------------------------------------
Scheduled Scheduled
Principal Balance Principal Balance
Class Oct-03 Sep-03
Payment Date Payment Date
---------------------------------------------------------------------------------------
Class A-1 Notes 0.00 0.00
------------------------------------------------------------------------------------------------------
Target Class
Class Principal Amount Floor
Class Percentage Oct-03 Oct-03
Payment Date Payment Date
------------------------------------------------------------------------------------------------------
Class A 92.75% 413,050,427.89
Class B 2.75% 12,246,778.19 0.00
Class C 1.50% 6,680,060.83 0.00
Class D 3.00% 13,360,121.66 0.00
----------------------------------------------------------------------------------------
Target Class
Principal Amount Floor
Class Sep-03 Sep-03
Payment Date Payment Date
----------------------------------------------------------------------------------------
Class A 441,876,456.73
Class B 13,101,458.29 0.00
Class C 7,146,249.97 0.00
Class D 14,292,499.95 0.00
Page 5 of 8
V. PRINCIPAL
A. MONTHLY PRINCIPAL AMOUNT
1. Principal Balance of Notes and Equity Certificates 476,416,664.94
(End of Prior Collection Period)
2. Contract Pool Principal Balance (End of Collection Period) 445,337,388.56
------------------------
Total monthly principal amount 31,079,276.38
B. PRINCIPAL BREAKDOWN No. of Accounts
---------------
1. Scheduled Principal 58,946 25,856,352.21
2. Prepaid Contracts 1,749 3,841,899.65
3. Defaulted Contracts 182 1,381,024.52
4. Contracts purchased by CIT Financial USA, Inc. 0 0.00
--------------------------------------------
Total Principal Breakdown 60,877 31,079,276.38
VI. CONTRACT POOL DATA
A. CONTRACT POOL CHARACTERISTICS
------------------------------------------------
Original Oct-03
Pool Payment Date
------------------------------------------------
1. a. Contract Pool Balance 1,068,496,994.00 445,337,388.56
b. No of Contracts 73,864 60,877
c. Pool Factor
2. Weighted Average Remaining Term 38.00 26.7
3. Weighted Average Original Term 44.1
A. CONTRACT POOL CHARACTERISTICS
----------------------
Sep-03
Payment Date
----------------------
1. a. Contract Pool Balance 476,416,664.94
b. No of Contracts 62,808
c. Pool Factor
2. Weighted Average Remaining Term 27.2
3. Weighted Average Original Term
B. DELINQUENCY INFORMATION
--------------------------------------------------------------
% of % of Aggregate
Required Payoff No. of Aggregate Required
Contracts Amount Accounts Payoff Amounts
--------------------------------------------------------------
1. Current 95.00% 96.31% 57,832 435,231,956.08
31-60 days 2.61% 2.19% 1,589 9,916,994.87
61-90 days 1.08% 0.65% 658 2,952,307.07
91-120 days 0.57% 0.38% 347 1,697,084.33
120+ days 0.74% 0.47% 451 2,111,863.65
Total Delinquency 100.0% 100.0% 60,877 451,910,206.00
2. Delinquent Scheduled Payments:
Beginning of Collection Period 8,199,059.51
End of Collection Period 6,572,817.44
-------------
Change in Delinquent Scheduled Payments (1,626,242.07)
C. DEFAULTED CONTRACT INFORMATION
1. Required Payoff Amount on Defaulted Contracts 1,381,024.52
2. Liquidation Proceeds received 590,719.67
-------------
3. Current Liquidation Loss Amount 790,304.85
4. Cumulative Liquidation Losses to date 12,997,571.82
% of Initial Contracts 4.935%
% of Initial Contract Pool Balance 1.216%
Page 6 of 8
VII. MISCELLANEOUS INFORMATION
A. SERVICER ADVANCE BALANCE
1. Opening Servicer Advance Balance 8,199,059.51
2. Current Period Servicer Advance 2,264,343.30
3. Recoveries of prior Servicer Advances -3,890,585.37
--------------
4. Ending Servicer Advance Balance 6,572,817.44
B. CASH COLLATERAL ACCOUNT
1. Applicable Rates for the Interest Period:
a. Libor Rate for the Interest Period 1.1200%
b. Senior Loan Interest Rate 4.6200%
c. Holdback Amount Interest Rate 7.1200%
2. Opening Cash Collateral Account 41,686,458.18
3. Deposit from the Collection Account 0.00
4. Withdrawals from the Cash Collateral Account (881,243.89)
5. Investment Earnings 26,951.20
6. Investment Earnings Distributions:
a. Senior Loan Interest 0.00
b. Senior Loan Principal 0.00
c. Holdback Amount Interest -26,951.20
d. Holdback Amount Principal 0.00
-------------
Total Investment Earnings distributions -26,951.20
7. Remaining available amount 0.00
8. Required Cash Collateral Account Amount 38,967,021.50
9. Cash Collateral Account Surplus/ (Shortfall) 0.00
10. Distribution of CCA Surplus:
a. Senior Loan Principal 0.00
b. Holdback Amount Principal -1,838,192.79
--------------
Total Distribution of Surplus -1,838,192.79
11. Ending Cash Collateral Account 38,967,021.50
12. Cash Collateral Account deficiency 0.00
C. OTHER RELATED INFORMATION
1. Discount Rate 4.6150%
2. Life to Date Prepayment (CPR) 6.93%
3. Life to Date Substitutions:
a. Prepayments 0.00
b. Defaults 0.00
---------------------------------------------------------------------------------------------------
Oct-03 Sep-03
Item Payment Date Payment Date
---------------------------------------------------------------------------------------------------
a. Senior Loan 0.00 0.00
b. Holdback Amount 49,050,582.57 50,888,775.36
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 10/20/03
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