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  APPROVAL          
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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 333-122288-03

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 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.



|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                                                                                                                                                                                                                                                                                                                                              

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|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 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 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, and the Certification Regarding Compliance with Applicable Servicing
	     Criteria and Appendix A thereto filed as part of Exhibit 33.4 to,
	     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)
    delete the phrase, (D), appearing after the phrase, Item 1122(d))(2)(vii),
    and before the colon (:) in the first (1st) line of the first (1st) paragraph
    of paragraph 2 of such sub-section (d)(ii);

(d)   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;

(e)
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;

(f)
         replace the phrase,  Subserviced  Platform,  appearing after the phrase, with respect
to, and before the semi-colon  (;) in the second (2nd) line of paragraph 4 of
such Certification  Regarding  Compliance with Applicable Servicing Criteria with the word, Platform; and

(g)
delete the letter,  X,  appearing in the row under the  sub-heading  entitled,
Cash   Collection   and    Administration,    and   bearing   the   reference,
1122(d)(2)(i),   from  the  column  entitled,   Performed   Directly  by  the
Subservicer,  in such Appendix A to Exhibit 33.4 and insert the
letter, X,
in the row under the sub-heading entitled, Cash Collection and Administration,
and  bearing  the  reference,   1122(d)(2)(i),   under  the  column  entitled,
Performed by Vendor(s) for which the Subservicer is the Responsible  Party, in
such Appendix A to Exhibit 33.4.

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 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  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.

After giving effect to such amendments, Exhibit 33.4 filed as part of such report on Form 10-K reads as set forth in Exhibit 33.1, Certification Regarding Compliance with Applicable Servicing Criteria, attached hereto.

Please
    note that the inserted language set forth in paragraph (e) 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 (e) 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.

Please
note further that the revisions  set forth in paragraphs  (f) and (g) above were
included in the final version of the  Certification  Regarding  Compliance  with
Applicable  Servicing  Criteria  and  Appendix A thereto,  as  executed  by DFS.
However, the revisions set forth in paragraphs (f) and
    (g) above were inadvertently not included in the final printer's proof of
    such Certification Regarding Compliance with Applicable Servicing Criteria
and Appendix A thereto, 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 documents are filed as exhibits to this Form 10-K/A:

|            |  |                                                                                                                       
|----------- |  | ----------------------------------------------------------------------------------------------------------------------
|Exhibit No. |  | Description of Document:                                                                                              
|            |  |                                                                                                                       
|            |  |                                                                                                                       
|31.1        |  | Certification Pursuant to Rule 15d-14(d).                                                                             
|33.1        |  | Certification Regarding Compliance with Applicable Servicing Criteria (Dell Financial Services L.P. and DFS-SPV L.P.).

-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-VT1
|                    |                                     |                                      | (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).                                                                             
|                |                                                                                                                       
|33.1            | Certification Regarding Compliance with Applicable Servicing Criteria (Dell Financial Services L.P. and DFS-SPV L.P.).

| | 
| | 



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