---

---

|                         |                 
|------------------------ | ----------------
|OMB
  APPROVAL          
|OMB Number:              | 3235-0063       
|Expires:                 | April
  30, 2009
|Estimated average burden
|hours per
  response...  | 2,196.00        

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

(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 333-122288-03

CIT Equipment Collateral 2006-VT1(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                                                           |  | 11-6609337                              
|(State
  or other jurisdiction of
  incorporation or organization) |  | (I.R.S.
  Employer
  Identification No.)

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

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 8.

|                 |                                                                                                                                                                           
|---------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|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.



|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

---

---



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 BANKRUPTCY

PROCEEDINGS 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 Yeso 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 lB. Unresolved Staff Comments.

None.

Item 1112(b) of Regulation AB.
Significant Obligor Financial Information.

Not Applicable.

Item 1114(b)(2) and Item 1115(b) of
Regulation AB. Significant Enhancement Provider Financial Information.

Not Applicable.

Item 1117 of Regulation AB. Legal Proceedings.

There are no legal proceedings
pending, or any proceedings known to be contemplated by governmental
authorities against the servicer, the depositor, any of the subservicers, the
indenture trustee, the owner trustee or the issuing entity, or any property
thereof, that are material to holders of the notes. The foregoing statements, insofar as they relate to
Dell Financial Services, L.P., DFS-SPV, L.P., The Bank of New York or The Bank of New York (Delaware), are based
on information provided by such entities. The registrant/depositor  and the
 issuing entity have no reason to believe that such information is false,
inaccurate or incomplete.

-2-

---



Item 1119 of Regulation AB. Affiliations and
Certain Relationships and Related Transactions.

CIT Funding
Company, LLC, the registrant/depositor, holds all of the ownership interest in
CIT Equipment Collateral 2006-VT1, the issuing entity. CIT Funding Company, LLC
is a direct wholly-owned subsidiary of CIT Financial USA, Inc., the sponsor and
servicer, and an indirect wholly-owned subsidiary of CIT Group Inc. CIT
Communications Finance Corporation and CIT Technology Financing Services, Inc.,
which are originators and subservicers, and CIT Financial USA, Inc. are
indirect wholly-owned subsidiaries of CIT Group Inc.

CIT Funding
Company, LLC holds all of the ownership interest in CIT Equipment Trust  VFC
Series, an originator. CIT Funding Company, LLC established CIT Equipment Trust
 VFC Series to finance contracts and related equipment interests through
a warehouse receivables securitization facility.

Dell Financial
Services L.P., an originator and subservicer, holds all of the ownership
interest in DFS-SPV L.P., an originator and subservicer. Although DFS-SPV
L.P. is acting as a subservicer, it has delegated all subservicing operations,
functions and activities to Dell Financial Services L.P. with respect to pool
assets originated by Dell Financial Services L.P. CIT Group Inc. holds 30% and
Dell, Inc. holds 70% of the ownership interest in Dell Financial Services L.P.
Pursuant to certain arrangements, CIT Financial USA, Inc. regularly purchases
finance receivables from Dell Financial Services L.P. through DFS-SPV L.P.

Please see the Prospectus
Supplement, dated March 14, 2006, and the Prospectus, dated March 1, 2006, previously
filed with the Securities and Exchange Commission (the Commission) with respect to the
registrant/depositor on March 17, 2006 pursuant to Rule 424(b)(5) of the
Securities Act of 1933, as amended, and with respect to the issuing entity on
April 11, 2006 for further information about the foregoing affiliations,
relationships and transactions. Except as set forth in the Prospectus Supplement
and Prospectus, there are no material business relationships, agreements,
arrangements, transactions, or understandings between the registrant/depositor
or issuing entity and any of their affiliates, including the servicer, the
sponsor or any originators, which would have a material adverse effect on the
pool assets or the notes.

