Long-Term Borrowings (Tables)

6 Months Ended

Jun. 30, 2011

Schedule Of Outstanding Long-Term Borrowings

Long-term Borrowings(1) (dollars in millions)	June 30, 2011			December 31, 2010
	CIT Group Inc.	Subsidiaries	Total	Total
Secured borrowings	$              0	$         9,858.8	$         9,858.8	$          10,965.8
First lien facility	197.9	2,841.3	3,039.2	3,042.6
Series A Notes – 7.00%	7,939.8	0	7,939.8	19,037.9
Series B Notes – 10.25%	0	0	0	765.8
Series C Notes – 7.00%	7,892.0	0	7,892.0	0
Series C Notes - other	2,000.0	0	2,000.0	0
Other debt	84.6	76.7	161.3	167.7
Total debt	$  18,114.3	$       12,776.8	$       30,891.1	$        33,979.8
(1)The presented rates are contractual and do not reflect the impact of FSA. Rates associated with the Series C – other are discussed further below.

Secured Borrowings And Pledged Asset Summary

Secured Borrowings and Pledged Asset Summary (dollars in millions)

	June 30, 2011		December 31, 2010
	Secured	Assets	Secured	Assets
	Borrowing	Pledged	Borrowing	Pledged
Education trusts and conduits (student loans)	$       4,006.8	$       5,318.0	$     4,184.4	$     5,558.8
GSI Facility borrowings(1)	1,067.8	1,755.1	1,624.6	2,349.5
Trade Finance	382.1	1,550.5	504.9	1,479.6
Corporate Finance (SBL)	271.9	297.2	258.0	283.6
Other equipment secured facilities(2)	1,952.3	2,501.3	2,235.0	2,704.4
Subtotal – Finance Receivables	7,680.9	11,422.1	8,806.9	12,375.9
Transportation Finance – Aircraft(3)	1,413.8	1,646.6	1,315.1	1,531.0
Transportation Finance – Rail	146.6	143.1	148.9	146.2
GSI Facility borrowings (Aircraft)	488.2	1,106.8	519.8	1,119.3
Other structures	77.9	100.7	99.8	126.2
Subtotal – Equipment under operating leases	2,126.5	2,997.2	2,083.6	2,922.7
FHLB borrowings (Consumer)(4)	51.4	105.3	75.3	119.8
Total	$       9,858.8	$     14,524.6	$   10,965.8	$   15,418.4

(1)	At June 30, 2011 borrowings are secured by $1.0 billion of corporate finance receivables, $0.6 billion of student loans and $0.1 billion of small business lending loans, of which $102.6 million were classified as Assets Held for sale at June 30, 2011.
(2)	Includes facilities secured by equipment primarily in Vendor Finance and Corporate Finance and the associated secured debt.
(3)	Secured financing facilities for the purchase of aircraft.
(4)	Collateralized with Government Debentures and Certificates of Deposit.

