UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                    FORM 10-K

                          (X) ANNUAL REPORT PURSUANT TO
                           SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                   For The Fiscal Year Ended December 31, 2002
                                       OR

            ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

       For The Transition Period From ________________ to ________________

                        Commission File Number 333-65554-03
                        CIT Home Equity Loan Trust 2002-1

             DELAWARE                                No. 13-3460894
   (State or other jurisdiction             (I.R.S. EMPLOYER IDENTIFICATION)
         of incorporation)

                    c/o The CIT Group/Consumer Finance, Inc.
                    1 CIT Drive, Livingston, New Jersey 07039

                         Telephone Number (973) 740-5000

                               ------------------

Securities registered pursuant to Section 12(b) of the Act:

                                                          Name of exchange on
              Title of each class                          which registered
             ---------------------                       -------------------
   Home Equity Loan Asset Backed Certificates                    None

Securities registered pursuant to Section 12(g) of the Act:  None

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. YES X NO

Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation  S-K is not contained  herein,  and will not be contained,  to the
best of registrant's  knowledge,  in definitive proxy or information  statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. ( x )

State the aggregate market value of the voting stock held by  non-affiliates  of
registrant.  The  aggregate  market  value shall be computed by reference to the
price at which the stock was sold,  or the average bid and asked  prices of such
stock,  as of  specified  date  within 60 days prior to the date of filing.  Not
Applicable

                       DOCUMENTS INCORPORATED BY REFERENCE
                                 Not Applicable

<PAGE>

                                TABLE OF CONTENTS

                                     PART I

Item   Description                                                          Page
----   -----------                                                          ----

2.     Properties                                                             1
3.     Legal Proceedings                                                      1
4.     Submission of Matters to a Vote of Security-Holders                    1

                                     PART II

5.     Market for Registrant's  Common Equity and Related Stockholder
         Matters                                                              1
9.     Changes in and  Disagreements  with  Accountants  on Accounting
         and Financial Disclosure                                             1

                                    PART III

12.    Security Ownership of Certain Beneficial Owners and Management         2
13.    Certain Relationships and Related Transactions                         2

                                     PART IV

14.    Exhibits, Financial Statement Schedules, and Reports on Form 8-K       2

<PAGE>

                                     PART I

ITEM 2. PROPERTIES

        The CIT Home  Equity  Loan Trust  2002-1  (the  "Trust")  owns first and
        second  lien  mortgage  loans  secured by  primarily  one-to-four-family
        residential properties.

ITEM 3. LEGAL PROCEEDINGS

        The registrant knows of no material pending  proceedings with respect to
        the Trust.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

        No matter has been  submitted  to a vote of the  holders of the  Trust's
        Home Equity Loan Asset Backed  Certificates  through the solicitation of
        proxies or otherwise.

                                     PART II

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

        There is no  established  public trading market for the Home Equity Loan
        Asset Based  Certificates  of the Trust.  As of December 31,  2002,  the
        approximate number of holders of record were as follows: 40

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
        FINANCIAL DISCLOSURE.

        None.


                                       1
<PAGE>

                                    PART III

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.

         Not Applicable.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

         None

                                     PART IV

ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K.

            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.

            99.3  Schedule  of  Year-to-Date   Distributions  of  Principal  and
                  Interest  to   Certificate   Holders  and  Pool   Balance  and
                  Delinquencies as of December 31, 2002.

            99.4  Annual Officer's Certificate

            b)    Current Reports on Form 8-K:

                              Items
                    Date      Reported         Financial Statements
                    ----      --------         --------------------
                  2/11/03       5, 7     March report to certificate holders
                  2/11/03       5, 7     April report to certificate holders
                  2/11/03       5, 7     May report to certificate holders
                  2/11/03       5, 7     June report to certificate holders
                  2/11/03       5, 7     July report to certificate holders
                  2/11/03       5, 7     August report to certificate holders
                  2/11/03       5, 7     September report to certificate holders
                  2/11/03       5, 7     October report to certificate holders
                  2/11/03       5, 7     November report to certificate holders
                  2/11/03       5, 7     December report to certificate holders


                                       2
<PAGE>

                                   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.

