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UNITED STATES
SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

FORM 10K/A(Amendment No. 1)

(Mark One)

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

For the fiscal year ended December 31, 2006

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 of
issuing entity 333-122288-04

CIT Equipment Collateral 2006-VT2(Exact name of issuing entity as specified in
its charter)

Commission file number of
registrant/depositor 000-30501

CIT Funding Company, LLC(Exact name of registrant/depositor as
specified in its charter)

CIT Financial USA, Inc.(Exact name of sponsor as specified in its
charter)

|                                  |  |                      
|--------------------------------- |  | ---------------------
|Delaware                          |  | 22-3634034           
|(State
  or other jurisdiction of |  | (I.R.S.
  Employer   
|incorporation
  or organization)  |  | Identification
  No.)

|                                                                                                                  |                
|----------------------------------------------------------------------------------------------------------------- | ---------------
|c/o The Bank of New York
  (Delaware), 100 White Clay Center, Route 273, Post Office Box 6995, Newark,
  Delaware | 19711(Zip Code)
|(Address of principal
  executive offices)                                                                       

Issuing entitys telephone
number, including area code (302) 283-8905

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

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

Indicate by check mark if the
registrant is a well-known seasoned issuer, as defined in Rule 405 of the
Securities Act.


o Yes x No


Indicate by check mark if the
registrant is not required to file reports pursuant to Section 13 or Section
15(d) of the Act.


o Yes x No


Note - Checking the box above will not relieve any
registrant required to file reports pursuant to Section 13 or 15 (d) of the
Exchange Act from their obligations under those Sections.

Exhibit Index Appears on Page 7.

|                 |                                                                                                                                                                           
|---------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|SEC 1673 (11-06) | Persons who respond to the collection of information contained in this form are not
  required to respond unless the form displays a currently valid OMB control
  number.
|                 |                                                                                                                                                                           

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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


Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, or a non-accelerated filer. See definition of accelerated
filer and large accelerated filer in Rule 12b-2 of the Exchange Act. (Check
one):

|                          |                       |                          
|------------------------- | --------------------- | -------------------------
|Large accelerated filer o | Accelerated
  filer o | Non-accelerated
  filer x

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Indicate
by check mark whether the registrant is a shell company (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.

Note. If a
determination as to whether a particular person or entity is an affiliate
cannot be made without involving unreasonable effort and expense, the aggregate
market value of the common stock held by non-affiliates may be calculated on
the basis of assumptions reasonable under the circumstances, provided that the
assumptions are set forth in this Form.

Not Applicable.

APPLICABLE ONLY TO REGISTRANTS INVOLVED IN BANKRUPTCYPROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate
by check mark whether the registrant has filed all documents and reports
required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act
of 1934 subsequent to the distribution of securities under a plan confirmed by
a court.


o Yes o No


Not Applicable.

(APPLICABLE ONLY TO CORPORATE REGISTRANTS)

Indicate
the number of shares outstanding of each of the registrants classes of common
stock, as of the latest practicable date.

Not Applicable.

DOCUMENTS INCORPORATED BY REFERENCE

List
hereunder the following documents if incorporated by reference and the Part of
the Form 10-K (e.g., Part I, Part II, etc.) into which the document is
incorporated: (1) Any annual report to security holders; (2) Any proxy or
information statement; and (3) Any prospectus filed pursuant to Rule 424(b) or
(c) under the Securities Act of 1933. The listed documents should be clearly
described for identification purposes (e.g., annual report to security holders
for fiscal year ended December 24, 1980).

None.

PART I

Item 1122 of Regulation AB. Compliance with Applicable Servicing Criteria.

