CIT Announces Orders for 3,000 Railcars

NEW YORK, Jul 30, 2012 (BUSINESS WIRE) — CIT Group Inc. CIT -0.24%, a global leader in transportation finance, today announced that CIT Rail, the third largest railcar lessor in North America, has placed orders for an additional 3,000 tank cars from multiple manufacturers. Deliveries are scheduled to begin in 2014.

“These new car orders demonstrate CIT Rail’s commitment to supporting our customers’ growth initiatives,” said George Cashman, President of CIT Rail. “We continue to build our fleet and maintain one of the youngest fleets in the industry, offering rail carriers and shippers modern, high-capacity equipment that maximizes their loading efficiencies while transporting goods.”

Including these orders, since the beginning of 2011, CIT Rail has placed orders for $1.8 billion in new railcars.


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About CIT Rail

CIT Rail owns more than 100,000 railcars and 450 locomotives leased to approximately 500 customers and provides financial solutions to the bulk freight transportation marketplace. It supports the North American transportation system by working with freight shippers, receivers and carriers to customize financial solutions for each customer’s individual needs. As a full service lessor and owner of one of the youngest, most diversified fleets of rail assets in North America, CIT Rail brings unparalleled asset management expertise and commitment to the transportation sector.

About CIT

Founded in 1908, CIT CIT -0.24% is a bank holding company with more than $33 billion in finance and leasing assets. A member of the Fortune 500, it provides financing and leasing capital to its small business and middle market clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. CIT also operates CIT Bank (Member FDIC),, its primary bank subsidiary, which offers a suite of online savings options designed to help customers achieve a range of financial goals.

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Source : CIT Group Inc.

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