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

(a)(i)     
     CIT Financial USA, Inc.  (CIT-FUSA) has assessed its compliance
as of December 31, 2006 and for the  twelve-month  period ending  December 31,
2006 (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)(ii) (to the extent such item is performed, in part, by subservicers),
1122(d)(1)(iii),  1122(d)(1)(iv),  1122(d)(2)(i)  (to the  extent  such  item is
performed,  in part, by subservicers),  1122(d)(2)(ii)  (to the extent that such
item relates to (A) the actual  disbursement or remittance of funds to investors
which is performed by the indenture  trustee and (B)  disbursements on behalf of
an obligor, and to the extent such item is performed, in part, by subservicers),
1122(d)(2)(iii)  (to the extent that such item relates to  guarantees  regarding
collections,  cash  flows  or  distributions,  and to the  extent  such  item is
performed, in part, by subservicers),  1122(d)(2)(v) (to the extent such item is
performed,  in part, by subservicers),  1122(d)(2)(vi),  1122(d)(2)(vii) (to the
extent such item is performed, in part, by subservicers),  1122(d)(3)(i) (to the
extent  that  such  item  relates  to  agreement  with  investors  or  the
trustees  records as to the total unpaid  principal  balance and number of
pool assets serviced),  1122(d)(3)(ii)  (to the extent that such item relates to
the actual  disbursement  or remittance of funds to investors which is performed
by the indenture trustee), 1122(d)(3)(iii) (to the extent that such item relates
to the  actual  disbursement  or  remittance  of  funds  to  investors  which is
performed by the indenture trustee, and to the extent such item is performed, in
part, by subservicers), 1122(d)(4)(iii) (to the extent such item is performed, in
part, by subservicers),  1122(d)(4)(v) (to the extent such item is performed, in
part,   by   subservicers),   1122(d)(4)(ix),    1122(d)(4)(x),   1122(d)(4)(xi),
1122(d)(4)(xii),  1122(d)(4)(xiii),  1122(d)(4)(xiv)  (to the extent such itm is
performed, in part, by subservicers) and 1122(d)(4)(xv) of such regulation, which
CIT-FUSA has determined are not applicable to the servicing  activities CIT-FUSA
performs  with  respect to the  asset-backed  securities  platform  described in
CIT-FUSAs  Report on Assessment of Compliance with Servicing Criteria (the
CIT-FUSA Applicable Servicing Criteria).

(a)(ii)     As
more fully described in the related documents referred to below, CIT-FUSA has
complied, in all material respects, as of December 31, 2006 and during the
Reporting Period with the CIT-FUSA Applicable Servicing Criteria.

(a)(iii)     The
following documents relating to the foregoing statements are filed as part of
this report on Form 10-K:

| |             |  |                                                                                        
| | ----------- |  | ---------------------------------------------------------------------------------------
| | Exhibit No. |  | Description of Document:                                                               
| |             |  |                                                                                        
| |             |  |                                                                                        
| | 33.1        |  | Report on
  Assessment of Compliance with Servicing Criteria (CIT Financial USA, Inc.).
| | 34.1        |  | Report of
  Independent Registered Public Accounting Firm (PricewaterhouseCoopers LLP).

(b)(i)     CIT
Communications Finance Corporation (CIT-CFC) has assessed its compliance as
of December 31, 2006 and for 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) (to the extent that such item relates to (A) the actual disbursement or remittance of funds to investors which is performed by the indenture trustee and (B)
disbursements on behalf of an obligor), 1122(d)(2)(iii) (to the extent that such item relates to guarantees regarding collections, cash flows or distributions), 1122(d)(2)(iv), 1122(d)(2)(vi), 1122(d)(3)(i), 1122(d)(3)(ii), 1122(d)(3)(iii) (to the
extent that such item relates to the actual disbursement or remittance of funds to investors which is performed by the indenture trustee), 1122(d)(3)(iv), 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
CIT-CFC has determined are not applicable to the servicing activities CIT-CFC
performs with respect to the asset-backed securities platform that is described
in CIT-CFCs Report on Assessment of Compliance with Servicing Criteria (the
CIT-CFC Applicable Servicing Criteria).

(b)(ii)     
As more fully described in the related documents referred to below, CIT-CFC has
complied, in all material respects, as of December 31, 2006 and during the
Reporting Period with the CIT-CFC Applicable Servicing Criteria.



-3-

---



(b)(iii)     
The following documents relating to the foregoing statements are filed as part
of this report on Form 10-K:

| |             |  |                                                                                                         
| | ----------- |  | --------------------------------------------------------------------------------------------------------
| | Exhibit No. |  | Description of Document:                                                                                
| |             |  |                                                                                                         
| |             |  |                                                                                                         
| | 33.2        |  | Report on
  Assessment of Compliance with Servicing Criteria (CIT Communications Finance
  Corporation).
| | 34.2        |  | Report of
  Independent Registered Public Accounting Firm (PricewaterhouseCoopers LLP).                 

