CIT Equipment Collateral 2005-VT1
PROPERTIES.               CIT Equipment Collateral 2005-VT1 (the “Trust”) owns   certain equipment loan and lease receivables acquired from CIT Funding   Company, LLC pursuant to a Pooling and Servicing Agreement (the “Pooling and   Servicing Agreement”) dated as of February 1, 2005.
LEGAL   PROCEEDINGS.               The registrant knows of no material pending   proceedings with respect to the Trust.
SUBMISSION OF   MATTERS TO A VOTE OF SECURITY HOLDERS.               No matter has been submitted to a vote of the   holders of the Trust’s Receivable-Backed Notes or Equity Certificates through   the solicitation of proxies or otherwise.               PART   II
MARKET FOR   REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES   OF EQUITY SECURITIES.               There is no established public trading market for   the Receivable-Backed Notes or the Equity Certificates of the Trust.  As of December 31, 2005, the approximate number   of holders of record was 62.
CHANGES IN AND   DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.                 None.    -1-                   PART   III
SECURITY   OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.                 Not Applicable.
CERTAIN   RELATIONSHIPS AND RELATED TRANSACTIONS.               None.             PART   IV
EXHIBITS,   FINANCIAL STATEMENT SCHEDULES.               a) Documents filed as a part of the report:               Exhibits:               99.1   Report of Independent Accountants.               99.2   Management’s Assertion Concerning Compliance with   USAP Minimum Servicing Standards, to the extent the procedures in such are   applicable to the servicing obligations set forth in the Servicing Agreement.               99.3   Schedule of Year-to-Date Distributions of Principal   and Interest to Certificate Holders and Pool Balance and Delinquencies as of   December 31, 2005.               99.4   Annual Statement of Compliance.               99.5   Certification pursuant to Section 302 of the   Sarbanes-Oxley Act of 2002.               b) Reports on Form 8-K:        Date         Items Reported         Monthly Reports Filed on Form 8-K                                    4/04/2005     8.01 and 9.01     Monthly report to   certificate holders     4/28/2005     8.01 and 9.01     Monthly report to   certificate holders     5/25/2005     8.01 and 9.01     Monthly report to   certificate holders     6/29/2005     8.01 and 9.01     Monthly report to   certificate holders     8/22/2005     8.01 and 9.01     Monthly report to   certificate holders     8/22/2005     8.01 and 9.01     Monthly report to   certificate holders     9/02/2005     9.01     Monthly report to   certificate holders     9/27/2005     8.01 and 9.01     Monthly report to   certificate holders     10/26/2005     8.01 and 9.01     Monthly report to   certificate holders     11/23/2005     8.01 and 9.01     Monthly report to   certificate holders     12/21/2005     8.01 and 9.01     Monthly report to   certificate holders     1/24/2006     8.01 and 9.01     Monthly report to   certificate holders    -2-  SIGNATURES           Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.                      By:     CIT Equipment Collateral 2005-VT1            CIT Financial USA, Inc., as Servicer                 By:   /s/ Mark A. Carlson                    Name:   Mark A. Carlson           Title:   Senior Vice President –           Corporate Treasury      Dated: March 30, 2006 -3-  EXHIBIT INDEX                  Exhibit No.               99.1   Report of Independent Accountants.               99.2   Management’s Assertion Concerning Compliance with   USAP Minimum Servicing Standards, to the extent the procedures in such are   applicable to the servicing obligations set forth in the Servicing Agreement.               99.3   Schedule of Year-to-Date Distributions of Principal   and Interest to Certificate Holders and Pool Balance and Delinquencies as of   December 31, 2005.               99.4   Annual Statement of Compliance.               99.5   Certification pursuant to Section 302 of the   Sarbanes-Oxley Act of 2002.           EX-99 2 ex99-1.htm EXHIBIT 99.1     Exhibit 99.1 Report of Independent Accountants To the Board of Directors of  CIT Financial USA, Inc: We have examined management's assertion about CIT Financial USA, Inc.’s (the “Company’s”), a wholly owned subsidiary of CIT Group Inc., compliance with the minimum servicing standards identified in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers ("USAP"), to the extent the procedures in such are applicable to the servicing obligations set forth in the Servicing Agreements, as of and for the year ended December 31, 2005, included in the accompanying management assertion (see Exhibit I) for CIT Equipment Collateral 2005-VT1.  Management is responsible for the Company’s compliance with those minimum servicing standards.  Our responsibility is to express an opinion on management's assertion about the Company’s compliance based on our examination.   Our examination was made in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Company's compliance with the minimum servicing standards and performing such other procedures as we considered necessary in the circumstances.  We believe that our examination provides a reasonable basis for our opinion.  Our examination does not provide a legal determination on the Company’s compliance with the minimum servicing standards.    In our opinion, management's assertion that the Company complied with the aforementioned minimum servicing standards, to the extent the procedures in such are applicable to the servicing obligations set forth in the Servicing Agreements, as of and for the year ended December 31, 2005, except as noted in Exhibit I, is fairly stated, in all material respects.   /s/ PricewaterhouseCoopers LLP   March 28, 2006         EX-99 3 ex99-2.htm EXHIBIT 99.2                   Exhibit 99.2     Exhibit I    Management’s Assertion Concerning Compliance with USAP Minimum Servicing Standards March 28, 2006   As of and for the year ended December 31, 2005, CIT Financial USA, Inc. (the “Company”), a wholly-owned subsidiary of CIT Group Inc., has complied in all material respects with the minimum servicing standards set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers (“USAP”), to the extent the procedures in such are applicable to the servicing obligations set forth in the Servicing Agreements for CIT Equipment Collateral 2005-VT1.  