8-K 1 srz04-0329.txt CIT/EQUIPMENT STRATS - FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 14, 2004 CIT Equipment Collateral 2002-VT1 (Exact Name of Registrant as Specified in its Charter) Delaware (State or other jurisdiction of incorporation) 000-49841 77-0298311 (Commission File Number) (IRS Employer Identification No.) c/o The Bank of New York Attn: Corporate Trust Department, CIT Equipment Collateral 2002-VT1 101 Barclay Street, Floor 12 East New York, New York 10286 (Address of principal executive offices and zip code) Registrants' telephone number, including area code: (212) 328-7538 N/A (Former name or former address, if changed since last report) Item 7. FINANCIAL STATEMENTS AND EXHIBITS. --------------------------------- (c). Exhibits. The following are filed herewith. The exhibit numbers correspond with items 601(b) of Regulation S-K. EXHIBIT NO. DESCRIPTION ---------- ----------- 99.1 Pool Data Report SIGNATURE --------- Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CIT EQUIPMENT COLLATERAL 2002-VT1 By: CIT FINANCIAL USA, INC., as Servicer By: /s/ Usama Ashraf ---------------------------- Name: Usama Ashraf Title: Vice President Dated: April 14, 2004 Exhibit 99.1 - Pool Data Report CIT EQUIPMENT COLLATERAL 2002-VT1 COMPOSITION OF CONTRACT POOL AT DECEMBER 31, 2003

Weighted Weighted Average Current Average Average Required Number Required Original Remaining Payoff of Payoff Term Term Amount Contracts Amount (Range) (Range) (Range) --------- -------- -------- --------- -------- 54,388 $373,419,525 52.3 months 25.5 months $6,762 (22 to 84 months) (0 to 61 months) ($0 to $5,795,382) Type of Contract at December 31, 2003 % of Total % of Number Number Required Required of of Payoff Payoff Type of Contract Contracts Contracts Amount Amount ---------------- --------- --------- -------- ---------~~-----------~~ ~~Distribution~~True ~~Class~~Leases ~~A-1~~36,420 ~~Class~~66.96% ~~A-2~~266,955,391 ~~Class~~71.49 ~~A-3~~% ~~Class~~Finance ~~A-4~~Leases ~~Amounts~~17,968 ~~Notes~~33.04 ~~Notes~~106,464,134 ~~Notes~~28.51 ~~Notes~~ ----------------------------------------------------------------------------~~----------------------------~~ 1.Total ~~Interest Due 0.00 0.00 867~~54,~~616.62~~388 ~~414,657~~100.~~08 2. Interest Paid 0.~~00% ~~0.00 867~~373,~~616.62 414~~419,~~657.08~~525 3100. ~~Interest Shortfall 0.~~00 ~~0.00~~% ~~0.00 0.00 ((1) minus (2)) 4. Principal Paid 0.00 0.00 23,800,722.64 0.00 5. Total Distribution Amount 0.00 0.00 24,668,339.26 414,657.08 ((2) plus (4))~~============================================================================

