8-K 1 a35823.txt CIT EQUIPMENT COLLATERAL 2003-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: 17-Jul-03 CIT Equipment Collateral 2003-VT1 A Delaware Commission File I.R.S. Employer Corporation No. 0001240986 No. 75-6688971 c/o CIT Financial USA, Inc. 1 CIT Drive, Livingston, New Jersey 07039 Telephone number: (973)740-5000 Page 2 of 8 Item 5. Other CIT Equipment Collateral 2003-VT1 Monthly Servicing Report

Determination Date: 07/17/03 Collection Period: 06/30/03 Payment Date: 07/21/03 I. AVAILABLE FUNDS A. Available Pledged Revenues a. Scheduled Payments Received $2427,~~592~~211,~~802~~413.1259 b. Liquidation Proceeds Allocated to Owner Trust 0159,520.0089 c. Required Payoff Amounts of Prepaid Contracts 1433,~~817,602~~059.8594 d. Required Payoff Amounts of Purchased Contracts ~~281~~4,~~267~~459.1913 e. Proceeds of Clean-up Call 0.00 f. Investment Earnings on Collection Account and Note Distribution Account 0.00 -------------- Total Available Pledged Revenues = $2627,~~691~~808,~~672~~453.1655 B. Determination of Available Funds a. Total Available Pledged Revenues $2627,~~691~~808,~~672~~453.1655 b. Receipt from Class A-3a Swap Counterparty 0.00 c. Servicer Advances 52,~~285~~711,~~723~~772.3267 d. Recoveries of prior Servicer Advances 0(3,404,743.0092) e. Withdrawal from Cash Collateral Account 0.00 -------------- Total Available Funds = $3127,~~977~~115,~~395~~482.4830 ==============

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II. DISTRIBUTION AMOUNTS A. COLLECTION ACCOUNT DISTRIBUTIONS 1. Servicing Fee ~~544~~526,~~745~~085.8336 2. Class A-1 Note Interest Distribution 65226,~~809~~346.7211 Class A-1 Note Principal Distribution 2723,~~541~~502,~~011~~746.5157 Aggregate Class A-1 distribution 2723,~~606~~729,~~821~~092.2368 3. Class A-2 Note Interest Distribution 45169,~~155~~333.5633 Class A-2 Note Principal Distribution 0.00 Aggregate Class A-2 distribution 45169,~~155~~333.5633 4. Class A-3a Note Interest Distribution 69231,~~760~~602.0029 Class A-3a Note Principal Distribution 0.00 Class A-3b Note Interest Distribution 41154,~~293~~850.3300 Class A-3b Note Principal Distribution 0.00 Aggregate Class A-3 distribution ~~111~~386,~~053~~452.3329 5. Class A-4 Note Interest Distribution 31117,~~286~~325.7325 Class A-4 Note Principal Distribution 0.00 Aggregate Class A-4 distribution 31117,~~286~~325.7325 6. Class B Note Interest Distribution 1140,~~238~~701.8047 Class B Note Principal Distribution ~~821~~700,~~244~~623.2588 Aggregate Class B distribution ~~832~~741,~~483~~325.0535 7. Class C Note Interest Distribution 727,~~728~~987.1974 Class C Note Principal Distribution ~~447~~382,~~951~~158.4148 Aggregate Class C distribution ~~455~~410,~~679~~146.6022 8. Class D Note Interest Distribution 2178,~~694~~562.1008 Class D Note Principal Distribution 1891,~~046,541~~703.9412 Aggregate Class D distribution 1970,~~068,236~~265.0420 9. Payment due to the Class A-3a Swap Counterparty 756,~~121~~702.3371 10. Deposit to the Cash Collateral Account ~~1,274,812~~0.7800 11. Amounts in accordance with the CCA Loan Agreement 08,753.0091 12. Remainder to the holder of the equity certificate 0.00 -------------- Collection Account Distributions = 3127,~~977~~115,~~395~~482.4830 ============== B. CASH COLLATERAL ACCOUNT DISTRIBUTIONS 1. Payment due on the Senior Loan 01,524,250.0039 2. Payment due on the Holdback 0.00 3. Payment to the Depositor 0.00 -------------- Cash Collateral Account Distributions = 01,524,250.0039 ============== C. INCORRECT DEPOSITS TO BE RETURNED TO CIT Collection Account Distributions = 0.00 --------------

