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-Dec-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: 12/18/03
Collection Period: 11/30/03
Payment Date: 12/22/03
I. AVAILABLE FUNDS
A. Available Pledged Revenues
a. Scheduled Payments Received $ 21,442,836.68
b. Liquidation Proceeds Allocated to Owner Trust 813,352.45
c. Required Payoff Amounts of Prepaid Contracts 2,211,310.93
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 = $ 24,467,500.06
B. Determination of Available Funds
a. Total Available Pledged Revenues $ 24,467,500.06
b. Servicer Advances 3,347,739.98
c. Recoveries of prior Servicer Advances (3,199,188.45)
d. Withdrawal from Cash Collateral Account 68,657.54
-------------------
Total Available Funds = $ 24,684,709.13
Page 3 of 8
II. DISTRIBUTION AMOUNTS
A. COLLECTION ACCOUNT DISTRIBUTIONS
1. Servicing Fee 260,235.22
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 939,121.19
Class A-3 Note Principal Distribution 21,291,683.16
Aggregate Class A-3 distribution 22,230,804.35
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 37,881.57
Class B Note Principal Distribution 631,289.80
Aggregate Class B distribution 669,171.37
8. Class C Note Interest Distribution 23,108.89
Class C Note Principal Distribution 344,339.89
Aggregate Class C distribution 367,448.78
9. Class D Note Interest Distribution 53,712.55
Class D Note Principal Distribution 688,679.78
Aggregate Class D distribution 742,392.33
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= 24,684,709.13
===============
B. CASH COLLATERAL ACCOUNT DISTRIBUTIONS
1. Payment due on the Senior Loan 0.00
2. Payment due on the Holdback 1,965,279.74
3. Payment to the Depositor 0.00
---------------
Cash Collateral Account Distribution= 1,965,279.74
===============
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 Class A-3 Class A-4
Amounts Notes Notes Notes Notes
--------------------------------------------------------------------------------------------------------
1. Interest Due 0.00 0.00 939,121.19 414,657.08
2. Interest Paid 0.00 0.00 939,121.19 414,657.08
3. Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4. Principal Paid 0.00 0.00 21,291,683.16 0.00
5. Total Distribution Amount 0.00 0.00 22,230,804.35 414,657.08
((2) plus (4))
--------------------------------------------------------------------------------------------------------
Distribution Class B Class C Class D Total Offered
Amounts Notes Notes Notes Notes
--------------------------------------------------------------------------------------------------------
1. Interest Due 37,881.57 23,108.89 53,712.55 1,468,481.28
2. Interest Paid 37,881.57 23,108.89 53,712.55 1,468,481.28
3. Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4. Principal Paid 631,289.80 344,339.89 688,679.78 22,955,992.63
5. Total Distribution Amount 669,171.37 367,448.78 742,392.33 24,424,473.91
((2) plus (4))
IV. Information Regarding the Securities
A Summary of Balance Information
-----------------------------------------------------------------------------------------------------------
Applicable Principal Balance Class Factor Principal Balance Class Factor
Class Coupon Dec-03 Dec-03 Nov-03 Nov-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% 0.00 0.00000 0.00 0.00000
c. Class A-3 Notes 4.0300% 258,347,380.30 0.80987 279,639,063.47 0.87661
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% 10,819,059.79 0.36862 11,450,349.59 0.39013
f. Class C Notes 4.4400% 5,901,305.34 0.36883 6,245,645.23 0.39035
g. Class D Notes 5.1600% 11,802,610.68 0.36772 12,491,290.46 0.38917
h. Total Offered Notes 393,420,356.12 416,376,348.75
i. One-Month Libor Rate 1.12000%
B Other Information
---------------------------------------------------------------
Scheduled Scheduled
Principal Balance Principal Balance
Class Dec-03 Nov-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 Dec-03 Dec-03 Nov-03 Nov-03
