8-K 1 a31801.txt CIT EC EF 2001-A 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-Dec-01 CIT EC EF 2001-A ~~A New York Commission File I.R.S. Employer Corporation No. 0001159705~~

c/o CIT Financial USA, Inc. 1 Tyco Drive, Livingston, N.J. 07039 Telephone Number (973) 740-5000 Page 2 of 9 Item 5. Other CIT EC EF 2001-A Monthly Servicing Report Determination Date: 12/18/01 Collection Period: 11/30/01 Payment Date: 12/20/01 I. AVAILABLE FUNDS A. Available Pledged Revenues a. Scheduled Payments Received $ 28,626,033.99 b. Liquidation Proceeds Allocated to Owner Trust 0.00 c. Required Payoff Amounts of Prepaid Contracts 11,413,412.19 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 = $ 40,039,446.18 B. Determination of Available Funds a. Total Available Pledged Revenues $ 40,039,446.18 b. Servicer Advances 3,624,247.08 c. Recoveries of prior Servicer Advances (2,338,191.76) d. Withdrawal from Cash Collateral Account 0.00 --------------- Total Available Funds = $ 41,325,501.50

Page 3 of 9 II. DISTRIBUTION AMOUNTS A. COLLECTION ACCOUNT DISTRIBUTIONS 1. Servicing Fee 634,457.51 2. Class A-1 Note Interest Distribution 411,438.69 Class A-1 Note Principal Distribution 31,595,430.94 Aggregate Class A-1 distribution 32,006,869.63 3. Class A-2 Note Interest Distribution 854,791.67 Class A-2 Note Principal Distribution 0.00 Aggregate Class A-2 distribution 854,791.67 4. Class A-3 Note Interest Distribution 1,072,800.00 Class A-3 Note Principal Distribution 0.00 Aggregate Class A-3 distribution 1,072,800.00 5. Class A-4 Note Interest Distribution 1,006,316.67 Class A-4 Note Principal Distribution 0.00 Aggregate Class A-4 distribution 1,006,316.67 6. Class B Note Interest Distribution 193,721.03 Class B Note Principal Distribution 1,662,917.42 Aggregate Class B distribution 1,856,638.45 7. Deposit to the Reserve Account 0.00 8. Amounts Payable in connection with the Reserve Account 19,932.43 9. To the holder of the equity certificate 3,873,695.14 Collection Account Distributions = 41,325,501.50 ============= B. RESERVE ACCOUNT DISTRIBUTIONS 1. Withdrawal from the Reserve Account 0.00 2. Interest to the Holdback Amount Designee 48,221.73 3. Release of Excess from the Reserve Account 508,852.72 ----------- Reserve Account Distributions = 557,074.45 ==========