Condensed Consolidating Balance Sheets

	CIT Group Inc.	Guarantor Entities	Non Guarantor Entities		Eliminations	Consolidated Total
June 30, 2011			Pledged Entities	Other Non Guarantor Entities
ASSETS:
Net loans	$          0	$    4,393.1	$  2,179.9	$  15,809.6	$       (521.9)	$21,860.7
Operating lease equipment, net	0	4,694.7	4,554.9	1,708.3	(37.5)	10,920.4
Assets held for sale	7.9	542.0	238.2	1,075.7	(0.3)	1,863.5
Cash and deposits with banks	1,412.6	1,595.0	1,726.7	2,682.7	(61.3)	7,355.7
Investment securities	1,395.1	1,379.8	6.7	383.6	(181.9)	2,983.3
Other assets	32,262.7	19,884.3	4,350.2	3,402.6	(56,873.8)	3,026.0
Total Assets	$35,078.3	$32,488.9	$13,056.6	$25,062.5	($57,676.7)	$48,009.6
LIABILITIES AND EQUITY:
Long-term borrowings, including deposits	$18,114.3	$2,861.8	$1,267.5	$13,346.0	($270.4)	$35,319.2
Credit balances of factoring clients	0	1,283.8	0	2.9	(201.8)	1,084.9
Other liabilities	8,022.5	(998.9)	4,547.4	(7,555.1)	(1,353.3)	2,662.6
Total Liabilities	26,136.8	3,146.7	5,814.9	5,793.8	(1,825.5)	39,066.7
Total Stockholders' Equity	8,941.5	29,342.2	7,241.7	19,268.3	(55,852.2)	8,941.5
Noncontrolling minority interests	0	0	0	0.4	1.0	1.4
Total Equity	8,941.5	29,342.2	7,241.7	19,268.7	(55,851.2)	8,942.9
Total Liabilities and Equity	$35,078.3	$32,488.9	$13,056.6	$25,062.5	($57,676.7)	$48,009.6
December 31, 2010 (*)
ASSETS:
Net loans	$          0	$5,249.2	$2,388.5	$16,762.7	($316.1)	$24,084.3
Operating lease equipment, net	0	4,421.8	4,847.9	1,904.6	(37.6)	11,136.7
Assets held for sale	0	340.2	293.5	584.8	0	1,218.5
Cash and deposits with banks	2,725.6	4,404.8	1,176.1	2,936.3	(38.8)	11,204.0
Investment securities	0	100.8	7.3	403.5	(183.1)	328.5
Other assets	31,047.4	18,524.6	4,598.1	2,816.1	(54,000.0)	2,986.2
Total Assets	$33,773.0	$33,041.4	$13,311.4	$25,408.0	($54,575.6)	$50,958.2
LIABILITIES AND EQUITY:
Long-term borrowings, including deposits	$19,322.0	$2,866.2	$2,083.0	$14,497.0	($252.2)	$38,516.0
Credit balances of factoring clients	0	926.1	0	9.2	0	935.3
Other liabilities	5,535.0	850.9	4,451.1	(7,908.3)	(335.5)	2,593.2
Total Liabilities	24,857.0	4,643.2	6,534.1	6,597.9	(587.7)	42,044.5
Total Stockholders' Equity	8,916.0	28,398.2	6,776.9	18,809.8	(53,984.9)	8,916.0
Noncontrolling minority interests	0	0	0.4	0.3	(3.0)	(2.3)
Total Equity	8,916.0	28,398.2	6,777.3	18,810.1	(53,987.9)	8,913.7
Total Liabilities and Equity	$33,773.0	$33,041.4	$13,311.4	$25,408.0	($54,575.6)	$50,958.2

(*) 2010 data has been conformed to the current quarter presentation.

