EXHIBIT 99.1

FOR IMMEDIATE RELEASE

CIT REPORTS FIRST QUARTER RESULTS;
PROGRESS EXECUTING BANK STRATEGY 

• First quarter loss of $1.30 per share
• Results impacted by high credit costs, including reserve build, and margin compression
• Estimated Total Capital Ratio of 13.0%
• Initial phase of 23A asset transfers into CIT Bank completed

     NEW YORK – April 23, 2009 – CIT Group Inc. (NYSE: CIT), a bank holding company, today reported a loss of $438.1 million ($504.5 million after preferred dividends), $1.30 per share, for the first quarter of 2009, compared to a loss of $240.7 million ($259.2 million after preferred dividends), $1.36 per share from continuing operations for the comparable 2008 quarter. CIT also reported progress in implementing its bank strategy by receiving regulatory approval to commence the transfer of assets into CIT Bank, a wholly-owned subsidiary.

     “Our results this quarter reflect the ongoing stress in the economy,” said Jeffrey M. Peek, Chairman and CEO. “The current economic conditions significantly pressured certain segments of the middle market while tightness in the credit markets has resulted in higher borrowing costs and compressed margins. These factors, in conjunction with our commitment to maintaining a strong balance sheet, led to our decisions to increase loan loss reserves and suspend our common dividend.

     “We are making progress implementing our bank strategy, which is focused on stabilizing our long-term funding model as we manage expenses and maintain adequate liquidity”. CIT Bank raised more than $700 million of deposits in the quarter and we recently transferred $5.7 billion of assets into the bank through our initial 23A waiver from the Federal Reserve. As we look ahead, we believe our commercial franchises are well poised to capture opportunities when the market improves.”

Bank Holding Company (BHC) Update 

• Our estimated March 31, 2009 Tier 1 and Total Capital Ratios were 9.3% and 13.0% on a consolidated basis.
• During the quarter we actively managed down risk-weighted assets to an estimated $75 billion from $79 billion at December 31, 2008.
• In April, the Federal Reserve approved the initial phase of our 23A waiver and we transferred $5.7 billion of government-guaranteed student loans and $3.5 billion of related debt to CIT Bank. We are working with the regulators to obtain permission to transfer additional assets under our waiver request.

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• Our bank strategy involves the transfer of certain U.S. operations, including originations and servicing platforms, into CIT Bank and the transition to a more diverse and deposit-based funding model.
• CIT Bank increased its cash balances to $1.6 billion through increased deposit gathering activities, a portion of which was used in April to pay CIT Group amounts arising from the 23A student loan transfers. Deposits raised in the first quarter were in excess of $700 million.
• At March 31, 2009, assets at CIT Bank totaled $3.9 billion, including $1.7 billion of commercial loan receivables originated at the bank and deposits were $3.0 billion. It is anticipated that further increases in existing deposit raising activities will be pursued, coupled with further diversification of bank-level funding sources.
• New business volume for the quarter was $2.4 billion, and factoring volume was $8.3 billion.
• Our application for participation in the Temporary Liquidity Guaranty Program (TLGP) remains outstanding.

Consolidated Financial Highlights of Continuing Operations

     Our operating results for the quarter reflect the weak economic environment as charge-offs and problem loans rose and we increased the allowance for loan losses. Interest margins compressed primarily due to higher cost of secured borrowings. We recorded a pretax gain of approximately $139 million on the repurchase of $471 million of unsecured debt at a discount. Operating expenses decreased from last quarter, benefitting from prior restructuring initiatives. From a segment perspective, Transportation Finance and Trade Finance were profitable, while Vendor Finance and Corporate Finance are being hit hardest by the economic and credit downturn and liquidity constraints.

Net Finance Revenue (net interest revenue plus rental income less depreciation on operating leases)

• Interest income decreased 22% from last quarter reflecting the repricing of certain assets at lower market index rates, lower earning asset levels and higher levels of non-accrual assets.
• Interest expense decreased 17% from last quarter as the benefit of lower debt balances and lower market rates was partially offset by higher funding costs associated with secured borrowings.
• Rental income on operating lease equipment was up slightly, primarily related to higher aerospace assets.
• Net margin (net finance revenue as a percentage of average earning assets) was 1.13%, down from 1.38% last quarter, as the effect of higher funding costs, higher nonaccruals and asset repricings offset the benefit of reduced leverage.
• Operating lease net revenue was 6.00% of average operating leases, essentially flat with last quarter. Asset utilization remained strong in aerospace, while there was some weakening in rail.

Other Income (excluding rental income)

• Other income generation remained challenging in light of current market conditions.
• Fees and commissions were down from last quarter reflecting lower deal activity, coupled with impairment charges on certain retained interests.

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• Factoring commissions declined from last quarter as an increase in rates was more than offset by lower volumes.
• Commercial loan sales and syndication volume and the respective gains and fees were down from last quarter consistent with market conditions.
• Equipment gains were down on fewer aircraft sales.

