8-K 1 a36567.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-Nov-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 1 of 7 Item 5. Other CIT Equipment Collateral 2002-VT1 Monthly Servicing Report Determination Date: 11/18/03 Collection Period: 10/31/03 Payment Date: 11/20/03 I. AVAILABLE FUNDS A. Available Pledged Revenues a. Scheduled Payments Received $26,788,406.42 b. Liquidation Proceeds Allocated to Owner Trust 990,651.75 c. Required Payoff Amounts of Prepaid Contracts 2,083,250.79 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 = $29,862,308.96 B. Determination of Available Funds a. Total Available Pledged Revenues $29,862,308.96 b. Servicer Advances 3,487,373.64 c. Recoveries of prior Servicer Advances (2,981,001.99) d. Withdrawal from Cash Collateral Account 437,363.92 -------------- Total Available Funds = $30,806,044.53

Page 2 of 7 II. DISTRIBUTION AMOUNTS A. COLLECTION ACCOUNT DISTRIBUTIONS 1. Servicing Fee 278,335.87 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 1,029,330.60 Class A-3 Note Principal Distribution 26,861,364.42 Aggregate Class A-3 distribution 27,890,695.02 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 40,516.42 Class B Note Principal Distribution 796,428.59 Aggregate Class B distribution 836,945.01 8. Class C Note Interest Distribution 24,716.23 Class C Note Principal Distribution 434,415.60 Aggregate Class C distribution 459,131.83 9. Class D Note Interest Distribution 57,448.52 Class D Note Principal Distribution 868,831.19 Aggregate Class D distribution 926,279.71 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 = 30,806,044.53 ============= B. CASH COLLATERAL ACCOUNT DISTRIBUTIONS 1. Payment due on the Senior Loan 0.00 2. Payment due on the Holdback 2,122,773.64 3. Payment to the Depositor 0.00 ------------- Cash Collateral Account Distributions = 2,122,773.64 ============= C. INCORRECT DEPOSITS TO BE RETURNED TO CIT Collection Account Distributions = 0.00 -------------

Page 3 of 7 III. INFORMATION REGARDING DISTRIBUTIONS ON THE SECURITIES

~~Determination~~-------------------------------------------------------------------------------------- ~~Date:~~Distribution ~~10/16/03~~Class ~~Collection~~A-1 ~~Period:~~Class ~~09/30/03~~A-2 ~~Payment~~Class ~~Date:~~A-3 ~~10/20/03~~Class I.A-4 ~~AVAILABLE~~Amounts ~~FUNDS~~Notes A.Notes ~~Available~~Notes ~~Pledged~~Notes ~~Revenues~~-------------------------------------------------------------------------------------- a1. ~~Scheduled~~Interest ~~Payments~~Due ~~Received~~0.00 $0.00 291,~~346~~029,~~079~~330.5360 b414,657.08 ~~Liquidation~~2 ~~Proceeds~~Interest ~~Allocated~~Paid ~~to Owner Trust 590,719~~0.6700 c0.00 ~~Required Payoff Amounts of Prepaid Contracts 3~~1,~~841~~029,~~899~~330.6560 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~~0.00 ~~Distribution Account~~ 0.00 ~~Total Available Pledged Revenues = $ 33~~26,~~778~~861,~~698~~364.8542 B0.00 ~~Determination~~5 ~~of Available Funds a.~~ Total ~~Available~~Distribution ~~Pledged~~Amount ~~Revenues $ 33,778,698~~0.8500 b0.00 ~~Servicer Advances 2~~27,~~264~~890,~~343~~695.3002 c414,657.08 ~~Recoveries of prior Servicer Advances~~ (~~3,890,585.37~~(2) d.plus ~~Withdrawal from Cash Collateral Account 881,243.89 ---------------- Total Available Funds = $ 33,033,700.67~~(4))

