-----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, OSqCZ2p4BVo4SZb1nvZLMVE9PUGa64oUvitQ/DT6l1848y1eGuMgNy6QQFOB8Rn6 h8SIYEZj1eSP2QbvgakGog== 0000950117-05-001510.txt : 20050421 0000950117-05-001510.hdr.sgml : 20050421 20050421123921 ACCESSION NUMBER: 0000950117-05-001510 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050318 ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050421 DATE AS OF CHANGE: 20050421 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CIT EQUIPMENT COLLATERAL 2004-VT1 CENTRAL INDEX KEY: 0001283239 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 830388773 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-53688-03 FILM NUMBER: 05763973 BUSINESS ADDRESS: STREET 1: 1 CIT DRIVE CITY: LIVINGSTON STATE: NJ ZIP: 07039-0491 BUSINESS PHONE: 9737405000 8-K 1 a39546.txt CIT EQUIPMENT COLLATERAL 2004-VT1 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 2004-VT1 (Exact Name of Registrant as Specified in its Charter) Delaware 333-53688-03 83-0388773 (State or other jurisdiction (Commission File Number) (IRS Employer of incorporation) Identification No.) c/o The Bank of New York Attn: Corporate Trust Department, CIT Equipment Collateral 2004-VT1 101 Barclay Street, Floor 12 East New York, New York 10286 (Address of principal executive offices and zip code) Registrants' telephone number, including area code: (212) 328-7538 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.
Exhibit No. Description - ----------- ----------- 99.1 Pool Data 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 2004-VT1 By: CIT FINANCIAL USA, INC., as Servicer By: /s/ Usama Ashraf ------------------------------------ Name: Usama Ashraf Title: Vice President Dated: March 18, 2005 EX-99 2 ex99-1.txt EXHIBIT 99.1 Exhibit 99.1 Exhibit 99.1 - Pool Data Reprot CIT Equipment Collateral 2004-VT1 Composition of Contract Pool at December 31, 2004
Weighted Weighted Average Current Average Average Required Number Required Original Remaining Payoff of Payoff Term Term Amount Contracts Amount (Range) (Range) (Range) - --------- ------------ ------------ ------------ ------------------ 59,707 $597,036,782 45.99 months 28.39 months $9,999 ($0 to $2,701,460)
Type of Contract at December 31, 2004
% of Total % of Number Number Required Required of of Payoff Payoff Type of Contract Contracts Contracts Amount Amount - ---------------- --------- --------- ----------- -------- True Leases 32,377 54.23% 419,290,288 70.23% Finance Leases 27,330 45.77 177,746,494 29.77 ------ ------ ----------- ------ Total 59,707 100.00% 597,036,782 100.00% ====== ====== =========== ======
CIT Equipment Collateral 2004-VT1 Geographical Distribution (Based on obligor billing address) at December 31, 2004
% of Total % of Number Number Required Required of of Payoff Payoff State Contracts Contracts Amount Amount - ----- --------- --------- ----------- -------- Alabama 643 1.08% 3,673,504 0.62% Alaska 114 0.19 436,719 0.07 Arizona 1,103 1.85 15,322,669 2.57 Arkansas 359 0.60 3,059,320 0.51 California 7,125 11.93 63,841,422 10.69 Colorado 1,515 2.54 9,810,730 1.64 Connecticut 956 1.60 12,235,779 2.05 Delaware 201 0.34 1,780,285 0.30 District of Columbia 252 0.42 2,558,646 0.43 Florida 4,914 8.23 48,265,041 8.08 Georgia 1,936 3.24 18,356,525 3.07 Hawaii 139 0.23 1,413,831 0.24 Idaho 148 0.25 711,540 0.12 Illinois 1,703 2.85 20,684,417 3.46 Indiana 789 1.32 6,965,151 1.17 Iowa 330 0.55 3,157,736 0.53 Kansas 312 0.52 4,215,484 0.71 Kentucky 434 0.73 2,402,463 0.40 Louisiana 649 1.09 4,047,546 0.68 Maine 98 0.16 283,094 0.05 Maryland 1,173 1.96 8,976,824 1.50 Massachusetts 2,020 3.38 19,797,735 3.32 Michigan 2,263 3.79 26,872,791 4.50 Minnesota 898 1.50 10,019,813 1.68 Mississippi 278 0.47 1,286,152 0.22 Missouri 823 1.38 7,196,435 1.21 Montana 122 0.20 265,960 0.04 Nebraska 182 0.30 1,563,014 0.26 Nevada 330 0.55 