Page 4 of 8 III. INFORMATION REGARDING DISTRIBUTIONS ON THE SECURITIES

----------------------------------------------------------------------------------------------- Distribution Class A-1 Class A-2 Class A-3 Class A-4 Amounts Notes Notes Notes Notes ----------------------------------------------------------------------------------------------- 1. Interest Due 65226,~~809~~346.7211 45169,~~155~~333.5633 ~~111~~386,~~053~~452.3329 31117,~~286~~325.7325 2. Interest Paid 65226,~~809~~346.7211 45169,~~155~~333.5633 ~~111~~386,~~053~~452.3329 31117,~~286~~325.7325 3. Interest Shortfall 0.00 0.00 0.00 0.00 ((1) minus (2)) 4. Principal Paid 2723,~~541~~502,~~011~~746.5157 0.00 0.00 0.00 5. Total Distribution Amount 2723,~~606~~729,~~821~~092.2368 45169,~~155~~333.5633 ~~111~~386,~~053~~452.3329 31117,~~286~~325.7325 ((2) plus (4)) ----------------------------------------------------------------------------------------------- Distribution Class B Class C Class D Total Offered Amounts Notes Notes Notes Notes ----------------------------------------------------------------------------------------------- 1. Interest Due 1140,~~238~~701.8047 727,~~728~~987.1974 2178,~~694~~562.1008 ~~293~~1,~~966~~046,708.4327 2. Interest Paid 1140,~~238~~701.8047 727,~~728~~987.1974 2178,~~694~~562.1008 ~~293~~1,~~966~~046,708.4327 3. Interest Shortfall 0.00 0.00 0.00 0.00 ((1) minus (2)) 4. Principal Paid ~~821~~700,~~244~~623.2588 ~~447~~382,~~951~~158.4148 1891,~~046,541~~703.9412 2925,~~856~~477,~~749~~232.1105 5. Total Distribution Amount ~~832~~741,~~483~~325.0535 ~~455~~410,~~679~~146.6022 1970,~~068,236~~265.0420 3026,~~150~~523,~~715~~940.5432 ((2) plus (4))

IV. Information Regarding the Securities A Summary of Balance Information

~~A Summary of Balance Information~~ -------------------------------------------------------------------------------------------------------------------- Applicable Principal Balance Class Factor Principal Balance Class Factor Class Coupon ~~Jun~~Jul-03 ~~Jun~~Jul-03 ~~May~~Jun-03 ~~May~~Jun-03 Rate Payment Date Payment Date Payment Date Payment Date -------------------------------------------------------------------------------------------------------------------- a. Class A-1 Notes 1.2088% ~~217~~193,~~458~~956,~~988~~241.4992 0.~~88759~~79166 ~~245~~217,~~000~~458,~~000~~988.0049 10.~~00000~~88759 b. Class A-2 Notes 1.2700% 160,000,000.00 1.00000 160,000,000.00 1.00000 c. Class A-3a Notes 1.~~4400~~2338% 218,000,000.00 1.00000 218,000,000.00 1.00000 d. Class A-3b Notes 1.6300% 114,000,000.00 1.00000 114,000,000.00 1.00000 e. Class A-4 Notes 2.1000% 67,043,000.00 1.00000 67,043,000.00 1.00000 f. Class B Notes 2.1100% 2322,~~147~~447,~~755~~131.7587 0.~~96574~~93651 23,~~969~~147,~~000~~755.0075 10.~~00000~~96574 g. Class C Notes 2.6600% 12,~~626~~243,~~048~~890.5911 0.~~96574~~93651 1312,~~074~~626,~~000~~048.0059 10.~~00000~~96574 h. Class D Notes 3.2000% 2928,~~460~~569,~~780~~076.0694 0.~~96570~~93647 3029,~~507~~460,~~322~~780.0006 10.~~00000~~96570 i. Total Offered Notes 816,259,340.84 841,736,572.89 ~~871,593,322.00~~ j. One - Month Libor Rate 1.~~31000~~10375%

B Other Information

~~B Other Information~~ -------------------------------------------------------------------------------- Scheduled Scheduled Principal Balance Principal Balance Class Jul-03 Jun-03 Payment Date Payment Date -------------------------------------------------------------------------------- Class A-1 Notes 198,518,059.00 221,650,715.00

---------------------------------------------------------------------------------------------------------------------- Target Class Target Class Class Principal Amount Floor Principal Amount Floor Class Percentage Jul-03 Jul-03 Jun-03 Jun-03 Payment Date Payment Date Payment Date Payment Date ---------------------------------------------------------------------------------------------------------------------- Class A 92.25% 752,999,241.92 776,501,988.49 Class B 2.75% 22,447,131.87 0.00 23,147,755.75 0.00 Class C 1.50% 12,243,890.11 0.00 12,626,048.59 0.00 Class D 3.50% 28,569,076.93 0.00 29,460,780.05 0.00

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V. PRINCIPAL A. MONTHLY PRINCIPAL AMOUNT 1. Principal Balance of Notes and Equity Certificates ~~871~~841,~~593~~736,~~322~~572.0089 (End of Prior Collection Period) 2. Contract Pool Principal Balance (End of Collection Period) ~~841~~816,~~736~~259,~~572~~340.8984 --------------- Total monthly principal amount 2925,~~856~~477,~~749~~232.1105 B. PRINCIPAL BREAKDOWN No. of Accounts --------------- 1. Scheduled Principal 62,~~108~~066 2724,~~757~~769,~~879~~312.0745 2. Prepaid Contracts ~~130~~68 1433,~~817,602~~059.8594 3. Defaulted Contracts 029 0270,400.0053 4. Contracts purchased by CIT Financial USA, Inc. 241 ~~281~~4,~~267~~459.1913 ---------------------------------- Total Principal Breakdown 62,~~262~~164 2925,~~856~~477,~~749~~232.1105

