CIT Appoints Jay Desmarteau President of CIT Equipment Finance

NEW YORK & TEMPE, Ariz.--(Business Wire)--CIT Group Inc. (NYSE: CIT), a leading global commercial finance
company, today announced the appointment of Jay DesMarteau (40) as
President of CIT Equipment Finance. DesMarteau has served as interim
Group Head since June, 2007. He is responsible for developing and
growing CIT's middle market equipment finance business and working
with the Equipment Finance leadership team to drive sales, deal
structuring, portfolio management and customer satisfaction.

"I am pleased to announce Jay's appointment as President of CIT
Equipment Finance," said Walter J. Owens, President of Corporate
Finance at CIT. "His efforts over the past six months highlight his
leadership and management capabilities and will serve CIT well as we
continue to grow our middle market equipment finance business. Our
deep industry knowledge and financial products expertise allows us to
provide a sophisticated solution that adds value to our customers'
businesses."

CIT Equipment Finance is a leading provider of equipment financing
solutions for middle market companies in a wide range of industries.
CIT Equipment Finance specializes in providing equipment loans and
leases for transactions ranging in size from $3 million to
approximately $50 million.

DesMarteau joined CIT in 2006 as the Chief Sales Officer of
Commercial Finance. Prior to joining CIT, DesMarteau worked with
General Electric for 15 years in a number of increasingly senior
roles, most recently leading the consolidation of GE Capital Solutions
which incorporated the merging of GE's $2 billion Net Income Equipment
Finance, Inventory Finance, and Vendor Finance business units. Prior
to GE, he also led the sales and marketing teams for a $10 billion
domestic finance business.

Individuals interested in receiving future updates on CIT via
e-mail can register at http://newsalerts.cit.com

About CIT

Founded in 1908, CIT (NYSE: CIT) is a global commercial finance
company that provides financial products and advisory services to more
than one million customers in over 50 countries across 30 industries.
A leader in middle market financing, CIT has more than $80 billion in
managed assets and provides financial solutions for more than half of
the Fortune 1000. A member of the S&P 500 and Fortune 500, it
maintains leading positions in asset-based, cash flow and small
business administration lending, equipment leasing, vendor financing
and factoring. The CIT brand platform, Capital Redefined, articulates
its value proposition of providing its customers with the
relationship, intellectual and financial capital to yield infinite
possibilities. www.cit.com.

CIT Media Relations:
C. Curtis Ritter, 212-461-7711
Director of External Communications & Media Relations
curt.ritter@cit.com
or
Mary Flynn, 212-461-7860
Director of Media Relations
mary.flynn@cit.com
or
CIT Investor Relations:
Ken Brause, 212-771-9650
Executive Vice President
ken.brause@cit.com

Copyright Business Wire 2007