8-K 1 a36023.txt CIT EQUIPMENT COLLATERAL 2002-VT1 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-Aug-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 Item 5. Other CIT Equipment Collateral 2002-VT1 Monthly Servicing Report Determination Date: 08/18/03 Collection Period: 07/31/03 Payment Date: 08/20/03 I. AVAILABLE FUNDS A. Available Pledged Revenues a. Scheduled Payments Received $32,225,693.23 b. Liquidation Proceeds Allocated to Owner Trust 1,017,592.44 c. Required Payoff Amounts of Prepaid Contracts 2,577,052.69 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 = $35,820,338.36 B. Determination of Available Funds a. Total Available Pledged Revenues $35,820,338.36 b. Servicer Advances 3,821,368.96 c. Recoveries of prior Servicer Advances (4,022,981.67) d. Withdrawal from Cash Collateral Account 264,985.06 ---------------- Total Available Funds = $35,883,710.71

Page 3 of 8 II. DISTRIBUTION AMOUNTS A. COLLECTION ACCOUNT DISTRIBUTIONS 1. Servicing Fee 336,729.01 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 179,209.98 Class A-2 Note Principal Distribution 31,287,716.79 Aggregate Class A-2 distribution 31,466,926.77 4. Class A-3 Note Interest Distribution 1,071,308.33 Class A-3 Note Principal Distribution 0.00 Aggregate Class A-3 distribution 1,071,308.33 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 49,016.52 Class B Note Principal Distribution 927,668.15 Aggregate Class B distribution 976,684.67 8. Class C Note Interest Distribution 29,901.54 Class C Note Principal Distribution 506,000.81 Aggregate Class C distribution 535,902.35 9. Class D Note Interest Distribution 69,500.87 Class D Note Principal Distribution 1,012,001.62 Aggregate Class D distribution 1,081,502.49 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 = 35,883,710.71 ================ B. CASH COLLATERAL ACCOUNT DISTRIBUTIONS 1. Payment due on the Senior Loan 0.00 2. Payment due on the Holdback 2,718,635.51 3. Payment to the Depositor 0.00 ---------------- Cash Collateral Account Distributions = 2,718,635.51 ================ C. INCORRECT DEPOSITS TO BE RETURNED TO CIT Collection Account Distributions = 0.00 ----------------

Page 4 of 8 III. INFORMATION REGARDING DISTRIBUTIONS ON THE SECURITIES

~~Determination~~Distribution ~~Date:~~Class ~~07/17/03~~A-1 ~~Collection~~Class ~~Period:~~A-2 ~~06/30/03~~Class ~~Payment~~A-3 ~~Date:~~Class ~~07/21/03~~A-4 I.Amounts ~~AVAILABLE~~Notes ~~FUNDS~~Notes A.Notes ~~Available~~Notes ~~Pledged~~----------------------------------------------------------------------------------------------------- ~~Revenues a~~1. ~~Scheduled~~Interest ~~Payments~~Due ~~Received~~0.00 $179,209.98 291,~~347~~071,~~297~~308.0833 b414,657.08 ~~Liquidation~~2 ~~Proceeds~~Interest ~~Allocated~~Paid to0.00 ~~Owner Trust 832~~179,~~004~~209.5598 ~~c. Required Payoff Amounts of Prepaid Contracts 3~~1,~~326~~071,~~451~~308.6433 d414,657.08 ~~Required~~3 ~~Payoff~~Interest ~~Amounts~~Shortfall ~~of Purchased Contracts~~ 0.00 e0.00 ~~Proceeds of Clean-up Call~~ 0.00 f0.00 ~~Investment~~((1) ~~Earnings~~minus on(2)) ~~Collection~~4 ~~Account~~Principal ~~and~~Paid ~~Note Distribution Account~~ 0.00 ~~Total Available Pledged Revenues = $ 33~~31,~~505~~287,~~753~~716.2879 B0.00 ~~Determination of Available Funds a~~0.00 5 Total ~~Available~~Distribution ~~Pledged~~Amount ~~Revenues~~0.00 ~~$ 33~~31,~~505~~466,~~753~~926.2877 ~~b. Servicer Advances 3~~1,~~704~~071,~~430~~308.4233 c414,657.08 ~~Recoveries of prior Servicer Advances~~ (~~3,254,905.65~~(2) d.plus ~~Withdrawal from Cash Collateral Account 847,229.81 --------------- Total Available Funds = $ 34,802,507.86~~(4))