Pursuant to this Form 10-K/A, the
     registrant/depositor  and the issuing entity modify the report on Form 10-K,
filed with the  Securities and Exchange  Commission  (the Commission) with respect to the issuing
entity on April 2,  2007 to amend  sub-sections  (d)(i) and  (d)(ii)  under the
heading  entitled,  Item 1122 of  Regulation  AB.  Compliance  with  Applicable
Servicing  Criteria., appearing in such report on Form 10-K to:

(a)
replace  the  phrase,   Report  on  Assessment  of  Compliance  with  Servicing
Criteria,  appearing  after the phrase,  which is described in DFSs,  in the
fifth  (5th)  line and  before  the  phrase,  (the  DFS  Applicable  Servicing
Criteria),  in the sixth (6th) line of such sub-section (d)(i) with the phrase,  Certification  Regarding  Compliance  with Applicable
Servicing                     Criteria;

(b)   replace
the phrase,  The  Subservicer,  appearing at the beginning of the second (2nd)
paragraph of each of  paragraphs  1, 2, 3 and 4 of such sub-section  (d)(ii)
in each  instance with the phrase,  DFS;

(c)
replace the phrase,  Reporting Period,  appearing after the phrase,  were not
maintained during the, and before the phrase,  the pool asset was delinquent,
in the second (2nd) paragraph of paragraph 4 of such sub-section (d)(ii) with the word, period; and

(d)
insert  the  following  two (2) new  sentences  at the end of the  second  (2nd)
paragraph of  paragraph 1 of such sub-section  (d)(ii):

DFS has identified material deficiencies in the operating  effectiveness
of its policies and procedures to monitor the compliance by its vendors with the
applicable  servicing  criteria  as of December  31, 2006 and for the  Reporting
Period with  respect to the platform  which is  described  in DFS's  Certification
Regarding  Compliance  with  Applicable  Servicing  Criteria,  taken as a whole.
Specifically,   DFS  has  not  performed   procedures  designed  to  ensure  the
completeness  and accuracy of  compliance  reporting  by its lockbox  vendors.

After giving effect
to such amendments,  sub-sections (d)(i) and (d)(ii) under the heading entitled,
Item 1122 of Regulation AB.  Compliance with Applicable  Servicing  Criteria.,
appearing  in such  report  on Form  10-K  read  as set  forth  below.









-2-

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(d)(i)
Dell Financial Services L.P. and DFS-SPV L.P. (collectively, DFS) have
assessed their compliance as of December 31, 2006 and during the Reporting
Period with the servicing criteria set forth in Item 1122(d) of Regulation AB
(17 CFR 229.1122(d)), except for Items 1122(d)(1)(i), 1122(d)(1)(iii), 1122(d)(1)(iv), 1122(d)(2)(ii), 1122(d)(2)(iii), 1122(d)(2)(iv), 1122(d)(2)(vi), 1122(d)(3)(i), 1122(d)(3)(ii), 1122(d)(3)(iii), 1122(d)(3)(iv), 1122(d)(4)(iii), 1122(d)(4)(ix), 1122(d)(4)(x), 1122(d)(4)(xi), 1122(d)(4)(xii), 1122(d)(4)(xiii) and 1122(d)(4)(xv) of such
regulation, which DFS has determined are not applicable to the servicing
activities DFS performs with respect to the asset-backed securities platform
which is described in DFSs Certification Regarding Compliance with Applicable Servicing Criteria (the DFS Applicable Servicing Criteria).

(d)(ii)
As more fully described in the related documents referred to below, DFS states
that it has complied, in all material respects, as of December 31, 2006 and
during the Reporting Period with the DFS Applicable Servicing Criteria, except for the following:

1. Item
1122(d)(2)(i): Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days of receipt, or such other number of days specified in the transaction agreements.

DFS noted certain customer payments that were not deposited within two business days. There is no alternative standard in the transaction agreement.DFS has identified material deficiencies in the operating effectiveness of its policies and procedures to monitor the compliance by its vendors with the applicable servicing criteria as of December 31, 2006 and for the Reporting Period with respect to the platform which is described in DFS's Certification Regarding Compliance with Applicable Servicing Criteria, taken as a whole. Specifically, DFS has not performed procedures designed to ensure the completeness and accuracy of compliance reporting by its lockbox vendors.

