8-K 1 srz9624195v1.txt CIT EQUIPMENT COLLATERAL 2003-VT1 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): April 14, 2004 CIT Equipment Collateral 2003-VT1 (Exact Name of Registrant as Specified in its Charter) Delaware (State or other jurisdiction of incorporation) 333-53688-01 N/A (Commission File Number) (IRS Employer Identification No.) c/o The Bank of New York (Delaware) White Clay Center, Route 273 Newark, Delaware 19711 (Address of principal executive offices and zip code) Registrants' telephone number, including area code: (302) 451-2500 N/A (Former name or former address, if changed since last report) Item 7. FINANCIAL STATEMENTS AND EXHIBITS. --------------------------------- (c). Exhibits. The following are filed herewith. The exhibit numbers correspond with items 601(b) 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 2003-EF1 By: CIT FINANCIAL USA, INC., as Servicer By: /s/ Usama Ashraf --------------------------------- Name: Usama Ashraf Title: Vice President Dated: April 14, 2004 Exhibit 99.1 - Pool Data Report CIT EQUIPMENT COLLATERAL 2003-VT1 COMPOSITION OF CONTRACT POOL AT DECEMBER 31, 2003

~~Determination~~WEIGHTED ~~Date:~~WEIGHTED ~~1/16/04~~AVERAGE ~~Collection~~CURRENT ~~Period:~~AVERAGE ~~12/31/03~~AVERAGE ~~Payment~~REQUIRED ~~Date:~~NUMBER ~~01/20/04~~REQUIRED I.ORIGINAL ~~AVAILABLE~~REMAINING ~~FUNDS~~PAYOFF A.OF ~~Available~~PAYOFF ~~Pledged~~TERM ~~Revenues~~TERM a.AMOUNT ~~Scheduled~~CONTRACTS ~~Payments~~AMOUNT ~~Received~~(RANGE) (RANGE) (RANGE) --------- ------ ------- ------- ------- 60,496 $26661,~~686~~905,~~804~~701 46.562 bmonths 32.6 ~~Liquidation~~months ~~Proceeds~~$10,865 ~~Allocated~~(14 to ~~Owner~~84 ~~Trust~~months) ~~740,169.78~~(4 c.to ~~Required~~75 ~~Payoff~~months) ~~Amounts~~($0 ofto ~~Prepaid~~$2,859,969) ~~Contracts~~TYPE ~~986,411.97~~OF d.CONTRACT ~~Required~~AT ~~Payoff~~DECEMBER ~~Amounts~~31, of2003 ~~Purchased~~% ~~Contracts~~OF ~~0.00~~TOTAL e.% ~~Proceeds~~OF ofNUMBER ~~Clean-up~~NUMBER ~~Call~~REQUIRED ~~0.00~~REQUIRED f.OF ~~Investment~~OF ~~Earnings~~PAYOFF onPAYOFF ~~Collection~~TYPE ~~Account~~OF ~~and~~CONTRACT ~~Note~~CONTRACTS ~~Distribution~~CONTRACTS ~~Account~~AMOUNT ~~0.00~~AMOUNT ---------------- ~~Total~~----------- ~~Available~~--------- ~~Pledged~~- ~~Revenues~~------ =------ ~~$28,413,386.31~~True B.Leases ~~Determination~~32,950 ~~of Available Funds a~~54.47% ~~Total Available Pledged Revenues~~ $28 480,~~413~~521,~~386.31~~774 b72.60% ~~Receipt~~Finance ~~from~~Leases ~~Class A-3 Swap Counterparty 0.00 c. Servicer Advances 2~~27,~~348,105.91~~546 d45.53 ~~Recoveries~~$ ~~of prior Servicer Advances (2~~181,~~425~~383,~~496.55)~~927 e27.40 ~~Withdrawal from Cash Collateral Account 170,047.76~~ ------------------------------------------------------------------------ Total ~~Available~~60,496 ~~Funds~~100.00% = $28 661,~~506~~905,~~043~~701 100.4300% ========================================================================

