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-Nov-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: 11/18/03
Collection Period: 10/31/03
Payment Date: 11/20/03
I. AVAILABLE FUNDS
A. Available Pledged Revenues
a. Scheduled Payments Received $26,788,406.42
b. Liquidation Proceeds Allocated to Owner Trust 990,651.75
c. Required Payoff Amounts of Prepaid Contracts 2,083,250.79
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 = $29,862,308.96
B. Determination of Available Funds
a. Total Available Pledged Revenues $29,862,308.96
b. Servicer Advances 3,487,373.64
c. Recoveries of prior Servicer Advances (2,981,001.99)
d. Withdrawal from Cash Collateral Account 437,363.92
--------------
Total Available Funds = $30,806,044.53
Page 2 of 7
II. DISTRIBUTION AMOUNTS
A. COLLECTION ACCOUNT DISTRIBUTIONS
1. Servicing Fee 278,335.87
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 0.00
Class A-2 Note Principal Distribution 0.00
Aggregate Class A-2 distribution 0.00
4. Class A-3 Note Interest Distribution 1,029,330.60
Class A-3 Note Principal Distribution 26,861,364.42
Aggregate Class A-3 distribution 27,890,695.02
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 40,516.42
Class B Note Principal Distribution 796,428.59
Aggregate Class B distribution 836,945.01
8. Class C Note Interest Distribution 24,716.23
Class C Note Principal Distribution 434,415.60
Aggregate Class C distribution 459,131.83
9. Class D Note Interest Distribution 57,448.52
Class D Note Principal Distribution 868,831.19
Aggregate Class D distribution 926,279.71
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 = 30,806,044.53
=============
B. CASH COLLATERAL ACCOUNT DISTRIBUTIONS
1. Payment due on the Senior Loan 0.00
2. Payment due on the Holdback 2,122,773.64
3. Payment to the Depositor 0.00
-------------
Cash Collateral Account Distributions = 2,122,773.64
=============
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 0.00 1,029,330.60 414,657.08
2 Interest Paid 0.00 0.00 1,029,330.60 414,657.08
3 Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4 Principal Paid 0.00 0.00 26,861,364.42 0.00
5 Total Distribution Amount 0.00 0.00 27,890,695.02 414,657.08
((2) plus (4))
--------------------------------------------------------------------------------------
Distribution Class B Class C Class D Total Offered
Amounts Notes Notes Notes Notes
--------------------------------------------------------------------------------------
1. Interest Due 40,516.42 24,716.23 57,448.52 1,566,668.85
2 Interest Paid 40,516.42 24,716.23 57,448.52 1,566,668.85
3 Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4 Principal Paid 796,428.59 434,415.60 868,831.19 28,961,039.81
5 Total Distribution Amount 836,945.01 459,131.83 926,279.71 30,527,708.66
((2) plus (4))
IV. Information Regarding the Securities
A Summary of Balance Information
-----------------------------------------------------------------------------------------------------------
Applicable Principal Balance Class Factor Principal Balance Class Factor
Coupon Nov-03 Nov-03 Oct-03 Oct-03
Class 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% 0.00 0.00000 0.00 0.00000
c. Class A-3 Notes 4.0300% 279,639,063.47 0.87661 306,500,427.89 0.96082
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% 11,450,349.59 0.39013 12,246,778.19 0.41727
f. Class C Notes 4.4400% 6,245,645.23 0.39035 6,680,060.83 0.41750
g. Class D Notes 5.1600% 12,491,290.46 0.38917 13,360,121.66 0.41624
h. Total Offered Notes 416,376,348.75 445,337,388.56
i. One-Month Libor Rate 1.12000%
B Other Information
-------------------------------------------------------
Scheduled Scheduled
Principal Balance Principal Balance
Nov-03 Oct-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 Nov-03 Nov-03 Oct-03 Oct-03
