Exhibit 99.1

CIT Equipment Collateral 2006-VT1
Monthly Servicing Report

Determination Date:
Collection Period:
Record Date:
Payment Date:

07/01/06

08/17/06
07/31/06
08/18/06
08/21/06

I. AVAILABLE FUNDS

Collections

Scheduled Payments Received

31,708,775.23

Liquidation Proceeds Allocated to Owner Trust

165,157.78

Prepayments on Contracts

677,690.57

Payments on Purchased Contracts

0.00

Proceeds of Clean-up Call

0.00

Investment Earnings on Collection Account

0.00

Total Collections

32,551,623.58

Determination of Available Funds

Total Collections

32,551,623.58

Servicer Advances

5,273,231.95

Recoveries of prior Servicer Advances

(1,897,700.56

)

Withdrawal from Reserve Account

0.00

Total Available Funds =

35,927,154.97

Page 1 of 10


II. DISTRIBUTION AMOUNTS

	A.	COLLECTION ACCOUNT DISTRIBUTION

		1.	Servicing Fee			529,615.59

		2.	Class A-1 Note Interest Distribution		802,942.08
			Class A-1 Note Principal Distribution		29,262,491.56
			Aggregate Class A-1 distribution			30,065,433.64

		3.	Class A-2 Note Interest Distribution		765,225.00
			Class A-2 Note Principal Distribution		0.00
			Aggregate Class A-2 distribution			765,225.00

		4.	Class A-3 Note Interest Distribution		1,410,750.00
			Class A-3 Note Principal Distribution		0.00
			Aggregate Class A-3 distribution			1,410,750.00

		5.	Class A-4 Note Interest Distribution		403,297.00
			Class A-4 Note Principal Distribution		0.00
			Aggregate Class A-4 distribution			403,297.00

		6.	Class B Note Interest Distribution		83,096.69
			Class B Note Principal Distribution		711,790.34
			Aggregate Class B distribution			794,887.03

		7.	Class C Note Interest Distribution		83,891.11
			Class C Note Principal Distribution		711,790.34
			Aggregate Class C distribution			795,681.45

		8.	Class D Note Interest Distribution		116,091.74
			Class D Note Principal Distribution		949,053.77
			Aggregate Class D distribution			1,065,145.51

		9.	Deposit to the Reserve Account			0.00

		10.	Trustee Expenses			0.00

		11.	Remainder to the holder of the equity certificate			97,119.75


				Collection Account Distributions =		35,927,154.97


	B.	INCORRECT DEPOSITS TO BE RETURNED TO CIT		Collection Account Distributions =		0.00

Page 2 of 10


III. INFORMATION REGARDING DISTRIBUTIONS ON THE SECURITIES


	Distribution Amounts	Class A-1 Notes		Class A-2 Notes		Class A-3 Notes		Class A-4 Notes


1.	Interest Due		802,942.08		765,225.00		1,410,750.00		403,297.00
2.	Interest Paid		802,942.08		765,225.00		1,410,750.00		403,297.00
3.	Interest Shortfall		0.00		0.00		0.00		0.00
	((1) minus (2))
4.	Principal Paid		29,262,491.56		0.00		0.00		0.00

5.	Total Distribution Amount		30,065,433.64		765,225.00		1,410,750.00		403,297.00
	((2) plus (4))


	Distribution Amounts	Class B Notes		Class C Notes		Class D Notes		Total Offered Notes


1.	Interest Due		83,096.69		83,891.11		116,091.74		3,665,293.62
2.	Interest Paid		83,096.69		83,891.11		116,091.74		3,665,293.62
3.	Interest Shortfall		0.00		0.00		0.00		0.00
	((1) minus (2))
4.	Principal Paid		711,790.34		711,790.34		949,053.77		31,635,126.01

5.	Total Distribution Amount		794,887.03		795,681.45		1,065,145.51		35,300,419.63
	((2) plus (4))

Page 3 of 10

IV. Information Regarding the Securities

A Summary of Balance Information


	Class		Applicable Coupon Rate		Principal Balance Aug-06 Payment Date		Class Factor Aug-06 Payment Date	Principal Balance Jul-06 Payment Date		Class Factor Jul-06 Payment Date