Payment Date Payment Date Payment Date Payment Date
-----------------------------------------------------------------------------------------------------------
Class A 92.75% 364,897,380.30 386,189,063.47
Class B 2.75% 10,819,059.79 0.00 11,450,349.59 0.00
Class C 1.50% 5,901,305.34 0.00 6,245,645.23 0.00
Class D 3.00% 11,802,610.68 0.00 12,491,290.46 0.00
Page 5 of 8
V. PRINCIPAL
A. MONTHLY PRINCIPAL AMOUNT
1. Principal Balance of Notes and Equity Certificates 416,376,348.75
(End of Prior Collection Period)
2. Contract Pool Principal Balance (End of Collection
Period) 393,420,356.12
---------------
Total monthly principal amount 22,955,992.63
B. PRINCIPAL BREAKDOWN No. of Accounts
---------------
1. Scheduled Principal 54,790 19,946,036.29
2. Prepaid Contracts 1,689 2,211,310.92
3. Defaulted Contracts 193 798,645.42
4. Contracts purchased by CIT Financial USA, Inc. 0 0.00
--------------------------------
Total Principal Breakdown 56,672 22,955,992.63
VI. CONTRACT POOL DATA
A. CONTRACT POOL CHARACTERISTICS
--------------------------------------------------------
Original Dec-03 Nov-03
Pool Payment Date Payment Date
--------------------------------------------------------
1. a. Contract Pool Balance 1,068,496,994.00 393,420,356.12 416,376,348.75
b. No of Contracts 73,864 56,672 58,554
c. Pool Factor
2. Weighted Average Remaining Term 38.00 25.9 26.4
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 94.53% 95.43% 53,572 382,355,308.27
31-60 days 2.95% 2.76% 1,670 11,077,427.63
61-90 days 1.15% 1.05% 651 4,189,461.34
91-120 days 0.62% 0.34% 353 1,371,437.25
120+ days 0.75% 0.41% 426 1,654,462.25
Total Delinquency 100.0% 100.0% 56,672 400,648,096.74
2. Delinquent Scheduled Payments:
Beginning of Collection Period 7,079,189.09
End of Collection Period 7,227,740.62
---------------
Change in Delinquent Scheduled Payments 148,551.53
C. DEFAULTED CONTRACT INFORMATION
1. Required Payoff Amount on Defaulted Contracts 798,645.42
2. Liquidation Proceeds received 813,352.45
---------------
3. Current Liquidation Loss Amount -14,707.03
4. Cumulative Liquidation Losses to date 13,299,998.12
% of Initial Contracts 5.513%
% of Initial Contract Pool Balance 1.245%
Page 6 of 8
VII. MISCELLANEOUS INFORMATION
A. SERVICER ADVANCE BALANCE
1. Opening Servicer Advance Balance 7,079,189.09
2. Current Period Servicer Advance 3,347,739.98
3. Recoveries of prior Servicer Advances -3,199,188.45
--------------
4. Ending Servicer Advance Balance 7,227,740.62
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 36,432,930.52
3. Deposit from the Collection Account 0.00
4. Withdrawals from the Cash Collateral Account (68,657.54)
5. Investment Earnings 25,287.92
6. Investment Earnings Distributions:
a. Senior Loan Interest 0.00
b. Senior Loan Principal 0.00
c. Holdback Amount Interest -25,287.92
d. Holdback Amount Principal 0.00
-----------------
Total Investment Earnings distributions -25,287.92
7. Remaining available amount 0.00
8. Required Cash Collateral Account Amount 34,424,281.16
9. Cash Collateral Account Surplus/ (Shortfall) 0.00
10. Distribution of CCA Surplus:
a. Senior Loan Principal 0.00
b. Holdback Amount Principal -1,939,991.82
-----------------
Total Distribution of Surplus -1,939,991.82
11. Ending Cash Collateral Account 34,424,281.16
12. Cash Collateral Account deficiency 0.00
C. OTHER RELATED INFORMATION
1. Discount Rate 4.6150%
2. Life to Date Prepayment (CPR) 6.50%
3. Life to Date Substitutions:
a. Prepayments 0.00
b. Defaults 0.00
-------------------------------------------------------
Dec-03 Nov-03
Item Payment Date Payment Date
-------------------------------------------------------
a. Senior Loan 0.00 0.00
b. Holdback Amount 45,013,863.69 46,953,855.51
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
12/22/03
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
Page 8 of 8