(c)(i)     CIT
Technology Financing Services, Inc. (CIT-TFS) has assessed its compliance as
of December 31, 2006 and for 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) (to the extent that such item relates to (A) the actual disbursement or remittance of funds to investors which is performed by the indenture trustee and (B)
disbursements on behalf of an obligor), 1122(d)(2)(iii) (to the extent that such item relates to guarantees regarding collections, cash flows or distributions), 1122(d)(2)(iv), 1122(d)(2)(vi), 1122(d)(3)(i), 1122(d)(3)(ii), 1122(d)(3)(iii) (to the
extent that such item relates to the actual disbursement or remittance of funds to investors which is performed by the indenture trustee), 1122(d)(3)(iv), 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
CIT-TFS has determined are not applicable to the servicing activities CIT-TFS
performs with respect to the asset-backed securities platform which is
described in CIT-TFSs Report on Assessment of Compliance with Servicing Criteria
(the CIT-TFS Applicable Servicing Criteria).

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

1.     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.

Certain reconciling items in bank clearing accounts were not resolved within 90 days of their original
identification. There is no alternative standard in the transaction agreements.

(c)(iii)     The
following documents relating to the foregoing statements are filed as part of
this report on Form 10-K:

| |             |  |                                                                                                          
| | ----------- |  | ---------------------------------------------------------------------------------------------------------
| | Exhibit No. |  | Description of Document:                                                                                 
| |             |  |                                                                                                          
| |             |  |                                                                                                          
| | 33.3        |  | Report on
  Assessment of Compliance with Servicing Criteria (CIT Technology Financing
  Services, Inc.).
| | 34.3        |  | Report of
  Independent Registered Public Accounting Firm (PricewaterhouseCoopers LLP).                  

(d)(i)     Dell
     Financial Services L.P. and DFS-SPV L.P. (collectively,  DFS)
have  assessed  their  compliance  as of December 31, 2006 and for 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  Report on
Assessment of Compliance  with  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.

The  Subservicer  noted  certain  customer  payments  that were not
deposited  within two business  days.  There is no  alternative  standard in the
transaction        agreement.

2.Item 1122(d)(2)(vii)(D): 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.

The
Subservicer  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.

The  Subservicer  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).

The
Subservicer noted certain collection  activities that were not maintained during
the Reporting Period the pool asset was delinquent.

(d)(iii)     The
following documents relating to the foregoing statements are filed as part of
this report on Form 10-K:

| |             |  |                                                                                                                            
| | ----------- |  | ---------------------------------------------------------------------------------------------------------------------------
| | Exhibit No. |  | Description of Document:                                                                                                   
| |             |  |                                                                                                                            
| |             |  |                                                                                                                            
| | 33.4        |  | Certification Regarding  Compliance with Applicable Servicing
    Criteria (Dell Financial Services L.P. and DFS-SPV L.P.).
| | 34.4        |  | Report of
  Independent Registered Public Accounting Firm (PricewaterhouseCoopers LLP).                                    

(e)(i)     The
Bank of New York (BONY) has assessed its compliance as of December 31, 2006
and during the twelve months ended December 31, 2006 with the servicing
criteria set forth in Item 1122(d) of Regulation AB (17 CFR 229.1122(d)),
except for Items 1122(d)(1)(ii), 1122(d)(1)(iii), 1122(d)(1)(iv),
1122(d)(2)(iii), 1122(d)(2)(iv), 1122(d)(4)(vi), 1122(d)(4)(vii), 1122(d)(4)(viii),
1122(d)(4)(x), 1122(d)(4)(xi), 1122(d)(4)(xii), 1122(d)(4)(xiii) and
1122(d)(4)(xiv) of such regulation, which BONY has determined are not
applicable to the servicing activities BONY performs with respect to the
asset-backed securities platform which is described in BONYs Assertion of
Compliance with Applicable Servicing Criteria (the BONY Applicable Servicing
Criteria).

(e)(ii)     As
more fully described in the related documents referred to below, BONY states
that it has complied, in all material respects, as of December 31, 2006 and
during the twelve months ended December 31, 2006 with the BONY Applicable
Servicing Criteria.

-4-

---



(e)(iii)     The
following documents relating to the foregoing statements are filed as part of
this report on Form 10-K:

| |             |  |                                                                                     
| | ----------- |  | ------------------------------------------------------------------------------------
| | Exhibit No. |  | Description of Document:                                                            
| |             |  |                                                                                     
| |             |  |                                                                                     
| | 33.5        |  | Assertion of
  Compliance with Applicable Servicing Criteria (The Bank of New York).
| | 34.5        |  | Report of
  Independent Registered Public Accounting Firm (Ernst & Young LLP).      

