UNITED
STATES
SECURITIES AND EXCHANGE COMMISSIONWashington,
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, 2005

or

o 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 333-122288-01

CIT
Equipment Collateral 2005-VT1

| |                                                                    |  |                                         
| | ------------------------------------------------------------------ |  | ----------------------------------------
| | Delaware Trust                                                     |  | 27-0121700                              
| |                                                                    |  |                                         
| | (State
  or other jurisdiction of
  incorporation or organization) |  | (I.R.S.
  Employer
  Identification No.)

c/o
CIT Financial USA, 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. x
Yes o No

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). o
Yes 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 REFERENCE
Not 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-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.
|          |                                                                                                                                                                                                                                                                   
|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 62.                                                          
|          |                                                                                                                                                                                                                                                                   
|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      
|---------- |  | -------------- |  | ---------------------------------------
|           |  |                |  |                                        
|           | 
|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-

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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-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-

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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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