CIT EQUIPMENT COLLATERAL 2003-VT1 GEOGRAPHICAL DISTRIBUTION (BASED ON OBLIGOR BILLING ADDRESS) AT DECEMBER 31, 2003

~~II.~~% ~~DISTRIBUTION~~OF ~~AMOUNTS~~TOTAL A.% ~~COLLECTION~~OF ~~ACCOUNT~~NUMBER ~~DISTRIBUTIONS~~NUMBER 1.REQUIRED ~~Servicing~~REQUIRED ~~Fee~~OF ~~427,786.42~~OF 2.PAYOFF ~~Class~~PAYOFF ~~A-1~~STATE ~~Note~~CONTRACTS ~~Interest~~CONTRACTS ~~Distribution~~AMOUNT ~~70,467.53~~AMOUNT ~~Class~~----- A-1-------- ~~Note~~--------- ~~Principal~~----------- ~~Distribution~~------ 25Alabama 656 1.08% $ 5,~~053~~417,~~475~~540 0.0082 ~~Aggregate~~% ~~Class~~Alaska ~~A-1~~128 ~~distribution~~0.21 252,~~123~~007,~~942~~277 0.5330 Arizona 2,268 3.75 ~~Class~~22,905,641 ~~A-2~~3.46 ~~Note~~Arkansas ~~Interest~~348 ~~Distribution~~0.58 ~~169~~2,~~333~~575,800 0.3339 ~~Class~~California ~~A-2~~7,161 ~~Note~~11.84 ~~Principal~~63,902,473 ~~Distribution 0~~9.0065 ~~Aggregate~~Colorado ~~Class~~1,461 A-2.42 ~~distribution 169~~9,~~333~~628,202 1.3345 4Connecticut 962 1.59 ~~Class~~10,866,410 ~~A-3a~~1.64 ~~Note~~Delaware ~~Interest~~208 ~~Distribution~~0.34 ~~224~~2,~~562~~020,302 0.7131 ~~Class~~District ~~A-3a~~of ~~Note~~Columbia ~~Principal~~336 ~~Distribution~~ 0.0056 ~~Class~~5,760,118 ~~A-3b~~0.87 ~~Note~~Florida ~~Interest~~4,363 ~~Distribution~~7.21 ~~154~~30,~~850~~601,539 4.0062 ~~Class~~Georgia ~~A-3b~~1,895 ~~Note~~3.13 ~~Principal~~21,973,386 ~~Distribution~~3.32 Hawaii 141 0.0023 ~~Aggregate~~709,723 ~~Class~~0.11 ~~A-3~~Idaho ~~distribution~~192 ~~379~~0.32 1,~~412~~102,106 0.7117 5Illinois 1,585 2.62 ~~Class~~21,334,646 ~~A-4~~3.22 ~~Note~~Indiana ~~Interest~~859 ~~Distribution~~1.42 ~~117~~8,~~325~~518,110 1.2529 ~~Class~~Iowa ~~A-4~~361 ~~Note~~0.60 ~~Principal~~2,004,296 ~~Distribution~~0.30 Kansas 363 0.0060 ~~Aggregate~~8,625,115 ~~Class~~1.30 ~~A-4~~Kentucky ~~distribution~~473 ~~117~~0.78 2,~~325~~556,965 0.2539 6Louisiana 631 1.04 ~~Class~~4,541,160 B0.69 ~~Note~~Maine ~~Interest~~111 ~~Distribution~~0.18 33685,~~096~~212 0.4110 ~~Class~~Maryland B1,256 ~~Note~~2.08 ~~Principal~~14,626,685 ~~Distribution~~2.21 ~~746~~Massachusetts 2,~~851~~003 3.5631 ~~Aggregate~~23,741,670 ~~Class~~3.59 BMichigan ~~distribution~~2,100 ~~779~~3.47 32,~~947~~317,297 