8-K 1 a31937.txt CIT EC EF 2001-A 8-K 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: 17-Jan-02 CIT EC EF 2001-A A New York Commission File I.R.S. Employer Corporation No. 0001159705 c/o CIT Financial USA, Inc. 1 Tyco Drive, Livingston, N.J. 07039 Telephone Number (973) 740-5000 Item 5. Other CIT EC EF 2001-A Monthly Servicing Report Determination Date: 01/17/02 Collection Period: 12/31/01 Payment Date: 01/22/02

1. AVAILABLE FUNDS A. Available Pledged Revenues a. Scheduled Payments Received $ 27,667,388.00 b. Liquidation Proceeds Allocated to Owner Trust 0.00 c. Required Payoff Amounts of Prepaid Contracts 13,898,558.62 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 = $ 41,565,946.62 B. Determination of Available Funds a. Total Available Pledged Revenues $ 41,565,946.62 b. Servicer Advances 3,433,417.58 c. Recoveries of prior Servicer Advances (3,119,017.42) d. Withdrawal from Cash Collateral Account 0.00 --------------- Total Available Funds = $ 41,880,346.78

2 II. DISTRIBUTION AMOUNTS A. COLLECTION ACCOUNT DISTRIBUTIONS 1. Servicing Fee 613,671.04 2. Class A-1 Note Interest Distribution 351,793.14 Class A-1 Note Principal Distribution 33,866,985.18 Aggregate Class A-1 distribution 34,218,778.32 3. Class A-2 Note Interest Distribution 854,791.67 Class A-2 Note Principal Distribution 0.00 Aggregate Class A-2 distribution 854,791.67 4. Class A-3 Note Interest Distribution 1,072,800.00 Class A-3 Note Principal Distribution 0.00 Aggregate Class A-3 distribution 1,072,800.00 5. Class A-4 Note Interest Distribution 1,006,316.67 Class A-4 Note Principal Distribution 0.00 Aggregate Class A-4 distribution 1,006,316.67 6. Class B Note Interest Distribution 187,374.22 Class B Note Principal Distribution 1,782,472.90 Aggregate Class B distribution 1,969,847.12 7. Deposit to the Reserve Account 0.00 8. Amounts Payable in connection with the Reserve Account 25,548.69 9. To the holder of the equity certificate 2,118,593.27 Collection Account Distributions = 41,880,346.78 ============= B. RESERVE ACCOUNT DISTRIBUTIONS 1. Withdrawal from the Reserve Account 0.00 2. Interest to the Holdback Amount Designee 50,393.66 3. Release of Excess from the Reserve Account 545,436.71 ------------- Reserve Account Distributions = 595,830.37 =============

3 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 ~~411~~351,~~438~~793.6914 854,791.67 1,072,800.00 1,006,316.67 2. Interest Paid ~~411~~351,~~438~~793.6914 854,791.67 1,072,800.00 1,006,316.67 3. Interest Shortfall 0.00 0.00 0.00 0.00 ((1) minus (2)) 4. Principal Paid 3133,~~595~~866,~~430~~985.9418 0.00 0.00 0.00 5. Total Distribution Amount 3234,~~006~~218,~~869~~778.6332 854,791.67 1,072,800.00 1,006,316.67 ((2) plus (4)) -------------------------------------------------------------------- Distribution Class B Total Offered Amounts Notes Notes -------------------------------------------------------------------- 1. Interest Due 193,721.03 3,539,068.06 2 Interest Paid 193,721.03 3,539,068.06 3 Interest Shortfall 0.00 0.00 ((1) minus (2)) 4 Principal Paid 1,662,917.42 33,258,348.36 5 Total Distribution Amount 1,856,638.45 36,797,416.42 ((2) plus (4))

-------------------------------------------------------------------~~------------------------------------------------~~ ~~Applicable~~Distribution ~~Principal Balance~~ Class ~~Factor~~B ~~Principal~~Total ~~Balance~~Offered ~~Class~~Amounts ~~Factor~~Notes ~~Class~~Notes ~~Coupon Dec~~-~~01 Dec~~-~~01 Nov~~-~~01 Nov~~-~~01 Rate Payment Date Payment Date Payment Date Payment Date~~ ----------------------------------------------------------------~~---------------------------------------------------~~ a1. ~~Class~~Interest ~~A-1~~Due ~~Notes 3.4800% 110~~187,~~279,979~~374.9222 ~~0.47229 141~~3,~~875~~473,~~410~~075.8670 02.~~60760~~ b.Interest ~~Class~~Paid ~~A-2 Notes 3.7300% 275~~187,~~000,000~~374.0022 ~~1.00000 275~~3,~~000~~473,~~000~~075.0070 13.~~00000~~ c.Interest ~~Class~~Shortfall ~~A-3 Notes 4~~0.~~3200% 298,000,000.~~00 10.~~00000 298,000,000.~~00 ((1~~.00000~~) d.minus ~~Class~~(2)) A-4 ~~Notes 4~~.~~8400%~~ ~~249,500,000.00~~Principal ~~1.00000~~Paid ~~249,500,000.00~~ 1~~.00000 e. Class B Notes 4.5800% 49~~,~~093~~782,~~683~~472.1590 ~~0.88355 50~~35,~~756~~649,~~600~~458.5708 05.~~91348~~ f. Total ~~Offered~~Distribution ~~Notes~~Amount ~~981~~1,~~873~~969,~~663~~847.0712 139,~~015~~122,~~132,011~~533.4378 ((2) plus (4))

