8-K 1 a39542.txt CIT EQUIPMENT COLLATERAL 2003-EF1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): March 18, 2005 CIT Equipment Collateral 2003-EF1 (Exact Name of Registrant as Specified in its Charter) Delaware 333-53688-02 02-6166260 (State or other jurisdiction (Commission File Number) (IRS Employer of incorporation) Identification No.) c/o M&T Trust Company of Delaware 499 Mitchell Road, MC 101-591 Millsboro, Delaware 19966 (Address of principal executive offices and zip code) Registrants' telephone number, including area code: (410) 244-4626 N/A (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14A-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 9.01. Financial Statements and Exhibits. (c). Exhibits. The following are filed herewith. The exhibit numbers correspond with items 601 of Regulation S-K.

~~WEIGHTED~~Exhibit WEIGHTED AVERAGE CURRENT AVERAGE AVERAGE REQUIRED NUMBER REQUIRED ORIGINAL REMAINING PAYOFF OF PAYOFF TERM TERM AMOUNT CONTRACTS AMOUNT (RANGE) (RANGE) (RANGE) ------------- ---------- ----------- ----------- ----------- 9,406 $638,793,671 53No.6 ~~months~~Description 35.9 months $67,320 (16 to 117 months) (7 to 89 months) ($0 to $4,031,919) TYPE OF CONTRACT AT DECEMBER 31, 2003 TOTAL % OF NUMBER NUMBER REQUIRED REQUIRED OF OF PAYOFF PAYOFF TYPE OF CONTRACT CONTRACTS CONTRACTS AMOUNT AMOUNT -----------~~-----~~ ~~Leases 2,317 24.63 % $ 174,558,262 27.33 % Loans and other financing arrangements 7,089 75.37 $ 464,235,409 72.67~~ -----------~~-----------------------------------------------------------------~~ ~~Total 9,406 100~~99.001 %Pool $Data ~~638,793,671 100.00 % ============================================================================~~Report

SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CIT EQUIPMENT COLLATERAL 2003-EF1 By: THE CIT GROUP/EQUIPMENT FINANCING, Inc., as Servicer By: /s/ Usama Ashraf ---------------------------------------- Name: Usama Ashraf Title: Vice President Dated: March 18, 2005

% OF TOTAL % OF WEIGHTED NUMBER NUMBER REQUIRED REQUIRED AVERAGE ANNUAL OF OF PAYOFF PAYOFF PERCENTAGE ANNUAL PERCENTAGE RATE CONTRACTS CONTRACTS AMOUNT AMOUNT RATE ---------------------- --------- --------- ------ ------ -------------- 5.00- 5.99 573 6.10 % $ 36,877,822 5.78 5.69 % 6.00- 6.99 1,952 20.77 146,905,211 23.01 6.61 7.00- 7.99 2,784 29.62 187,826,466 29.42 7.52 8.00- 8.99 2,175 23.14 145,771,662 22.84 8.46 9.00- 9.99 1,091 11.61 66,961,030 10.49 9.53 10.00- 10.99 475 5.05 33,065,251 5.18 10.46 11.00- 11.99 222 2.36 14,552,127 2.28 11.43 12.00- 12.99 105 1.12 5,592,050 0.88 12.51 13.00- 13.99 22 0.23 789,590 0.12 13.31 -------------- --------------- ------------------ ------------ ------------------ Total 9,399 100.00 % $ 638,341,210 100.00 % 7.92 % ============== =============== ================== ============ ================== Unliquidated Defaulted Contracts 7 $ 452,461 -------------- ------------------ Total 9,406 $ 638,793,671 ============== ==================