a.		Class A-1 Notes	4.98953	%		151,778,576.84	0.45994		181,041,068.40	0.54861
b.		Class A-2 Notes	5.1300	%		179,000,000.00	1.00000		179,000,000.00	1.00000
c.		Class A-3 Notes	5.1300	%		330,000,000.00	1.00000		330,000,000.00	1.00000
d.		Class A-4 Notes	5.1600	%		93,790,000.00	1.00000		93,790,000.00	1.00000
e.		Class B Notes	5.2300	%		18,354,370.79	0.80892		19,066,161.13	0.84029
f.		Class C Notes	5.2800	%		18,354,370.79	0.80892		19,066,161.13	0.84029
g.		Class D Notes	5.4800	%		24,472,494.38	0.80893		25,421,548.15	0.84030

h.		Total Offered Notes				815,749,812.80			847,384,938.81

B Other Information

Class

Scheduled
Principal Balance
Aug-06
Payment Date

Scheduled
Principal Balance
Jul-06
Payment Date

Class A-1 Notes

155,246,096.36

187,472,202.78


Class		Class Percentage		Target Principal Balance Aug-06 Payment Date		Class Floor Aug-06 Payment Date	Target Principal Amount Jul-06 Payment Date		Class Floor Jul-06 Payment Date


	Class A	92.50	%		754,568,576.84			783,831,068.40
	Class B	2.25	%		18,354,370.79	0.00		19,066,161.12	0.00
	Class C	2.25	%		18,354,370.79	0.00		19,066,161.12	0.00
	Class D	3.00	%		24,472,494.38	0.00		25,421,548.16	0.00

Page 4 of 10

V. PRINCIPAL

A. MONTHLY PRINCIPAL AMOUNT


1.	Principal Balance of Notes and Equity Certificates	847,384,938.81
	(End of Prior Collection Period)
2.	Contract Pool Principal Balance (End of Collection Period)	815,749,812.80


	Total monthly principal amount	31,635,126.01

B. PRINCIPAL BREAKDOWN


		No. of Accounts


1.	Scheduled Principal	72,588	30,855,448.07
2.	Prepaid Contracts	127	674,582.63
3.	Defaulted Contracts	20	105,095.31
4.	Contracts purchased by CIT Financial USA, Inc.	0	0.00


	Total Principal Breakdown	72,735	31,635,126.01

VI. CONTRACT POOL DATA

A. CONTRACT POOL CHARACTERISTICS


		Original Pool	Aug-06 Payment Date	Jul-06 Payment Date

1.	a. Contract Pool Balance	1,008,422,983.17	815,749,812.80	847,384,938.81
	b. No of Contracts	74,262	72,588	72,735
	c. Pool Factor	1.0000	0.8089	0.8403

2.	Weighted Average Remaining Term	37.10	0.00	33.82

3.	Weighted Average Original Term	43.20

B. DELINQUENCY INFORMATION


		% of Contracts		% of Aggregate Required Payoff Amount		No. Of Accounts	Aggregate Required Payoff Amounts

1.	Current	96.06	%	96.41	%	69,729	795,087,195.54
	31-60 days	1.92	%	2.48	%	1,394	20,480,847.77
	61-90 days	0.70	%	0.51	%	510	4,231,962.27
	91-120 days	0.49	%	0.25	%	353	2,071,412.41
	121-150 days	0.44	%	0.18	%	316	1,498,106.62
	151-180 days	0.39	%	0.16	%	286	1,301,212.74
	180+days (1)	0.00	%	0.00	%	0	0.00

	Total Delinquency	100.00	%	100.00	%	72,588	824,670,737.35

2.	Delinquent Scheduled Payments:

	Beginning of Collection Period					5,545,393.16
	End of Collection Period					8,920,924.55

	Change in Delinquent Scheduled Payments					3,375,531.39


(1)	Accounts that are more than 180 days past due constitute defaulted contracts and are included under “Defaulted Contract Information” in Section VI C below

Page 5 of 10


	C. DEFAULTED CONTRACT INFORMATION

		1.	Aggregate Contract Balance on Defaulted Contracts	105,095.31
		2.	Liquidation Proceeds (or other cash collections on Defaulted contracts) received	165,157.78

			Current period reported net losses	(60,062.47	)

		3.	Cumulative Reported Net Losses	542,777.93

		4.	Cumulative Net Loss Ratio	0.0538	%

		5.	Cummlative Net Loss Trigger	1.0000	%

VII. MISCELLANEOUS INFORMATION

	A. SERVICER ADVANCE BALANCE

		1.	Opening Servicer Advance Balance	5,545,393.16
		2.	Current Period Servicer Advance	5,273,231.95
		3.	Recoveries of prior Servicer Advances	(1,897,700.56	)