Page 4 of 9 III. INFORMATION REGARDING DISTRIBUTIONS ON THE SECURITIES

~~Determination~~---------------------------------------------------------------------------------------------------------------- ~~Date:~~Distribution ~~11/16/01~~Class ~~Collection~~A-1 ~~Period:~~Class ~~10/31/01~~A-2 ~~Payment~~Class ~~Date:~~A-3 ~~11/20/01~~Class I.A-4 ~~AVAILABLE~~Amounts ~~FUNDS~~Notes A.Notes ~~Available~~Notes ~~Pledged~~Notes ~~Revenues~~---------------------------------------------------------------------------------------------------------------- a1. ~~Scheduled~~Interest ~~Payments~~Due ~~Received~~411,438.69 $854,791.67 331,~~962~~072,~~101~~800.8300 b1,006,316.67 ~~Liquidation~~2 ~~Proceeds~~Interest ~~Allocated~~Paid to411,438.69 ~~Owner~~854,791.67 ~~Trust 0~~1,072,800.00 c1,006,316.67 ~~Required~~3 ~~Payoff~~Interest ~~Amounts~~Shortfall of0.00 ~~Prepaid~~0.00 ~~Contracts 9,841,302~~0.00 d0.00 ~~Required~~((1) ~~Payoff~~minus ~~Amounts~~(2)) of4 ~~Purchased~~Principal ~~Contracts~~Paid 131,~~224~~595,~~088~~430.0294 e0.00 ~~Proceeds of Clean-up Call~~ 0.00 f0.00 ~~Investment~~5 ~~Earnings~~Total onDistribution ~~Collection~~Amount ~~Account~~32,006,869.63 ~~and~~854,791.67 ~~Note~~1,072,800.00 ~~Distribution~~1,006,316.67 ~~Account~~((2) ~~0.00~~plus (4)) -------------------------------------------------------------------- ~~Total~~Distribution ~~Available~~Class ~~Pledged~~B ~~Revenues~~Total =Offered $Amounts ~~45,027,491.85~~Notes B.Notes ~~Determination~~-------------------------------------------------------------------- of1. ~~Available~~Interest ~~Funds~~Due a193,721.03 ~~Total Available Pledged Revenues $ 45~~3,~~027~~539,~~491~~068.8506 b.2 ~~Servicer~~Interest ~~Advances~~Paid 2193,~~704,406~~721.4803 c3,539,068.06 ~~Recoveries~~3 ofInterest ~~prior~~Shortfall ~~Servicer~~0.00 ~~Advances~~0.00 (~~3,390,347.16~~(1) d.minus ~~Withdrawal~~(2)) ~~from~~4 ~~Cash~~Principal ~~Collateral~~Paid ~~Account~~1,662,917.42 033,258,348.0036 ~~----------------~~5 Total ~~Available~~Distribution ~~Funds~~Amount =1,856,638.45 ~~$ 44~~36,~~341~~797,~~551~~416.1742 ((2) plus (4))

IV. Information Regarding the Securities A Summary of Balance Information

------------------------------------------------------------------------------------------------------------------- ~~Distribution~~Applicable Principal Balance Class ~~A-1~~Factor Principal Balance Class ~~A-2~~Factor Class ACoupon Dec-301 ~~Class~~Dec-01 ANov-401 ~~Amounts~~Nov-01 ~~Notes~~Rate ~~Notes~~Payment ~~Notes~~Date ~~Notes~~Payment Date Payment Date Payment Date ------------------------------------------------------------------------------------------------------------------- 1a. ~~Interest~~Class ~~Due~~A-1 ~~484,206.08~~Notes ~~854,791~~3.674800% 1110,~~072~~279,~~800~~979.0092 10.47229 141,~~006~~875,~~316~~410.6786 20.60760 ~~Interest~~b. ~~Paid~~Class ~~484,206.08~~A-2 ~~854,791~~Notes 3.677300% 1275,~~072~~000,~~800~~000.00 1.00000 275,~~006~~000,~~316~~000.~~67 3 Interest Shortfall 0.~~00 01.0000000 0c.00 ~~0.00~~Class ~~((1)~~A-3 ~~minus~~Notes ~~(2))~~ 4.3200% ~~Principal Paid 30~~298,~~849~~000,~~706~~000.1900 01.0000000 0298,000,000.00 01.0000000 5d. ~~Total~~Class ~~Distribution~~A-4 ~~Amount~~Notes ~~31,333,912~~4.278400% ~~854~~249,~~791~~500,000.6700 1.00000 249,~~072~~500,~~800~~000.00 1~~,006,316~~.6700000 ~~((2)~~e. ~~plus (4)) -------------------------------------------------------------------------------- Distribution~~ Class B ~~Total Offered Amounts~~ Notes ~~Notes -------------------------------------------------------------------------------- 1~~4.5800% ~~Interest Due 199~~49,~~918.03 3~~093,~~618,032~~683.4515 ~~2 Interest Paid 199,918~~0.0388355 350,~~618~~756,~~032~~600.4557 ~~3 Interest Shortfall~~ 0.0091348 0f.00 ~~((1)~~Total ~~minus~~Offered ~~(2))~~Notes ~~4 Principal Paid 1~~981,~~623~~873,~~668~~663.7507 ~~32,473,374.94 5 Total Distribution Amount~~ 1,~~823~~015,~~586.78 36~~132,~~091,407~~011.~~39 ((2) plus (4))~~43