--------------------------------------------------------------------------------------~~---------~~ Distribution Class ~~A-1~~B Class ~~A-2~~C Class D Total Offered Amounts Notes Notes Notes Notes --------------------------------------------------------------------------------------~~---------~~ 1. Interest Due 040,516.0042 3924,~~455~~716.6023 ~~2 Interest Paid 0.00 39~~57,~~455~~448.6052 ~~3 Interest Shortfall 0.00 0.00 ((~~1~~) minus (2)) 4 Principal Paid 0.00 16~~,~~326~~566,~~456~~668.7385 52 ~~Total~~Interest ~~Distribution~~Paid ~~Amount 0.00 16~~40,~~365,912~~516.3342 ((2) plus (4)) ----------------------------------------------------------------------------------------------- Distribution Class A-3 Class A-4 Amounts Notes Notes ----------------------------------------------------------------------------------------------- 1. Interest Due 124,~~071,308~~716.3323 ~~414~~57,~~657~~448.0852 ~~2 Interest Paid~~ 1,~~071~~566,~~308~~668.3385 ~~414,657.08~~ 3 Interest Shortfall 0.00 0.00 0.00 0.00 ((1) minus (2)) 4 Principal Paid 12796,~~499~~428.59 434,~~572~~415.1160 0868,831.0019 28,961,039.81 5 Total Distribution Amount 13836,~~570~~945.01 459,~~880~~131.4483 ~~414~~926,~~657~~279.0871 30,527,708.66 ((2) plus (4))

IV. Information Regarding the Securities A Summary of Balance Information

----------------------------------------------------------------------------------------------------------- ~~Distribution~~Applicable Principal Balance Class BFactor Principal Balance Class CFactor ~~Amounts~~Coupon ~~Notes~~Nov-03 ~~Notes~~Nov-03 Oct-03 Oct-03 Class Rate Payment Date Payment Date Payment Date Payment Date ----------------------------------------------------------------------------------------------------------- 1a. ~~Interest~~Class ~~Due~~A-1 ~~43,343~~Notes 1.999600% ~~26,441~~0.1200 20.00000 ~~Interest~~0.00 ~~Paid 43,343~~0.9900000 ~~26,441~~b.12 3Class ~~Interest~~A-2 ~~Shortfall~~Notes 2.9000% 0.00 0.00000 0.00 ~~((1)~~0.00000 ~~minus~~c. ~~(2))~~Class 4A-3 ~~Principal~~Notes ~~Paid~~4.0300% ~~854~~279,~~680~~639,063.1047 ~~466~~0.87661 306,~~189~~500,427.1589 50.96082 ~~Total~~d. ~~Distribution~~Class ~~Amount~~A-4 ~~898,024~~Notes 4.096700% ~~492~~106,~~630~~550,000.2700 ~~((2)~~1.00000 ~~plus~~106,550,000.00 ~~(4))~~1.00000 ~~------------------------------------------------------------------------------------------------~~e. ~~Distribution~~ Class DB ~~Total~~Notes ~~Offered~~3.9700% ~~Amounts~~11,450,349.59 ~~Notes~~0.39013 ~~Notes~~12,246,778.19 ~~------------------------------------------------------------------------------------------------~~0.41727 1f. ~~Interest~~Class ~~Due~~C ~~61,457~~Notes 4.754400% 16,~~656~~245,~~663~~645.8723 ~~2 Interest Paid 61,457~~0.7539035 16,~~656~~680,~~663~~060.8783 ~~3 Interest Shortfall~~ 0.0041750 0g.00 ~~((1)~~Class ~~minus~~D ~~(2))~~Notes 45.1600% ~~Principal Paid 932~~12,~~378~~491,290.2946 310.38917 13,~~079~~360,~~276~~121.3866 50.41624 h. Total ~~Distribution~~Offered ~~Amount~~Notes ~~993~~416,~~836~~376,348.0475 32445,~~735~~337,~~940~~388.2556 ~~((2)~~i. ~~plus~~One-Month ~~(4))~~Libor Rate 1.12000%