		4.	Ending Servicer Advance Balance	8,920,924.55

		5	Unreimbursed Servicer Advances	0.00

Page 6 of 10


B. RESERVE ACCOUNT

	1.	Opening Reserve Account	65,672,332.76

	2.	Deposit from the Collection Account	0.00

	3.	Withdrawals from the Reserve Account	0.00

	4.	Investment Earnings.	290,478.75

	5.	Investment Earnings Distributions to the Depositor	(290,478.75	)

	6.	Remaining available amount	65,672,332.76

	7.	Specified Reserve Account Balance	63,220,610.49

	8.	Reserve Account Surplus/(Shortfall)	2,451,722.27

	9.	Distribution of Reserve Account Surplus to the Depositor	(2,451,722.27	)

	10.	Ending Reserve Account Balance	63,220,610.49

	11.	Reserve Account deficiency	0.00

	12.	Reserve Account Floor	30,252,689.50

Page 7 of 10


C. OTHER RELATED INFORMATION

	1.	Discount Rate		5.8890	%

	2.	Life to Date Prepayment (CPR)		4.23	%

	3.	Life to Date Substitutions:

		a. Prepayments	0.00

		b. Defaults	0.00

	4.	If applicable, Material Changes in how delinquency, charge-offs and uncollectibles are determined:				0

	5.	Any material modification, extensions or waivers to pool asset terms, fees, penalties or payments:				0

	6.	Any material breaches of pool assets representations or warranties or transaction covenants:				0

	7.	Information regarding pool asset substitutions and repurchase:				0.00

	8.	Material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures used to originate, acquire, or select new pool assets:				0

	D1.	Statement of Priority of Distributions Prior to an Event of Default or the Cumulative Net Loss Trigger is Exceeded
	1	Unreimbursed Servicer Advances;
	2	Servicing Fee;
	3	a. Class A-1 Note Interest Distribution
		b. Class A-2 Note Interest Distribution
		c. Class A-3 Note Interest Distribution
		d. Class A-4 Note Interest Distribution;
	4	Class B Note Interest Distribution;
	5	Class C Note Interest Distribution;
	6	Class D Note Interest Distribution;
	7	Class A-1 Note Principal Distribution;
	8	Class A-2 Note Principal Distribution;
	9	Class A-3 Note Principal Distribution;
	10	Class A-4 Note Principal Distribution;
	11.	Class B Note Principal Distribution;
	12	Class C Note Principal Distribution;
	13	Class D Note Principal Distribution;
	14	Class A-1 Note Reallocated Principal Distribution
	15	Class A-2 Note Reallocated Principal Distribution;
	16	Class A-3 Note Reallocated Principal Distribution;
	17	Class A-4 Note Reallocated Principal Distribution;
	18.	Class B Note Reallocated Principal Distribution;
	19	Class C Note Reallocated Principal Distribution;
	20	Class D Note Reallocated Principal Distribution;
	21	Deposit to the Reserve Account;
	22	Any amounts owing to the Trustees; and
	23	Remainder to the holder of the equity certificate.

Page 8 of 10


		D2.	Statement of Priority of Distributions After an Event of Default or the Cumulative Net Loss Trigger is Exceeded
		1	Unreimbursed Servicer Advances;
		2	Servicing Fee;
		3	a. Class A-1 Note Interest Distribution
			b. Class A-2 Note Interest Distribution
			c. Class A-3 Note Interest Distribution
			d. Class A-4 Note Interest Distribution;
		4	Class B Note Interest Distribution;
		5	Class C Note Interest Distribution;
		6	Class D Note Interest Distribution;
		7	Class A-1 Note Principal Distribution;
		8	Class A-2 Note Principal Distribution;
		9	Class A-3 Note Principal Distribution;
		10	Class A-4 Note Principal Distribution;
		11.	Class B Note Principal Distribution;
		12	Class C Note Principal Distribution;
		13	Class D Note Principal Distribution;
		14	Deposit to the Reserve Account;
		15	Any amounts owing to the Trustees; and
		16	Remainder to the holder of the equity certificate.