CIT EQUIPMENT COLLATERAL 2002-VT1 GEOGRAPHICAL DISTRIBUTION (BASED ON OBLIGOR BILLING ADDRESS) AT DECEMBER 31, 2003

~~--------------------------------------------------------------------------------------------------------------~~% ~~Distribution~~of ~~Class~~Total B% ~~Class~~of CNumber ~~Class~~Number DRequired ~~Total~~Required ~~Offered~~of ~~Amounts~~of ~~Notes~~Payoff ~~Notes~~Payoff ~~Notes~~State ~~Notes~~Contracts Contracts Amount Amount ----- --------- --------- -------- --------~~-----------------------------------------------------------------------~~ Alabama 538 0.99% 1,990,702 0.53 ~~Interest~~% ~~Due~~Alaska 35103 0.19 334,~~793~~992 0.0609 21Arizona 1,084 1.99 6,527,226 1.75 Arkansas 299 0.55 1,674,708 0.45 California 6,834 12.8357 5039,~~751~~033,546 10.2345 Colorado 1,~~390~~091 2.01 5,~~652~~543,744 1.8248 Connecticut 1,014 1.86 7,714,753 2.07 ~~Interest~~Delaware ~~Paid~~217 350.40 1,~~793~~222,559 0.33 District of Columbia 357 0.66 5,932,151 1.59 Florida 3,655 6.72 17,051,708 4.57 Georgia 1,663 3.06 2112,~~834~~860,114 3.8344 50Hawaii 88 0.16 333,~~751~~402 0.2309 Idaho 147 0.27 486,462 0.13 Illinois 1,~~390~~302 2.39 22,~~652~~135,996 5.8293 3Indiana 768 1.41 ~~Interest~~5,369,212 ~~Shortfall~~1.44 Iowa 322 0.0059 1,910,942 0.0051 Kansas 306 0.0056 4,426,279 1.19 Kentucky 367 0.67 1,592,985 0.43 Louisiana 543 1.00 ((1),433,324 ~~minus~~0.38 (Maine 94 0.17 258,427 0.07 Maryland 1,114 2)).05 45,813,606 1.56 ~~Principal~~Massachusetts ~~Paid~~2,109 ~~705~~3.88 12,~~681~~787,923 3.8042 ~~384~~Michigan 1,~~917~~789 3.3529 ~~769~~14,~~834~~088,092 3.6977 Minnesota 964 1.77 6,591,766 1.77 Mississippi 278 0.51 1,379,447 0.37 Missouri 763 1.40 6,545,080 1.75 Montana 153 0.28 357,719 0.10 Nebraska 180 0.33 856,594 0.23 Nevada 302 0.56 1,300,793 0.35 New Hampshire 273 0.50 939,021 0.25 New Jersey 3,~~661~~530 6.49 38,~~156~~774,774 10.38 New Mexico 266 0.49 5913,375 0.24 ~~Total~~New ~~Distribution~~York ~~Amount~~4,987 ~~741~~9.17 37,~~474~~144,065 9.8695 ~~406~~North Carolina 1,~~752~~382 2.1854 ~~820~~9,~~585~~258,735 2.9248 27North Dakota 44 0.08 566,~~051~~422 0.15 Ohio 1,~~809~~507 2.3177 ((8,900,841 2).38 ~~plus~~Oklahoma (509 0.94 2,701,528 0.72 Oregon 731 1.34 3,710,334 0.99 Pennsylvania 2,591 4)).76 14,898,901 3.99 Rhode Island 235 0.43 1,147,249 0.31 South Carolina 605 1.11 3,405,670 0.91 South Dakota 123 0.23 451,721 0.12 Tennessee 966 1.78 6,294,186 1.69 Texas 4,190 7.70 27,427,379 7.34 Utah 245 0.45 1,475,332 0.40 Vermont 127 0.23 546,439 0.15 Virginia 1,390 2.56 7,455,033 2.00 Washington 1,275 2.34 12,756,377 3.42 West Virginia 173 0.32 862,638 0.23 Wisconsin 701 1.29 6,021,304 1.61 Wyoming 94 0.17 213,949 0.06 -------- -------------------- ----------------------- ----------------- Total 54,388 100.00% 373,419,525 100.00 % ======== ==================== ======================= =================