(e)(iv)     Please
note that the registrant/depositor and the issuing entity have determined that
BONY is neither a servicer for purposes of Item 1101(j) of Regulation AB (17
CFR 229.1101(j)) and Interpretation 3.01 of the Commissions Division of
Corporate Finance Manual of Publicly Available Telephone Interpretations (the
Telephone Interpretations) and Item 1123 of Regulation AB (17 CFR 229.1123)
nor a party participating in the servicing function for purposes of Item 1122
of Regulation AB (17 CFR 229.1122) and Interpretation 12.01 of the Telephone
Interpretations. The registrant/depositor and the issuing entity believe that
BONY is not required to provide either a servicer assessment and attestation
under Item 1122 of Regulation AB (17 CFR 229.1122) or a servicer compliance
statement under Item 1123 of Regulation AB (17 CFR 229.1123). BONY has
furnished to the registrant/depositor and the issuing entity its Assertion of
Compliance with Applicable Servicing Criteria and related Report of Independent
Registered Public Accounting Firm from Ernst & Young LLP. These documents
are filed as part of this report on Form 10-K.

Pursuant to Interpretation 15.02 of the Telephone Interpretations, the registrant/depositor is not incorporating by reference into its Registration Statement on Form S-3 (File No. 333-122288) the Reports of Independent Registered Public Accounting Firm of PricewaterhouseCoopers LLP filed as part of this report on Form 10-K asExhibits 34.1, 34.2, 34.3 and 34.4or the Report of Independent Registered Public Accounting Firm of Ernst & Young LLP filed as part of this report on Form 10-K asExhibit 34.5.

Item 1123 of Regulation AB. Servicer
Compliance Statement.

The
following documents are filed as part of this report on Form 10-K in accordance
with Item 1123 of Regulation AB (17 CFR 229.1123):

| |             |  |                                                                                 
| | ----------- |  | --------------------------------------------------------------------------------
| | Exhibit No. |  | Description of Document:                                                        
| |             |  |                                                                                 
| |             |  |                                                                                 
| | 35.1        |  | Servicer
  Compliance Statement of CIT Financial USA, Inc.                      
| | 35.2        |  | Servicer
  Compliance Statement of CIT Communications Finance Corporation.      
| | 35.3        |  | Servicer
  Compliance Statement of CIT Technology Financing Services, Inc.      
| | 35.4        |  | Servicer
  Compliance Statement of Dell Financial Services L.P. and DFS-SPV L.P.

PART II

Item 9B. Other Information.

None.

PART III

***

PART IV

Item 15. Exhibits, Financial Statement
Schedules.

(a)(1)     Not
Applicable.

(a)(2)     Not
Applicable.

(a)(3)     The
following documents are filed as exhibits to this report on Form 10-K:

| |             |  |                                                                                                                           
| | ----------- |  | --------------------------------------------------------------------------------------------------------------------------
| | Exhibit No. |  | Description of Document:                                                                                                  
| |             |  |                                                                                                                           
| |             |  |                                                                                                                           
| | 31.1        |  | Certification Pursuant to
  Rule 15d-14(d).                                                                               
| | 33.1        |  | Report on
  Assessment of Compliance with Servicing Criteria (CIT Financial USA, Inc.).                                   
| | 33.2        |  | Report on
  Assessment of Compliance with Servicing Criteria (CIT Communications Finance
  Corporation).                  
| | 33.3        |  | Report on
  Assessment of Compliance with Servicing Criteria (CIT Technology Financing
  Services, Inc.).                 
| | 33.4        |  | Certification Regarding Compliance with Applicable Servicing
    Criteria (Dell Financial Services L.P. and DFS-SPV L.P.).
| | 33.5        |  | Assertion of
  Compliance with Applicable Servicing Criteria (The Bank of New York).                                      
| | 34.1        |  | Report of
  Independent Registered Public Accounting Firm (PricewaterhouseCoopers LLP).                                   

-5-

---



| |      |  |                                                                                        
| | ---- |  | ---------------------------------------------------------------------------------------
| | 34.2 |  | Report of
  Independent Registered Public Accounting Firm (PricewaterhouseCoopers LLP).
| | 34.3 |  | Report of
  Independent Registered Public Accounting Firm (PricewaterhouseCoopers LLP).
| | 34.4 |  | Report of
  Independent Registered Public Accounting Firm (PricewaterhouseCoopers LLP).
| | 34.5 |  | Report of
  Independent Registered Public Accounting Firm (Ernst & Young LLP).         
| | 35.1 |  | Servicer
  Compliance Statement of CIT Financial USA, Inc.                             
| | 35.2 |  | Servicer
  Compliance Statement of CIT Communications Finance Corporation.             
| | 35.3 |  | Servicer
  Compliance Statement of CIT Technology Financing Services, Inc.             
| | 35.4 |  | Servicer
  Compliance Statement of Dell Financial Services L.P. and DFS-SPV L.P.       