4.9788 7Minnesota 1,026 1.70 ~~Class~~14,976,908 C2.26 ~~Note~~Mississippi ~~Interest~~331 ~~Distribution~~0.55 222,~~758~~117,543 0.2432 ~~Class~~Missouri C935 ~~Note~~1.55 ~~Principal~~8,912,367 ~~Distribution~~1.35 ~~407,373~~Montana 171 0.5828 ~~Aggregate~~820,760 ~~Class~~0.12 CNebraska ~~distribution~~175 ~~430~~0.29 2,~~131~~057,884 0.8231 8Nevada 363 0.60 ~~Class~~3,075,688 D0.46 ~~Note~~New ~~Interest~~Hampshire ~~Distribution~~303 ~~63,882~~0.7750 ~~Class~~2,659,089 D0.40 ~~Note~~New ~~Principal~~Jersey ~~Distribution~~3,563 ~~950~~5.89 63,~~538~~628,376 9.3461 ~~Aggregate~~New ~~Class~~Mexico D277 ~~distribution~~0.46 1,~~014~~749,~~421~~115 0.1126 New York 5,438 8.99 62,231,989 9.40 ~~Payment~~North ~~due~~Carolina to1,502 ~~the~~2.48 ~~Class~~10,740,175 ~~A-3a~~1.62 ~~Swap~~North ~~Counterparty~~Dakota ~~63,742~~66 0.2911 664,015 0.10 Ohio 1,688 2.79 ~~Deposit~~21,403,538 to3.23 ~~the~~Oklahoma ~~Cash~~493 ~~Collateral~~0.81 ~~Account~~6,251,469 0.0094 11Oregon 776 1.28 ~~Amounts~~5,005,672 in0.76 ~~accordance~~Pennsylvania ~~with~~2,595 ~~the~~4.29 ~~CCA~~30,234,787 ~~Loan~~4.57 ~~Agreement~~Rhode Island 194 0.0032 121,693,394 0.26 ~~Remainder~~South toCarolina ~~the~~643 ~~holder~~1.06 of4,050,522 ~~the~~0.61 ~~equity~~South ~~certificate~~Dakota 113 0.0019 ~~-------------~~518,356 ~~Collection~~0.08 ~~Account~~Tennessee ~~Distributions~~1,218 =2.01 2810,~~506~~318,~~043~~445 1.4356 ~~=============~~Texas B4,458 7.37 ~~CASH~~60,548,046 ~~COLLATERAL~~9.15 ~~ACCOUNT~~Utah ~~DISTRIBUTIONS~~275 0.45 1,917,123 0.29 ~~Payment~~Vermont ~~due~~162 on0.27 ~~the~~748,269 ~~Senior~~0.11 ~~Loan~~Virginia 1,562 2.58 18,~~113~~428,~~581.50~~879 2.78 ~~Payment~~Washington ~~due~~1,182 on1.95 ~~the~~11,802,337 ~~Holdback~~1.78 West Virginia 229 0.0038 31,420,728 0.21 ~~Payment~~Wisconsin to784 ~~the~~1.30 ~~Depositor~~15,052,954 2.27 Wyoming 113 0.0019 455,602 0.07 ---------- -------------- ~~Cash~~------------------- ~~Collateral~~-------------- ~~Account~~Total ~~Distributions~~60,496 =100.00% 2$ 661,~~113~~905,~~581~~701 100.5000 % ========== ============== ~~C. INCORRECT DEPOSITS TO BE RETURNED TO CIT Collection Account Distributions~~ =================== ~~0.00~~ ==============

