CIT Further Reduces High Cost Debt

CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today announced that it will redeem all of its outstanding 10.25% Series B second lien Notes maturing in 2013 and 2014. The Company has provided a redemption notice to the trustee and intends to complete the redemption on October 21, 2010.

The aggregate principal amount of the 10.25% Series B Notes to be redeemed is approximately $537 million. As provided under the terms of the Series B Notes, the redemption price will be 103.5% of the aggregate principal amount redeemed. After this redemption, approximately $1.6 billion of Series B Notes maturing in 2015, 2016 and 2017 will remain outstanding.

Earlier this year, the Company repaid $4.5 billion, or 60%, of its first lien debt and successfully refinanced the balance at a lower cost and with more flexible terms.

“We continue to improve our cost of capital by reducing our existing high cost debt through repayment or refinancing with lower cost funding as we provide much needed financing to small businesses and middle market companies,” said John A. Thain, Chairman and Chief Executive Officer.

Additional information can be found in the Company’s SEC filings that are available on CIT’s Web site, www.cit.com, in the Investor Relations section.

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About CIT

Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $40 billion in finance and leasing assets. It provides financing and leasing capital to its more than one million small business and middle market clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. www.cit.com