An Autumn Dream---Broker Relations at CIT

“Up and Down,

  Up and Down,

  I Will lead them Up and Down”

         Robin Goodfellow

“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

9/19/03.

"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

response."

-name withheld-

--- 

“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

words are:

“’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.”

‘About CIT

    “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.