B Other Information

-------------------------------------------------------~~---------------------------------~~ ~~Applicable~~Scheduled Scheduled Principal Balance Class Coupon Oct-03 Rate Payment Date ---------------------------------------------------------------------------------------- a. Class A-1 Notes 1.9600% 0.00 b. Class A-2 Notes 2.9000% 0.00 c. Class A-3 Notes 4.0300% 306,500,427.89 d. Class A-4 Notes 4.6700% 106,550,000.00 e. Class B Notes 3.9700% 12,246,778.19 f. Class C Notes 4.4400% 6,680,060.83 g. Class D Notes 5.1600% 13,360,121.66 h. Total Offered Notes 445,337,388.56 i. One - Month Libor Rate 1.12000% -------------------------------------------------------------------------------------------------------- Class Factor Principal Balance ~~Class Factor Class Oct~~Nov-03 ~~Sep~~Oct-03 ~~Sep-03~~Class Payment Date Payment Date ~~Payment Date~~ -------------------------------------------------------~~-------------------------------------------------~~ a. Class A-1 Notes 0.~~00000 0.~~00 0.~~00000 b. Class A-2 Notes 0.00000 16,326,456.73 0.05894 c. Class A-3 Notes 0.96082 319,000,000.~~00 1.00000 d. Class A-4 Notes 1.00000 106,550,000.00 1.00000 e. Class B Notes 0.41727 13,101,458.29 0.44639 f. Class C Notes 0.41750 7,146,249.97 0.44664 g. Class D Notes 0.41624 14,292,499.95 0.44529 h. Total Offered Notes 476,416,664.94 i. One - Month Libor Rate

---------------------------------------------------------------------------------------- ~~Scheduled~~Target ~~Scheduled~~Class Target Class Principal ~~Balance~~Amount Floor Principal ~~Balance~~Amount Floor Class Nov-03 Nov-03 Oct-03 ~~Sep~~Oct-03 Class Percentage Payment Date Payment Date Payment Date Payment Date ---------------------------------------------------------------------------------------- Class A- 92.75% 386,189,063.47 413,050,427.89 Class B 2.75% 11,450,349.59 0.00 12,246,778.19 0.00 Class C 1.50% ~~Notes~~6,245,645.23 0.00 6,680,060.83 0.00 Class D 3.00% 12,491,290.46 0.00 13,360,121.66 0.00

Page 4 of 7 V. PRINCIPAL A. MONTHLY PRINCIPAL AMOUNT 1. Principal Balance of Notes and Equity Certificates 445,337,388.56 (End of Prior Collection Period) 2. Contract Pool Principal Balance (End of Collection Period) 416,376,348.75 -------------- Total monthly principal amount 28,961,039.81

~~------------------------------------------------------------------------------------------------------~~B. ~~Target~~PRINCIPAL ~~Class~~BREAKDOWN ~~Class~~No. ~~Principal~~of ~~Amount~~Accounts ~~Floor Class Percentage Oct~~-~~03 Oct~~-~~03 Payment Date Payment Date~~ -------------~~-----------------------------------------------------------------------------------------~~ ~~Class~~1. AScheduled ~~92.75%~~Principal ~~413~~56,~~050,427.89~~231 ~~Class B 2.75% 12~~25,~~246~~570,~~778~~003.1994 02.00 ~~Class~~Prepaid CContracts ~~1.50%~~2,089 62,~~680~~083,~~060~~250.8379 03.00 ~~Class~~Defaulted DContracts ~~3.00%~~234 131,~~360~~307,~~121~~785.6608 04.00 ~~----------------------------------------------------------------------------------------~~Contracts ~~Target~~purchased ~~Class~~by ~~Principal~~CIT ~~Amount~~Financial ~~Floor~~USA, ~~Class~~Inc. ~~Sep-03~~0 ~~Sep-03~~0.00 ~~Payment Date Payment Date~~ --------------------------------~~--------------------------------------------------------~~ ~~Class~~Total APrincipal ~~441,876,456.73~~Breakdown ~~Class B 13~~58,~~101,458.29~~554 ~~0.00 Class C 7~~28,~~146~~961,~~249~~039.~~97 0.00 Class D 14,292,499.95 0.00~~81