Credit Quality – Commercial

• Net charge-offs as a percentage of average finance receivables were 2.78%, up from 1.42% last quarter. This increase was attributable to higher severity and defaults concentrated in the media, energy and commercial real estate sectors of the Corporate Finance portfolio. Charge-offs declined sequentially in both Vendor Finance and Trade Finance.
• Non-accrual loans for the commercial businesses were 3.88% of finance receivables at March 31, 2009, up from 3.00% at December 31, 2008, driven primarily by Corporate Finance, principally in the sectors noted above.
• Credit reserves for the commercial segments increased by $217 million to $1.1 billion at March 31, 2009.
• Credit reserves as a percentage of finance receivables increased to 2.77% from 2.11% last quarter.

Credit Quality – Consumer Segment

• Net charge-offs were $37 million, including $21 million of charge-offs in the private student loan portfolio, up from $31 million last quarter.
• Non-accrual loans were $191 million, down slightly from $194 million at December 31, 2008 and primarily reflect losses in the private student loan portfolio.
• The provision for credit losses totaled $40 million for the quarter, and the related allowance for loan losses increased to $242 million.

Salaries and General Operating Expenses

• Salaries and general operating expenses in the quarter were $282 million before severance and facility exit costs, down from last quarter’s comparable amount. The current period includes incremental bank holding company (BHC) costs of $3 million. Expenses in the prior quarter were $353 million, which included $31 million of BHC costs and $33 million related to certain reconciliation charges, and $304 million in the prior year first quarter. The improvement primarily reflects lower compensation costs, consistent with lower headcount, and reduced discretionary spending.
• During the quarter we recorded a work force reduction and facility closing charge of $20 million pre-tax, primarily reflecting the elimination of approximately 140 employees (3% of the workforce) and exit from four facilities. Annual savings from these actions are estimated to be $16 million.
• Employee headcount totaled approximately 4,830 at March 31, 2009, down from 4,995 at December 31, 2008.

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Income Tax Provision

• The tax provision for the quarter was driven primarily by earnings in international operations. No tax benefit was provided on the pre-tax loss from U.S. operations due to the Company’s net operating loss position.

Assets

• Total assets at March 31, 2009 were $75.7 billion, down from $80.4 billion at December 31, 2008. Total owned and securitized financial assets were $65.8 billion, lower than last quarter.
• Estimated risk weighted assets, which include both on-balance sheet and off-balance sheet assets and unfunded commitments in accordance with Basel I requirements, were approximately $75 billion, down from $79 billion at December 31, 2008.
• We ended the quarter with $6.0 billion of cash, down from $8.4 billion at December 31, 2008, as we repaid over $3 billion of unsecured debt that matured in the quarter.
• New loan originations in our commercial businesses, excluding factoring, was $2.4 billion for the quarter, down from $3.3 billion last quarter and $5.1 billion for the March 31, 2008 quarter, and reflects seasonality, weak market conditions and balancing of liquidity.

Capital

• Total capital at March 31, 2009 was $9.8 billion, compared to $10.4 billion at December 31, 2008.
• Our estimated consolidated Tier 1 and Total Capital Ratios were 9.3% and 13.0% at March 31, 2009, compared to 9.4% and 13.1%, respectively, at December 31, 2008.
• Tangible common equity as a percentage of tangible assets (TCE ratio) was 5.2%, down from 5.6% at December 31, 2008.
• The Company has elected to suspend the dividend to common shareholders.
• Average common shares outstanding for the 2009 first quarter increased to 389 million from 295 million last quarter, reflecting the full impact of common equity issued in December.
• Earnings per share and other per share calculations do not include the potential dilutive effects of the warrant to purchase approximately 88.7 million shares of common stock at an initial exercise price of $3.94 issued in conjunction with the TARP funding, outstanding convertible preferred stock (convertible into 45.5 million common shares) and other potentially dilutive securities.

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Segment Results: 

Corporate Finance

• Results this quarter include substantially higher credit costs reflecting the impact of the weak economy, as well as the continued dislocation in capital markets that has negatively impacted our ability to originate new business and generate fees.
• Total net revenues (the sum of net interest revenue, total other income and depreciation on operating lease equipment) remained weak during the quarter. Interest income was down from last quarter on lower asset balances coupled with a higher level of non-accrual loans. Net finance revenue (the sum of net interest revenue, rental income and depreciation on operating lease equipment) as a percentage of average earning assets decreased from the previous quarter. Interest expense, while down from last quarter on the lower asset levels, reflects the higher funding costs associated with secured financing.
• Fees and other income were down as there were low levels of market activity. The current quarter also included $17 million of impairment charges on retained interests, while last quarter included approximately $61 million of impairment charges on real estate assets.
• New business volume was $0.3 billion for the quarter, down 59% from last quarter.
• Credit metrics, including net charge-offs and non-accrual loans, weakened materially this quarter. This weakening was primarily attributable to both higher severity and more rapid realization of losses as current markets provide companies with fewer workout options and have led to a substantially higher level of bankruptcies and liquidations. This deterioration was particularly notable in the media, energy, and commercial real estate sectors.