~~-----------------------------------------------------------------------------------------------------~~ Distribution Class ~~A-1~~B Class ~~A-2~~C Class ~~A-3~~D ~~Class~~Total ~~A-4~~Offered Amounts Notes Notes Notes Notes --------------------------------------------------------------------------------------------------------- 1. Interest Due 049,016.0052 ~~252~~29,~~169~~901.2654 169,~~071,308~~500.3387 ~~414~~1,~~657~~813,594.0832 2 Interest Paid 049,016.0052 ~~252~~29,~~169~~901.2654 169,~~071,308~~500.3387 ~~414~~1,~~657~~813,594.0832 3 Interest Shortfall 0.00 0.00 0.00 0.00 ((1) minus (2)) 4 Principal Paid 0927,668.0015 30506,~~190,045~~000.9181 01,012,001.0062 033,733,387.0038 5 Total Distribution Amount 0976,684.0067 30535,~~190,045~~902.9135 ~~414~~1,~~657~~081,502.0849 035,546,981.0070 ((2) plus (4))

IV. Information Regarding the Securities A Summary of Balance Information

Applicable Principal Balance Class Factor Principal Balance Class Factor Class Coupon Aug-03 Aug-03 Jul-03 Jul-03 Rate Payment Date Payment Date Payment Date Payment Date ------------------------------------------------------------------------------------------------- ~~Distribution Class B Class C Class D Total Offered Amounts Notes Notes Notes Notes~~ --------------------------- a. Class A-~~-------------------------------------------------------------------------~~1 Notes 1.9600% ~~Interest~~0.00 ~~Due 51,977~~0.8800000 ~~31,708~~0.0600 ~~73,699~~0.8100000 ~~1,895,520~~b.42 Class A-2 ~~Interest~~Notes ~~Paid~~2.9000% 5142,~~977~~868,137.8889 310.15476 74,~~708~~155,854.0668 730.26771 c. Class A-3 Notes 4.0300% 319,~~699~~000,000.8100 1.00000 319,~~895~~000,~~520~~000.4200 31.00000 ~~Interest~~d. ~~Shortfall~~Class 0A-4 Notes 4.006700% 0106,550,000.00 01.0000000 0106,550,000.00 ((1).00000 ~~minus~~e. ~~(2))~~Class 4B ~~Principal~~Notes ~~Paid~~3.9700% ~~895~~13,~~122~~888,408.6640 ~~488~~0.47320 14,~~248~~816,076.7255 ~~976~~0.50481 f. Class C Notes 4.4400% 7,~~497~~575,495.4449 320.47347 8,~~549~~081,~~914~~496.7330 50.50509 ~~Total~~g. ~~Distribution~~Class ~~Amount~~D ~~947~~Notes 5.1600% 15,~~100~~150,990.5498 ~~519~~0.47204 16,~~956~~162,992.7860 10.50357 h. Total Offered Notes 505,~~050~~033,~~197~~032.2576 33538,~~121~~766,~~957~~420.5614 ~~((2)~~i. ~~plus~~One-Month ~~(4))~~Libor Rate 1.10000%

B Other Information

~~--------------------------------------------------------------------------------------------------------------------------~~Scheduled ~~Applicable~~Scheduled Principal Balance ~~Class Factor~~ Principal Balance Class ~~Factor Class Coupon Jul~~Aug-03 Jul-03 ~~Jun-03 Jun-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% 74,155,854.68 0.26771 104,345,900.59 0.37670 c. Class A-3 Notes 4.0300% 319,000,000.00 1.00000 319,000,000.00 1.00000 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% 14,816,076.55 0.50481 15,711,199.21 0.53530 f. Class C Notes 4.4400% 8,081,496.30 0.50509 8,569,745.02 0.53561 g. Class D Notes 5.1600% 16,162,992.60 0.50357 17,139,490.05 0.53399 h. Total Offered Notes 538,766,420.14 571,316,334.87 i. One - Month Libor Rate 1.10375%

