Rule 424(b)(3)
                                            Registration Statement No. 333-56172
                                            CUSIP # 12560PCE9

PRICING SUPPLEMENT NO. 3
Dated May 23, 2001 to
Prospectus, dated March 12, 2001 and
Prospectus Supplement, dated May 9, 2001.

                               THE CIT GROUP, INC.
                         MEDIUM-TERM FLOATING RATE NOTES
                   DUE NINE MONTHS OR MORE FROM DATE OF ISSUE

(X) Senior Note            ( ) Senior Subordinated Note

Principal Amount: U.S. $500,000,000.

Proceeds to Corporation: 99.97027% or $499,851,350.00.

Agent Commission: 0.02973% or $148,650.00.

Issue Price: $500,000,000.

Specified Currency: U.S. Dollars.

Original Issue Date: May 29, 2001.

Maturity Date: May 29, 2002.

Interest Rate Basis: Prime Rate.

Spread: -286 basis points.

Initial  Interest Rate: The Prime Rate  determined one Business Day prior to the
     Original Issue Date minus 286 basis points.

It is expected that the Notes will be ready for delivery in  book-entry  form on
or about May 29, 2001.

                              SALOMON SMITH BARNEY




Form: Global Note.

Interest Reset Dates: Each Business Day to but excluding the Maturity Date.

Rate Cut-Off Date:  Two Business Days prior to each Interest  Payment Date.  The
      interest  rate  for  each  day  following  the  Rate  Cut-Off  Date to but
      excluding  the Interest  Payment Date will be the rate  prevailing  on the
      Rate Cut-Off Date.

Accrual of Interest:  Accrued  interest  will be computed by adding the Interest
      Factors  calculated  for each day from the Original Issue Date or from the
      last date to which  interest has been paid or duly  provided for up to but
      not including the day for which accrued interest is being calculated.  The
      "Interest  Factor"  for any  Note for each  such day will be  computed  by
      multiplying the face amount of the Note by the interest rate applicable to
      such day and dividing the product thereof by 360.

Interest  Payment  Dates:  Quarterly  on August 29,  2001,  November  29,  2001,
      February  28,  2002  and on May 29,  2002,  commencing  August  29,  2001,
      provided that if any such day is not a Business Day, the Interest  Payment
      Date  will  be the  next  succeeding  Business  Day,  except  that if such
      Business  Day is in the next  succeeding  calendar  month,  such  Interest
      Payment  Date  (other  than the  Maturity  Date)  will be the  immediately
      preceding  Business  Day, and no interest on such payment will accrue for
      the period from and after the Maturity  Date.

Interest payments will include the amount of interest accrued from and including
      the most recent Interest  Payment Date to which interest has been paid (or
      from  and  including  the  Original  Issue  Date)  to  but  excluding  the
      applicable Interest Payment Date.

Calculation  Date: The earlier of (i) the fifth Business Day after each Interest
      Determination  Date or (ii) the Business  Day  immediately  preceding  the
      applicable Interest Payment Date.

Interest Determination Date: One Business Day prior to each Interest Reset Date.

Minimum Interest Rate: 0.0%.

Maximum Interest Rate: Maximum Rate permitted by New York law.




Calculation Agent: Bank One Trust Company, N.A. ("Trustee").

Trustee, Registrar, Authenticating and Paying Agent:
      Bank One Trust  Company,  N.A. (as successor to The First National Bank of
      Chicago),  under  Indenture  dated as of  September  24, 1998  between the
      Trustee and the  Corporation,  as supplemented  by the First  Supplemental
      Indenture  among the  Corporation,  the  Trustee  and Bank One NA,  London
      Branch, as London Paying Agent and London Calculation Agent.

Exchange Listing: None

Agent: Salomon Smith Barney Inc.
      Salomon  Smith  Barney  has  purchased  the  Notes  as  principal  in this
      transaction  for resale to one or more  investors or other  purchasers  at
      varying  prices  related to  prevailing  market  conditions at the time or
      times of resale as determined by Salomon Smith Barney.