Rule 424(b)(3)
                                          Registration Statement No.333-71361
                                          Cusip # 12560PBJ9

PRICING SUPPLEMENT NO. 5,
Dated  July 6,  1999 to
Prospectus,  dated  February  11,  1999 and
Prospectus Supplement, dated March 31, 1999.


                              THE CIT GROUP, INC.
                        MEDIUM-TERM FLOATING RATE NOTES
                  DUE NINE MONTHS OR MORE FROM DATE OF ISSUE

(X) Senior Note         (   ) Senior Subordinated Note

Principal Amount:  U.S. $500,000,000.

Proceeds to Corporation:  99.943% or $499,715,000.

Underwriting Commission:  .057%.

Issue Price:  Variable Price Reoffer, Initially at Par.

Original Issue Date:  July 9, 1999.

Maturity Date:  July 9, 2001,  provided  that if such day is not a Business Day,
   the payment of principal  and  interest  may be made on the next  succeeding
   Business  Day,  and no interest on such  payment  will accrue for the period
   from and after the Maturity Date.

Interest Rate Basis:  LIBOR (Telerate).

Index Maturity:   Three months

Spread:  +17 basis points ( 0.170%).

Interest Rate Calculation:    LIBOR determined on the Interest Determination
Date plus the Spread.

Initial Interest Rate:  LIBOR determined two London Business Days prior to the
Original Issue Date plus the Spread.

Specified Currency:  U.S. Dollars

The Notes are  offered by the  Underwriters,  as  specified  herein,  subject to
receipt and acceptance by them and subject to their right to reject any order in
whole or in part.  It is expected  that the Notes will be ready for  delivery in
book-entry form on or about July 9, 1999.

                              SALOMON SMITH BARNEY
                         BANC ONE CAPITAL MARKETS, INC.
                                BARCLAYS CAPITAL
                            BEAR, STEARNS & CO. INC.
                              CHASE SECURITIES INC.
                             WARBURG DILLON READ LLC


<PAGE>




Form:  Global Note.

Interest Reset  Date:  Quarterly  on January  9, April 9, July 9 and  October 9,
      commencing  October  9, 1999,  provided  that if any  Interest  Reset Date
      (other than the Maturity Date) would otherwise fall on a day that is not a
      Business Day (as defined below),  then the Interest Reset Date will be the
      first  following day that is a Business Day,  except that if such Business
      Day is in the next  succeeding  calendar  month,  such Interest Reset Date
      will be the immediately preceding Business Day.

Interest Payment  Dates:  Quarterly on January 9, April 9, July 9 and October 9,
      commencing  October  9,  1999,  provided  that  if any  such  day is not a
      Business  Day,  the  Interest  Payment  Date  will be the next  succeeding
      Business Day,  except that if such Business Day is in the next  succeeding
      calendar  month,  such  Interest  Payment  Date  will  be the  immediately
      preceding  Business  Day,  and no interest on such payment will accrue for
      the period from and after the Maturity Date.

Accrual of Interest:  Accrued  interest  will be computed by adding the Interest
      Factors  calculated  for each day from the Original Issue Date or from the
      last date to which  interest has been paid or duly  provided for up to but
      not including the day for which accrued interest is being calculated.  The
      "Interest  Factor"  for any  Note for each  such day will be  computed  by
      multiplying the face amount of the Note by the interest rate applicable to
      such day and dividing the product thereof by 360.

      Interest  payments  will  include the amount of interest  accrued from and
      including the most recent Interest Payment Date to which interest has been
      paid (or from and including the Original  Issue Date) to but excluding the
      applicable Interest Payment Date.

Interest Determination Date:  Two London Business Days prior to each Interest
   Reset Date.

Calculation Date: The earlier of (a) the Business Day immediately  preceding the
   applicable  Interest  Payment Date or the date on which the Note will mature,
   or (b) the tenth calendar day after an Interest  Determination Date, provided
   such day is a Business  Day, or, if such day is not a Business  Day, the next
   succeeding Business Day.

Maximum Interest Rate:  Not applicable.

Minimum Interest Rate:  0.0%.