VI. CONTRACT POOL DATA A. CONTRACT POOL CHARACTERISTICS

A. MONTHLY PRINCIPAL AMOUNT 1. Principal Balance of Notes and Equity Certificates 476,416,664.94 (End of Prior Collection Period) 2. Contract Pool Principal Balance (End of Collection Period) 445,337,388.56 ------------------------ ~~Total monthly principal amount 31,079,276.38 B. PRINCIPAL BREAKDOWN No. of Accounts~~ -------------------------- 1.Original ~~Scheduled~~Nov-03 ~~Principal~~Oct-03 ~~58,946~~Pool ~~25,856,352.21~~Payment 2.Date ~~Prepaid~~Payment ~~Contracts~~Date ~~1,749 3,841,899.65 3. Defaulted Contracts 182 1,381,024.52 4. Contracts purchased by CIT Financial USA, Inc. 0 0.00~~ -------------------------------------------------- ~~Total~~1. ~~Principal~~a. ~~Breakdown~~Contract 60Pool Balance 1,~~877~~068,496,994.00 31416,~~079~~376,~~276~~348.75 445,337,388.56 b. No of Contracts 73,864 58,554 60,877 c. Pool Factor 2. Weighted Average Remaining Term 38.00 26.4 26.7 3. Weighted Average Original Term 44.1

B. DELINQUENCY INFORMATION

~~A. CONTRACT POOL CHARACTERISTICS~~ ----------------------------------------------------------------- ~~Original~~% ~~Oct-03~~of ~~Pool~~Aggregate ~~Payment~~% ~~Date~~of Required Payoff No. of Aggregate Required Contracts Amount Accounts Payoff Amounts ----------------------------------------------------------------- 1. aCurrent 94.94% ~~Contract~~96.25% ~~Pool~~55,591 ~~Balance~~407,555,298.73 31-60 days 2.65% 2.39% 1,~~068~~554 10,~~496~~115,~~994~~129.0021 ~~445~~61-90 days 1.09% 0.59% 638 2,~~337~~498,~~388~~760.5696 b.91-120 Nodays of0.59% ~~Contracts~~0.34% ~~73,864~~347 601,~~877 c~~447,644.88 ~~Pool~~120+ ~~Factor~~days 20.72% ~~Weighted~~0.43% ~~Average~~424 ~~Remaining~~1,838,704.06 ~~Term~~Total 38Delinquency 100.000% 26100.70% 358,554 423,455,537.84 ~~Weighted~~2. ~~Average~~Delinquent ~~Original~~Scheduled ~~Term~~Payments: ~~44.1~~Beginning Aof Collection Period 6,572,817.44 ~~CONTRACT~~End ~~POOL~~of ~~CHARACTERISTICS~~Collection Period 7,079,189.09 -------------~~---------~~ ~~Sep-03~~Change ~~Payment~~in ~~Date~~Delinquent Scheduled Payments 506,371.65 C. DEFAULTED CONTRACT INFORMATION 1. Required Payoff Amount on Defaulted Contracts 1,307,785.08 2. Liquidation Proceeds received 990,651.75 -------------~~---------~~ 13. a.Current ~~Contract~~Liquidation ~~Pool~~Loss ~~Balance~~Amount ~~476~~317,~~416,664~~133.9433 b4. NoCumulative ofLiquidation ~~Contracts~~Losses ~~62,808~~to c.date ~~Pool Factor 2~~13,314,705.15 ~~Weighted~~% ~~Average~~of ~~Remaining~~Initial ~~Term~~Contracts 275.2252% 3.% ~~Weighted~~of ~~Average~~Initial ~~Original~~Contract ~~Term~~Pool Balance 1.246%

Page 5 of 7 VII. MISCELLANEOUS INFORMATION A. SERVICER ADVANCE BALANCE 1. Opening Servicer Advance Balance 6,572,817.44 2. Current Period Servicer Advance 3,487,373.64 3. Recoveries of prior Servicer Advances -2,981,001.99 ------------- 4. Ending Servicer Advance Balance 7,079,189.09 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 38,967,021.50 3. Deposit from the Collection Account 0.00 4. Withdrawals from the Cash Collateral Account (437,363.92) 5. Investment Earnings 26,046.58 6. Investment Earnings Distributions: a. Senior Loan Interest 0.00 b. Senior Loan Principal 0.00 c. Holdback Amount Interest -26,046.58 d. Holdback Amount Principal 0.00 ------------- Total Investment Earnings distributions -26,046.58 7. Remaining available amount 0.00 8. Required Cash Collateral Account Amount 36,432,930.52 9. Cash Collateral Account Surplus/(Shortfall) 0.00 10. Distribution of CCA Surplus: a. Senior Loan Principal 0.00 b. Holdback Amount Principal -2,096,727.06 ------------- Total Distribution of Surplus -2,096,727.06 11. Ending Cash Collateral Account 36,432,930.52 12. Cash Collateral Account deficiency 0.00 C. OTHER RELATED INFORMATION 1. Discount Rate 4.6150% 2. Life to Date Prepayment (CPR) 6.80% 3. Life to Date Substitutions: a. Prepayments 0.00 b. Defaults 0.00