2,269,231 0.38 New Hampshire 305 0.51 1,623,242 0.27 New Jersey 3,558 5.96 55,251,481 9.25 New Mexico 250 0.42 1,128,632 0.19 New York 5,728 9.59 63,442,013 10.63 North Carolina 1,472 2.47 9,269,446 1.55 North Dakota 106 0.18 455,172 0.08 Ohio 1,646 2.76 14,603,614 2.45 Oklahoma 492 0.82 4,118,295 0.69 Oregon 661 1.11 5,169,786 0.87 Other 2 0.00 18,915 0.00 Pennsylvania 2,770 4.64 31,675,428 5.31 Rhode Island 196 0.33 1,653,697 0.28 South Carolina 625 1.05 3,940,923 0.66 South Dakota 110 0.18 585,587 0.10 Tennessee 1,163 1.95 11,428,284 1.91 Texas 4,658 7.80 50,983,670 8.54 Utah 269 0.45 2,022,694 0.34 Vermont 122 0.20 618,628 0.10 Virginia 1,514 2.54 12,473,385 2.09 Washington 1,206 2.02 12,724,933 2.13 West Virginia 213 0.36 1,341,971 0.22 Wisconsin 772 1.29 10,807,602 1.81 Wyoming 60 0.10 229,529 0.04% ------ ------ ----------- ------ Total 59,707 100.00% 597,036,782 100.00 ====== ====== =========== ======
CIT Equipment Collateral 2004-VT1 Payment Status at December 31, 2004
% 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 57,016 95.49% 579,026,326 96.98% 31-60 days delinquent 1,450 2.43 10,701,897 1.79 61-90 days delinquent 574 0.96 3,978,523 0.67 91-120 days delinquent 302 0.51 1,448,851 0.24 Over 120 days delinquent 365 0.61 1,881,185 0.32 ------ ------ ----------- ------ Total 59,707 100.00% 597,036,782 100.00% ====== ====== =========== ======
Equipment Type at December 31, 2004
% of Total % of Number Number Required Required of of Payoff Payoff Type of Equipment Contracts Contracts Amount Amount - ----------------- --------- --------- ----------- -------- Computers 42,114 70.53% 281,062,580 47.08% Telecommunciations 8,317 13.93 158,022,107 26.47 General Office Equipment/Copiers 6,574 11.01 109,676,520 18.37 Software 354 0.59 30,631,178 5.13 Automotive 2,197 3.68 15,574,499 2.61 Other (1) 151 0.25 2,069,899 0.35 ------ ------ ----------- ------ Total 59,707 100.00% 597,036,782 100.00% ====== ====== =========== ======
(1) Includes $72,280 as the largest. $13,708 as the average Required Payoff Amount CIT Equipment Collateral 2004-VT1 Required Payoff Amount at December 31, 2004
% of Total % of Number Number Required Required of of Payoff Payoff Required Payoff Amount Contracts Contracts Amount Amount - ---------------------- --------- --------- ------------ -------- 0.01 - 5,000.00 40,114 67.18% 79,065,898 13.24% 5,000.01 - 10,000.00 8,877 14.87 62,930,820 10.54 10,000.01 - 15,000.00 3,520 5.90 42,883,691 7.18 15,000.01 - 25,000.00 3,072 5.15 59,059,507 9.89 25,000.01 - 50,000.00 2,209 3.70 76,061,625 12.74 50,000.01 - 100,000.00 1,127 1.89 77,196,697 12.93 100,000.01 - 150,000.00 327 0.55 40,266,972 6.74 150,000.01 - 250,000.00 239 0.40 45,428,380 7.61 250,000.01 - 500,000.00 156 0.26 52,188,287 8.74 500,000.01 - 1,000,000.00 43 0.07 28,237,366 4.73 1,000,000.01 - 2,000,000.00 21 0.04 28,762,363 4.82 2,000,000.01 - 2,701,460.00 2 0.00 4,955,176 0.83 ------ ------ ------------ ------ Total 59,707 100.00% $597,036,782 100.00% ====== ====== ============ ======
Remaining Term at December 31, 2004
% of Total % of Number Number Required Required of of Payoff Payoff Remaining Terms of Contracts Contracts Contracts Amount Amount - ---------------------------- --------- --------- ------------ -------- (months) 0- 12 12,417 20.80% 57,972,535 9.71 13- 24 28,699 48.07 244,354,700 40.93% 25- 36 8,152 13.65 74,733,765 12.52 37- 48 10,022 16.79 208,281,932 34.89 49- 60 413 0.69 11,308,911 1.89 61- 72 4 0.01 384,938 0.06 ------ ------ ------------ ------ Total 59,707 100.00% $597,036,782 100.00% ====== ====== ============ ======
CIT Equipment Collateral 2004-VT1 Types of Obligor at December 31, 2004