CIT EQUIPMENT COLLATERAL 2002-VT1 PAYMENT STATUS AT DECEMBER 31, 2003

~~-----------------------------------------------------------------------------------------------------------------~~Number ~~Applicable~~of ~~Principal~~% ~~Balance~~of ~~Class~~Total ~~Factor~~Number ~~Principal~~Required ~~Balance~~Payoff ~~Class~~% ~~Factor~~of ~~Class~~Required ~~Coupon~~Days ~~Jan-04~~Delinquent ~~Jan-04~~Contracts ~~Dec-03~~of ~~Dec-03~~Contracts ~~Rate~~Amount ~~Payment~~Payoff ~~Date~~Amount ~~Payment Date Payment Date Payment Date~~ --------------- --------- ----------------- --------------- -------------~~--------------------------------------------~~ a.Current, ~~Class~~including A-1 ~~Notes~~to ~~1.9600%~~30 ~~0.00~~day ~~0.00000~~delinquent ~~0.00~~contracts ~~0.00000~~51,410 b94.52% ~~Class~~360,911,088 ~~A-2 Notes 2~~96.~~9000~~65% ~~0.00 0.00000 0.00 0.00000 c. Class A~~31-360 ~~Notes~~days ~~4.0300%~~delinquent ~~234~~1,~~546,657.66~~568 02.~~73526~~88 ~~258~~7,~~347~~389,~~380.30~~828 0.~~80987~~59 ~~d. Class A~~61-490 ~~Notes~~days ~~4.6700%~~delinquent ~~106,550,000.00~~628 1.~~00000~~15 ~~106~~2,~~550~~217,~~000.00~~967 10.~~00000~~59 e.91-120 ~~Class~~days Bdelinquent ~~Notes~~338 ~~3.9700% 10,113,377.99~~ 0.~~34458~~62 101,~~819~~183,~~059.79~~973 0.~~36862~~32 f.Over ~~Class~~120 Cdays ~~Notes~~delinquent ~~4.4400%~~444 ~~5,516,387.99~~ 0.~~34477~~82 51,~~901~~716,~~305.34~~670 0.~~36883~~46 g.------ ~~Class~~------- D------------ ~~Notes~~------- ~~5.1600%~~Total 1154,~~032,775.99~~388 0100.~~34373~~00% 11373,~~802~~419,~~610.68~~525 0100.~~36772~~00% h.====== ~~Total~~======= ~~Offered~~============ ~~Notes 367,759,199.63 393,420,356.12 i. One - Month Libor Rate 1.48750%~~=======

EQUIPMENT TYPE AT DECEMBER 31, 2003

Number of % of Total Number Required Payoff % of Required Type of Equipment Contracts of Contracts Amount Payoff Amount ----------------- --------- ----------------- --------------- --------------- ~~Scheduled~~Telecommunications ~~Scheduled~~10,602 ~~Principal~~19.49% ~~Balance~~176,666,947 ~~Principal~~47.31% ~~Balance~~Computers ~~Class~~37,120 ~~Jan-04~~68.25 ~~Dec-03~~127,275,214 ~~Payment~~34.08 ~~Date~~General ~~Payment~~Office ~~Date~~Equipment/Copiers 3,668 6.74 35,342,606 9.46 Automotive 2,344 4.31 16,620,048 4.45 Computer Software 224 0.41 14,352,995 3.84 Other (1) 430 0.79 3,161,714 0.85 ------ ------ ----------- -------~~-------------------------------------------~~ ~~Class~~Total ~~A-1~~54,388 ~~Notes 0~~100.00% 0373,419,525 100.00% ====== ====== =========== ======= (1) Includes $83,897 as the largest and $7,352 as the average Required Payoff Amount.

CIT EQUIPMENT COLLATERAL 2202-VT1 REQUIRED PAYOFF AMOUNT AT DECEMBER 31, 2003

Number of % of Total Number Required Payoff % of Required Required Payoff Amount Contracts of Contracts Amount Payoff Amount ---------------------- --------- ----------------- --------------- ------------- 0.01 -~~-------------------------~~ ~~Target~~5,000.00 ~~Class~~41,355 ~~Target~~76.04% ~~Class~~$65,141,421 ~~Class~~17.44% ~~Principal~~5,000.01 ~~Amount~~- ~~Floor~~10,000.00 ~~Principal~~6,157 ~~Amount~~11.32 ~~Floor~~43,081,567 ~~Class~~11.54 ~~Percentage~~10,000.01 ~~Jan~~-04 ~~Jan~~15,000.00 2,246 4.13 27,449,053 7.35 15,000.01 -04 ~~Dec~~25,000.00 2,032 3.74 39,318,561 10.53 25,000.01 -03 ~~Dec~~50,000.00 1,583 2.91 54,536,047 14.60 50,000.01 -03 ~~Payment~~100,000.00 ~~Date~~633 ~~Payment~~1.16 ~~Date~~43,365,089 ~~Payment~~11.61 ~~Date~~100,000.01 ~~Payment~~- ~~Date~~150,000.00 168 0.31 20,307,931 5.44 150,000.01 -~~-----------------------------------------------------------------------------------------------------~~ ~~Class~~250,000.00 A115 920.~~75%~~21 ~~341~~21,~~096~~675,~~657~~699 5.6680 ~~364~~250,~~897~~000.01 - 500,~~380~~000.3000 ~~Class~~1 B0.00 2,518,724 0.~~75%~~67 10500,~~113~~000.01 - 1,~~377~~000,000.9900 21 0.0004 1015,~~819~~004,~~059~~063 4.7902 1,000,000.01 - 1,500,000.00 2 0.00 ~~Class~~2,267,569 C0.61 1,500,000.~~50%~~01 5- 2,~~516~~500,~~387~~000.9900 5 0.0001 9,054,832 2.42 2,500,000.01 - 5,~~901~~000,~~305~~000.3400 69 0.0013 ~~Class~~23,903,585 D6.40 35,000,000.~~00%~~01 11- 5,~~032~~795,~~775~~382.9945 1 0.00 115,~~802~~795,~~610~~382 1.6855 0------ ------- ------------ ------- Total 54,388 100.00% $373,419,525 100.00% ====== ======= ============ =======