Page 9 of 10

E. DELINQUENCY, NET LOSSES AND CPR HISTORY


Collection Periods	% of Aggregate Required Payoff Amounts 31-60 Days Past Due		% of Aggregate Required Payoff Amounts 61-90 Days Past Due		% of Aggregate Required Payoff Amounts 91-120 Days Past Due		% of Aggregate Required Payoff Amounts 121-150 Days Past Due		% of (2) Aggregate Required Payoff Amounts 151-180 Days Past Due

07/31/06		2.48%		0.51%		0.25%		0.18%		0.16%
06/30/06		1.75%		0.47%		0.21%		0.18%		0.01%
05/31/06		2.03%		0.41%		0.21%		0.00%		0.00%
04/30/06		1.48%		0.60%		0.00%		0.00%		0.00%
03/31/06		2.15%		0.00%		0.00%		0.00%		0.00%
02/28/06		0.00%		0.00%		0.00%		0.00%		0.00%


Collection Month	Monthly Net Loss Percentage		Monthly Net Losses		LTD CPR

July-06		-0.006%		-60,062.47		4.23%
June-06		0.027%		269,466.93		5.04%
May-06		0.025%		256,687.85		5.80%
April-06		0.008%		76,685.62		6.47%
March-06		0.000%		0.00		9.70%
February-06		0.000%		0.00		10.75%


(2)	Accounts that are more than 180 days past due constitute defaulted contracts and are included under “Defaulted Contract Information” in Section VI C above

CIT Equipment Collateral 2006-VT1 Statistical Information by Business Units


Coll. Period	Portfolio Name		CPB ($)		RPA ($)		Cumulative Gross Losses ($)

07/31/06		Avaya Portfolio	$	164,488,170.93	$	165,384,537.12		$	571,600.25
07/31/06		DFS Portfolio		445,608,357.68		452,434,526.89			121,532.52
07/31/06		Other		205,653,284.19		206,851,673.34			101,964.04

		Totals		815,749,812.80		824,670,737.35			795,096.81


Coll. Period	Portfolio Name		Cumulative Net Losses ($)			Cum. Gross Losses %			Cum. Net Losses %		LTD CPR

07/31/06		Avaya Portfolio		$	468,428.77		0.30	%	0.25	%	4.50	%
07/31/06		DFS Portfolio			0.00		0.02	%	0.00	%	4.41	%
07/31/06		Other			74,349.16		0.04	%	0.03	%	3.64	%

		Totals			542,777.93		0.079	%	0.0538	%	4.23	%


Coll. Period	Portfolio Name		Delq. Current %			Delq 31-60 %			Delq 61-90 %

07/31/06		Avaya Portfolio.		94.92	%		3.60	%		0.96	%
07/31/06		DFS Portfolio		96.73	%		2.24	%		0.33	%
07/31/06		Other		96.92	%		2.13	%		0.56	%

		Totals		96.41	%		2.48	%		0.51	%


Coll. Period	Portfolio Name		Delq 91-120 %			Delq 121-150 %			Delq 151-180 %			Delq 180+ %

07/31/06		Avaya Portfolio.		0.41	%		0.09	%		0.01	%		0.00	%
07/31/06		DFS Portfolio		0.23	%		0.26	%		0.23	%		0.00	%
07/31/06		Other		0.18	%		0.09	%		0.12	%		0.00	%

		Totals		0.25	%		0.18	%		0.16	%		0.00	%


Coll. Period	Portfolio Name	Delq. Current		No. of Delq Current		Delq 31-60		No. of Delq 31-60	Delq 61-90		No. of Delq 61-90

07/31/06	Avaya Portfolio.	$	156,983,257.29		6,563	$	5,959,927.10	163	$	1,589,428.37	53
07/31/06	DFS Portfolio		437,617,593.63		47,899		10,120,944.01	923		1,484,353.87	361
07/31/06	Other		200,486,344.62		15,267		4,399,976.66	308		1,158,180.03	96

	Totals		795,087,195.54		69,729		20,480,847.77	1,394		4,231,962.27	510


Coll. Period	Portfolio Name		Delq 91-120	No. of Delq 91-120	Delq 121-150		No. of Delq 121-150		Delq 151-180	No. of Delq 151-180	Delq 180+		No. of Delq 180+

07/31/06	Avaya Portfolio.	$	675,113.35	48	$	153,149.18	19	$	23,661.83	1	$	0.00	0
07/31/06	DFS Portfolio		1,019,727.16	269		1,155,968.45	277		1,035,939.77	268		0.00	0
07/31/06	Other		376,571.90	36		188,988.99	20		241,611.14	17		0.00	0

	Totals		2,071,412.41	353		1,498,106.62	316		1,301,212.74	286		0.00	0

Page 10 of 10

CIT Equipment Collateral 2006-VT1 10-D