Condensed Statements Of Operation

		CIT Group Inc.		Guarantor Entities		Non Guarantor Entities		Eliminations		Consolidated Total
						Pledged Entities	Other Non Guarantor Entities
Six Months Ended June 30, 2011
Interest income		$1.8		$469.6		$181.7	$596.8	($4.6)		$1,245.3
Interest expense		(1,054.3)		(143.1)		(116.0)	(199.0)	7.8		(1,504.6)
Net interest revenue		(1,052.5)		326.5		65.7	397.8	3.2		(259.3)
Provision for credit losses		(6.7)		(42.5)		(86.3)	(72.6)	0		(208.1)
Net interest revenue, after credit provision		(1,059.2)		284.0		(20.6)	325.2	3.2		(467.4)
Equity in net income of subsidiaries		1,071.3		609.1		216.5	56.7	(1,953.6)		0
Other Income
Rental income on operating leases		0		289.7		359.2	182.3	0		831.2
Other		(125.5)		336.0		91.8	227.1	(11.3)		518.1
Total other income		(125.5)		625.7		451.0	409.4	(11.3)		1,349.3
Total revenue, net of interest expense and credit provision		(113.4)		1,518.8		646.9	791.3	(1,961.7)		881.9
Other Expenses
Depreciation on operating lease equipment		0		(100.8)		(123.2)	(82.0)	0		(306.0)
Operating expenses		(11.0)		(277.8)		(76.7)	(110.6)	13.9		(462.2)
Total other expenses		(11.0)		(378.6)		(199.9)	(192.6)	13.9		(768.2)
Income (loss) before income taxes		(124.4)		1,140.2		447.0	598.7	(1,947.8)		113.7
Benefit (provision) for income taxes		142.0		(103.7)		(59.5)	(79.0)	7.6		(92.6)
Net income (loss) before attribution of noncontrolling interests		17.6		1,036.5		387.5	519.7	(1,940.2)		21.1
Net income attributable to noncontrolling interests, after tax		0		0		0.4	0.5	(4.4)		(3.5)
Net income (loss)		$17.6		$1,036.5		$387.9	$520.2	($1,944.6)		$17.6
Six Months Ended June 30, 2010 (*)
Interest income	$1.0		$980.1		$312.8		$859.9		($25.3)		$2,128.5
Interest expense	(885.9)		(290.1)		(216.8)		(259.4)		13.3		(1,638.9)
Net interest revenue	(884.9)		690.0		96.0		600.5		(12.0)		489.6
Provision for credit losses	(11.1)		(280.9)		(51.5)		(136.2)		6.9		(472.8)
Net interest revenue, after credit provision	(896.0)		409.1		44.5		464.3		(5.1)		16.8
Equity in net income of subsidiaries	871.7		519.2		263.9		291.7		(1,946.5)		0
Other Income
Rental income on operating leases	0		277.2		364.6		202.9		(1.0)		843.7
Other	233.5		65.2		190.1		12.7		(12.6)		488.9
Total other income	233.5		342.4		554.7		215.6		(13.6)		1,332.6
Total revenue, net of interest expense and credit provision	209.2		1,270.7		863.1		971.6		(1,965.2)		1,349.4
Other Expenses
Depreciation on operating lease equipment	0		(125.7)		(129.6)		(96.0)		0.5		(350.8)
Operating expenses	17.8		(342.8)		(95.2)		(145.1)		25.8		(539.5)
Total other expenses	17.8		(468.5)		(224.8)		(241.1)		26.3		(890.3)
Income (loss) before income taxes	227.0		802.2		638.3		730.5		(1,938.9)		459.1
Benefit (provision) for income taxes	98.8		1.5		(130.9)		(101.6)		0.6		(131.6)
Net income (loss) before attribution of noncontrolling interests	325.8		803.7		507.4		628.9		(1,938.3)		327.5
Net income attributable to noncontrolling interests, after tax	0		0.4		(0.5)		0.5		(1.7)		(1.3)
Net income (loss)	$325.8		$804.1		$506.9		$629.4		($1,940.0)		$326.2

(*) 2010 data has been conformed to the current quarter presentation.

Condensed Consolidating Statements Of Cash Flows

	CIT Group Inc.	Guarantor Entities	Non Guarantor Entities		Eliminations	Consolidated Total
Six Months Ended June 30, 2011			Pledged Entities	Other Non Guarantor Entities
Cash Flows From Operating Activities:
Net cash flows provided by (used for) operations	($1,086.2)	$424.4	$275.5	$641.9	$   0	$255.6
Cash Flows From Investing Activities:
Net (increase) decrease in financing and leasing assets and other investing activities	(1,406.4)	(331.8)	420.3	973.7	0	(344.2)
(Increase) decrease in inter-company loans and investments	2,688.1	0	0	0	(2,688.1)	0
Net cash flows provided (used for) by investing activities	1,281.7	(331.8)	420.3	973.7	(2,688.1)	(344.2)
Cash Flows From Financing Activities:
Net increase (decrease) in debt and other financing activities	(1,502.2)	21.9	(701.4)	(1,450.0)	0	(3,631.7)
Inter-company financing	0	(2,914.6)	539.1	(312.6)	2,688.1	0
Net cash flows provided by (used for) financing activities	(1,502.2)	(2,892.7)	(162.3)	(1,762.6)	2,688.1	(3,631.7)
Net (decrease) increase in unrestricted cash and cash equivalents	(1,306.7)	(2,800.1)	533.5	(147.0)	0	(3,720.3)
Unrestricted cash and cash equivalents, beginning of period	2,703.6	2,946.4	1,021.1	1,979.1	0	8,650.2
Unrestricted cash and cash equivalents, end of period	$1,396.9	$146.3	$1,554.6	$1,832.1	$       0	$4,929.9