Page 5 of 9 B Other Information

A------------------------------------------------------------------------------------------------------ ~~Summary~~Scheduled ofScheduled Principal Balance ~~Information~~Principal Balance Class Dec-01 Nov-01 Payment Date Payment Date ------------------------------------------------------------------------------------------------------ Class A-1 Notes 164,549,456.00 185,631,610.00 ----------------------------------------------------------------------------------------------------------------------------- ~~Applicable~~Target ~~Principal~~Class ~~Balance~~Target Class ~~Factor~~Class Principal ~~Balance~~Amount ~~Class~~Floor ~~Factor~~Principal Amount Floor Class ~~Coupon~~Percentage ~~Nov~~Dec-01 ~~Nov~~Dec-01 ~~Oct~~Nov-01 ~~Oct~~Nov-01 ~~Rate~~ Payment Date Payment Date Payment Date Payment Date --------------------------------------------------------------------------------------------------------------------- ~~a. Class A~~-~~1 Notes 3.4800% 141,875,410.86 0.60760 172,725,117.05 0.73972 b. Class A~~-2------ ~~Notes 3.7300% 275,000,000.00 1.00000 275,000,000.00 1.00000 c.~~ Class A-3 ~~Notes 4~~95.~~3200~~00% ~~298~~932,~~000~~779,~~000~~979.0092 ~~1.00000 298~~964,~~000~~375,~~000~~410.0086 ~~1.00000 d.~~ Class ~~A-4~~B ~~Notes 4~~5.~~8400~~00% ~~249~~49,~~500~~093,~~000~~683.0015 ~~1.00000 249~~3,~~500~~318,~~000~~138.0041 ~~1.00000 e. Class B Notes 4.5800%~~ 50,756,600.57 ~~0.91348 52~~2,~~380~~809,~~269~~285.~~32 0.94270 f. Total Offered Notes 1,015,132,011.43 1,047,605,386.37~~69

V. PRINCIPAL A. MONTHLY PRINCIPAL AMOUNT 1. Principal Balance of Notes and Equity Certificates 1,015,132,011.43 (End of Prior Collection Period) 2. Contract Pool Principal Balance (End of Collection Period) 981,873,663.07 ----------------- Total monthly principal amount 33,258,348.36

VI. CONTRACT POOL DATA A. CONTRACT POOL CHARACTERISTICS

~~B Other Information~~ ------------------------------------------------------------------------------- ~~Scheduled~~Original ~~Scheduled Principal Balance Principal Balance Class Nov~~Dec-01 ~~Oct~~Nov-01 Pool Payment Date Payment Date --------------------------------------------------------------------------- ~~Class A~~---- 1. ~~Notes~~a. ~~185~~Contract Pool Balance 1,~~631~~111,~~610~~563,967.00 ~~206~~981,~~627~~873,~~380~~663.0007 ~~---------------------------------------------------------------------------------------------------------------~~1,015,132,011.43 ~~Target~~b. ~~Class~~No ~~Target~~of ~~Class~~Contracts ~~Class~~11,329 ~~Principal~~10,951 ~~Amount~~11,075 ~~Floor~~2. ~~Principal~~Weighted ~~Amount~~Average ~~Floor~~Remaining ~~Class~~Term ~~Percentage~~48.60 Nov-01 Nov-01 Oct-01 Oct-01 Payment Date Payment Date Payment Date Payment Date --------------------------------------------------------------------------------------------------------------- Class A 9544.~~00%~~9 ~~964,375,410~~45.869 ~~995,225,117~~3.05 ~~Class~~Weighted BAverage ~~5.00%~~Original ~~50,756,600.57~~Term ~~2,809,285~~57.~~69 52,380,269.32 2,312,443.05~~7

