8-K 1 a36893.txt CIT EQUIPMENT COLLATERAL 2002-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: 15-Jan-04 CIT Equipment Collateral 2002-VT1 ~~A Delaware Commission File I.R.S. Employer Corporation No. 0001172747 No. 51-0407692~~

c/o Capita Corporation 1 CIT Drive, Livingston, New Jersey 07039 Telephone number: (973)740-5000 Page 2 of 8 Item 5. Other CIT Equipment Collateral 2002-VT1 Monthly Servicing Report Determination Date: 01/15/04 Collection Period: 12/31/03 Payment Date: 01/20/04 I. AVAILABLE FUNDS A. Available Pledged Revenues a. Scheduled Payments Received $ 25,057,940.06 b. Liquidation Proceeds Allocated to Owner Trust 929,839.93 c. Required Payoff Amounts of Prepaid Contracts 2,625,700.23 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 = $ 28,613,480.22 B. Determination of Available Funds a. Total Available Pledged Revenues $ 28,613,480.22 b. Servicer Advances 2,402,718.22 c. Recoveries of prior Servicer Advances (3,970,133.84) d. Withdrawal from Cash Collateral Account 251,632.43 --------------- Total Available Funds = $ 27,297,697.03

Page 3 of 8 II. DISTRIBUTION AMOUNTS A. COLLECTION ACCOUNT DISTRIBUTIONS 1. Servicing Fee 245,887.72 2. Class A-1 Note Interest Distribution 0.00 Class A-1 Note Principal Distribution 0.00 Aggregate Class A-1 distribution 0.00 3. Class A-2 Note Interest Distribution 0.00 Class A-2 Note Principal Distribution 0.00 Aggregate Class A-2 distribution 0.00 4. Class A-3 Note Interest Distribution 867,616.62 Class A-3 Note Principal Distribution 23,800,722.64 Aggregate Class A-3 distribution 24,668,339.26 5. Class A-4 Note Interest Distribution 414,657.08 Class A-4 Note Principal Distribution 0.00 Aggregate Class A-4 distribution 414,657.08 6. Deposit to the Class A Principal Account 0.00 7. Class B Note Interest Distribution 35,793.06 Class B Note Principal Distribution 705,681.80 Aggregate Class B distribution 741,474.86 8. Class C Note Interest Distribution 21,834.83 Class C Note Principal Distribution 384,917.35 Aggregate Class C distribution 406,752.18 9. Class D Note Interest Distribution 50,751.23 Class D Note Principal Distribution 769,834.69 Aggregate Class D distribution 820,585.92 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 = 27,297,697.03 ============= B. CASH COLLATERAL ACCOUNT DISTRIBUTIONS 1. Payment due on the Senior Loan 0.00 2. Payment due on the Holdback 2,016,977.67 3. Payment to the Depositor 0.00 ------------- Cash Collateral Account Distributions = 2,016,977.67 ============= C. INCORRECT DEPOSITS TO BE RETURNED TO CIT Collection Account Distributions = 0.00 -------------

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

IV. Information Regarding the Securities A. Summary of Balance Information

B. Other Information

Page 5 of 8 V. PRINCIPAL A. MONTHLY PRINCIPAL AMOUNT 1. Principal Balance of Notes and Equity Certificates 393,420,356.12 (End of Prior Collection Period) 2. Contract Pool Principal Balance (End of Collection Period) 367,759,199.63 -------------- Total monthly principal amount 25,661,156.49

B. PRINCIPAL BREAKDOWN

VI. CONTRACT POOL DATA A. CONTRACT POOL CHARACTERISTICS

B. DELINQUENCY INFORMATION

C. DEFAULTED CONTRACT INFORMATION 1. Required Payoff Amount on Defaulted Contracts 1,083,253.25 2. Liquidation Proceeds received 929,839.93 ---------------- 3. Current Liquidation Loss Amount 153,413.32 4. Cumulative Liquidation Losses to date 13,453,411.44 % of Initial Contracts 5.819% % of Initial Contract Pool Balance 1.259%

Page 6 of 8 VII. MISCELLANEOUS INFORMATION A. SERVICER ADVANCE BALANCE 1. Opening Servicer Advance Balance 7,227,740.62 2. Current Period Servicer Advance 2,402,718.22 3. Recoveries of prior Servicer Advances -3,970,133.84 --------------- 4. Ending Servicer Advance Balance 5,660,325.00

B. CASH COLLATERAL ACCOUNT 1. Applicable Rates for the Interest Period: a. Libor Rate for the Interest Period 1.4875% b. Senior Loan Interest Rate 4.9875% c. Holdback Amount Interest Rate 7.4875% 2. Opening Cash Collateral Account 34,424,281.16 3. Deposit from the Collection Account 0.00 4. Withdrawals from the Cash Collateral Account (251,632.43) 5. Investment Earnings 23,258.91 6. Investment Earnings Distributions: a. Senior Loan Interest 0.00 b. Senior Loan Principal 0.00 c. Holdback Amount Interest -23,258.91 d. Holdback Amount Principal 0.00 ------------ Total Investment Earnings distributions -23,258.91 7. Remaining available amount 0.00 8. Required Cash Collateral Account Amount 32,178,929.97 9. Cash Collateral Account Surplus/ (Shortfall) 0.00 10. Distribution of CCA Surplus: a. Senior Loan Principal 0.00 b. Holdback Amount Principal -1,993,718.76 ------------- Total Distribution of Surplus -1,993,718.76 11. Ending Cash Collateral Account 32,178,929.97 12. Cash Collateral Account deficiency 0.00

C. OTHER RELATED INFORMATION 1. Discount Rate 4.6150% 2. Life to Date Prepayment (CPR) 6.68% 3. Life to Date Substitutions: a. Prepayments 0.00 b. Defaults 0.00

Page 7 of 8 NCT Funding Company LLC, Allfirst Bank, as trustee under the Indenture, and Capita Corporation, 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 01/20/04

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.

Capita Corporation Glenn Votek ----------- Glenn Votek Executive Vice President, and Treasurer Page 8 of 8

CIT EQUIPMENT COLLATERAL 2002-VT1 8-K