Exhibit 99.1
[CIT Logo]

                                     Investor Contact: Valerie L. Gerard
                                                       Senior Vice President
                                                       Investor Relations
                                                       (973) 422-3284

                                     Media Contact:    Christopher J. Hardwick
                                                       Vice President
                                                       Director, Communications
                                                       (973) 597-2095


                CIT ELECTS JEFFREY M. PEEK CHAIRMAN OF THE BOARD

NEW YORK, January 3, 2005 - CIT Group Inc. (NYSE: CIT), a leading provider of
commercial and consumer finance solutions, announced that its Board of Directors
has elected President and CEO Jeffrey M. Peek as the company's Chairman and CEO,
effective January 1, 2005. He was elected the company's President and CEO in
July, 2004. The previous Chairman, Albert R. Gamper, Jr., retired on December
31, 2004.

"This has been a smooth succession and transition plan, which is a tribute to
both Al and Jeff," said Peter J. Tobin, who continues as Lead Director for CIT's
Board. "We are excited about the future direction of CIT under Jeff Peek's
leadership as he continues to build on the company's great legacy -- leveraging
the strength of CIT's brand and industry expertise and implementing a strategy
for continued long-term growth and success."

Mr. Peek commented: "An integral part of CIT's leadership over the years has
been the strength of its corporate governance. I am honored to have the
opportunity to work with Peter to lead a Board that is highly regarded and
actively engaged."

About CIT:

CIT Group Inc. (NYSE: CIT), a leading commercial and consumer finance company,
provides clients with financing and leasing products and advisory services.
Founded in 1908, CIT has approximately $50 billion in assets under management
and possesses the financial resources, industry expertise and product knowledge
to serve the needs of clients across approximately 30 industries. CIT, a Fortune
500 company and component of the S&P 500, holds leading positions in vendor
financing, factoring, equipment and transportation financing, Small Business
Administration loans, and asset-based lending. CIT, with its principal offices
in Livingston, New Jersey and New York City has approximately 5,800 employees in
locations throughout North America, Europe, Latin and South America, and the
Pacific Rim. For more information, visit www.cit.com.

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