8-K 1 a36892.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: 20-Jan-04 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 9 Item 5. Other CIT Equipment Collateral 2003-VT1 Monthly Servicing Report

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Page 3 of 9 III. INFORMATION REGARDING DISTRIBUTIONS ON THE SECURITIES

IV. Information Regarding the Securities A Summary of Balance Information

B Other Information

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Page 5 of 9 V. PRINCIPAL A. MONTHLY PRINCIPAL AMOUNT 1. Principal Balance of Notes and Equity Certificates 684,458,267.59 (End of Prior Collection Period) 2. Contract Pool Principal Balance (End of Collection Period) 657,300,029.11 -------------- Total monthly principal amount 27,158,238.48

VI. CONTRACT POOL DATA A. CONTRACT POOL CHARACTERISTICS

B. DELINQUENCY INFORMATION

Page 6 of 9 C. DEFAULTED CONTRACT INFORMATION 1. Required Payoff Amount on Defaulted Contracts 965,943.27 2. Liquidation Proceeds received 740,169.78 ------------ 3. Current Liquidation Loss Amount 225,773.49 4. Cumulative Liquidation Losses to date 2,337,161.03 % of Initial Contracts 1.729% % of Initial Contract Pool Balance 0.268%

Page 7 of 9 VII. MISCELLANEOUS INFORMATION A. SERVICER ADVANCE BALANCE 1. Opening Servicer Advance Balance 4,683,062.41 2. Current Period Servicer Advance 2,348,105.91 3. Recoveries of prior Servicer Advances (2,425,496.55) ------------- 4. Ending Servicer Advance Balance 4,605,671.77 B. CASH COLLATERAL ACCOUNT 1. Applicable Rates for the Interest Period: a. Libor Rate for the Interest Period 1.1488% b. Senior Loan Interest Rate 4.6488% c. Holdback Amount Interest Rate 7.1488% 2. Opening Cash Collateral Account 56,467,807.08 3. Deposit from the Collection Account 0.00 4. Withdrawals from the Cash Collateral Account (170,047.76) 5. Investment Earnings 43,074.58 6. Investment Earnings Distributions: a. Senior Loan Interest (43,074.58) b. Senior Loan Principal 0.00 c. Holdback Amount Interest 0.00 d. Holdback Amount Principal 0.00 ------------- Total Investment Earnings distributions (43,074.58) 7. Remaining available amount 56,297,759.32 8. Required Cash Collateral Account Amount 54,227,252.40 9. Cash Collateral Account Surplus/ (Shortfall) 2,070,506.92 10. Distribution of CCA Surplus: a. Senior Loan Principal (2,070,506.92) b. Holdback Amount Principal 0.00 ------------- Total Distribution of Surplus (2,070,506.92) 11. Ending Cash Collateral Account 54,227,252.40 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) 4.1410% 4. Life to Date Substitutions: a. Prepayments 0.00 b. Defaults 0.00 ---------------------------------------------------------- Jan-04 Dec-03 Item Payment Date Payment Date ---------------------------------------------------------- 5. a. Senior Loan 12,252,514.31 14,323,021.23 b. Holdback Amount 42,271,204.00 42,271,204.00

Page 8 of 9 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 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. CIT Financial USA, Inc. Glenn Votek ----------- Glenn Votek Executive Vice President, and Treasurer Page 9 of 9

CIT EQUIPMENT COLLATERAL 2003-VT1 8-K