CIT EQUIPMENT COLLATERAL 2003-VT1 PAYMENT STATUS AT DECEMBER 31, 2003

% OF TOTAL % OF NUMBER NUMBER REQUIRED REQUIRED OF OF PAYOFF PAYOFF DAYS DELINQUENT CONTRACTS CONTRACTS AMOUNT AMOUNT --------------- ----------- ---------- ------ ------ Current, including 1 to 30 day delinquent contracts 58,268 96.32 % $ 648,041,041 97.91 % 31-60 days delinquent 1,218 2.01 $ 8,929,208 1.35 61-90 days delinquent 402 0.66 $ 2,070,931 0.31 91-120 days delinquent 269 0.44 $ 1,302,068 0.20 Over 120 days delinquent 339 0.56 $ 1,562,453 0.24 ------------ ----------- ----------------- ---------- ~~Distribution~~Total ~~Class~~60,496 ~~A-1~~100.00 ~~Class~~% ~~A-2~~$ ~~Class~~661,905,701 ~~A-3~~100.00 ~~Class~~% ~~A-4~~============ ~~Amounts~~=========== ~~Notes~~================= ~~Notes~~========== ~~Notes~~EQUIPMENT ~~Notes~~TYPE AT DECEMBER 31, 2003 % OF TOTAL % OF NUMBER NUMBER REQUIRED REQUIRED OF OF PAYOFF PAYOFF TYPE OF EQUIPMENT CONTRACTS CONTRACTS AMOUNT AMOUNT ----------------- ---------- ---------- -------------- ---------- Computers 44,132 72.95 % $ 311,460,899 47.06 % Telecommunciations 8,323 13.76 $ 207,178,858 31.30 General Office Equipment/Copiers 4,400 7.27 $ 74,132,147 11.20 Software 421 0.70 $ 41,544,311 6.28 Automotive 3,011 4.98 $ 25,375,301 3.83 Other (1) 209 0.35 $ 2,214,185 0.33 ------------ ------------ ---------------- 1.---------- ~~Interest~~Total ~~Due 70~~60,~~467.53~~496 ~~169,333~~100.3300 ~~379,412.71~~% ~~117,325.25~~$ ~~2. Interest Paid 70~~661,~~467.53 169~~905,~~333.33~~701 ~~379,412~~100.7100 ~~117,325.25~~% 3.============ ~~Interest~~============ ~~Shortfall~~================ ~~0.00~~========== ~~0.00 0.00 0.00~~ ((1) ~~minus~~Includes ~~(2)) 4. Principal Paid 25~~$72,~~053,475.00~~751 ~~0.00~~as ~~0.00~~the ~~0.00~~largest 5.and ~~Total Distribution Amount 25~~$10,~~123,942.53~~594 ~~169,333.33~~as ~~379,412.71~~the ~~117,325.25~~average ~~((2)~~Required ~~plus~~Payoff ~~(4))~~Amount.

