|                                  
|----------------------------------
|UNITED STATES                     
|SECURITIES AND EXCHANGE COMMISSION
|Washington,
  DC 20549            

FORM 10-K

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

For The Fiscal Year Ended December 31, 2005

or

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

For The Transition Period From
________________ to ________________

Commission File Number 333-122288-02

CIT Equipment Collateral 2005-EF1

|                                                              |  |                                    
|------------------------------------------------------------- |  | -----------------------------------
|Delaware Trust                                                |  | 43-6926272                         
|                                                              |  |                                    
|(State or other jurisdiction ofincorporation or organization) |  | (I.R.S. EmployerIdentification No.)

c/o The CIT Group/Equipment
Financing, Inc.
1 CIT Drive, Livingston, New Jersey 07039
(Address of principal executive offices)
Telephone Number (973) 740-5000

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

|                        |  |                                       
|----------------------- |  | --------------------------------------
|Title of each class     |  | Name of exchange on which
  registered
|                        |  |                                       
|Receivable-Backed Notes |  | 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.  xYes   oNo

Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K (§229.405 of this chapter) 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

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Indicate by check mark whether the registrant is an accelerated filer
(as defined in Rule 12b-2 of the Act).oYes   x   No

State the
aggregate market value of the voting and non-voting common equity held by
non-affiliates computed by reference to the price at which the common equity
was last sold, or the average bid and asked price of such common equity, as of
the last business day of the registrants most recently completed second fiscal
quarter. Not applicable

DOCUMENTS INCORPORATED BY REFERENCENot Applicable

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Table
of Contents

|         |  |                                                                                                                 |     
|-------- |  | --------------------------------------------------------------------------------------------------------------- | ----
|Item     |  | Description                                                                                                     | Page
|         |  |                                                                                                                 |     
|        
|PART I  
|        
|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, Related Stockholder Matters
  and Issuer Purchases of Equity Securities. | 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 
|        
|15.      |  | Exhibits, Financial Statement Schedules.                                                                        | 2   

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PART I

|        |                                                                                                                                                                                                                                                                 
|------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|ITEM 2. | PROPERTIES.                                                                                                                                                                                                                                                     
|        |                                                                                                                                                                                                                                                                 
|        | CIT
  Equipment Collateral 2005-EF1 (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 July 1, 2005.
|        |                                                                                                                                                                                                                                                                 
|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 Receivable-Backed
  Notes or Equity Certificates through the solicitation of proxies or
  otherwise.                                                                                     
|        |                                                                                                                                                                                                                                                                 
|PART II
|        |                                                                                                                                                                                                                                                                 
|ITEM 5. | 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 68.                                                       
|        |                                                                                                                                                                                                                                                                 
|ITEM 9. | CHANGES IN AND DISAGREEMENTS
  WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.                                                                                                                                                                         
|        |                                                                                                                                                                                                                                                                 
|        | None.                                                                                                                                                                                                                                                           

-1-

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|         |                                                                  
|-------- | -----------------------------------------------------------------
|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 15. | 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      
|           |  |                |  |                                        
|9/09/2005  |  | 8.01 and 9.01  |  | Monthly
  report to certificate holders
|9/29/2005  |  | 8.01 and 9.01  |  | Monthly
  report to certificate holders
|10/27/2005 |  | 8.01 and 9.01  |  | Monthly
  report to certificate holders
|12/27/2005 |  | 8.01 and 9.01  |  | Monthly
  report to certificate holders
|1/09/2006  |  | 8.01 and 9.01  |  | Monthly
  report to certificate holders

-2-

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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-EF1   
|                      |     | The CIT
  Group/Equipment Financing,
|                      |     | Inc., as
  Servicer                 
|                      |     |                                     
|                      |     | By: /s/ Mark A. Carlson             
|                      |     |                                      |                        
|                      |     | Name:                                | Mark A.
  Carlson      
|                      |     | Title:                               | Senior Vice President 
|                      |     |                                      | Corporate Treasury     
|Dated: March 30, 2006 |     |                                     

-3-

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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.                                                                                                                                      
|            |  |                                                                                                                                                                                                                 

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