During the year ended December 31, 2005, certain instances of noncompliance with the standards occurred as noted below:   Payments   Standard:  Payments made in accordance with the lease/loan documents shall be posted to the applicable records accurately and on a timely basis.   Certain reconciling items were not cleared within ninety (90) days of their original identification.  Management has reviewed all significant reconciling/suspense items and management does not believe that these items have a material impact on the lease/loan records, and will re-emphasize policies and standards to ensure that payments receipts are posted to the applicable customer account on a timely basis.   As of and for this same period, CIT Group Inc. had in effect a financial institution bond, computer crime policy and error and omissions policy in the following amounts:        Insurance Type   Coverage     Financial institution bond   $120 million     Computer crime policy   $120 million     Errors and omissions   $15 million                         /s/         Jeffrey D. Simon     Jeffrey         D. Simon President CIT         Financial USA, Inc.     /s/         William L. Schumm    William         L. Schumm Executive         Vice President CIT         Financial USA, Inc.     /s/         Kenneth P. Reynolds    Kenneth         P. Reynolds Senior         Vice President CIT         Financial USA, Inc.     /s/         Mark Carlson    Mark         Carlson Senior         Vice President – Corporate Treasury CIT         Financial USA, Inc.                 EX-99 4 ex99-3.htm EXHIBIT 99.3     Exhibit 99.3 CITEC 2005-VT1                        Class  Principal     Interest                                         A-1  205,000,000.00     2,050,462.91       A-2  51,090,133.58     7,086,469.14       A-3  —     7,171,889.97       A-4  —     3,347,727.87       B  6,251,222.78     993,307.63       C  5,555,531.35     457,195.01       D  9,719,577.86     859,247.53                        Class Note Total  277,616,465.57     21,966,300.06                                             Delinquency                      Current  512,300,959.43          31-60 Days  11,342,312.26          61-90 Days  3,226,933.24          91-120 Days  1,892,495.72          120+ Days  2,314,993.72                    Total Delinquency 531,077,694.37                               Pool Balance  525,723,432.43                                       EX-99 5 ex99-4.htm EXHIBIT 99.4     Exhibit 99.4 CIT EQUIPMENT COLLATERAL 2005 – VT1 ANNUAL STATEMENT OF COMPLIANCE The undersigned certifies that he is an Executive Vice President of CIT Financial USA, Inc., a corporation organized under the laws of Delaware (“CFUSA”), and that as such he is duly authorized to execute and deliver this certificate on behalf of CFUSA in connection with a Pooling and Servicing Agreement dated as of February 1, 2005, among CIT Equipment Collateral 2005-VT1, as Issuer, CIT Funding Company, LLC, as Depositor, and CFUSA, in its individual capacity and as Servicer (the “Agreement”).  All capitalized terms used herein without definition having the respective meanings specified in the Agreement. The undersigned further certifies to the Trustees and each of the Rating Agencies that a review of the activities of CFUSA during the 2005 calendar year and of its performance under the Agreement has been made under his supervision and to the best of his knowledge, based on such review, (a) CFUSA has, in all material respects, fulfilled its obligations under the Agreement during the 2005 calendar year and (b) no Servicer Default has occurred or is continuing.  DATED: March 10, 2006                      CIT   FINANCIAL USA, INC., as            Servicer                        /s/   William L. Schumm                  Name:  William L. Schumm         Title:   Executive   Vice President            EX-99 6 ex99-5.htm EXHIBIT 99.5     Exhibit 99.5 CERTIFICATE           I, William L. Schumm, an Executive Vice President of CIT Financial USA, Inc., as servicer for CIT Equipment Collateral 2005-VT1, certify that:              1.   I have   reviewed this annual report on Form 10-K, and all reports on Form 8-K   containing distribution or servicing reports filed in respect of periods   included in the year covered by this annual report, of the Trust;               2.   Based on my   knowledge, the information in these reports, taken as a whole, does not   contain any untrue statement of a material fact or omit to state a material   fact necessary to make the statements made, in light of the circumstances   under which such statements were made, not misleading as of the last day of   the period covered by this annual report;               3.   Based on my   knowledge, the distribution or servicing information required to be provided   to the trustee by the servicer under the pooling and servicing agreement for   inclusion in these reports is included in these reports;               4.   I am   responsible for reviewing the activities performed by the servicer under the   pooling and servicing agreement and based upon my knowledge and the annual   compliance review required under the pooling and servicing agreement and   except as disclosed in the reports, the servicer has fulfilled its   obligations under the pooling and servicing agreement; and               5.   The reports   disclose all significant deficiencies relating to the servicer’s compliance   with the minimum servicing standards based upon the report provided by an   independent public accountant, after conducting a review in compliance with   the Uniform Single Attestation Program for Mortgage Bankers or similar   procedure, as set forth in the pooling and servicing agreement, that is   included in these reports.    Date:       March 23, 2006                   /s/ William L. Schumm                  Name:   William L. Schumm     Title:  Executive   Vice President                CIT Financial   USA, Inc.           -----END PRIVACY-ENHANCED MESSAGE-----