Transportation Finance

• Results this quarter reflect continued good performance in aerospace, some softening in rail and continued strong credit quality.
• Total net revenues were down from last quarter on lower asset sales. Our commercial aircraft portfolio was fully leased at March 31, 2009, while rail utilization declined from year-end to 93%.
• Net finance revenue as a percentage of average earning assets was up from last quarter.
• Volume was down from last quarter, primarily due to fewer rail car purchases. We took delivery of and placed 7 commercial aircraft from our order book.
• Credit quality remained strong; charge-offs were low and the level of non-accrual loans declined from December 31, 2008.

Trade Finance

• Results this quarter reflected modestly higher credit costs, lower factoring volumes and improved commission rates.
• Total net revenues were down from last quarter as an increase in factoring commission rates was more than offset by lower factoring volumes, reflecting seasonality and a weak retail environment.
• Net finance revenue as a percentage of average earning assets declined from last quarter reflecting higher funding costs.
• Factoring volumes were $8.3 billion, compared to $10.4 billion last quarter.

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• Credit metrics were generally stable. While net charge-offs were down slightly from last quarter, non-accrual loans increased. 

Vendor Finance

• Results this quarter were impacted primarily by higher credit provisions.
• Total net revenues were down from last quarter as a result of increased amortization of origination costs.
• Net finance revenue as a percentage of average earning assets was flat with last quarter.
• New business volume was $1.4 billion versus $1.8 billion last quarter as we managed the level of originations.
• The provision for credit losses rose from last quarter as non-accrual loans increased; however, net charge-offs were below the prior quarter. 

Consumer

• Total net revenues were down from last quarter primarily reflecting assets that repriced at lower rates and lower asset levels, as we no longer originate student loans.
• Net charge-offs increased from last quarter on deterioration in the private student loan portfolio and reserves for credit losses were increased by $3 million.
• Our student loan portfolio decreased by $201 million during the quarter to $12.0 billion, of which $11.3 billion are U.S. government-guaranteed loans.
• The transfer of student loans to CIT Bank should result in a lower funding cost and has no impact on our ability to service these assets.

Corporate and Other

• The current quarter includes the pre-tax gain of $139 million (net of costs to unwind related hedges) from the repurchase of $471 million of senior unsecured notes and a charge of $20 million pre-tax, primarily reflecting the elimination of approximately 140 employees. Both of these amounts are included in other expenses on the face of the income statement.
• The Corporate and other segment results also include $49.2 million of preferred stock dividends, up from last quarter reflecting the additional dividends on the TARP investment received in December and $16.7 million of TARP preferred stock discount accretion that is recorded directly to accumulated deficit.
• The segments record tax expense or benefit as if they were reporting on a stand alone basis. The corporate and other results include tax expense of $188.8 million to offset the income tax benefit reported by the segments. The adjustment reflects the Company’s net operating loss position.

Discontinued Operation (Home Lending)

• We concluded our exit from this business in the first quarter with the transfer of servicing operations and receipt of the final payment of approximately $45 million. 

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Conference Call and Webcast:

     We will discuss this quarter’s results, as well as ongoing strategy, on a conference call and audio webcast today at 9:00 am (EDT). Interested parties may access the conference call live today by dialing 866-831-6272 for U.S. and Canadian callers or 617-213-8859 for international callers, and reference access code “CIT Group” or access the audio webcast at the following website: http://ir.cit.com. An audio replay of the call will be available beginning shortly after the conclusion of the call until 11:59 pm (EDT) May 6, 2009, by dialing 888-286-8010 for U.S. and Canadian callers or 617-801-6888 for international callers with the access code 26931287, or at the following website: http://ir.cit.com. 

About CIT:

     CIT (NYSE: CIT) is a bank holding company with more than $60 billion in financing 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 aerospace, equipment and rail leasing, small business and middle market lending, vendor financing and factoring.   Founded in 1908 and headquartered in New York City, CIT is a member of the S&P 500 and Fortune 500. www.cit.com.

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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 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, 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. 

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Contact:

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CIT GROUP INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED INCOME STATEMENTS
(dollars in millions, except per share data)

Fees and other income is comprised of asset management and service fees, including securitization-related servicing fees and accretion net of impairment charge, advisory and agent fees, as well as income from joint ventures.

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CIT GROUP INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEETS
(dollars in millions)

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CIT GROUP INC. AND SUBSIDIARIES
OWNED AND SECURITIZED ASSET COMPOSITION
(dollars in millions)

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CIT GROUP INC. AND SUBSIDIARIES
SEGMENT DATA
(dollars in millions)

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CIT GROUP INC. AND SUBSIDIARIES
CREDIT METRICS
(dollars in millions)

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CIT GROUP INC. AND SUBSIDIARIES
RATIOS AND OTHER DATA
(dollars in millions, except per share data)