REMAINING TERM AT DECEMBER 31, 2003

~~No.~~Number of ~~Accounts~~% of Total Number Required Payoff % of Required Remaining Terms of Contract Contracts of Contracts Amount Payoff Amount -------------------------- 1.--------- ~~Scheduled~~----------------- ~~Principal~~--------------- 52------------- (months) 0-12 25,~~104~~122 2146.19% 87,~~952~~400,~~203.01~~327 223.41% ~~Prepaid~~13-24 ~~Contracts 2~~15,~~058~~752 228.96 58,~~625~~862,~~700.23~~549 315.76 ~~Defaulted~~25-36 ~~Contracts~~11,528 ~~226~~21.20 1173,~~083~~004,~~253~~577 46.2533 437-48 1,970 3.62 ~~Contracts~~43,592,724 ~~purchased~~11.67 by49-60 ~~CIT~~14 ~~Financial~~0.03 ~~USA~~10,223,609 ~~Inc~~2.74 061-72 2 0.00 335,739 0.09 ------ ------ ------------ -------~~--------~~ Total ~~Principal Breakdown~~ 54,388 25100.00% $373,~~661~~419,~~156~~525 100.4900% ====== ====== ============ =======

CIT EQUIPMENT COLLATERAL 2002-VT1 TYPES OF OBLIGOR AT DECEMBER 31, 2003

~~---------------------------------------------------------------~~% ~~Original~~of ~~Jan-04~~Total ~~Dec-03~~Number ~~Pool~~of ~~Payment~~Number ~~Date~~of ~~Payment~~Required ~~Date~~Payoff % of Required Type of Obligor Contracts Contracts Amount Payoff Amount --------------- --------- --------- --------------- --------------- Services Organizations (1) 19,897 36.58% a149,822,422 40.12% ~~Contract~~Manufacturing ~~Pool~~5,489 ~~Balance~~10.09 160,~~068~~275,~~496~~653 16.14 Financial Services Institutions 4,~~994~~202 7.0073 ~~367~~35,~~759~~692,~~199~~703 9.6356 ~~393~~Retail Trade 3,~~420~~684 6.77 28,~~356~~315,982 7.1258 bWholesale Trade 2,579 4.74 No21,330,938 of5.71 ~~Contracts~~Other 73(2) 11,~~864~~435 5421.02 18,~~388~~779,443 5.03 Medical/Healthcare Organizations 2,207 4.06 17,036,626 4.56 Communications & Utilities 736 1.35 14,~~672~~654,463 c3.92 ~~Pool~~Transportation ~~Factor~~836 1.54 9,136,154 2.45 ~~Weighted~~Construction ~~Average~~1,855 ~~Remaining~~3.41 ~~Term~~6,998,916 381.0087 25Printing & Publishing 608 1.12 5,223,512 251.940 Government 386 0.71 3,539,023 0.95 ~~Weighted~~Resources ~~Average~~& ~~Original~~Agriculture ~~Term~~474 440.187 2,613,690 0.70 ------ ------ ----------- ------- Total 54,388 100.00% 373,419,525 100.00% ====== ======= =========== =======

(1) Primarily: Engineering, Accounting and Research (17.0%); Business Services (12.4%); Automotive Repair, Services & Parts (12.1%); Miscellaneous Services Organizations (7.2%); and Legal Services (7.2%). (2) Includes $251,933 as the largest payoff amount relating to a single obligor. As shown in the table above, the servicer's records lists 5.03% of the total required payoff amount in the category of "Other" types of obligor. The servicer notes that the collateral securing approximately 4.27% of the required payoff amount represents small ticket computer equipment typically leased to small businesses. The remaining "Other" obligor category represents approximately 0.76% of the required payoff amount. The depositor has not analyzed this category to determine whether or not the contracts included in it could be grouped into some other more specific type of obligor category. OBLIGOR CONCENTRATION