% of Total % of Number Number Required Required of of Payoff Payoff Type of Obligor Contracts Contracts Amount Amount - --------------- --------- --------- ----------- -------- Services Organizations (1) 25,789 43.19% 258,370,450 43.28% Manufacturing 6,694 11.21 109,493,094 18.34 Finance, Insurance, & Real Estate (Financial Institu 6,043 10.12 62,043,333 10.39 Wholesale Trade 4,103 6.87 38,645,487 6.47 Medical /Healthcare Organizations 3,273 5.48 36,827,090 6.17 Retail Trade 4,713 7.89 28,671,875 4.80 Communications & Utilities 807 1.35 13,123,037 2.20 Transportation 1,401 2.35 12,739,419 2.13 Construction 2,800 4.69 12,695,794 2.13 Printing, Publishing & Allied Products 756 1.27 8,751,456 1.47 Resources & Agriculture 899 1.51 6,879,519 1.15 Other (2) 2,174 3.64 5,708,727 0.96 Government 255 0.43 3,087,500 0.52 ------ ------ ----------- ------ Total 59,707 100.00% 597,036,782 100.00% ====== ====== =========== ======
(1) Primarily: Engineering, Accounting and Research (21.53%); Business Services (18.57%); Miscellaneous Service Organizations (13.67%); Legal Services (9.08%); Membership Organization (8.92%) and Educational Svcs (8.52%). (2) Includes $270,015 as the largest required payoff amount relating to a single obligor. As shown in the table above, the servicer's records lists 0.96% of the total required payoff amount in the category of "Other" types of obligor. The servicer notes that the collateral securing approximately .86% of the required payoff amount represents small ticket computer equipment typically leased to small businesses. The remaining "Other" obligor category represents approximately 0.10% 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 Total % of Number Number Required Required of of Payoff Payoff Obligors (including contracts securing vendor loans) Contracts Contracts Amount Amount - ---------------------------------------------------- --------- --------- ----------- -------- Top 5 Obligors 300 0.50% $30,155,516 5.05%
' The Top 5 obligors conduct business in the Services (3.7%) and Manufacturing industries (1.39%). CIT Equipment Collateral 2004-VT1 Scheduled Payments from the Contracts at December 31, 2004
Collection Scheduled Period Cashflows - ----------------- ------------- Positive Rent Due 6,494,143.29 January-2005 25,259,368.31 February-2005 28,060,306.57 March-2005 27,062,905.26 April-2005 30,276,320.91 May-2005 26,234,567.91 June-2005 25,468,754.74 July-2005 28,429,012.54 August-2005 24,764,482.81 September-2005 23,630,766.90 October-2005 25,114,777.55 November-2005 22,163,156.91 December-2005 20,944,436.39 January-2006 22,478,674.82 February-2006 20,321,399.69 March-2006 19,683,005.39 April-2006 20,062,152.71 May-2006 17,501,034.39 June-2006 16,117,367.72 July-2006 15,024,514.83 August-2006 13,432,747.99 September-2006 11,985,959.29 October-2006 10,592,933.15 November-2006 9,195,035.75 December-2006 8,341,570.18 January-2007 8,012,713.59 February-2007 7,735,827.29 March-2007 7,484,300.55 April-2007 7,236,626.87 May-2007 6,962,443.66 June-2007 6,782,981.50 July-2007 6,681,267.19 August-2007 6,357,494.77 September-2007 6,183,894.30 October-2007 5,996,006.96 November-2007 5,731,345.18 December-2007 5,530,077.72 January-2008 5,403,008.96 February-2008 5,223,415.40 March-2008 5,059,328.80 April-2008 4,561,845.20 May-2008 3,993,321.45 June-2008 3,542,699.74 July-2008 3,068,749.23 August-2008 2,527,901.11 September-2008 1,983,134.94 October-2008 1,435,051.50 November-2008 958,066.71 December-2008 509,759.54 January-2009 249,392.95 February-2009 65,312.72 March-2009 31,582.38 April-2009 25,128.07 May-2009 22,204.72 June-2009 21,323.66 July-2009 15,775.11 August-2009 14,092.16 September-2009 14,093.16 October-2009 6,681.61 November-2009 6,681.61 December-2009 6,319.87 January-2010 6,320.87 February-2010 6,280.51 March-2010 6,280.51 April-2010 6,281.51 May-2010 1,926.63 June-2010 1,926.63 July-2010 1,926.63 August-2010 1,926.63 September-2010 1,926.63 October-2010 754.93 November-2010 754.93 December-2010 755.93
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