-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WtN6Han4snYD7qJ5+n0d5hcT9HJnrJxiWdW+VJh0raeC3LJlnMaBEScg7Zu2AhdY Oc+Z+PWbAIjIe2GHo8sThw== 0000950117-02-000216.txt : 20020414 0000950117-02-000216.hdr.sgml : 20020414 ACCESSION NUMBER: 0000950117-02-000216 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20011231 ITEM INFORMATION: FILED AS OF DATE: 20020207 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CIT EQUIPMENT COLLATERAL 2001-1 CENTRAL INDEX KEY: 0001136811 STANDARD INDUSTRIAL CLASSIFICATION: FINANCE SERVICES [6199] FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-32483 FILM NUMBER: 02529580 BUSINESS ADDRESS: STREET 1: C/O ALLFIRST FINANCIAL CENTER N.A. STREET 2: 499 MITCHELL RD MC 101-591 CITY: MILLSBORO STATE: DE ZIP: 19966 BUSINESS PHONE: 4102444238 MAIL ADDRESS: STREET 1: C/O CIT FINANCIAL USA INC STREET 2: CIT DR. CITY: LIVINGSTON STATE: NJ ZIP: 07039 8-K 1 a32011.txt CIT EQUIPMENT COLLATERAL 2001-1 8-K SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 -------------- F O R M 8-K CURRENT REPORT Pursuant to Regulation FD Rules 100 and 101 Date of Report (Date of earliest event reported): December 31, 2001 CIT Equipment Collateral 2001-1 ------------------------------- (Exact name of registrant as specified in its charter) Delaware -------- (State or other jurisdiction of incorporation) 000-32483 (Commission File Number) (IRS Employer Identification No.) c/o Allfirst Financial Center National Association 499 Mitchell Road Mail Code 101-591 Millsboro, Delaware 19966 (Address of principal executive offices and zip code) Registrant's telephone number, including area code: (410) 244-4626 N/A (Former name or former address, if changed since last report.) Item 9. Regulation FD Disclosure. CIT Equipment Collateral 2001-1 is reporting its year end servicing report as of December 31, 2001. Exhibit 99 - Annual Servicing 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 2001-1 By: CIT FINANCIAL USA, INC. as Servicer By: /s/ Eric S. Mandelbaum ---------------------- Name: Eric S. Mandelbaum Title: Vice President Dated: February 5, 2002 EX-99 3 ex-99.txt EXHIBIT 99 CIT Equipment Trust 2001-1 Composition of Contract Pool at December 31, 2001
Weighted Weighted Average Current Average Average Required Number Required Original Remaining Payoff of Payoff Term Term Amount Contracts Amount (Range) (Range) (Range) --------- ------ ------- ------- ------- 43,657 $550,948,082 46.3 months 31.6 months $12,620 (10 to 96 months) (0 to 84 months) ($0 to $3,793,596)
Type of Contract at December 31, 2001
% of Total % of Number Number Required Required of of Payoff Payoff Type of Contract Contracts Contracts Amount Amount - ---------------- --------- --------- ------ ------ True Leases 33,155 75.94% $435,613,395 79.07% Finance Leases 10,217 23.40 113,033,101 20.52 Loans and other financing arrangements 285 0.65 2,301,586 0.42 --------------------------------------------------------------------- Total 43,657 100.00% $550,948,082 100.00% =====================================================================
CIT Equipment Trust 2001-1 Geographical Distribution (Based on obligor billing address) at December 31, 2001