IV. Information Regarding the Securities A Summary of Balance Information

------------------------------------------------------------------------------------------------------ ~~Scheduled Scheduled Principal Balance Principal Balance Class Dec~~-~~01 Nov~~-~~01 Payment Date Payment Date~~ ------------~~------------------------------------------------------------------------------------------~~ ~~Class~~Applicable ~~A-1~~Principal ~~Notes~~Balance ~~164,549,456.00 185,631,610.00 ----------------------------------------------------------------------------------------------------------------------------- Target~~ Class ~~Target~~Factor ~~Class Class~~ Principal ~~Amount~~Balance ~~Floor~~Class ~~Principal~~Factor ~~Amount Floor~~ Class ~~Percentage~~Coupon ~~Dec~~Jan-0102 ~~Dec~~Jan-0102 ~~Nov~~Dec-01 ~~Nov~~Dec-01 Rate Payment Date Payment Date Payment Date Payment Date -------------------------------------------------------------------------------------------------------------------- a. Class A-1 Notes 3.4800% 76,412,994.74 0.32725 110,279,979.92 0.47229 b. Class A-~~-------~~2 Notes 3.7300% 275,000,000.00 1.00000 275,000,000.00 1.00000 c. Class A-3 95Notes 4.3200% 298,000,000.00 1.00000 298,000,000.00 1.00000 d. Class A-4 Notes 4.8400% ~~932~~249,~~779~~500,~~979~~000.9200 ~~964~~1.00000 249,~~375~~500,~~410~~000.8600 1.00000 e. Class B 5Notes 4.005800% 47,311,210.25 0.85147 49,093,683.15 ~~3,318,138~~0.4188355 50f. Total Offered Notes 946,~~756~~224,~~600~~204.5799 2981,~~809~~873,~~285~~663.6907

4 B Other Information

-----------------------------------------------------------------~~--------------~~ ~~Original~~Scheduled ~~Dec~~Scheduled Principal Balance Principal Balance Class Jan-0102 ~~Nov~~Dec-01 ~~Pool~~ Payment Date Payment Date -----------------------------------------------------------------~~--------------~~ Class A-1. a.Notes ~~Contract Pool Balance 1~~143,~~111~~614,~~563,967~~074.00 ~~981~~164,~~873~~549,~~663~~456.~~07 1,015,132,011.43 b. No of Contracts 11,329 10,951 11,075 2. Weighted Average Remaining Term 48.60 44.9 45.9 3. Weighted Average Original Term 57.7~~00

---------------------------------------------------------------------------------------------------------------- %Target ofClass %Target ofClass ~~Aggregate~~Class ~~Required~~Principal ~~Payoff~~Amount ~~No.~~Floor OfPrincipal ~~Aggregate~~Amount ~~Required~~Floor ~~Contracts~~Class ~~Amount~~Percentage ~~Accounts~~Jan-02 ~~Payoff~~Jan-02 ~~Amounts~~Dec-01 Dec-01 Payment Date Payment Date Payment Date Payment Date ----------------------------------------------------------------------------------------------------------------- 1.Class ~~Current~~A 95.8800% ~~95.93% 10~~898,~~500 941~~912,~~929,083~~994.5274 ~~31-60 days 2.57% 2.31% 281 22~~932,~~672~~779,~~952~~979.9792 ~~61-90~~Class ~~days~~B 05.8600% ~~0.99% 94 9,685,973.61 91-120 days 0.~~47~~% 0.52% 51 5~~,~~140~~311,~~459~~210.~~77 120+ days 0.23% 0.~~25% ~~25 2~~3,~~445~~863,~~193~~575.2012 ~~Total Delinquency 100.0% 100.0% 10~~49,~~951 981~~093,~~873,663~~683.0715 ~~2. Delinquent Scheduled Payments: Beginning of Collection Period 8~~3,~~508~~318,~~633~~138.~~19 End of Collection Period 9,794,688.51 ---------------- Change in Delinquent Scheduled Payments 1,286,055.32~~41

V. PRINCIPAL A. MONTHLY PRINCIPAL AMOUNT 1. Principal Balance of Notes and Equity Certificates 981,873,663.07 (End of Prior Collection Period) 2. Contract Pool Principal Balance (End of Collection Period) 946,224,204.99 -------------- Total monthly principal amount 35,649,458.08

VI. CONTRACT POOL DATA A. CONTRACT POOL CHARACTERISTICS

5 B. DELINQUENCY INFORMATION

6 VIII. MISCELLANEOUS INFORMATION A. SERVICER ADVANCE BALANCE 1. Opening Servicer Advance Balance 9,794,688.51 2. Current Period Servicer Advance 3,433,417.58 3. Recoveries of prior Servicer Advances (3,119,017.42) ------------- 4. Ending Servicer Advance Balance 10,109,088.67 D. OTHER RELATED INFORMATION 1. Life to Date Prepayment (CPR) 12.6% 2. Life to Date Substitutions: a. Prepayments 0.00 b. Defaults 0.00

7 NCT Funding Company LLC, Allfirst Bank, as trustee under the Indenture, and CIT Financial USA, Inc., 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 01/22/02 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. CIT Financial USA, Inc. Glenn Votek ----------- Glenn Votek Executive Vice President, and Treasurer 8

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