CIT Remains in Discussions with Regulators on Liquidity Solutions

NEW YORK--(Business Wire)--
CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses
and middle market companies, today confirmed that it remains in active
discussions with its principal regulators on a series of measures to improve the
company`s near-term liquidity position.

Among the matters being discussed are the Company`s application to participate
in the FDIC`s Temporary Liquidity Guarantee Program. The Company is also
actively discussing liquidity solutions that do not involve access to the TLGP
program, such as the near-term transfer of assets into CIT Bank through Section
23A waivers and the transfer of its Vendor Finance and Trade Finance businesses
into CIT Bank; these transfers if approved would enhance CIT`s liquidity
position.

There can be no assurance that any of CIT`s discussions with the government will
result in any regulatory action nor as to the timing or terms of any such
approvals.

About CIT

CIT (NYSE: CIT) is a bank holding company with more than $60 billion in finance
and leasing assets that provides financial products and advisory services to
small and middle market businesses. Operating in more than 50 countries across
30 industries, CIT provides an unparalleled combination of relationship,
intellectual and financial capital to its customers worldwide. CIT maintains
leadership positions in small business and middle market lending, retail
finance, aerospace, equipment and rail leasing, and vendor finance. Founded in
1908 and headquartered in New York City, CIT is a member of the S&P 500 and
Fortune 500. www.cit.com

FORWARD LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of
applicable federal securities laws, including the Private Securities Litigation
Reform Act of 1995, that are based upon our current expectations and assumptions
concerning future events, which are subject to a number of risks and
uncertainties that could cause actual results to differ materially from those
anticipated. The words "expect," "anticipate," "estimate," "forecast,"
"initiative," "objective," "plan," "goal," "project," "outlook," "priorities,"
"target," "intend," "evaluate," "pursue," "commence," "seek," "may," "would,"
"could," "should," "believe," "potential," "continue," or the negative of any of
those words or similar expressions is intended to identify forward-looking
statements. All statements contained in this press release, other than
statements of historical fact, including without limitation, statements about
our plans, strategies, prospects and expectations regarding future events and
our financial performance, are forward-looking statements that involve certain
risks and uncertainties. While these statements represent our current judgment
on what the future may hold, and we believe these judgments are reasonable,
these statements are not guarantees of any events or financial results, and our
actual results may differ materially due to numerous important factors that are
described in Item 1A of our Annual Report on Form 10-K for the year ended
December 31, 2008, and in Item 1A of our Quarterly Report on Form 10-Q for the
quarter ended March 31, 2009 and our Current Reports on Form 8-K. Many of these
risks, uncertainties and assumptions are beyond our control, and may cause our
actual results and performance to differ materially from our expectations.
Important factors that could cause our actual results to be materially different
from our expectations include, among others, the risk that our discussions with
our principal regulators do not result in any additional regulatory action or
that any action is not granted on a timely basis or on favorable terms and
conditions for the company, the risk that our pending application for
participation in the FDIC`s TLGP program is denied or even if granted in whole
or in part is not sufficient to address the company`s liquidity concerns, the
risk that any regulatory solution that does not involve access to the TLGP
program does not provide the liquidity that the company is seeking, the risks
that we experience material negative changes to our liquidity, whether in
response to market speculation, press reports or otherwise, the risk that the
regulatory actions and other measures being pursued do not have the desired
effect on our liquidity position, the risk that the capital markets initiatives
being pursued or considered by the company are not available. capital markets
liquidity; risks of and/or actual economic slowdown, downturn or recession;
industry cycles and trends; demographic trends; risks inherent in changes in
market interest rates and quality spreads; funding opportunities and borrowing
costs; conditions and/or changes in funding markets, including commercial paper,
term debt and the asset-backed securitization markets; uncertainties associated
with risk management, including credit, prepayment, asset/liability, interest
rate and currency risks; adequacy of reserves for credit losses; risks
associated with the value and recoverability of leased equipment and lease
residual values; application of fair value accounting in volatile markets;
changes in laws or regulations governing our business and operations; changes in
competitive factors; future acquisitions and dispositions of businesses or asset
portfolios; the risks associated with our being a bank holding company,
including, but not limited to, whether our existing business activities are
permissible activities. Accordingly, you should not place undue reliance on the
forward-looking statements contained in this press release. These
forward-looking statements speak only as of the date on which the statements
were made. CIT undertakes no obligation to update publicly or otherwise revise
any forward-looking statements, except where expressly required by law.

CIT MEDIA RELATIONS:
C. Curtis Ritter, 212-461-7711
Vice President
Director of External Communications & Media Relations
Curt.Ritter@cit.com
or
CIT INVESTOR RELATIONS:
Ken Brause, 212-771-9650
Executive Vice President
ken.brause@cit.com

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