% OF TOTAL % OF NUMBER NUMBER REQUIRED REQUIRED OF OF PAYOFF PAYOFF STATE CONTRACTS CONTRACTS AMOUNT AMOUNT ----- --------- --------- ------ ------ Alabama 236 2.51 16,547,414 2.59 % Alaska 60 0.64 4,260,582 0.67 Arizona 231 2.46 19,255,763 3.01 Arkansas 191 2.03 11,625,972 1.82 California 999 10.62 85,451,070 13.38 Colorado 163 1.73 11,298,719 1.77 Connecticut 125 1.33 6,586,432 1.03 Delaware 28 0.30 757,382 0.12 District of Columbia 3 0.03 133,904 0.02 Florida 585 6.22 38,144,402 5.97 Georgia 292 3.10 19,502,205 3.05 Hawaii 22 0.23 2,206,084 0.35 Idaho 158 1.68 10,473,536 1.64 Illinois 345 3.67 18,930,680 2.96 Indiana 113 1.20 8,096,919 1.27 Iowa 57 0.61 4,992,004 0.78 Kansas 79 0.84 5,940,446 0.93 Kentucky 84 0.89 3,872,033 0.61 Louisiana 175 1.86 11,335,753 1.77 Maine 39 0.41 2,066,820 0.32 Maryland 224 2.38 9,556,952 1.50 Massachusetts 160 1.70 13,089,921 2.05 Michigan 267 2.84 17,236,260 2.70 Minnesota 112 1.19 7,653,386 1.20 Mississippi 97 1.03 7,380,514 1.16 Missouri 124 1.32 8,154,075 1.28 Montana 48 0.51 2,876,364 0.45 Nebraska 25 0.27 1,649,129 0.26 Nevada 153 1.63 12,545,750 1.96 New Hampshire 57 0.61 3,692,300 0.58 New Jersery 341 3.63 22,632,847 3.54 New Mexico 81 0.86 4,253,158 0.67 New York 604 6.42 31,035,598 4.86 North Carolina 252 2.68 15,402,656 2.41 North Dakota 3 0.03 301,679 0.05 Ohio 223 2.37 14,616,754 2.29 Oklahoma 97 1.03 6,574,068 1.03 Oregon 159 1.69 11,977,682 1.88 Pennsylvania 414 4.40 25,821,374 4.04 Rhode Island 20 0.21 1,219,769 0.19 South Carolina 141 1.50 12,951,555 2.03 South Dakota 18 0.19 586,387 0.09 Tennessee 197 2.09 14,710,849 2.30 Texas 663 7.05 44,804,886 7.01 Utah 183 1.95 9,927,174 1.55 Vermont 14 0.15 583,546 0.09 Virginia 274 2.91 21,271,047 3.33 Washington 284 3.02 19,706,274 3.08 West Virginia 39 0.41 2,372,646 0.37 Wisconsin 112 1.19 10,633,031 1.66 Wyoming 35 0.37 2,097,921 0.33 ------------ -------------- --------------- ------------ Total 9,406 100.00 % 638,793,671 100.00% ============ ============== =============== ============

% OF TOTAL % OF NUMBER NUMBER REQUIRED REQUIRED OF OF ACTIVE PAYOFF PAYOFF OF ACTIVE DAYS DELINQUENT CONTRACTS CONTRACTS AMOUNT AMOUNT --------------- --------- --------- ------ ------ Current, including 1 to 30 day delinquent contracts 9,167 97.53 % 620,070,922 97.14 % 31-60 days delinquent 153 1.63 11,120,650 1.74 61-90 days delinquent 38 0.40 3,062,537 0.48 91-120 days delinquent 26 0.28 2,240,513 0.35 121-150 days delinquent 9 0.10 1,570,100 0.25 151-180 days delinquent 6 0.06 276,488 0.04 ------------ ---------- ------------- -------------- Total Active Accounts 9,399 100.00 % 638,341,210 100.00 % ============ ========== ============= ============== Unliquidated Defaulted Contracts 7 452,461 ----------- ------------- Total 9,406 638,793,671 =========== ============= TYPES OF EQUIPMENT AT DECEMBER 31, 2003 % OF TOTAL % OF NUMBER NUMBER REQUIRED REQUIRED OF OF PAYOFF PAYOFF TYPE OF EQUIPMENT CONTRACTS CONTRACTS AMOUNT AMOUNT ----------------- --------- --------- ------ ------ Construction 5,667 60.25 % 332,959,123 52.12 % Transportation 1,478 15.71 97,870,531 15.32 Manufacturing 1,032 10.97 77,245,158 12.09 Printing 357 3.80 33,421,079 5.23 Other (1) 259 2.75 18,106,837 2.83 Computers 79 0.84 16,398,492 2.57 Medical/Healthcare 67 0.71 15,719,257 2.46 Logging 189 2.01 14,779,586 2.31 Mining 22 0.23 7,710,917 1.21 Broadcasting/Communications 87 0.92 7,196,017 1.13 Agricultural 41 0.44 6,122,900 0.96 Food Processing 47 0.50 4,714,629 0.74 Commercial/Retail Fixtures 31 0.33 3,440,042 0.54 Fitness 50 0.53 3,109,103 0.49 -------------- ------------- -------------- -------------- Total 9,406 100.00 % 638,793,671 100.00 % ============== ============= ============== ============== (1) Includes $404,772 as the largest and $69,911 as the average Required Payoff Amount.