Class Percentage Payment Date Payment Date Payment Date Payment Date
----------------------------------------------------------------------------------------
Class A 92.75% 386,189,063.47 413,050,427.89
Class B 2.75% 11,450,349.59 0.00 12,246,778.19 0.00
Class C 1.50% 6,245,645.23 0.00 6,680,060.83 0.00
Class D 3.00% 12,491,290.46 0.00 13,360,121.66 0.00
Page 4 of 7
V. PRINCIPAL
A. MONTHLY PRINCIPAL AMOUNT
1. Principal Balance of Notes and Equity Certificates 445,337,388.56
(End of Prior Collection Period)
2. Contract Pool Principal Balance (End of Collection Period) 416,376,348.75
--------------
Total monthly principal amount 28,961,039.81
B. PRINCIPAL BREAKDOWN No. of Accounts
---------------
1. Scheduled Principal 56,231 25,570,003.94
2. Prepaid Contracts 2,089 2,083,250.79
3. Defaulted Contracts 234 1,307,785.08
4. Contracts purchased by CIT Financial USA, Inc. 0 0.00
--------------------------------
Total Principal Breakdown 58,554 28,961,039.81
VI. CONTRACT POOL DATA
A. CONTRACT POOL CHARACTERISTICS
--------------------------------------------------
Original Nov-03 Oct-03
Pool Payment Date Payment Date
--------------------------------------------------
1. a. Contract Pool Balance 1,068,496,994.00 416,376,348.75 445,337,388.56
b. No of Contracts 73,864 58,554 60,877
c. Pool Factor
2. Weighted Average Remaining Term 38.00 26.4 26.7
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 94.94% 96.25% 55,591 407,555,298.73
31-60 days 2.65% 2.39% 1,554 10,115,129.21
61-90 days 1.09% 0.59% 638 2,498,760.96
91-120 days 0.59% 0.34% 347 1,447,644.88
120+ days 0.72% 0.43% 424 1,838,704.06
Total Delinquency 100.0% 100.0% 58,554 423,455,537.84
2. Delinquent Scheduled Payments:
Beginning of Collection Period 6,572,817.44
End of Collection Period 7,079,189.09
-------------
Change in Delinquent Scheduled Payments 506,371.65
C. DEFAULTED CONTRACT INFORMATION
1. Required Payoff Amount on Defaulted Contracts 1,307,785.08
2. Liquidation Proceeds received 990,651.75
-------------
3. Current Liquidation Loss Amount 317,133.33
4. Cumulative Liquidation Losses to date 13,314,705.15
% of Initial Contracts 5.252%
% of Initial Contract Pool Balance 1.246%
Page 5 of 7
VII. MISCELLANEOUS INFORMATION
A. SERVICER ADVANCE BALANCE
1. Opening Servicer Advance Balance 6,572,817.44
2. Current Period Servicer Advance 3,487,373.64
3. Recoveries of prior Servicer Advances -2,981,001.99
-------------
4. Ending Servicer Advance Balance 7,079,189.09
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 38,967,021.50
3. Deposit from the Collection Account 0.00
4. Withdrawals from the Cash Collateral Account (437,363.92)
5. Investment Earnings 26,046.58
6. Investment Earnings Distributions:
a. Senior Loan Interest 0.00
b. Senior Loan Principal 0.00
c. Holdback Amount Interest -26,046.58
d. Holdback Amount Principal 0.00
-------------
Total Investment Earnings distributions -26,046.58
7. Remaining available amount 0.00
8. Required Cash Collateral Account Amount 36,432,930.52
9. Cash Collateral Account Surplus/(Shortfall) 0.00
10. Distribution of CCA Surplus:
a. Senior Loan Principal 0.00
b. Holdback Amount Principal -2,096,727.06
-------------
Total Distribution of Surplus -2,096,727.06
11. Ending Cash Collateral Account 36,432,930.52
12. Cash Collateral Account deficiency 0.00
C. OTHER RELATED INFORMATION
1. Discount Rate 4.6150%
2. Life to Date Prepayment (CPR) 6.80%
3. Life to Date Substitutions:
a. Prepayments 0.00
b. Defaults 0.00
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Nov-03 Oct-03
Item Payment Date Payment Date
---------------------------------------------------------------------------
a. Senior Loan 0.00 0.00
b. Holdback Amount 46,953,855.51 49,050,582.57
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
11/20/03
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 7 of 7