In
addition, the following documents are incorporated by reference as exhibits
into this report on Form 10-K under Rule 12b-32 (17 CFR 240.12b-32):

| |             |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | ----------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Exhibit No. |  | Description of Document:                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |             |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| |             |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | 3(i).1      |  | Amended
  and Restated Trust Agreement dated as of February 1, 2006 among CIT Funding
  Company, LLC, as Depositor, and The Bank of New York (Delaware) (as successor
  in interest to Chase Bank USA, National Association), as Owner Trustee, filed with
  the Commission as Exhibit 4.2 to the
  report on Form 8-K, dated March 23, 2006, with respect to the
  registrant/depositor on March 27, 2006 and with
  respect to the issuing entity on April 10, 2006.
| |             |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | 3(i).2      |  | Certificate
  of Trust of CIT Equipment Collateral 2006-VT1, filed with the Office of the
  Secretary of State of the State of Delaware on March 8, 2006, a form of which
  was filed with the Commission as Exhibit B to Exhibit 3(i).1
  above.                                                                                                                                                                                                                     
| |             |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | 4.1         |  | Indenture dated
  as of February 1, 2006 between CIT Equipment Collateral 2006-VT1 and The Bank of
  New York, as Indenture Trustee, filed with
  the Commission as Exhibit 4.1 to the
  report on Form 8-K, dated March 23, 2006, with respect to the registrant/depositor
  on March 27, 2006 and with respect to the issuing entity on April 10, 2006.                                                                                                             
| |             |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | 4.2         |  | Pooling and Servicing
  Agreement dated as of February 1, 2006 among CIT Equipment Collateral 2006-VT1,
  as Trust, CIT Funding Company, LLC, as Depositor, and CIT Financial USA,
  Inc., as Servicer, filed with
  the Commission as Exhibit 4.3to the
  report on Form 8-K, dated March 23, 2006, with respect to the registrant/depositor
  on March 27, 2006 and with respect to the issuing entity on April 10, 2006.                                           
| |             |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | 10.1        |  | Administration
  Agreement dated as of February 1, 2006 among CIT Equipment Collateral 2006-VT1,
  as Issuer, CIT Financial USA, Inc., as Administrator, CIT Funding Company,
  LLC, as Depositor, and The Bank of New York, as Indenture Trustee, filed with the Commission as Exhibit 10.1 to the report on
  Form 8-K, dated March 23, 2006, with respect to the registrant/depositor on
  March 27, 2006 and with respect to the issuing entity on April 10, 2006.

(b)     
The issuing entity filed with the Commission during the period covered by this
report on Form 10-K (i) four (4) Current Reports on Form 8-K, dated March
23, 2006, September 19, 2006, January 23, 2007 and March 19, 2007, respectively; and (ii) nine
(9) Asset-Backed Issuer Distribution Reports on Form 10-D, dated April 27,
2006, May 26, 2006, June 27, 2006, July 27, 2006, August 25, 2006, September
26, 2006, October 27, 2006, November 29, 2006 and December 27, 2006, respectively.

(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.

-6-

---



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-VT1
|                     |                                     |                                      | (Issuing entity)                                              
|                     |                                     |                                      |                                                               
|Date: March 30, 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)

-7-

---



EXHIBIT INDEX:

