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-Feb-04
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: 02/18/04
Collection Period: 01/31/04
Payment Date: 02/20/04
I. AVAILABLE FUNDS
A. Available Pledged Revenues
a. Scheduled Payments Received $23,708,529.98
b. Liquidation Proceeds Allocated to Owner Trust 608,370.57
c. Required Payoff Amounts of Prepaid Contracts 2,105,659.05
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 675.38
Total Available Pledged Revenues = $26,423,234.98
B. Determination of Available Funds
a. Total Available Pledged Revenues $26,423,234.98
b. Servicer Advances 3,279,940.31
c. Recoveries of prior Servicer Advances (2,668,483.67)
d. Withdrawal from Cash Collateral Account 286,853.07
--------------
Total Available Funds = $27,321,544.69
Page 2 of 7
II. DISTRIBUTION AMOUNTS
A. COLLECTION ACCOUNT DISTRIBUTIONS
1. Servicing Fee 229,849.50
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 787,685.86
Class A-3 Note Principal Distribution 23,918,409.18
Aggregate Class A-3 distribution 24,706,095.04
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 33,458.43
Class B Note Principal Distribution 709,171.16
Aggregate Class B distribution 742,629.59
8. Class C Note Interest Distribution 20,410.64
Class C Note Principal Distribution 386,820.63
Aggregate Class C distribution 407,231.27
9. Class D Note Interest Distribution 47,440.94
Class D Note Principal Distribution 773,641.27
Aggregate Class D distribution 821,082.21
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 = 27,321,544.69
=============
B. CASH COLLATERAL ACCOUNT DISTRIBUTIONS
1. Payment due on the Senior Loan 0.00
2. Payment due on the Holdback 1,990,591.81
3. Payment to the Depositor 0.00
-------------
Cash Collateral Account Distributions = 1,990,591.81
=============
C. INCORRECT DEPOSITS TO BE RETURNED TO CIT
Collection Account Distributions = 0.00
-------------
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 0.00 787,685.86 414,657.08
2 Interest Paid 0.00 0.00 787,685.86 414,657.08
3 Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4 Principal Paid 0.00 0.00 23,918,409.18 0.00
5 Total Distribution Amount 0.00 0.00 24,706,095.04 414,657.08
((2) plus (4))
----------------------------------------------------------------------------------------------------------------------
Distribution Class B Class C Class D Total Offered
Amounts Notes Notes Notes Notes
----------------------------------------------------------------------------------------------------------------------
1. Interest Due 33,458.43 20,410.64 47,440.94 1,303,652.95
2 Interest Paid 33,458.43 20,410.64 47,440.94 1,303,652.95
3 Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4 Principal Paid 709,171.16 386,820.63 773,641.27 25,788,042.24
5 Total Distribution Amount 742,629.59 407,231.27 821,082.21 27,091,695.19
((2) plus (4))
IV. Information Regarding the Securities
A Summary of Balance Information
-------------------------------------------------------------------------------------------------------------
Applicable Principal Balance Class Factor Principal Balance Class Factor
Class Coupon Feb-04 Feb-04 Jan-04 Jan-04
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% 210,628,248.48 0.66028 234,546,657.66 0.73526
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% 9,404,206.83 0.32042 10,113,377.99 0.34458
f. Class C Notes 4.4400% 5,129,567.36 0.32060 5,516,387.99 0.34477
g. Class D Notes 5.1600% 10,259,134.72 0.31963 11,032,775.99 0.34373
h. Total Offered Notes 341,971,157.39 367,759,199.63
i. One-Month Libor Rate 1.10000%
B Other Information
- -------------------------------------------------------------------------------------------
Scheduled Scheduled
Principal Balance Principal Balance
Class Feb-04 Jan-04
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 Feb-04 Feb-04 Jan-04 Jan-04
Payment Date Payment Date Payment Date Payment Date
- --------------------------------------------------------------------------------------------------------------------------