                                             CIT Home Equity Loan Trust 2002-1

                                             By: JPMorgan Chase Bank, as Trustee

                                             By:  __________________________
                                             Name:
                                             Title:

Dated: March 31, 2003

      I,  Kenneth P.  Reynolds,  a Senior  Vice  President  and Chief  Financial
Officer in charge of the servicing function of The CIT  Group/Consumer  Finance,
Inc., as servicer for CIT Home Equity Loan Trust 2002-1, 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.    This annual report discloses 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 this annual report.

Date: March 31, 2003


/s/ Kenneth P. Reynolds
-------------------------------
Name:    Kenneth P. Reynolds
Title:   Senior Vice President and Chief Financial Officer
The CIT Group/Consumer Finance, Inc.


                                       3
<PAGE>

                                  EXHIBIT INDEX

Exhibit No.

      99.1  Report of Independent Accountants.

      99.2  Management's  Assertion  Concerning  Compliance  with  USAP  Minimum
            Servicing  Standards.

      99.3  Schedule of Year-to-Date  Distributions of Principal and Interest to
            Certificate  Holders  and  Pool  Balance  and  Delinquencies  as  of
            December 31, 2002.

      99.4  Annual Officer's Certificate


                                       4
<PAGE>

PricewaterhouseCoopers  [LOGO]
--------------------------------------------------------------------------------

                                                      PricewaterhouseCoopers LLP
                                                     1177 Avenue of the Americas
                                                               New York NY 10036
                                                        Telephone (646) 471 4000
                                                        Facsimile (646) 471 4100


                        Report of Independent Accountants

The CIT Group/Consumer Finance, Inc.

We have examined management's assertion about The CIT Group/Consumer Finance,
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 as of and for the year ended December 31, 2002, as included in the
accompanying management assertion (see Exhibit I) for CIT Home Equity Loan Trust
2002-1 and CIT Home Equity Loan Trust 2002-2. 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 as of and for the year ended December
31, 2002, except as noted in Exhibit I, is fairly stated, in all material
respects.


/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
New York, NY
March 26, 2003

<PAGE>

                                                                    Exhibit 99.2

                  Management's Assertion Concerning Compliance
                      with USAP Minimum Servicing Standards

March 26, 2003

As of and for the year ended December 31, 2002, The CIT Group/Consumer Finance,
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") as servicer for trusts identified at Attachment 1.
During the year ended December 31, 2002, certain instances of noncompliance with
the standards occurred as noted below:

Mortgagor Loan Accounting

Standard: Adjustments on ARM loans shall be computed based on the related
mortgage note and any ARM rider.

Certain accounts contained incorrect reset dates. The Company's existing
internal control structure initially identified the affected accounts and
management has supplemented its procedures to review adjustments processed.
Management does not believe these items have a material impact on the
loan records.

<PAGE>

As of and for this same period, CIT Group Inc. had in effect a financial
institution bond, computer crime policy, and errors and omissions policy in the
following amounts:

--------------------------------------------------------------------------------
      Insurance Type                   Coverage              Effective period
--------------------------------------------------------------------------------
Financial institution bond               $60mm              09/30/98 to 09/15/02
                                      ------------------------------------------
                                         $60mm              09/30/02 to 09/30/03
--------------------------------------------------------------------------------
Computer crime policy                    $60mm              09/30/98 to 09/15/02
                                      ------------------------------------------
                                         $60mm              09/30/02 to 09/30/03
--------------------------------------------------------------------------------
Errors and omissions                     $25mm              12/30/01 to 12/30/02
                                      ------------------------------------------
                                         $10mm              12/30/02 to 12/30/03
--------------------------------------------------------------------------------


/s/ Thomas B. Hallman
-------------------------------------
Thomas B. Hallman
President & Chief Executive Officer
The CIT Group/Consumer Finance, Inc.


/s/ Kenneth P. Reynolds
-------------------------------------
Kenneth P. Reynolds
Senior Vice President and Chief Financial Officer
The CIT Group/Consumer Finance, Inc.


/s/ Frank Garcia
-------------------------------------
Frank Garcia
Senior Vice President
The CIT Group/Consumer Finance, Inc.