2.Item
1122(d)(2)(vii): Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations: (A) are mathematically accurate; (B) are prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) are reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.

DFS noted certain reconciling items that were not resolved within 90 calendar days of original identification. There is no alternative standard in the transaction agreement.

3.Item
1122(d)(4)(vii): Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements.

DFS noted certain loss mitigation or recovery actions that were not initiated, conducted or concluded in accordance with the required timeframes established under the transaction agreement.

4.Item
1122(d)(4)(viii): Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entitys activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).

DFS noted certain collection activities
    that were not maintained during the period the pool asset was delinquent.

Please note that the inserted language set forth in paragraph (d) above was included in the final version of the report on Form 10-K of the registrant/depositor and the issuing entity reviewed by the signatory to such report on Form 10-K and the Certification Pursuant to Rule 15d-14(d), filed as part of such report on Form 10-K prior to his execution thereof. However, the inserted language set forth in paragraph (d) above was inadvertently not included in the final printer's proof of the report on Form 10-K of the registrant/depositor and the issuing entity, filed with the Commission.

-3-

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PART II

***

PART III

***

PART IV

Item 15.
Exhibits, Financial Statement Schedules.

(a)(1)
Not Applicable.

(a)(2)
Not Applicable.

(a)(3)
The following document is filed as an exhibit to this Form 10-K/A:

|            |  |                                            
|----------- |  | -------------------------------------------
|Exhibit No. |  | Description
  of Document:                 
|            |  |                                            
|            |  |                                            
|31.1        |  | Certification
  Pursuant to Rule 15d-14(d).

-4-

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(b)
Not Applicable.

(c)
Not Applicable.

The
Exhibits required to be filed pursuant to Form 10-K and Item 601 of Regulation
S-K (17 CFR 229.601) are listed above and in the Exhibit Index that immediately
follows the signature hereto.

Supplemental
Information to be Furnished With Reports Filed Pursuant to Section 15(d) of the
Act by Registrants Which Have Not Registered Securities Pursuant to Section 12
of the Act

No annual report, proxy
statement, form of proxy or other proxy soliciting material has been sent to
security holders and the registrant/depositor and the  issuing entity do not
presently contemplate sending any such materials to security holders subsequent
to the filing of this report on Form 10-K.

-5-

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SIGNATURES

Pursuant to the requirements
of Section 13 or 15(d) of the Securities Exchange Act of 1934, the issuing
entity has duly caused this report to be signed by the servicer on its behalf
by the undersigned, thereunto duly authorized.

|                    |                                   |                                                                |                                             
|------------------- | --------------------------------- | -------------------------------------------------------------- | --------------------------------------------
|                    | CIT EQUIPMENT COLLATERAL 2006-VT2
|                    | (Issuing entity)                 
|                    |                                  
|Date: April 2, 2007 | BY:                               | CIT Financial USA, Inc., as Servicer                          
|                    |                                   | (Servicer)                                                    
|                    |                                   |                                                               
|                    | BY:                               | /s/
  Mark A. Carlson                                         
|                    |                                   |                                                               
|                    |                                   | (Signature)                                                   
|                    |                                   | Name:                                                          | Mark A.
  Carlson                           
|                    |                                   | Title:                                                         | Senior Vice
  President  Corporate Treasury
|                    |                                   | (senior
  officer in charge of servicing function of servicer)

-6-

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EXHIBIT
INDEX:

| |                   |                                            
| | ----------------- | -------------------------------------------
| | Exhibit
  Number: | Description
  of Document:                 
| |                   |                                            
| |                   |                                            
| |                   |                                            
| | 31.1              | Certification
  Pursuant to Rule 15d-14(d).
| |                   |                                            

-7-

---