CIT Reports Fourth Quarter Results

Business Wire, Jan 17, 2008

* Profitability was negatively impacted by reserves for legal settlements and by higher one-time rent expenses in our international operations totaling approximately $8 million.

* Total new business volume grew 22% over last year driven by international operations. U.S. volumes were also up, as declines in Dell volume were offset by new vendor relationships.

* Return on risk-adjusted capital was higher due to the above-mentioned gains.

Home Lending

* Total net revenues were down from last year reflecting lower asset balances, higher funding costs (principally on the prior quarter securitization) and charges of $42 million related to home lending receivables available for sale, of which $525 million (approximately $870 million unpaid principal balance) was sold during the quarter.

* The current quarter provision for loan losses was approximately $256 million.

* Delinquencies and non-performing assets increased from last year reflecting continued deterioration in the housing sector.

* Paydowns on loans held for investment in the quarter totaled approximately $365 million.

Consumer

* During the quarter, we incurred $287 million in goodwill and $26 million in intangible asset impairment charges.

* Total net revenues were down from last year, as higher net finance revenues driven by asset growth were more than offset by higher funding costs.

* Net charge-offs increased primarily in unsecured consumer loan portfolios. Delinquencies were down modestly from last quarter, but higher than last year.

* New business volume decreased from last quarter and last year as we managed growth down.

* Return on risk-adjusted capital for the segment was lower due to the above factors.

Corporate and Other

* Corporate and other expenses, principally contains certain credit loss provisioning, preferred stock dividends and other financing costs, dampened return on equity by approximately 190 basis points this quarter and 80 basis points last year.

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 (EST). 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 (EST) January 24, 2008, by dialing 888-286-8010 for U.S. and Canadian callers or 617-801-6888 for international callers with the access code 35788828, or at the following website: http://ir.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. CIT will celebrate its centennial beginning February 11, 2008. www.cit.com.