(a) On December 16, 2008, CIT Group Inc. ("CIT") announced that it was extending the expiration date of its offer to exchange certain of its outstanding notes (the "Notes Exchange") to 5:00 PM EST on December 19, 2008. The Notes Exchange had previously been scheduled to expire at 11:59 PM EST on December 15, 2008.

A copy of the press release is filed as Exhibit 99.1 hereto and is incorporated by reference herein.

(b) On December 16, 2008, CIT further announced that, in conjunction with the extension of the expiration date, it was amending certain terms of the Notes Exchange in order to modify the closing conditions and to extend withdrawal rights.

Except as otherwise described above, the terms and conditions of the Notes Exchange are described in the Offering Memorandum, dated as of November 17, 2008, as amended, and the related letter of transmittal. Holders eligible to participate in the Notes Exchange are encouraged to read such documents carefully prior to making a decision with respect to the Notes Exchange.

A copy of the press release is filed as Exhibit 99.2 hereto and is incorporated by reference herein.

(d) Exhibits.

Exhibit
No.                           Description of Exhibit





99.1      Press release dated December 16, 2008, "CIT Announces Results of
          Exchange Offers."

99.2      Press release dated December 16, 2008, "CIT Announces Amendment to Terms
          of Notes Exchange Offer."