8-K 1 a39541.txt CIT EQUIPMENT COLLATERAL 2002-VT1 UNITED STATES 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): March 18, 2005 CIT Equipment Collateral 2002-VT1 (Exact Name of Registrant as Specified in its Charter) Delaware 000-49841 74-6537699 (State or other jurisdiction (Commission File (IRS Employer of incorporation) Number) 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) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14A-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 9.01. Financial Statements and Exhibits. (c). Exhibits. The following are filed herewith. The exhibit numbers correspond with items 601 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: March 18, 2005

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 ---------------- --------- --------- -------- --------- True Leases 36,420 66.96% 266,955,391 71.49 % Finance Leases 17,968 33.04 106,464,134 28.51 ---------------------------------------------------------------------------- Total 54,388 100.00% 373,419,525 100.00 % ============================================================================

% of Total % of Number Number Required Required of of Payoff Payoff State Contracts Contracts Amount Amount ----- --------- --------- -------- -------- Alabama 538 0.99% 1,990,702 0.53 % Alaska 103 0.19 334,992 0.09 Arizona 1,084 1.99 6,527,226 1.75 Arkansas 299 0.55 1,674,708 0.45 California 6,834 12.57 39,033,546 10.45 Colorado 1,091 2.01 5,543,744 1.48 Connecticut 1,014 1.86 7,714,753 2.07 Delaware 217 0.40 1,222,559 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 12,860,114 3.44 Hawaii 88 0.16 333,402 0.09 Idaho 147 0.27 486,462 0.13 Illinois 1,302 2.39 22,135,996 5.93 Indiana 768 1.41 5,369,212 1.44 Iowa 322 0.59 1,910,942 0.51 Kansas 306 0.56 4,426,279 1.19 Kentucky 367 0.67 1,592,985 0.43 Louisiana 543 1.00 1,433,324 0.38 Maine 94 0.17 258,427 0.07 Maryland 1,114 2.05 5,813,606 1.56 Massachusetts 2,109 3.88 12,787,923 3.42 Michigan 1,789 3.29 14,088,092 3.77 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 3,530 6.49 38,774,774 10.38 New Mexico 266 0.49 913,375 0.24 New York 4,987 9.17 37,144,065 9.95 North Carolina 1,382 2.54 9,258,735 2.48 North Dakota 44 0.08 566,422 0.15 Ohio 1,507 2.77 8,900,841 2.38 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 % ======== ==================== ======================= =================

Number of % of Total Number Required Payoff % of Required Days Delinquent Contracts of Contracts Amount Payoff Amount --------------- --------- ----------------- --------------- ------------- Current, including 1 to 30 day delinquent contracts 51,410 94.52% 360,911,088 96.65% 31-60 days delinquent 1,568 2.88 7,389,828 0.59 61-90 days delinquent 628 1.15 2,217,967 0.59 91-120 days delinquent 338 0.62 1,183,973 0.32 Over 120 days delinquent 444 0.82 1,716,670 0.46 ------ ------- ------------ ------- Total 54,388 100.00% 373,419,525 100.00% ====== ======= ============ =======

Number of % of Total Number Required Payoff % of Required Type of Equipment Contracts of Contracts Amount Payoff Amount ----------------- --------- ----------------- --------------- ------------- Telecommunications 10,602 19.49% 176,666,947 47.31% Computers 37,120 68.25 127,275,214 34.08 General Office 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 ------ ------ ----------- ------- Total 54,388 100.00% 373,419,525 100.00% ====== ====== =========== ======= (1) Includes $83,897 as the largest and $7,352 as the average Required Payoff Amount.

Number of % of Total Number Required Payoff % of Required Required Payoff Amount Contracts of Contracts Amount Payoff Amount ---------------------- --------- ----------------- --------------- ------------- 0.01 - 5,000.00 41,355 76.04% $65,141,421 17.44% 5,000.01 - 10,000.00 6,157 11.32 43,081,567 11.54 10,000.01 - 15,000.00 2,246 4.13 27,449,053 7.35 15,000.01 - 25,000.00 2,032 3.74 39,318,561 10.53 25,000.01 - 50,000.00 1,583 2.91 54,536,047 14.60 50,000.01 - 100,000.00 633 1.16 43,365,089 11.61 100,000.01 - 150,000.00 168 0.31 20,307,931 5.44 150,000.01 - 250,000.00 115 0.21 21,675,699 5.80 250,000.01 - 500,000.00 1 0.00 2,518,724 0.67 500,000.01 - 1,000,000.00 21 0.04 15,004,063 4.02 1,000,000.01 - 1,500,000.00 2 0.00 2,267,569 0.61 1,500,000.01 - 2,500,000.00 5 0.01 9,054,832 2.42 2,500,000.01 - 5,000,000.00 69 0.13 23,903,585 6.40 5,000,000.01 - 5,795,382.45 1 0.00 5,795,382 1.55 ------ ------- ------------ ------- Total 54,388 100.00% $373,419,525 100.00% ====== ======= ============ =======

Number of % of Total Number Required Payoff % of Required Remaining Terms of Contract Contracts of Contracts Amount Payoff Amount -------------------------- --------- ----------------- --------------- ------------- (months) 0-12 25,122 46.19% 87,400,327 23.41% 13-24 15,752 28.96 58,862,549 15.76 25-36 11,528 21.20 173,004,577 46.33 37-48 1,970 3.62 43,592,724 11.67 49-60 14 0.03 10,223,609 2.74 61-72 2 0.00 335,739 0.09 ------ ------ ------------ ------- Total 54,388 100.00% $373,419,525 100.00% ====== ====== ============ =======

% of Total Number of Number of Required Payoff % of Required Type of Obligor Contracts Contracts Amount Payoff Amount --------------- --------- --------- --------------- -------------- Services Organizations (1) 19,897 36.58% 149,822,422 40.12% Manufacturing 5,489 10.09 60,275,653 16.14 Financial Services Institutions 4,202 7.73 35,692,703 9.56 Retail Trade 3,684 6.77 28,315,982 7.58 Wholesale Trade 2,579 4.74 21,330,938 5.71 Other (2) 11,435 21.02 18,779,443 5.03 Medical/Healthcare Organizations 2,207 4.06 17,036,626 4.56 Communications & Utilities 736 1.35 14,654,463 3.92 Transportation 836 1.54 9,136,154 2.45 Construction 1,855 3.41 6,998,916 1.87 Printing & Publishing 608 1.12 5,223,512 1.40 Government 386 0.71 3,539,023 0.95 Resources & Agriculture 474 0.87 2,613,690 0.70 ------ ------ ----------- ------- Total 54,388 100.00% 373,419,525 100.00% ====== ======= =========== =======

Obligors (including contracts Number of % of Total Number Required Payoff % of Required securing vendor loans) Contracts of Contracts Amount Payoff Amount ----------------------------- --------- ----------------- --------------- ------------- Top 5 Obligors 630 1.16% $27,728,235 7.43% The Top 5 obligors conduct business in the Services, Manufacturing, and Retail Trade industries.

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 231,244.67 June-2005 9,247,762.07 January-2008 229,761.18 July-2005 9,003,047.10 February-2008 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 6,536,810.50 October-2008 14,981.76 April-2006 6,010,045.96 November-2008 6,519.36 May-2006 5,491,289.88 December-2008 6,276.76 June-2006 4,918,288.44 January-2009 - July-2006 4,470,715.75

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