Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  GIPSON KELLEY J.
 2. Date of Event Requiring Statement (Month/Day/Year)
12/08/2008		 3. Issuer Name and Ticker or Trading Symbol
CIT GROUP INC [CIT]
(Last)
(First)
(Middle)
C/O CIT GROUP, 505 FIFTH AVENUE		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Executive Vice President
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

NEW YORK, NY 10017		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 22,416 (9)
D
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Option (Right to Buy)   (1) 01/17/2014 Common Stock 6,112 $ 56.54 D  
Option (Right to Buy)   (2) 01/17/2015 Common Stock 13,343 $ 21.15 D  
Restricted Cash Unit   (4) 01/17/2010 Common Stock 9,457 $ (3) D  
Option (Right to Buy) 01/18/2008 01/18/2015 Common Stock 9,000 $ 41.89 D  
Option (Right to Buy)   (5) 01/18/2013 Common Stock 5,883 $ 51.43 D  
Option (Right to Buy) 01/21/2007 01/21/2014 Common Stock 5,500 $ 39.22 D  
Option (Right to Buy)   (6) 07/17/2015 Common Stock 46,700 $ 8.47 D  
Option (Right to Buy)   (7) 07/18/2014 Common Stock 6,875 $ 49.17 D  
Option (Right to Buy) 07/19/2008 07/19/2015 Common Stock 12,000 $ 43.01 D  
Option (Right to Buy)   (8) 07/19/2013 Common Stock 6,667 $ 47.28 D  
Option (Right to Buy) 07/21/2007 07/21/2014 Common Stock 6,000 $ 37.6 D  
Option (Right to Buy) 07/26/2000 07/26/2010 Common Stock 4,129 $ 44.4965 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
GIPSON KELLEY J.
C/O CIT GROUP
505 FIFTH AVENUE
NEW YORK, NY 10017		       Executive Vice President  

Signatures

/s/ James P. Shanahan, attorney-in-fact for Ms. Gipson 12/18/2008
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Options granted on 1/17/2007 and vest in 1/3 increments on each anniversary of the grant date. Options shall be fully vested on 1/17/2010.
(2) Options granted on 1/17/2008 and vest in 1/3 increments on each anniversary of the grant date. Options shall be fully vested on 1/17/2011.
(3) Each Restricted Cash Unit is the economic equivalent of one share of CIT common stock and was granted based on the closing price of CIT common stock of $21.15 on 01/17/08 (date of grant).
(4) Restricted Cash Units vest in 50% increments on each of the first and second anniversaries of 1/17/2008, the date of grant, and are payable in cash based on the closing price of CIT common stock on the vest date.
(5) Options granted on 1/18/2006 and vest in 1/3 increments on each anniversary of the grant date. Options shall be fully vested on 1/17/2009.
(6) Options granted on 7/17/2008 and vest in 1/3 increments on each anniversary of the grant date. Options shall be fully vested on 7/17/2011.
(7) Options granted on 7/18/2007 and vest in 1/3 increments on each anniversary of the grant date. Options shall be fully vested on 7/18/2010.
(8) Options granted on 7/19/2006 and vest in 1/3 increments on each anniversary of the grant date. Options shall be fully vested on 7/19/2009.
(9) Shares shall vest 100% on 12/31/2010.

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