% OF TOTAL % OF NUMBER NUMBER REQUIRED REQUIRED OF OF PAYOFF PAYOFF REQUIRED PAYOFF AMOUNT CONTRACTS CONTRACTS AMOUNT AMOUNT ---------------------- ----------- --------- ------ ------ 0.01 - 5,000.00 186 1.98 % 762,168 0.12 % 5,000.01 - 10,000.00 838 8.91 6,365,765 1.00 10,000.01 - 15,000.00 886 9.42 11,077,085 1.73 15,000.01 - 25,000.00 1,610 17.12 31,875,181 4.99 25,000.01 - 50,000.00 2,402 25.54 86,235,263 13.50 50,000.01 - 100,000.00 1,921 20.42 135,778,727 21.26 100,000.01 - 150,000.00 696 7.40 84,137,368 13.17 150,000.01 - 250,000.00 491 5.22 92,464,616 14.47 250,000.01 - 500,000.00 266 2.83 88,882,395 13.91 500,000.01 - 1,000,000.00 78 0.83 50,969,258 7.98 1,000,000.01 - 1,500,000.00 21 0.22 25,728,856 4.03 1,500,000.01 - 2,500,000.00 8 0.09 14,941,802 2.34 2,500,000.01 - 4,031,919.00 3 0.03 9,575,187 1.50 -------------- ------------- ----------------- ------------- Total 9,406 100.00 % 638,793,671 100.00 % ============== ============= ================= ============= REMAINING TERM AT DECEMBER 31, 2003 % OF TOTAL % OF NUMBER NUMBER REQUIRED REQUIRED OF OF PAYOFF PAYOFF REMAINING TERMS OF CONTRACTS CONTRACTS CONTRACTS AMOUNT AMOUNT ---------------------------- --------- --------- ------ ------ (MONTHS) Less than 12 815 8.67 % 18,818,837 2.95 % 12- 24 3,016 32.09 133,219,731 20.87 25- 36 2,906 30.92 194,363,930 30.45 37- 48 2,038 21.68 181,927,653 28.50 49- 60 536 5.70 72,466,138 11.35 61- 72 52 0.55 20,588,983 3.23 73- 84 26 0.28 12,143,504 1.90 85- 96 10 0.11 4,812,434 0.75 ----------- ------------- ----------------- ----------- Total 9,399 100.00 % 638,341,210 100.00 % =========== ============= ================= =========== Unliquidated Defaulted Contracts 7 452,461 ----------- ----------------- Total 9,406 638,793,671 =========== =================

% OF TOTAL % OF NUMBER NUMBER REQUIRED REQUIRED OF OF PAYOFF PAYOFF TYPE OF OBLIGOR CONTRACTS CONTRACTS AMOUNT AMOUNT --------------- --------- --------- ------ ------ Construction 4,279 45.49 % $ 245,710,235 38.46 % Manufacturing 1,341 14.26 101,387,918 15.87 Services 1,180 12.55 91,051,469 14.25 Retail & Wholesale Trade 1,005 10.68 56,581,839 8.86 Printing 368 3.91 40,585,705 6.35 Transportation 299 3.18 38,006,080 5.95 Mining, Forestry, Fishing 193 2.05 22,355,524 3.50 Agriculture 539 5.73 21,784,303 3.41 Healthcare 79 0.84 13,392,827 2.10 Other (1) 123 1.31 7,937,772 1.24 ------------ ------------ ----------------- ---------- Total 9,406 100.00 % $ 638,793,671 100.00 % ============ ============ ================= ========== (1) Includes $765,426.12 as the largest required payoff amount belonging to a single obligor. OBLIGOR CONCENTRATION % OF NUMBER % OF TOTAL REQUIRED REQUIRED OBLIGORS (INCLUDING CONTRACTS SECURING OF NUMBER OF PAYOFF PAYOFF VENDOR LOANS) CONTRACTS CONTRACTS AMOUNT AMOUNT ----------------- ---------- --------- ------ ------ Top 5 9 0.10 % $ 15,307,571 2.4 % The Top 5 obligors conduct business in the Retail & Wholesale Trade, Construction, Manufacturing, Healthcare and Services industries.