Six Months Ended June 30, 2010(*)
Cash Flows From Operating Activities:
Net cash flows provided by (used for) operations	($159.6)	($282.6)	$59.7	$560.6	$       0	$178.1
Cash Flows From Investing Activities:
Net decrease in financing and leasing assets and other investing activities	459.4	2,879.4	755.4	3,028.6	0	7,122.8
(Increase)  in inter-company loans and investments	893.4	0	0	0	(893.4)	0
Net cash flows provided by (used for) investing activities	1,352.8	2,879.4	755.4	3,028.6	(893.4)	7,122.8
Cash Flows From Financing Activities:
Net (decrease) in debt and other financing activities	(227.1)	(3,128.0)	(210.5)	(2,653.1)	0	(6,218.7)
Inter-company financing	0	726.7	(972.9)	(647.2)	893.4	0
Net cash flows provided by (used for) financing activities	(227.1)	(2,401.3)	(1,183.4)	(3,300.3)	893.4	(6,218.7)
Net increase (decrease) in unrestricted cash and cash equivalents	966.1	195.5	(368.3)	288.9	0	1,082.2
Unrestricted cash and cash equivalents, beginning of period	609.3	4,420.6	808.1	2,567.2	0	8,405.2
Unrestricted cash and cash equivalents, end of period	$1,575.4	$4,616.1	$439.8	$2,856.1	$      0	$9,487.4

 (*) 2010 data has been conformed to the current quarter presentation.

Restricted And Unrestricted Subsidiaries [Member]

Condensed Consolidating Balance Sheets

June 30, 2011	CIT Group Inc.	Restricted Entities	Unrestricted Entities	Eliminations	Consolidated Total
ASSETS:
Net loans	$                        0	$     6,814.1	$    15,568.5	$       (521.9)	$21,860.7
Operating lease equipment, net	0	9,462.2	1,495.7	(37.5)	10,920.4
Assets held for sale	7.9	921.0	934.9	(0.3)	1,863.5
Cash and deposits with banks	1,412.6	3,829.3	2,175.1	(61.3)	7,355.7
Investment securities	1,395.1	1,386.5	383.6	(181.9)	2,983.3
Other assets	32,262.7	5,956.5	494.6	(35,687.8)	3,026.0
Total Assets	$35,078.3	$28,369.6	$21,052.4	($36,490.7)	$48,009.6
LIABILITIES AND EQUITY:
Long-term borrowings, including deposits	$18,114.3	$4,138.6	$13,336.7	($270.4)	$35,319.2
Credit balances of factoring clients	0	1,283.8	2.9	(201.8)	1,084.9
Other liabilities	8,022.5	(2,823.4)	(1,183.2)	(1,353.3)	2,662.6
Total Liabilities	26,136.8	2,599.0	12,156.4	(1,825.5)	39,066.7
Total Stockholders' Equity	8,941.5	25,770.6	8,895.6	(34,666.2)	8,941.5
Noncontrolling minority interests	0	0	0.4	1.0	1.4
Total Equity	8,941.5	25,770.6	8,896.0	(34,665.2)	8,942.9
Total Liabilities and Equity	$35,078.3	$28,369.6	$21,052.4	($36,490.7)	$48,009.6
December 31, 2010 (*)
ASSETS:
Net loans	$                        0	$8,041.4	$16,359.0	($316.1)	$24,084.3
Operating lease equipment, net	0	9,605.7	1,568.6	(37.6)	11,136.7
Assets held for sale	0	678.4	540.1	0	1,218.5
Cash and deposits with banks	2,725.6	5,885.6	2,631.6	(38.8)	11,204.0
Investment securities	0	108.1	403.5	(183.1)	328.5
Other assets	31,047.4	9,115.0	328.8	(37,505.0)	2,986.2
Total Assets	$33,773.0	$33,434.2	$21,831.6	($38,080.6)	$50,958.2
LIABILITIES AND EQUITY:
Long-term borrowings, including deposits	$19,322.0	$4,949.2	$14,497.0	($252.2)	$38,516.0
Credit balances of factoring clients	0	926.1	9.2	0	935.3
Other liabilities	5,535.0	(888.6)	(1,717.7)	(335.5)	2,593.2
Total Liabilities	24,857.0	4,986.7	12,788.5	(587.7)	42,044.5
Total Stockholders' Equity	8,916.0	28,447.1	9,042.8	(37,489.9)	8,916.0
Noncontrolling minority interests	0	0.4	0.3	(3.0)	(2.3)
Total Equity	8,916.0	28,447.5	9,043.1	(37,492.9)	8,913.7
Total Liabilities and Equity	$33,773.0	$33,434.2	$21,831.6	($38,080.6)	$50,958.2

(*) 2010 data has been conformed to the current quarter presentation.