|                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|--------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit Number: |  | Description of Document:                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|3(i).1          |  | Amended and Restated Trust
  Agreement dated as of February 1, 2006 among CIT Funding Company, LLC, as
  Depositor, and The Bank of New York (Delaware) (as successor in interest to
  Chase Bank USA, National Association), as Owner Trustee, filed with
  the Commission as Exhibit 4.2 to the
  report on Form 8-K, dated March 23, 2006, with respect to the
  registrant/depositor on March 27, 2006 and with
  respect to the issuing entity on April 10, 2006.***
|                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|3(i).2          |  | Certificate
  of Trust of CIT Equipment Collateral 2006-VT1, filed with the Office of the
  Secretary of State of the State of Delaware on March 8, 2006, a form of which
  was filed as Exhibit B to Exhibit 3(i).1 above.***                                                                                                                                                                                                                                           
|                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|4.1             |  | Indenture
  dated as of February 1, 2006 between CIT Equipment Collateral 2006-VT1 and The
  Bank of New York, as Indenture Trustee, filed
  with the Commission as Exhibit
  4.1 to the report on Form 8-K, dated March 23, 2006, with respect
  to the registrant/depositor on March 27, 2006 and with respect to the issuing
  entity on April 10, 2006.***                                                                                                           
|                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|4.2             |  | Pooling and Servicing
  Agreement dated as of February 1, 2006 among CIT Equipment Collateral 2006-VT1,
  as Trust, CIT Funding Company, LLC, as Depositor, and CIT Financial USA,
  Inc., as Servicer, filed with
  the Commission as Exhibit 4.3to the
  report on Form 8-K, dated March 23, 2006, with respect to the registrant/depositor
  on March 27, 2006 and with respect to the issuing entity on April 10, 2006.***                                           
|                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|10.1            |  | Administration
  Agreement dated as of February 1, 2006 among CIT Equipment Collateral 2006-VT1,
  as Issuer, CIT Financial USA, Inc., as Administrator, CIT Funding Company,
  LLC, as Depositor, and The Bank of New York, as Indenture Trustee, filed with the Commission as Exhibit 10.1 to the report on
  Form 8-K, dated March 23, 2006, with respect to the registrant/depositor on
  March 27, 2006 and with respect to the issuing entity on April 10, 2006.***
|                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|31.1            |  | Certification Pursuant to
  Rule 15d-14(d).                                                                                                                                                                                                                                                                                                                                                                                                                              
|                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|33.1            |  | Report on Assessment of Compliance
  with Servicing Criteria (CIT Financial USA, Inc.).                                                                                                                                                                                                                                                                                                                                                                                  
|                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|33.2            |  | Report on Assessment of
  Compliance with Servicing Criteria (CIT Communications Finance Corporation).                                                                                                                                                                                                                                                                                                                                                                   
|                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|33.3            |  | Report on Assessment of
  Compliance with Servicing Criteria (CIT Technology Financing Services, Inc.).                                                                                                                                                                                                                                                                                                                                                                  
|                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|33.4            |  | Certification Regarding Compliance with Applicable Servicing Criteria (Dell Financial Services L.P. and
  DFS-SPV L.P.).                                                                                                                                                                                                                                                                                                                                                 
|                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|33.5            |  | Assertion of Compliance
  with Applicable Servicing Criteria (The Bank of New York).                                                                                                                                                                                                                                                                                                                                                                                     
|                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|34.1            |  | Report of Independent
  Registered Public Accounting Firm (PricewaterhouseCoopers LLP).                                                                                                                                                                                                                                                                                                                                                                                  
|                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|34.2            |  | Report of Independent
  Registered Public Accounting Firm (PricewaterhouseCoopers LLP).                                                                                                                                                                                                                                                                                                                                                                                  
|                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|34.3            |  | Report of Independent
  Registered Public Accounting Firm (PricewaterhouseCoopers LLP).                                                                                                                                                                                                                                                                                                                                                                                  
|                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|34.4            |  | Report of Independent
  Registered Public Accounting Firm (PricewaterhouseCoopers LLP).                                                                                                                                                                                                                                                                                                                                                                                  
|                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|34.5            |  | Report of Independent
  Registered Public Accounting Firm (Ernst & Young LLP).                                                                                                                                                                                                                                                                                                                                                                                           
|                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|35.1            |  | Servicer Compliance
  Statement of CIT Financial USA, Inc.                                                                                                                                                                                                                                                                                                                                                                                                               
|                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|35.2            |  | Servicer Compliance
  Statement of CIT Communications Finance Corporation.                                                                                                                                                                                                                                                                                                                                                                                               
|                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|35.3            |  | Servicer Compliance
  Statement of CIT Technology Financing Services, Inc.                                                                                                                                                                                                                                                                                                                                                                                               
|                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|35.4            |  | Servicer Compliance
  Statement of Dell Financial Services L.P. and DFS-SPV L.P.                                                                                                                                                                                                                                                                                                                                                                                         

|    |                                                                                                                      
|--- | ---------------------------------------------------------------------------------------------------------------------
|*** | Document incorporated by
reference as an exhibit into this report on Form 10-K under Rule 12b-32 (17 CFR
240.12b-32).



-8-

---