~~B. DELINQUENCY INFORMATION~~ -------------------------------------------------------------- ~~% of % of Aggregate Required Payoff No. of Aggregate Required Contracts Amount Accounts Payoff Amounts~~ ------------- Nov-03 Oct-03 Item Payment Date Payment Date ----------------------------------------------- ~~1. Current 95.00% 96.31% 57,832 435,231,956.08 31~~-~~60 days 2.61% 2.19% 1,589 9,916,994.87 61~~-~~90 days 1.08% 0.65% 658 2,952,307.07 91~~-120 days 0.57% 0.38% 347 1,697,084.33 120+ days 0.74% 0.47% 451 2,111,863.65 Total Delinquency 100.0% 100.0% 60,877 451,910,206.00 2. Delinquent Scheduled Payments: Beginning of Collection Period 8,199,059.51 End of Collection Period 6,572,817.44 ------------- ~~Change in Delinquent Scheduled Payments (1,626,242.07) C. DEFAULTED CONTRACT INFORMATION 1. Required Payoff Amount on Defaulted Contracts 1,381,024.52 2. Liquidation Proceeds received 590,719.67~~ ------------- 3a. ~~Current~~Senior ~~Liquidation~~Loan ~~Loss~~0.00 ~~Amount 790,304~~0.8500 4b. ~~Cumulative~~Holdback ~~Liquidation~~Amount ~~Losses to date 12~~46,~~997~~953,~~571~~855.8251 ~~% of Initial Contracts 4~~49,050,582.~~935% % of Initial Contract Pool Balance 1.216%~~57

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 11/20/03 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 7 of 7

A. SERVICER ADVANCE BALANCE 1. Opening Servicer Advance Balance 8,199,059.51 2. Current Period Servicer Advance 2,264,343.30 3. Recoveries of prior Servicer Advances -3,890,585.37 -------------- 4. Ending Servicer Advance Balance 6,572,817.44 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 41,686,458.18 3. Deposit from the Collection Account 0.00 4. Withdrawals from the Cash Collateral Account (881,243.89) 5. Investment Earnings 26,951.20 6. Investment Earnings Distributions: a. Senior Loan Interest 0.00 b. Senior Loan Principal 0.00 c. Holdback Amount Interest -26,951.20 d. Holdback Amount Principal 0.00 ------------- Total Investment Earnings distributions -26,951.20 7. Remaining available amount 0.00 8. Required Cash Collateral Account Amount 38,967,021.50 9. Cash Collateral Account Surplus/ (Shortfall) 0.00 10. Distribution of CCA Surplus: a. Senior Loan Principal 0.00 b. Holdback Amount Principal -1,838,192.79 -------------- Total Distribution of Surplus -1,838,192.79 11. Ending Cash Collateral Account 38,967,021.50 12. Cash Collateral Account deficiency 0.00 C. OTHER RELATED INFORMATION 1. Discount Rate 4.6150% 2. Life to Date Prepayment (CPR) 6.93% 3. Life to Date Substitutions: a. Prepayments 0.00 b. Defaults 0.00

--------------------------------------------------------------------------------------------------- Oct-03 Sep-03 Item Payment Date Payment Date --------------------------------------------------------------------------------------------------- a. Senior Loan 0.00 0.00 b. Holdback Amount 49,050,582.57 50,888,775.36

Filing Compare · CIT EQUIPMENT COLLATERAL 2002-VT1