CIT EQUIPMENT COLLATERAL 2003-VT1 REQUIRED PAYOFF AMOUNT AT DECEMBER 31, 2003

% OF TOTAL % OF NUMBER NUMBER REQUIRED REQUIRED OF OF PAYOFF PAYOFF REQUIRED PAYOFF AMOUNT CONTRACTS CONTRACTS AMOUNT AMOUNT ---------------------- ---------- --------- ------ ------ 0.01 - 5,000.00 40,831 67.49 % $ 90,703,430 13.70 % 5,000.01 - 10,000.00 9,289 15.35 $ 65,240,027 9.86 10,000.01 - 15,000.00 3,202 5.29 $ 38,953,648 5.89 15,000.01 - 25,000.00 2,818 4.66 $ 54,346,461 8.21 25,000.01 - 50,000.00 2,334 3.86 $ 81,249,892 12.28 50,000.01 - 100,000.00 1,152 1.90 $ 79,456,016 12.00 100,000.01 - 150,000.00 357 0.59 $ 42,990,248 6.49 150,000.01 - 250,000.00 256 0.42 $ 49,094,349 7.42 250,000.01 - 500,000.00 146 0.24 $ 50,072,149 7.56 500,000.01 - 1,000,000.00 67 0.11 $ 47,611,902 7.19 1,000,000.01 -~~---------------------------------~~ ~~Distribution~~2,000,000.00 ~~Class~~40 B0.07 ~~Class~~$ C52,353,429 ~~Class~~7.91 D2,000,000.01 ~~Total~~- ~~Offered~~2,859,969.53 ~~Amounts~~4 ~~Notes~~0.01 ~~Notes~~$ ~~Notes~~9,834,149 ~~Notes~~1.49 ------------ ----------- ------------------ ----------- Total 60,496 100.00 % $ 661,905,701 100.00 % ============ =========== ================== =========== REMAINING TERM AT DECEMBER 31, 2003 % OF TOTAL % OF NUMBER NUMBER REQUIRED REQUIRED OF OF PAYOFF PAYOFF REMAINING TERMS OF CONTRACTS CONTRACTS CONTRACTS AMOUNT AMOUNT ---------------------------- --------- --------- 1.------ ~~Interest~~------ ~~Due~~(MONTHS) 330- 12 6,~~096~~760 11.4117 22% 31,~~758~~421,819 4.75 % 13- 24 6323,~~882~~947 39.7758 ~~856~~201,~~276.24~~728,198 230.48 ~~Interest~~25- ~~Paid~~36 3316,~~096.41~~213 ~~22,758~~26.2480 63133,~~882.77 856~~757,~~276.24~~000 320.21 ~~Interest~~37- ~~Shortfall~~48 ~~0.00~~11,126 018.0039 ~~0.00~~225,146,407 034.0001 ~~((1)~~49- ~~minus~~60 (2)),429 4.02 ~~Principal Paid 746~~66,~~851.56 407~~208,~~373~~848 10.5800 ~~950,538~~61- 72 21 0.3403 273,~~158~~643,~~238.48~~431 50.55 ~~Total~~------------ ~~Distribution~~------------ ~~Amount~~---------------- ~~779,947.97~~-------------- ~~430,131.82~~Total 160,~~014,421~~496 100.1100 28% 661,~~014~~905,~~514~~701 100.7200 ~~((2)~~% ~~plus~~============ ~~(4))~~============ ================ ==============