Class A 92.75% 317,178,248.48 341,096,657.66
Class B 2.75% 9,404,206.83 0.00 10,113,377.99 0.00
Class C 1.50% 5,129,567.36 0.00 5,516,387.99 0.00
Class D 3.00% 10,259,134.72 0.00 11,032,775.99 0.00
Page 4 of 7
V. PRINCIPAL
A. MONTHLY PRINCIPAL AMOUNT
1. Principal Balance of Notes and Equity Certificates 367,759,199.63
(End of Prior Collection Period)
2. Contract Pool Principal Balance (End of Collection Period) 341,971,157.39
--------------
Total monthly principal amount 25,788,042.24
B. PRINCIPAL BREAKDOWN No. of Accounts
---------------
1. Scheduled Principal 49,946 22,882,926.52
2. Prepaid Contracts 2,010 2,105,659.05
3. Defaulted Contracts 211 799,456.67
4. Contracts purchased by CIT Financial USA, Inc. 0 0.00
----------------------------------------------
Total Principal Breakdown 52,167 25,788,042.24
VI. CONTRACT POOL DATA
A. CONTRACT POOL CHARACTERISTICS
----------------------------------------------------------------------
Original Feb-04 Jan-04
Pool Payment Date Payment Date
----------------------------------------------------------------------
1. a. Contract Pool Balance 1,068,496,994.00 341,971,157.39 367,759,199.63
b. No of Contracts 73,864 52,167 54,388
c. Pool Factor
2. Weighted Average Remaining Term 38.00 25.1 25.5
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 94.56% 96.57% 49,327 336,286,573.68
31-60 days 2.86% 1.89% 1,490 6,565,389.05
61-90 days 1.15% 0.79% 602 2,750,931.38
91-120 days 0.66% 0.29% 342 1,023,050.62
120+ days 0.78% 0.46% 406 1,616,994.30
Total Delinquency 100.0% 100.0% 52,167 348,242,939.03
2. Delinquent Scheduled Payments:
Beginning of Collection Period 5,660,325.00
End of Collection Period 6,271,781.64
------------
Change in Delinquent Scheduled Payments 611,456.64
C. DEFAULTED CONTRACT INFORMATION
1. Required Payoff Amount on Defaulted Contracts 799,456.67
2. Liquidation Proceeds received 608,370.57
------------
3. Current Liquidation Loss Amount 191,086.10
4. Cumulative Liquidation Losses to date 13,644,497.54
% of Initial Contracts 6.104%
% of Initial Contract Pool Balance 1.277%
Page 5 of 7
VII. MISCELLANEOUS INFORMATION
A. SERVICER ADVANCE BALANCE
1. Opening Servicer Advance Balance 5,660,325.00
2. Current Period Servicer Advance 3,279,940.31
3. Recoveries of prior Servicer Advances -2,668,483.67
-------------
4. Ending Servicer Advance Balance 6,271,781.64
B. CASH COLLATERAL ACCOUNT
1. Applicable Rates for the Interest Period:
a. Libor Rate for the Interest Period 1.1000%
b. Senior Loan Interest Rate 4.6000%
c. Holdback Amount Interest Rate 7.1000%
2. Opening Cash Collateral Account 32,178,929.97
3. Deposit from the Collection Account 0.00
4. Withdrawals from the Cash Collateral Account (286,853.07)
5. Investment Earnings 20,991.18
6. Investment Earnings Distributions:
a. Senior Loan Interest 0.00
b. Senior Loan Principal 0.00
c. Holdback Amount Interest -20,991.18
d. Holdback Amount Principal 0.00
------------
Total Investment Earnings distributions -20,991.18
7. Remaining available amount 0.00
8. Required Cash Collateral Account Amount 29,922,476.27
9. Cash Collateral Account Surplus/ (Shortfall) 0.00
10. Distribution of CCA Surplus:
a. Senior Loan Principal 0.00
b. Holdback Amount Principal -1,969,600.63
-------------
Total Distribution of Surplus -1,969,600.63
11. Ending Cash Collateral Account 29,922,476.27
12. Cash Collateral Account deficiency 0.00
C. OTHER RELATED INFORMATION
1. Discount Rate 4.6150%
2. Life to Date Prepayment (CPR) 6.73%
3. Life to Date Substitutions:
a. Prepayments 0.00
b. Defaults 0.00
---------------------------------------------------------------------------------------
Feb-04 Jan-04
Item Payment Date Payment Date
---------------------------------------------------------------------------------------
a. Senior Loan 0.00 0.00
b. Holdback Amount 41,050,544.30 43,020,144.93
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 02/20/04
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