% of Total % of Number Number Required Required of of Payoff Payoff State Contracts Contracts Amount Amount - ----- --------- --------- ------ ------ Alaska 77 0.18% $ 671,810 0.12% Alabama 431 0.99 2,710,301 0.49 Arkansas 234 0.54 1,461,360 0.27 Arizona 866 1.98 11,910,233 2.16 California 5,664 12.97 56,611,625 10.28 Colorado 873 2.00 11,409,196 2.07 Connecticut 731 1.67 12,190,800 2.21 District of Columbia 254 0.58 4,121,416 0.75 Delaware 457 1.05 4,559,431 0.83 Florida 2,516 5.76 26,220,048 4.76 Georgia 1,571 3.60 25,069,990 4.55 Hawaii 27 0.06 182,291 0.03 Iowa 315 0.72 4,612,221 0.84 Idaho 153 0.35 1,136,978 0.21 Illinois 1,016 2.33 25,385,715 4.61 Indiana 541 1.24 4,727,360 0.86 Kansas 267 0.61 9,802,417 1.78 Kentucky 353 0.81 2,528,103 0.46 Louisiana 433 0.99 2,012,190 0.37 Maine 1,941 4.45 24,302,730 4.41 Maryland 986 2.26 9,439,643 1.71 Maine 52 0.12 365,926 0.07 Michigan 1,337 3.06 16,266,164 2.95 Minnesota 740 1.70 9,237,797 1.68 Missouri 600 1.37 10,955,011 1.99 Mississippi 241 0.55 2,503,598 0.45 Montana 146 0.33 660,322 0.12 North Carolina 1,158 2.65 14,152,624 2.57 North Dakota 33 0.08 879,650 0.16 Nebraska 138 0.32 4,076,897 0.74 New Hampshire 330 0.76 2,444,741 0.44 New Jersey 2,270 5.20 33,634,923 6.10 New Mexico 208 0.48 1,245,239 0.23 Nevada 233 0.53 1,882,665 0.34 New York 4,534 10.39 63,696,304 11.56 Ohio 1,188 2.72 12,628,448 2.29 Oklahoma 372 0.85 4,340,988 0.79 Oregon 514 1.18 3,380,197 0.61 Pennsylvania 1,972 4.52 22,252,299 4.04 Rhode Island 150 0.34 1,289,850 0.23 South Carolina 433 0.99 5,035,760 0.91 South Dakota 52 0.12 796,881 0.14 Tennessee 812 1.86 8,241,358 1.50 Texas 3,385 7.75 48,394,283 8.78 Utah 198 0.45 2,679,084 0.49 Virginia 1,142 2.62 17,693,509 3.21 Vermont 148 0.34 701,371 0.13 Washington 876 2.01 11,037,228 2.00 Wisconsin 499 1.14 7,900,202 1.43 West Virginia 125 0.29 1,126,541 0.20 Wyoming 65 0.15 382,365 0.07 ------ ------ ------------ ------ Total 43,657 100.00% $550,948,082 100.00% ====== ====== ============ ======
CIT Equipment Trust 2001-1 Payment Status at December 31, 2001
% of Total % of Number Number Required Required of of Payoff Payoff Days Delinquent Contracts Contracts Amount Amount - --------------- --------- --------- ------ ------ Current, including 1 to 30 day delinquent contracts 40,293 92.29% $512,709,672 93.06% 31-60 days delinquent 1,828 4.19 22,976,732 4.17 61-90 days delinquent 716 1.64 7,302,391 1.33 91-120 days delinquent 414 0.95 4,479,827 0.81 Over 120 days delinquent 406 0.93 3,479,460 0.63 ------ ------ ------------ ------ Total 43,657 100.00% $550,948,082 100.00% ====== ====== ============ ======
Equipment Type at December 31, 2001
% of Total % of Number Number Required Required of of Payoff Payoff Type of Equipment Contracts Contracts Amount Amount - ----------------- --------- --------- ------ ------ Computer & Point-of-Sale 28,608 65.53% $241,277,700 43.79% Telecommunications 8,612 19.73 221,134,342 40.14 General Office Equipment 3,143 7.20 45,712,686 8.30 Automotive Diagnostic Equipment 2,805 6.43 28,784,693 5.22 Computer Software 114 0.26 8,558,737 1.55 Other(1) 375 0.86 5,479,924 0.99 ------ ------ ------------ ------ Total 43,657 100.00% $550,948,082 100.00% ====== ====== ============ ======
(1) Includes $296,975 as the largest and $14,613 as the average Required Payoff Amount CIT Equipment Trust 2001-1 Required Payoff Amount at December 31, 2001