~~-----------------------------------------------------------------------------------------------------------------~~Target ~~Scheduled~~Class ~~Scheduled~~Target Class Class Principal ~~Balance~~Amount Floor Principal ~~Balance~~Amount Floor Class Percentage Aug-03 Aug-03 Jul-03 ~~Jun~~Jul-03 Payment Date Payment Date Payment Date Payment Date -----------------------------------------------------------------------------------------------------------~~------~~ Class A- 92.75% 468,418,137.88 499,705,854.68 Class B 2.75% 13,888,408.40 0.00 14,816,076.55 0.00 Class C 1.50% ~~Notes~~7,575,495.49 0.00 8,081,496.30 0.00 Class D 3.00% 15,150,990.98 0.00 16,162,992.60 0.00

Page 5 of 8 V. PRINCIPAL A. MONTHLY PRINCIPAL AMOUNT 1. Principal Balance of Notes and Equity Certificates 538,766,420.14 (End of Prior Collection Period) 2. Contract Pool Principal Balance (End of Collection Period) 505,033,032.76 ----------------- Total monthly principal amount 33,733,387.38

B. PRINCIPAL BREAKDOWN No. of Accounts --------------- 1. Scheduled Principal 62,752 29,261,617.36 2. Prepaid Contracts 1,571 3,189,192.51 3. Defaulted Contracts 224 1,282,577.51 4. Contracts purchased by CIT Financial USA,Inc. 0 0.00 --------------- ----------------- Total Principal Breakdown 64,547 33,733,387.38

VI. CONTRACT POOL DATA A. CONTRACT POOL CHARACTERISTICS

~~------------------------------------------------------------------------------------------------------------------~~Original ~~Target Class Target Class Class Principal Amount Floor Principal Amount Floor Class Percentage Jul~~Aug-03 Jul-03 ~~Jun-03~~Pool ~~Jun-03~~ Payment Date Payment Date ~~Payment Date Payment Date~~ ----------------------------------------------------------------------------------------~~-------------------------~~ ~~Class A 92~~1.~~75%~~ ~~499,705,854~~a.68 ~~529,895,900.59~~Contract ~~Class~~Pool BBalance 21,068,496,994.~~75%~~00 14505,~~816~~033,~~076~~032.5576 ~~0.00 15~~538,~~711~~766,~~199~~420.2114 0b.00 ~~Class~~No Cof ~~1.50%~~Contracts 873,~~081~~864 64,~~496.30~~547 ~~0.00 8~~66,~~569,745~~342 c.02 0Pool Factor 2.00 ~~Class~~Weighted DAverage 3Remaining Term 38.00% ~~16,162,992~~0.60 0 28.000 ~~17,139,490~~3.05 0Weighted Average Original Term 44.001

B. DELINQUENCY INFORMATION

% of Aggregate % of Required Payoff No. of Aggregate Required Contracts Amount Accounts Payoff Amounts -------------------------------------------------------------- ~~Original Jul~~-~~03 Jun~~-~~03 Pool Payment Date Payment Date~~ ------------------------------------~~--------------------------~~ 1. aCurrent 94.92% ~~Contract~~96.10% ~~Pool~~61,270 ~~Balance 1~~492,~~068~~849,~~496,994~~314.0069 ~~538,766,420~~31-60 days 2.1483% ~~571~~2.38% 1,~~316~~829 12,~~334~~207,367.8779 b.61-90 Nodays of1.01% ~~Contracts~~0.69% ~~73,864~~650 663,~~342 68~~534,~~104 c~~674.59 ~~Pool~~91-120 ~~Factor~~days 20.63% ~~Weighted~~0.44% ~~Average~~409 ~~Remaining~~2,260,773.15 ~~Term~~120+ ~~38.00~~days ~~28.~~0.60% 280.539% 3389 2,019,120.76 ~~Weighted~~Total ~~Average~~Delinquency ~~Original~~100.0% ~~Term~~100.0% 4464,547 512,871,250.198

