CIT COMMERCIAL SERVICES NAMES STEPHEN M. LEAVENWORTH DIRECTOR OF BUSINESS DEVELOPMENT

New York, November 14, 2002 - CIT Commercial Services, a unit of CIT Group Inc. (NYSE: CIT), today announced the appointment of Stephen M. Leavenworth (35) as Senior Vice President and Director of New Business, Northeast Region. Mr. Leavenworth will be responsible for originating the unit's factoring and asset-based lending business, focusing on the textile, apparel, footwear, housewares and furniture industries. CIT Commercial Services is a leading provider of factoring, accounts receivable management, credit protection and lending services.

"We are pleased to have Stephen join CIT Commercial Services," said John F. Daly, President of CIT Commercial Services. "His proven leadership and strategic thinking are a perfect match for us. Stephen will play an important role in raising our visibility in the marketplace and forging relationships with intermediaries like accountants and attorneys that serve these markets."

Mr. Leavenworth brings a wealth of commercial finance experience to his new position. He joins CIT from Fleet Bank where he was Senior Vice President and Relationship Manager. At Fleet, he was responsible for business development and client account management, specializing in the textile and apparel industries.

Prior to joining Fleet in 1996, Mr. Leavenworth was Vice President and Commercial and International Credit Manager for First Bank of the Americas. In that position, he was responsible for a team of credit analysts which reviewed commercial and real estate borrowers.

Mr. Leavenworth has a Masters of Business Administration in finance from Baruch and is currently a doctoral candidate in finance at Pace University. He is active in the credit and finance community. He is an adjunct professor at Kingsborough Community College, the Chairman of the CUNY Institute for Virtual Enterprise, and is a member of the Board of Directors for the New York Institute of Credit. He has written a number of articles, some of which have been published in Southern Journal of Economics, Academy Management Journal and Journal of the International Academy for Case Studies.