VI. CONTRACT POOL DATA A. CONTRACT POOL CHARACTERISTICS

~~VI. CONTRACT POOL DATA A. CONTRACT POOL CHARACTERISTICS~~ --------------------------------------------------------------------- Original Jul-03 Jun-03 Pool Payment Date Payment Date --------------------------------------------------------------------- 1. a. Contract Pool Balance 871,593,322.00 816,259,340.84 841,736,572.89 b. No. of Contracts 62,416 62,164 62,262 c. Pool Factor 2. Weighted Average Remaining Term 39.20 37.53 38.39 3. Weighted Average Original Term 44.80

B. DELINQUENCY INFORMATION

~~B. DELINQUENCY INFORMATION~~ ---------------------------------------------------------------~~--------~~ % of % of Aggregate Required Payoff No. of Aggregate Required Contracts Amount Accounts Payoff Amounts ---------------------------------------------------------------~~--------~~ 1. Current 96.8281% 9798.5219% 60,~~282~~183 ~~825~~805,~~986~~983,~~709~~330.1173 31-60 days 21.0969% 1.9510% 1,~~302~~053 169,~~519~~006,~~950~~206.6175 61-90 days 10.0980% 0.5340% ~~678~~500 43,~~515~~254,~~636~~880.4902 91-120 days 0.0069% 0.0032% 0427 02,603,740.0082 120+ days 0.00% 0.00% 01 03,934.0059 Total Delinquency 100.000% 100.000% 62,~~262~~164 ~~847~~820,~~022~~852,~~296~~092.2191 2. Delinquent Scheduled Payments: Beginning of Collection Period 05,285,723.0032 End of Collection Period 54,~~285~~592,~~723~~752.3207 ------------- Change in Delinquent ~~5,285,723.32~~ Scheduled Payments (692,971.25) C. DEFAULTED CONTRACT INFORMATION 1. Required Payoff Amount on Defaulted Contracts 0270,400.0053 2. Liquidation Proceeds received 0159,520.0089 ------------- 3. Current Liquidation Loss Amount 0110,879.0064 4. Cumulative Liquidation Losses to date 0110,879.0064 % of Initial Contracts ` 0.~~000~~046% % of Initial Contract Pool Balance 0.~~000~~013%

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VII. MISCELLANEOUS INFORMATION A. SERVICER ADVANCE BALANCE 1. Opening Servicer Advance Balance 05,285,723.0032 2. Current Period Servicer Advance 52,~~285~~711,~~723~~772.3267 3. Recoveries of prior Servicer Advances 0(3,404,743.0092) ------------- 4. Ending Servicer Advance Balance 54,~~285~~592,~~723~~752.3207 B. CASH COLLATERAL ACCOUNT 1. Applicable Rates for the Interest Period: a. Libor Rate for the Interest Period 1.~~3100~~1038% b. Senior Loan Interest Rate 4.~~8100~~6038% c. Holdback Amount Interest Rate 7.~~3100~~1038% 2. Opening Cash Collateral Account 6768,~~548~~823,~~482~~294.0078 3. Deposit from the Collection Account ~~1,274,812~~0.7800 4. Withdrawals from the Cash Collateral Account 0.00 5. Investment Earnings 033,597.0032 6. Investment Earnings Distributions: a. Senior Loan Interest 0(42,351.0023) b. Senior Loan Principal 0.00 c. Holdback Amount Interest 0.00 d. Holdback Amount Principal 0.00 ------------- Total Investment Earnings distributions 0(42,351.0023) 7. Remaining available amount 68,~~823~~899,~~294~~243.7833 8. Required Cash Collateral Account Amount 6967,~~443~~341,~~267~~395.2662 9. Cash Collateral Account Surplus/ (Shortfall) ~~(619~~1,~~972~~557,847.~~48)~~71 10. Distribution of CCA Surplus: a. Senior Loan Principal 0(1,481,899.0016) b. Holdback Amount Principal 0.00 -------------- Total Distribution of Surplus 0(1,481,899.0016) 11. Ending Cash Collateral Account 6867,~~823~~341,~~294~~395.7862 12. Cash Collateral Account deficiency ~~(619,972~~0.~~48)~~00 C. OTHER RELATED INFORMATION 1. Assumed Fixed Swap rate for Class A-3a 1.5870% 2. Discount Rate 2.4530% 3. Life to Date Prepayment (CPR) 86.~~6685~~1010% 4. Life to Date Substitutions: a. Prepayments 0.00 b. Defaults 0.00

---------------------------------------------------------------- Jul-03 Jun-03 Item Payment Date Payment Date ---------------------------------------------------------------- a. Senior Loan 23,795,378.84 25,277,278.00 b. Holdback Amount 42,271,204.00 58,767,335.00

page 7 of 8 NCT Funding Company LLC, JPMorgan Chase, 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 07/21/03 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. CIT Financial USA, Inc. Glenn Votek ----------- Glenn Votek Executive Vice President, and Treasurer Page 8 of 8

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