8-K 1 a36566.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: 18-Nov-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 1 of 8 Item 5. Other CIT Equipment Collateral 2003-VT1 Monthly Servicing Report Determination Date: 11/18/03 Collection Period: 10/31/03 Payment Date: 11/20/03 I. AVAILABLE FUNDS A. Available Pledged Revenues a. Scheduled Payments Received $28,677,779.11 b. Liquidation Proceeds Allocated to Owner Trust 961,686.25 c. Required Payoff Amounts of Prepaid Contracts 1,331,099.36 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 = $30,970,564.72 B. Determination of Available Funds a. Total Available Pledged Revenues $30,970,564.72 b. Receipt from Class A-3 Swap Counterparty 0.00 c. Servicer Advances 2,020,353.66 d. Recoveries of prior Servicer Advances (2,894,712.89) e. Withdrawal from Cash Collateral Account 173,051.41 -------------- Total Available Funds = $30,269,256.90 ==============

Page 2 of 8 II. DISTRIBUTION AMOUNTS A. COLLECTION ACCOUNT DISTRIBUTIONS 1. Servicing Fee 460,692.32 2. Class A-1 Note Interest Distribution 125,881.40 Class A-1 Note Principal Distribution 26,590,067.88 Aggregate Class A-1 distribution 26,715,949.28 3. Class A-2 Note Interest Distribution 169,333.33 Class A-2 Note Principal Distribution 0.00 Aggregate Class A-2 distribution 169,333.33 4. Class A-3a Note Interest Distribution 234,652.78 Class A-3a Note Principal Distribution 0.00 Class A-3b Note Interest Distribution 154,850.00 Class A-3b Note Principal Distribution 0.00 Aggregate Class A-3 distribution 389,502.78 5. Class A-4 Note Interest Distribution 117,325.25 Class A-4 Note Principal Distribution 0.00 Aggregate Class A-4 distribution 117,325.25 6. Class B Note Interest Distribution 35,642.23 Class B Note Principal Distribution 792,657.85 Aggregate Class B distribution 828,300.08 7. Class C Note Interest Distribution 24,508.83 Class C Note Principal Distribution 432,358.83 Aggregate Class C distribution 456,867.66 8. Class D Note Interest Distribution 68,796.72 Class D Note Principal Distribution 1,008,837.26 Aggregate Class D distribution 1,077,633.98 9. Payment due to the Class A-3a Swap Counterparty 53,652.22 10. Deposit to the Cash Collateral Account 0.00 11. Amounts in accordance with the CCA Loan Agreement 0.00 12. Remainder to the holder of the equity certificate 0.00 ------------- Collection Account Distributions = 30,269,256.90 ============= B. CASH COLLATERAL ACCOUNT DISTRIBUTIONS 1. Payment due on the Senior Loan 2,245,700.11 2. Payment due on the Holdback 0.00 3. Payment to the Depositor 0.00 ------------- Cash Collateral Account Distributions = 2,245,700.11 ============= C. INCORRECT DEPOSITS TO BE RETURNED TO CIT Collection Account Distributions = 0.00 =============

Page 3 of 8 III. INFORMATION REGARDING DISTRIBUTIONS ON THE SECURITIES

IV. Information Regarding the Securities A Summary of Balance Information

B Other Information

Page 4 of 8 V. PRINCIPAL A. MONTHLY PRINCIPAL AMOUNT 1. Principal Balance of Notes and Equity Certificates 737,107,710.40 (End of Prior Collection Period) 2. Contract Pool Principal Balance (End of Collection Period) 708,283,788.58 -------------- Total monthly principal amount 28,823,921.82

B. PRINCIPAL BREAKDOWN

VI. CONTRACT POOL DATA A. CONTRACT POOL CHARACTERISTICS

B. DELINQUENCY INFORMATION

Page 5 of 8 VII. MISCELLANEOUS INFORMATION A. SERVICER ADVANCE BALANCE 1. Opening Servicer Advance Balance 4,807,059.40 2. Current Period Servicer Advance 2,020,353.66 3. Recoveries of prior Servicer Advances (2,894,712.89) ------------- 4. Ending Servicer Advance Balance 3,932,700.17 B. CASH COLLATERAL ACCOUNT 1. Applicable Rates for the Interest Period: a. Libor Rate for the Interest Period 1.1200% b. Senior Loan Interest Rate 4.6200% c. Holdback Amount Interest Rate 7.1200% 2. Opening Cash Collateral Account 60,811,386.11 3. Deposit from the Collection Account 0.00 4. Withdrawals from the Cash Collateral Account (173,051.41) 5. Investment Earnings 40,777.97 6. Investment Earnings Distributions: a. Senior Loan Interest (40,777.97) b. Senior Loan Principal 0.00 c. Holdback Amount Interest 0.00 d. Holdback Amount Principal 0.00 ------------- Total Investment Earnings distributions (40,777.97) 7. Remaining available amount 60,719,890.64 8. Required Cash Collateral Account Amount 58,433,412.56 9. Cash Collateral Account Surplus/(Shortfall) 2,286,478.08 10. Distribution of CCA Surplus: a. Senior Loan Principal (2,204,922.14) b. Holdback Amount Principal 0.00 ------------- Total Distribution of Surplus (2,204,922.14) 11. Ending Cash Collateral Account 58,433,412.56 12. Cash Collateral Account deficiency 0.00 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) 4.5240% 4. Life to Date Substitutions: a. Prepayments 0.00 b. Defaults 0.00

6 of 8 6. DELINQUENCY, NET LOSSES AND CPR HISTORY

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 11/20/03 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

CIT EQUIPMENT COLLATERAL 2003-VT1 8-K