2. Delinquent Scheduled Payments: Beginning of Collection Period 8,039,830.93 End of Collection Period 7,838,218.22 ------------- Change in Delinquent Scheduled Payments (201,612.71)

C. DEFAULTED CONTRACT INFORMATION 1. Required Payoff Amount on Defaulted Contracts 1,282,577.51 2. Liquidation Proceeds received 1,017,592.45 ------------- 3. Current Liquidation Loss Amount 264,985.06 4. Cumulative Liquidation Losses to date 11,573,251.92 % of Initial Contracts 4.427% % of Initial Contract Pool Balance 1.083%

Page 6 of 8 VII. MISCELLANEOUS INFORMATION A. SERVICER ADVANCE BALANCE 1. Opening Servicer Advance Balance 8,039,830.93 2. Current Period Servicer Advance 3,821,368.96 3. Recoveries of prior Servicer Advances -4,022,981.67 ------------- 4. Ending Servicer Advance Balance 7,838,218.22 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 47,142,061.76 3. Deposit from the Collection Account 0.00 4. Withdrawals from the Cash Collateral Account (264,985.06) 5. Investment Earnings 31,949.18 6. Investment Earnings Distributions: a. Senior Loan Interest 0.00 b. Senior Loan Principal 0.00 c. Holdback Amount Interest -31,949.18 d. Holdback Amount Principal 0.00 ------------- Total Investment Earnings distributions -31,949.18 7. Remaining available amount 0.00 8. Required Cash Collateral Account Amount 44,190,390.37 9. Cash Collateral Account Surplus/(Shortfall) 0.00 10. Distribution of CCA Surplus: a. Senior Loan Principal 0.00 b. Holdback Amount Principal -2,686,686.33 ------------- Total Distribution of Surplus -2,686,686.33 11. Ending Cash Collateral Account 44,190,390.37 12. Cash Collateral Account deficiency 0.00 C. OTHER RELATED INFORMATION 1. Discount Rate 4.6150% 2. Life to Date Prepayment (CPR) 6.61% 3. Life to Date Substitutions: a. Prepayments 0.00 b. Defaults 0.00

Aug-~~------------------------------------------------------------------------------~~03 ~~% of % of Aggregate Required Payoff No. of Aggregate Required Contracts Amount Accounts Payoff Amounts~~ Jul-~~------------------------------------------------------------------------------~~03 1.Item ~~Current~~Payment ~~95.01%~~Date ~~96.24%~~Payment ~~63,033~~Date ~~526,231,025~~a.73 ~~31-60~~Senior ~~days~~Loan ~~2.69% 2.23% 1,787 12,197,902.31 61-90 days 1.10%~~ 0.~~76%~~00 ~~732 4,141,993.82 91-120 days~~ 0.~~53%~~00 0b.~~34%~~ ~~351~~Holdback 1,851,186.72 120+ days 0.66% 0.44% 439 2,384,142.49 Total Delinquency 100.0% 100.0% 66,342 546,806,251.07 2. Delinquent Scheduled Payments: Beginning of Collection Period 7,590,306.16 End of Collection Period 8,039,830.93 ---------------- Change in Delinquent Scheduled Payments 449,524.77 C. DEFAULTED CONTRACT INFORMATION 1. Required Payoff Amount ~~on Defaulted Contracts 1~~52,~~679~~669,~~234~~586.3706 ~~2. Liquidation Proceeds received 832~~55,~~004.56 ---------------- 3. Current Liquidation Loss Amount 847~~356,~~229~~272.~~81 4. Cumulative Liquidation Losses to date 11,308,266.85 % of Initial Contracts 4.124% % of Initial Contract Pool Balance 1.058%~~39

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 08/20/03 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 8 of 8

------------------------------------------------------------------------------------------ Jul-03 Jun-03 Item Payment Date Payment Date ------------------------------------------------------------------------------------------ a. Senior Loan 0.00 0.00 b. Holdback Amount 55,356,272.39 57,357,160.12

Filing Compare · CIT EQUIPMENT COLLATERAL 2002-VT1