~~------------------------------------------------------------------------~~Obligors %(including ofcontracts ~~Aggregate~~Number of % of Total Number Required Payoff ~~No.~~% of ~~Aggregate~~ Required securing vendor loans) Contracts ~~Amount~~of ~~Accounts~~Contracts Amount Payoff ~~Amounts~~Amount ----------------------------- --------- ----------------- --------------- -- ~~1. Current 94.52% 96.65% 51,410 360,911,087.63 31~~-~~60 days 2.88% 1.98% 1,568 7,389,827.59 61~~-~~90 days 1.15% 0.59% 628 2,217,966.98 91~~-~~120~~-------- ~~days~~Top ~~0.62%~~5 ~~0.32%~~Obligors ~~338~~630 1~~,183,972~~.~~52 120+ days 0.82~~16% ~~0.46% 444 1~~$27,~~716~~728,~~669.91~~235 ~~Total Delinquency 100~~7.043% ~~100.0%~~The ~~54,388~~Top ~~373,419,524.63~~5 2.obligors ~~Delinquent~~conduct ~~Scheduled~~business ~~Payments:~~in ~~Beginning~~the ~~of Collection Period 7~~Services,~~227,740.62~~ ~~End of Collection Period 5~~Manufacturing,~~660,325.00~~ ~~----------------~~and ~~Change~~Retail inTrade ~~Delinquent Scheduled Payments (1,567,415~~industries.~~62)~~

CIT EQUIPMENT TRUST 2002-VT1 SCHEDULED PAYMENTS FROM THE CONTRACTS AT DECEMBER 31, 2003

Collection Scheduled Collection Scheduled Period Cashflows Period Cashflows ---------- --------- ---------- --------- Positive Rent Due 5,660,325.00 January-2004 21,069,748.92 August-2006 3,817,496.82 February-2004 21,708,602.16 September-2006 3,170,757.06 March-2004 21,252,107.52 October-2006 2,421,068.44 April-2004 22,648,408.90 November-2006 2,011,349.37 May-2004 19,976,521.76 December-2006 1,536,547.73 June-2004 19,274,374.86 January-2007 1,080,943.15 July-2004 19,754,019.65 February-2007 604,182.01 August-2004 16,456,173.39 March-2007 411,822.25 September-2004 14,986,698.36 April-2007 373,658.79 October-2004 15,047,253.08 May-2007 324,128.71 November-2004 12,957,141.33 June-2007 252,627.91 December-2004 11,927,496.17 July-2007 249,123.99 January-2005 11,240,521.89 August-2007 246,723.48 February-2005 10,141,409.40 September-2007 245,283.33 March-2005 9,564,983.22 October-2007 243,310.91 April-2005 9,626,752.28 November-2007 241,603.53 May-2005 9,334,241.45 December-2007 ~~Jan~~231,244.67 June-042005 ~~Dec~~9,247,762.07 January-032008 ~~Item~~229,761.18 ~~Payment~~July-2005 ~~Date~~9,003,047.10 ~~Payment~~February-2008 ~~Date~~93,435.30 August-2005 8,730,907.83 March-2008 37,965.90 September-2005 8,520,483.98 April-2008 37,254.96 October-2005 8,243,249.36 May-2008 37,254.96 November-2005 7,981,746.75 June-2008 37,254.96 December-2005 7,776,287.13 July-2008 37,254.96 January-2006 7,497,633.01 August-2008 37,254.96 February-2006 7,025,483.54 September-2008 37,255.96 March-~~---------------------------------------------------------~~2006 a6,536,810.50 ~~Senior~~October-2008 ~~Loan~~14,981.76 0April-2006 6,010,045.0096 0November-2008 6,519.0036 bMay-2006 5,491,289.88 ~~Holdback~~December-2008 ~~Amount~~6,276.76 43June-2006 4,~~020~~918,~~144~~288.9344 45January-2009 - July-2006 4,~~013~~470,~~863~~715.6975

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