% of Total % of Number Number Required Required of of Payoff Payoff Required Payoff Amount Contracts Contracts Amount Amount - ---------------------- --------- --------- ------ ------ 0 - 5,000.00 27,137 62.16% $ 62,739,892 11.39% 5,000.01 - 10,000.00 7,298 16.72 51,541,508 9.36 10,000.01 - 15,000.00 2,758 6.32 33,482,085 6.08 15,000.01 - 25,000.00 2,389 5.47 46,037,587 8.36 25,000.01 - 50,000.00 2,302 5.27 81,042,175 14.71 50,000.01 - 100,000.00 1,026 2.35 70,643,833 12.82 100,000.01 - 150,000.00 320 0.73 39,243,266 7.12 150,000.01 - 250,000.00 217 0.50 41,206,878 7.48 250,000.01 - 500,000.00 135 0.31 45,647,651 8.29 500,000.01 - 1,000,000.00 53 0.12 36,564,516 6.64 1,000,000.01 - 1,500,000.00 9 0.02 9,970,469 1.81 1,500,000.01 - 2,500,000.00 7 0.02 13,449,486 2.44 2,500,000.01 - 5,000,000.00 6 0.01 19,378,735 3.52 ------ ------ ------------ ------ Total 43,657 100.00% $550,948,082 100.00% ====== ====== ============ ======
Remaining Term at December 31, 2001
% of Total % of Number Number Required Required of of Payoff Payoff Remaining Terms of Contracts Contracts Contracts Amount Amount - ---------------------------- --------- --------- ------ ------ (months) 0- 12 4,640 10.63% $ 56,427,082 10.24% 13- 24 17,629 40.38 162,181,662 29.44 25- 36 10,838 24.83 97,589,395 17.71 37- 48 9,683 22.18 210,342,129 38.18 49- 60 840 1.92 17,148,918 3.11 61- 72 24 0.05 6,517,445 1.18 73- 84 3 0.01 741,451 0.13 85- 93 - - - - ------ ------ ------------ ------ Total 43,657 100.00% $550,948,082 100.00% ====== ====== ============ ======
CIT Equipment Trust 2001-1 Types of Obligor at December 31, 2001
% of Total % of Number Number Required Required of of Payoff Payoff Type of Obligor Contracts Contracts Amount Amount - --------------- --------- --------- ------ ------ Service Organizations(1) 16,294 37.32% $209,504,114 38.03% Manufacturing 4,227 9.68 89,015,938 16.16 Retail & Wholesale Trade 4,926 11.28 61,093,264 11.09 Financial Services Institutions 3,053 6.99 58,832,880 10.68 Other(2) 9,871 22.61 55,152,498 10.01 Transportation 1,326 3.04 35,998,515 6.53 Medical/Healthcare Organizations 1,443 3.31 16,425,733 2.98 Printing & Copy Centers 627 1.44 11,640,216 2.11 Construction 1,296 2.97 7,565,286 1.37 Government 212 0.49 2,921,080 0.53 Resources, Farming & Fishing 355 0.81 2,237,358 0.41 Machine Tools 27 0.06 561,200 0.10 ------ ------ ------------ ------ Total 43,657 100.00% $550,948,082 100.00% ====== ====== ============ ======
(1) Primarily Business Services (46.1%); Other Service Organizations (16.8%); Engineering, Accounting & Research (14.2%) Communications (7.9%); and Legal Services (5.8%) (2) Includes $483,752 as the largest Required Payoff Amount belonging to a single obligor As shown in the table above, the servicer's records list 10.01% of the total required payoff amount in the category of "Other" obligor. The servicer notes that the collateral securing approximately 5.56% of the required payoff amount represents small ticket computer equipment typically leased to small businesses. The remaining "Other" obligor category represents approximately 4.45% of the required payoff amount. The servicer has not analyzed this category to determine whether or not the contracts included in it could be grouped into some other more specific type of obligor category. Obligor Concentration
% of Number Required Required Obligors (including contracts of Payoff Payoff securing vendor loans) Contracts Amount Amount ---------------------- --------- ------ ------ Top 5 383 $35,909,157 6.52%
The industries in which the top 5 obligors conduct business are Retail & Wholesale Trade, Service Organizations and Financial Services. -----END PRIVACY-ENHANCED MESSAGE-----