An Autumn Dream---Broker Relations at CIT
“Up and Down,
Up and Down,
I Will lead them Up and Down”
“Pulled a voicemail earlier this afternoon from our broker
representative at CIT in Tempe.
“By now, I'm sure this might not be the first your hearing
of this, but . . .
“Word is that, through a series of sales meetings, CIT has
reached the decision to pursue a more "organic growth" plan;
i.e. pursuing vendor programs; and, that the broker program
is coming to an end.
“Anything approved, docs issued or docs in hand waiting to
fund will be honored.
“Anything pending decision in credit is "dead" (my
word not his).”
(name with held)
“Word from very reliable source outside CIT that broker deal went bad $2mm
range. Texas crane deal that credit shop did not fully inspect collateral
and deal was represented fraudulently from a firm involved in previous fraud?
“ Bought by credit shop and small heads have rolled with management looking
upstairs for bigger heads to the chopping block. Looks like we all suffer the
loss of a funding source due to lack of proper credit procedures from an
already demoralized staff . ‘This tug is listing badly and the rats are looking
for a place to jump’. "
Name withheld by request
(This was sent by a broker from his CIT representative)
“This is an e-mail message we received from our contact at CIT on
"As of today, I am no longer a CIT employee. The elimination of the
broker unit eventually led to the termination of my employment. Also,
if you know of anyone in my area that is currently looking for people of
my caliber please let me know. As you're probably aware, with a young
family it is imperative that I find a job ASAP. I look forward to your
“Thanks for these updates. I have been notified by the my contact at
the Broker Division of CIT and he did inform me of this. His exact
“’CIT is no longer accepting broker applications, CIT is focussing on
Vendor Program development & organic growth.’
“Please keep my name confidential.”
(From a CIT middle-management employee )
“Ditto here Kit on the broker biz.
“Something is up, there is not a lot of communication going on.”
( from a well-known leasing broker:)
“Please... did CIT actually ever do broker business? (in the last year
anyway) We are really going to miss them.”
“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 nearly $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, holds leading positions in vendor
financing, U.S. factoring, equipment and transportation financing, Small
Business Administration loans, and asset-based and credit-secured lending.
CIT, with its principal offices in New York City and Livingston, New Jersey
has approximately 6,000 employees in locations throughout North America,
Europe, Latin and South America, and the Pacific Rim. For more information,
visit http://www.cit.com .”
from a recent press release
Any official ( or non-official) from CIT who wants to talk about the change,
or make any comment or statement, the readers of Leasing News will certainly
appreciate. In the meantime, we shall slumber until awaken.