CIT EQUIPMENT COLLATERAL 2003-VT1 TYPES OF OBLIGOR AT DECEMBER 31, 2003

% OF TOTAL % OF NUMBER NUMBER REQUIRED REQUIRED OF OF PAYOFF PAYOFF TYPE OF OBLIGOR CONTRACTS CONTRACTS AMOUNT AMOUNT --------------- --------- --------- ------ ------ Services-~~---------------------------------------------------------------------~~ ~~Applicable~~(1) ~~Principal~~22,455 ~~Balance~~37.12 ~~Class~~% ~~Factor~~$ ~~Principal~~276,448,011 ~~Balance~~41.77 ~~Class~~% ~~Factor~~Manufacturing ~~Class~~5,342 ~~Coupon~~8.83 ~~Jan-04~~124,877,845 ~~Jan-04~~18.87 ~~Dec-03~~Financial ~~Dec-03~~Services ~~Rate~~Institutiions ~~Payment~~6,294 ~~Date~~10.40 ~~Payment~~60,047,351 ~~Date~~9.07 ~~Payment~~Retail ~~Date~~Trade ~~Payment~~4,217 ~~Date~~6.97 37,184,340 5.62 Wholesale Trade 3,425 5.66 36,100,168 5.45 Medical /Healthcare Organizations 2,656 4.39 33,630,502 5.08 Other (2) 10,198 16.86 30,168,904 4.56 Communications & Utilities 619 1.02 17,588,400 2.66 Construction 2,422 4.00 12,670,228 1.91 Transportation 1,212 2.00 12,084,380 1.83 Printing & Publishing 619 1.02 9,783,994 1.48 Government 259 0.43 5,726,958 0.87 Resources & Agriculture 778 1.29 5,594,620 0.85 ------------ ----------- ----------------- -----------~~----------------------------------------------------------------~~ a.Total ~~Class~~60,496 ~~A-1 Notes 1~~100.~~2088~~00 % ~~47,316,276.84~~$ ~~0.19313 72~~661,~~369~~905,~~751.84~~701 0100.~~29539~~00 b.% ~~Class~~============ ~~A-2~~=========== ~~Notes~~================= =========== (1~~.2700%~~) ~~160,000,000.00~~Primarily: ~~1.00000~~Business ~~160~~Services (23%),~~000~~ Engineering,~~000.00~~ ~~1.00000~~Accounting c.& ~~Class~~Research ~~A-3a~~(19%), ~~Notes~~Misc ~~1.2788~~Service Organizations (16%) ~~218~~Automotive Repair,~~000~~ Service & Parts (11%),~~000.00~~ 1Legal Services (7%).~~00000~~ ~~218~~(2) Includes $197,~~000,000.00~~116 ~~1.00000~~as d.the ~~Class~~largest ~~A-3b~~Required ~~Notes~~Payoff ~~1.6300%~~Amount ~~114,000,000.00~~belonging ~~1.00000~~to ~~114,000,000.00~~a ~~1.00000~~single eobligor. ~~Class~~As ~~A-4~~shown ~~Notes~~in ~~2.1000%~~the 67table above,~~043,000.00~~ ~~1.00000~~the ~~67,043,000.00~~servicer's ~~1.00000~~records flists 4.56% ~~Class~~of Bthe ~~Notes~~total ~~2.1100%~~required ~~18,075,750.80~~payoff ~~0.75413~~amount ~~18,822,602.36~~in ~~0.78529~~the gcategory of "Other" types of obligor. ~~Class~~The Cservicer ~~Notes~~notes 2that the collateral securing approximately 4.~~6600~~34% ~~9,859,500.44~~of ~~0.75413~~the ~~10,266,874~~required payoff amount represents small ticket computer equipment typically leased to small businesses.02 The remaining "Other" obligor category represents approximately 0.~~78529~~22% hof the required payoff amount. ~~Class~~The Ddepositor ~~Notes~~has 3not analyzed this category to determine whether or not the contracts included in it could be grouped into some other more specific type of obligor category.~~2000~~ OBLIGOR CONCENTRATION % ~~23,005,501.03~~OF % OF NUMBER TOTAL REQUIRED REQUIRED OBLIGORS (INCLUDING CONTRACTS SECURING OF NUMBER OF PAYOFF PAYOFF VENDOR LOANS ) CONTRACTS CONTRACTS AMOUNT AMOUNT ----------------- ---------- --------- ------ ------ Top 5 201 0.~~75410~~33% 23$ 44,~~956~~674,~~039.37~~735 06.~~78526~~75% i.The ~~Total~~Top ~~Offered~~5 ~~Notes~~obligors ~~657,300,029.11~~conduct ~~684,458,267.59~~business j.in ~~One-Month~~the ~~Libor~~Services ~~Rate~~and 1Manufacturing industries.~~14875%~~