Condensed Statements Of Operation

			CIT Group Inc.	Restricted Entities	Unrestricted Entities	Eliminations		Consolidated Total
	Six Months Ended June 30, 2011
	Interest income		$1.8	$679.8	$568.3	($4.6)	$1,245.3
	Interest expense		(1,054.3)	(193.2)	(264.9)	7.8	(1,504.6)
	Net interest revenue		(1,052.5)	486.6	303.4	3.2	(259.3)
	Provision for credit losses		(6.7)	(126.8)	(74.6)	0	(208.1)
	Net interest revenue, after credit provision		(1,059.2)	359.8	228.8	3.2	(467.4)
	Equity in net income of subsidiaries		1,071.3	711.0	0	(1,782.3)	0
	Other Income
	Rental income on operating leases		0	689.9	141.3	0	831.2
	Other		(125.5)	528.1	126.8	(11.3)	518.1
	Total other income		(125.5)	1,218.0	268.1	(11.3)	1,349.3
	Total revenue, net of interest expense and credit provision		(113.4)	2,288.8	496.9	(1,790.4)	881.9
	Other Expenses
	Depreciation on operating lease equipment		0	(246.1)	(59.9)	0	(306.0)
	Operating expenses		(11.0)	(382.8)	(82.3)	13.9	(462.2)
	Total other expenses		(11.0)	(628.9)	(142.2)	13.9	(768.2)
	Income (loss) before income taxes		(124.4)	1,659.9	354.7	(1,776.5)	113.7
	Benefit (provision) for income taxes		142.0	(174.2)	(68.0)	7.6	(92.6)
	Net income (loss) before attribution of noncontrolling interests		17.6	1,485.7	286.7	(1,768.9)	21.1
	Net income attributable to noncontrolling interests, after tax		0	0.4	0.5	(4.4)	(3.5)
	Net income (loss)		$17.6	$1,486.1	$287.2	($1,773.3)	$17.6
Six Months Ended June 30, 2010 (*)
Interest income		$1.0		$1,357.1	$795.7	($25.3)	$2,128.5
Interest expense		(885.9)		(445.7)	(320.6)	13.3	(1,638.9)
Net interest revenue		(884.9)		911.4	475.1	(12.0)	489.6
Provision for credit losses		(11.1)		(358.6)	(110.0)	6.9	(472.8)
Net interest revenue, after credit provision		(896.0)		552.8	365.1	(5.1)	16.8
Equity in net income of subsidiaries		871.7		203.4	(87.2)	(987.9)	0
Other Income
Rental income on operating leases		0		687.0	157.7	(1.0)	843.7
Other		233.5		279.0	(11.0)	(12.6)	488.9
Total other income		233.5		966.0	146.7	(13.6)	1,332.6
Total revenue, net of interest expense and credit provision		209.2		1,722.2	424.6	(1,006.6)	1,349.4
Other Expenses
Depreciation on operating lease equipment		0		(290.1)	(61.2)	0.5	(350.8)
Operating expenses		17.8		(491.3)	(91.8)	25.8	(539.5)
Total other expenses		17.8		(781.4)	(153.0)	26.3	(890.3)
Income (loss) before income taxes		227.0		940.8	271.6	(980.3)	459.1
Benefit (provision) for income taxes		98.8		(134.9)	(96.1)	0.6	(131.6)
Net income (loss) before attribution of noncontrolling interests		325.8		805.9	175.5	(979.7)	327.5
Net income attributable to noncontrolling interests, after tax		0		0	0.4	(1.7)	(1.3)
Net income (loss)		$325.8		$805.9	$175.9	($981.4)	$326.2

 (*) 2010 data has been conformed to the current quarter presentation.