In a world where monetary flexibility is extra important than ever, establishments that understand the needs of both individuals and companies stand out. One such call that has persevered thru many years of economic alternate and financial evolution is The CIT Group Consumer Finance Inc.
Founded with the task to offer handy credit and finance solutions, CIT Group has performed a essential position in shaping the way clients interact with lending merchandise within the United States. From private loans to financing alternatives for huge purchases, this economic powerhouse has lengthy been a pillar within the American purchaser finance landscape.
But what exactly is The CIT Group Consumer Finance Inc, and how does it serve nowadays’s credit score-savvy purchaser?
Let’s take a better look.
A Brief History of The CIT Group
To apprehend CIT’s consumer finance services, it’s vital to recognise where the corporation came from. CIT (Commercial Investment Trust) became based in 1908 through Henry Ittleson in St. Louis, Missouri. Its original purpose changed into to finance business transactions, specifically for small and medium-sized establishments (SMEs).
Over time, CIT different and elevated right into a big selection of financial services, together with customer lending, commercial financing, and equipment leasing.
The CIT Group Consumer Finance Inc became a main department in the larger CIT agency, focusing at the credit score needs of person clients throughout america.
In recent years, CIT has also gained visibility via its on-line banking products, in particular after its merger with First Citizens Bank in 2022—a pass that bolstered its digital presence in both retail and industrial banking.
What Does CIT Group Consumer Finance Inc Offer?
At its center, The CIT Group Consumer Finance Inc focuses on offering lending and financial answers to customers. While its actual product line might also evolve over the years, the employer has traditionally been known for the following:
1. Home Loans and Mortgage Services
One of the most powerful regions of CIT’s client finance department has been its offerings in residential loan lending. These services consist of:
Fixed-price and adjustable-fee mortgages
Home refinancing options
Jumbo loans for high-price residences
HELOCs (Home Equity Line of Credit)
Whether customers are first-time homebuyers or long-time proprietors trying to refinance, CIT has historically supplied competitive fees and personalised solutions.
2. Personal Loans and Credit Solutions
While CIT Bank (a division of CIT Group) does not provide conventional unsecured non-public loans to new customers anymore, The CIT Group Consumer Finance Inc as soon as operated widely in that space, supplying:
Fixed-fee personal loans for debt consolidation
Auto repair or medical financing
Vacation and big buy loans
Their approach to personal finance became grounded in responsible lending and danger-based totally pricing, giving consumers more tailored mortgage merchandise based totally on their financial profile.
3. Auto Loan Financing
CIT Group has additionally participated in car finance, specially through provider financing partnerships. This provider helped clients finance new or used car purchases through favored dealership packages.
4. Retail Financing and Installment Credit
CIT supplied installment credit score for a extensive form of retail sectors which includes electronics, domestic improvement, and even dental care. This made it simpler for customers to unfold out big purchases into less costly month-to-month bills.
This method performed a prime function in building relationships with carriers and retail chains, strengthening CIT’s position within the customer finance marketplace.
CIT Group and Digital Transformation
With the upward thrust of online banking and fintech disruption, CIT Bank—the retail arm of CIT Group Consumer Finance Inc—transitioned right into a technology-forward version.
Through online-only high-yield savings bills, money market bills, and certificate of deposit (CDs), CIT offered competitive prices that outperformed many traditional banks.
CIT’s on-line banking platform supplied:
Low prices and no month-to-month provider prices
24/7 cellular and computing device account get entry to
High APYs on financial savings
Easy-to-open money owed in mins
This virtual transition allowed CIT to reach a broader target market, particularly younger consumers who prioritize convenience and speed of their financial transactions.
The Merger with First Citizens Bank
In 2022, First Citizens Bank finalized its merger with CIT Group, which includes The CIT Group Consumer Finance Inc. The circulate introduced together two lengthy-standing economic establishments, combining CIT’s forte finance understanding with First Citizens’ retail banking power.
What this indicates for clients:
Expanded service services beneath the First Citizens name
Continued assist for CIT’s industrial and customer finance customers
Enhanced era platforms and branch get entry to
A large monetary footprint throughout the U.S.
While the CIT brand maintains to exist in a few potential, many offerings at the moment are branded underneath First Citizens Bank.
Is CIT Group Consumer Finance Still Active?
Yes and no.
While CIT Bank nonetheless operates as a division of First Citizens, the “CIT Group Consumer Finance Inc” branding is less visible these days than it changed into a few years in the past. Many of its offerings were both:
Integrated into First Citizens Bank, or
Refocused on commercial lending and center-market finance
However, the legacy of CIT’s patron finance department stays strong—specially within the way they pioneered direct-to-consumer banking and lending products long before other banks embraced digital transformation.
What Makes CIT Group Consumer Finance Unique?
Trusted Name – With over a century in enterprise, CIT has earned a popularity for economic balance.
Consumer-First Approach – Whether thru mortgages or digital banking, CIT made it less difficult for human beings to manage their price range responsibly.
Strong Technology – The CIT Bank on line platform is streamlined, secure, and consumer-pleasant.
Competitive Rates – Savings and lending rates from CIT have regularly beat countrywide averages.
Wide Range of Products – From actual property financing to online savings, the portfolio met both short- and long-time period financial goals.
Final Thoughts: Should You Still Consider CIT?
Even although The CIT Group Consumer Finance Inc has evolved below the First Citizens logo, its effect at the economic services area stays obvious. Whether you’re exploring savings solutions or considering loan options, the spirit of patron-focused, bendy finance lives on.
For individuals who nonetheless deliver legacy merchandise from CIT, they hold to acquire customer service and account guide thru the merged banking shape. And for brand spanking new clients? Many of the identical high-quality functions are now to be had via First Citizens Bank’s accelerated on-line services.
So, at the same time as the name can be less prominent, CIT’s DNA continues to be very a great deal part of the cutting-edge patron banking enjoy.