CIT EQUIPMENT COLLATERAL 2003-VT1 SCHEDULED PAYMENT AT DECEMBER 31, 2003

COLLECTION SCHEDULED COLLECTION SCHEDULED PERIOD CASHFLOWS PERIOD CASHFLOWS ------ --------- ------ --------- Positive Rent Due 4,605,671.77 January-2004 22,328,938.13 March-2007 6,396,778.25 February-2004 24,559,791.98 April-2007 5,926,353.39 March-2004 25,087,747.71 May-2007 5,302,298.61 April-2004 27,152,524.90 June-2007 4,858,046.92 May-2004 24,726,738.46 July-2007 4,318,116.29 June-2004 24,942,933.45 August-2007 3,627,065.46 July-2004 26,999,544.89 September-2007 3,143,322.37 August-2004 24,448,501.53 October-~~----------------------------------~~2007 ~~Scheduled~~2,656,064.44 ~~Scheduled~~September-2004 ~~Principal~~24,957,067.24 ~~Balance~~November-2007 ~~Principal~~2,008,336.00 ~~Balance~~October-2004 ~~Class~~25,320,493.23 ~~Jan~~December-042007 ~~Dec~~1,597,391.16 November-2004 23,218,020.03 ~~Payment~~January-2008 ~~Date~~1,049,493.98 ~~Payment~~December-2004 ~~Date~~23,186,093.51 February-2008 698,953.65 January-2005 23,196,066.70 March-2008 346,861.26 February-2005 21,392,955.92 April-2008 119,879.82 March-2005 20,675,293.54 May-2008 96,362.87 April-2005 21,054,472.74 June-2008 64,487.19 May-2005 19,661,974.83 July-2008 64,089.72 June-2005 19,183,906.63 August-2008 62,037.53 July-2005 19,720,857.93 September-2008 60,584.92 August-2005 18,313,074.67 October-2008 58,806.67 September-2005 17,572,973.88 November-2008 58,572.37 October-2005 16,046,476.42 December-2008 58,572.37 November-2005 14,548,297.16 January-2009 58,572.37 December-2005 13,088,461.52 February-2009 58,572.37 January-2006 11,779,000.26 March-2009 58,412.77 February-2006 10,569,611.93 April-2009 58,313.19 March-2006 8,880,368.58 May-2009 55,624.35 April-2006 8,504,090.41 June-2009 49,025.75 May-2006 8,293,873.04 July-2009 24,795.20 June-2006 8,089,683.18 August-2009 6,148.55 July-2006 7,980,386.44 September-2009 3,587.76 August-2006 7,943,769.56 October-2009 3,587.76 September-2006 7,796,181.36 November-2009 3,275.63 October-2006 7,571,530.97 December-2009 585.75 November-2006 7,420,937.69 January-2010 585.75 December-~~--------------------------------~~2006 ~~Class~~7,171,185.89 AFebruary-12010 ~~Notes~~587.75 50January-2007 6,~~394~~948,~~661~~348.00 75 March-2010 - February-2007 6,~~104~~697,~~292~~197.0043

------------------------------------------------------------------------------------------------------------------- Target Class Target Class Class Principal Balance Floor Principal Amount Floor Class Percentage Jan-04 Jan-04 Dec-03 Dec-03 Payment Date Payment Date Payment Date Payment Date ------------------------------------------------------------------------------------------------------------------- Class A 92.25% 606,359,276.85 631,412,751.85 Class B 2.75% 18,075,750.80 0.00 18,822,602.36 0.00 Class C 1.50% 9,859,500.44 0.00 10,266,874.01 0.00 Class D 3.50% 23,005,501.02 0.00 23,956,039.37 0.00

B. PRINCIPAL BREAKDOWN No. of Accounts --------------- 1. Scheduled Principal 60,155 25,205,883.24 2. Prepaid Contracts 132 986,411.97 3. Defaulted Contracts 209 965,943.27 4. Contracts purchased by CIT Financial USA, Inc. 0 0.00 ------------------------------ Total Principal Breakdown 60,496 27,158,238.48

--------------------------------------------------- Original Jan-04 Dec-03 Pool Payment Date Payment Date --------------------------------------------------- 1. a. Contract Pool Balance 871,593,322.00 657,300,029.11 684,458,267.59 b. No of Contracts 62,416 60,496 60,837 c. Pool Factor 2. Weighted Average Remaining Term 39.20 32.66 33.43 3. Weighted Average Original Term 44.80

---------------------------------------------------------------- % of % of Aggregate Required Payoff No. Of Aggregate Required Contracts Amount Accounts Payoff Amounts ---------------------------------------------------------------- 1. Current 96.32% 97.91% 58,268 648,041,040.57 31-60 days 2.01% 1.35% 1,218 8,929,207.61 61-90 days 0.66% 0.31% 402 2,070,931.35 91-120 days 0.44% 0.20% 269 1,302,068.40 120+ days 0.56% 0.24% 339 1,562,452.95 Total Delinquency 100.00% 100.00% 60,496 661,905,700.88 2. Delinquent Scheduled Payments: Beginning of Collection Period 4,683,062.41 End of Collection Period 4,605,671.77 ------------ Change in Delinquent Scheduled Payments (77,390.64)

Filing Compare · CIT EQUIPMENT COLLATERAL 2003-VT1