Page 6 of 9 B. DELINQUENCY INFORMATION

~~A. CONTRACT POOL CHARACTERISTICS~~ -------------------------------------------------------------------~~-----~~ ~~Original~~% ~~Nov-01~~of ~~Oct-01~~% ~~Pool~~of ~~Payment~~Aggregate ~~Date~~Required ~~Payment~~Payoff ~~Date~~No. Of Aggregate Required Contracts Amount Accounts Payoff Amounts -------------------------------------------------------------------~~-----~~ 1. aCurrent 95.88% ~~Contract~~95.93% ~~Pool~~10,500 ~~Balance 1~~941,~~111~~929,~~563,967~~083.0052 131-60 days 2.57% 2.31% 281 22,~~015~~672,~~132,011~~952.4397 161-90 days 0.86% 0.99% 94 9,~~047~~685,~~605,386~~973.3761 b91-120 days 0.47% No0.52% of51 ~~Contracts~~5,140,459.77 11120+ days 0.23% 0.25% 25 2,~~329~~445,193.20 11Total Delinquency 100.0% 100.0% 10,~~075~~951 11981,~~170~~873,663.07 2. ~~Weighted~~Delinquent ~~Average~~Scheduled ~~Remaining~~Payments: ~~Term~~Beginning ~~48.60~~of ~~45.9~~Collection ~~46.~~Period 8,508,633.19 3End of Collection Period 9,794,688.51 ~~Weighted~~---------------- ~~Average~~Change ~~Original~~in ~~Term~~Delinquent 57Scheduled Payments 1,286,055.732

C. DEFAULTED CONTRACT INFORMATION A. Current Period Defaulted Valuation Amount 318,618.52 Current Period Gross loss on Defaulted Contract 0.00 ----------- Total Gross Loss 318,618.52 B. Payments Received on Defaulted Contracts 3,505.43 ----------- C. Current Month Net Loss Amount 315,113.09 D. Cumulative Liquidation Losses to date 894,887.77 % of Initial Contracts 0.159% % of Initial Contract Pool Balance 0.081%

VII. INFORMATION REGARDING THE RESERVE ACCOUNT A. RESERVE ACCOUNT 1. Opening Reserve Account Balance 15,531,519.77 2. Investment Earnings 28,289.30 3. Deposit from the Collection Account 19,932.43 4. Withdrawls from the Reserve Account - 5. Interest payment to the Holdback Designee (48,221.73) 6. Release of Reserve Account Surplus (508,852.72) 7. Ending Reserve Account Balance 15,022,667.05 8. Available amount 15,531,519.77 9. Required Reserve Account Amount 15,022,667.05 10. Reserve Account Surplus/ (Shortfall) -

Page 7 of 9 VIII. MISCELLANEOUS INFORMATION A. SERVICER ADVANCE BALANCE 1. Opening Servicer Advance Balance 8,508,633.19 2. Current Period Servicer Advance 3,624,247.08 3. Recoveries of prior Servicer Advances (2,338,191.76) ------------------------------------ 4. Ending Servicer Advance Balance 9,794,688.51 D. OTHER RELATED INFORMATION 1. Life to Date Prepayment (CPR) 11.2% 2. Life to Date Substitutions: a. Prepayments 0.00 b. Defaults 0.00

Page 8 of 9 NCT Funding Company LLC, Allfirst Bank, as trustee under the Indenture, and CIT Financial USA, Inc., 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 12/20/01 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. CIT Financial USA, Inc. Glenn Votek ----------- Glenn Votek Executive Vice President, and Treasurer Page 9 of 9

------------------------------------------------------------------------------- % of % of Aggregate Required Payoff No. Of Aggregate Required Contracts Amount Accounts Payoff Amounts ------------------------------------------------------------------------------- 1. Current 96.54% 96.73% 10,692 981,973,454.50 31-60 days 2.36% 2.18% 261 22,086,586.07 61-90 days 0.77% 0.75% 85 7,622,773.90 91-120 days 0.32% 0.33% 35 3,336,192.68 120+ days 0.02% 0.01% 2 113,004.27 Total Delinquency 100.0% 100.0% 11,075 1,015,132,011.43 2. Delinquent Scheduled Payments: Beginning of Collection Period 9,194,573.87 End of Collection Period 8,508,633.19 ------------- Change in Delinquent Scheduled Payments (685,940.68) C. DEFAULTED CONTRACT INFORMATION A. Current Period Defaulted Valuation Amount 133,843.54 Current Period Gross loss on Defaulted Contract 0.00 ------------- Total Gross Loss 133,843.54 B. Payments Received on Defaulted Contracts 2,460.05 ------------- C. Current Month Net Loss Amount 131,383.49 D. Cumulative Liquidation Losses to date 579,774.68 % of Initial Contracts 0.088% % of Initial Contract Pool Balance 0.052%

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