COLLECTION SCHEDULED SCHEDULED COLLECTION SCHEDULED SCHEDULED PERIOD PRINCIPAL INTEREST PERIOD PRINCIPAL INTEREST ------ --------- -------- ------ --------- -------- January-2004 16,557,477.86 4,171,735.55 October-2007 3,421,842.57 230,210.41 February-2004 18,322,548.38 4,065,067.68 November-2007 2,972,924.20 207,224.49 March-2004 18,839,668.39 3,946,432.28 December-2007 2,748,387.09 187,136.28 April-2004 19,679,369.80 3,824,408.88 January-2008 2,123,198.65 168,522.72 May-2004 20,024,507.64 3,697,668.51 February-2008 1,895,744.30 154,033.98 June-2004 20,507,630.68 3,568,517.41 March-2008 1,671,543.77 141,091.28 July-2004 20,538,832.11 3,436,019.87 April-2008 1,635,578.12 129,751.48 August-2004 20,678,559.82 3,303,836.78 May-2008 1,493,268.54 118,672.98 September-2004 20,398,407.07 3,169,931.19 June-2008 1,005,900.35 108,164.93 October-2004 20,172,149.50 3,037,843.06 July-2008 1,078,700.48 101,276.22 November-2004 19,544,912.76 2,907,684.59 August-2008 913,775.86 93,741.55 December-2004 19,463,302.89 2,780,997.02 September-2008 1,193,466.48 87,491.89 January-2005 17,724,246.40 2,653,573.51 October-2008 976,856.17 79,124.93 February-2005 17,132,755.04 2,538,455.01 November-2008 902,472.21 72,293.72 March-2005 17,011,966.16 2,426,050.89 December-2008 973,061.54 65,889.91 April-2005 17,070,040.07 2,314,325.33 January-2009 903,410.26 59,066.18 May-2005 16,747,192.69 2,202,755.86 February-2009 902,769.22 52,742.29 June-2005 16,747,964.39 2,092,787.47 March-2009 585,443.40 46,716.61 July-2005 16,347,656.09 1,982,627.46 April-2009 676,502.99 42,601.94 August-2005 16,131,905.25 1,875,338.35 May-2009 415,657.60 37,750.06 September-2005 15,728,079.82 1,768,840.62 June-2009 470,014.18 34,940.27 October-2005 15,380,219.54 1,664,923.63 July-2009 371,156.82 31,661.17 November-2005 14,594,718.65 1,563,985.85 August-2009 373,648.85 29,169.14 December-2005 14,016,490.20 1,467,734.57 September-2009 376,157.83 26,660.16 January-2006 12,415,278.67 1,374,690.63 October-2009 373,000.01 24,134.00 February-2006 11,675,668.54 1,292,157.56 November-2009 499,898.26 21,633.85 March-2006 11,470,923.62 1,213,959.54 December-2009 392,838.22 18,229.54 April-2006 11,452,723.80 1,136,887.69 January-2010 460,625.88 15,570.96 May-2006 10,833,152.87 1,059,962.23 February-2010 278,536.71 12,478.77 June-2006 10,282,509.91 986,950.87 March-2010 257,608.30 10,569.46 July-2006 9,903,992.81 917,595.24 April-2010 152,225.58 8,825.39 August-2006 9,949,695.00 850,626.59 May-2010 146,680.28 7,786.99 September-2006 9,774,681.35 783,827.65 June-2010 113,367.58 6,783.77 October-2006 8,799,398.89 718,005.42 July-2010 117,031.04 6,003.47 November-2006 8,630,599.52 658,918.50 August-2010 110,416.15 5,190.01 December-2006 7,701,886.85 600,317.29 September-2010 111,164.63 4,441.53 January-2007 6,643,215.28 548,156.45 October-2010 87,965.84 3,687.90 February-2007 6,159,056.28 502,942.56 November-2010 88,567.30 3,086.44 March-2007 5,797,569.63 460,768.09 December-2010 89,172.95 2,480.79 April-2007 6,070,714.17 420,913.10 January-2011 71,927.71 1,872.70 May-2007 5,379,974.17 379,447.80 February-2011 72,431.85 1,368.56 June-2007 4,861,276.12 342,316.02 March-2011 59,135.06 860.82 July-2007 4,018,100.21 308,750.95 April-2011 36,348.51 439.12 August-2007 3,988,811.37 281,136.31 May-2011 27,199.31 186.52 September-2007 3,508,903.64 254,016.74 June-2011 - -

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