Other Provisions:

      "LIBOR" means, with respect to any Interest  Determination  Date, the rate
      for deposits in U.S.  dollars  having the Index Maturity  specified  above
      which  appears on the  Telerate  Page 3750 (as defined  below) as of 11:00
      a.m.,  London  time,  on  such  Interest   Determination  Date  ("LIBOR");
      provided, that if on any Interest Determination Date the rate for deposits
      in U.S. dollars having the Index Maturity  specified above does not appear
      on the Telerate  Page 3750,  LIBOR will be  determined on the basis of the
      rates at which deposits in U.S. dollars are offered by four major banks in
<PAGE>

      the  London  interbank  market  selected  by  the  Calculation   Agent  at
      approximately ll:00 a.m., London time, on such Interest Determination Date
      to prime banks in the London  interbank  market having the Index  Maturity
      specified  above and in a  principal  amount  equal to an  amount  that is
      representative  for a single  transaction in such market at such time. The
      Calculation Agent will request the principal London office of each of such
      banks to provide a quotation of its rate. If at least two such  quotations
      are provided, the rate in respect of such Interest Determination Date will
      be the arithmetic mean of the quotations. If fewer than two quotations are
      provided, LIBOR in respect of such Interest Determination Date will be the
      arithmetic  mean of the rates  quoted by three  major banks in The City of
      New York,  selected by the Calculation Agent, at approximately ll:00 a.m.,
      New York City time, on such Interest  Determination Date for loans in U.S.
      dollars to leading  European  banks,  having the Index Maturity  specified
      above and in a principal amount equal to an amount that is  representative
      for a single transaction in such market at such time;  provided,  however,
      that if the banks selected as aforesaid by the  Calculation  Agent are not
      quoting as  described  in this  sentence,  the  Interest  Rate will be the
      Interest Rate in effect on such Interest Determination Date.

      "Telerate Page 3750" means the display page designated as page 3750 on the
      Dow Jones Telerate Service (or such other page as may replace page 3750 on
      that  service  for the  purpose of  displaying  London  interbank  offered
      rates).

      "London Business Day" means any day on which deposits in U.S. dollars are
      transacted in the London interbank market.


Trustee, Registrar, Authenticating and Paying Agent:
      The First National Bank of Chicago,  under Indenture dated as of September
      24, 1998 between the Trustee and the Corporation.


                                 UNDERWRITING

Salomon Smith Barney Inc., Banc One Capital Markets, Inc., Barclays Capital
Inc., Bear, Stearns & Co. Inc., Chase Securities Inc. and Warburg Dillon Read
LLC (the "Underwriters") are acting as principals in this transaction.

Subject  to the terms and  conditions  set forth in a Term  Sheet and  Agreement
dated July 6, 1999 (the  "Terms  Agreement"),  between the  Corporation  and the
Underwriters,  incorporating  the terms of a Selling Agency  Agreement dated May
15,  1996 and amended as of March 31,  1999,  among the  Corporation  and Lehman
Brothers, Lehman Brothers Inc., Credit Suisse First Boston Corporation, Goldman,
Sachs  & Co.,  Merrill  Lynch  & Co.,  Merrill  Lynch,  Pierce,  Fenner  & Smith
Incorporated,  Morgan  Stanley & Co.  Incorporated,  Salomon  Smith  Barney Inc.
(formerly  known as Salomon  Brothers  Inc),  Warburg  Dillon Read LLC (formerly
known as UBS Securities LLC) (and Chase  Securities  Inc.  pursuant to the First
Amendment to the Selling Agency Agreement dated March 31, 1999), the Corporation
has agreed to sell to the Underwriters, and the Underwriters have each severally
agreed to purchase the  principal  amount of the Notes set forth below  opposite
their names.


      Underwriter                                       Principal Amount
      Salomon Smith Barney Inc.                             $250,000,000
      Banc One Capital Markets, Inc.                         $50,000,000
      Barclays Capital Inc.                                  $50,000,000
      Bear, Stearns & Co. Inc.                               $50,000,000
      Chase Securities Inc.                                  $50,000,000
      Warburg Dillon Read LLC                                $50,000,000
      Total                                                 $500,000,000

Under the terms and  conditions of the Terms  Agreement,  the  Underwriters  are
committed to take and pay for all of the Notes, if any are taken.

The  Underwriters  have advised the  Corporation  that they propose to offer the
Notes for sale from time to time in one or more transactions  (which may include
block transactions),  in negotiated  transactions or otherwise, or a combination
of such methods of sale,  at market  prices  prevailing  at the time of sale, at
prices related to such  prevailing  market prices or at negotiated  prices.  The
Underwriters  may effect  such  transactions  by selling the Notes to or through
dealers,  and such dealers may receive  compensation in the form of underwriting
discounts,   concessions  or  commissions  from  the  Underwriters   and/or  the
purchasers of the Notes for whom they may act as agent.  In connection  with the
sale of the Notes, the Underwriters may be deemed to have received  compensation
from the Corporation in the form of underwriting discounts, and the Underwriters
may also receive  commissions from the purchasers of the Notes for whom they may
act as  agent.  The  Underwriters  and any  dealers  that  participate  with the
Underwriters in the  distribution of the Notes may be deemed to be underwriters,
and any discounts or  commissions  received by them and any profit on the resale
of the Notes by them may be deemed to be underwriting discounts or commissions.

      The  Notes  are a new  issue of  securities  with no  established  trading
market.  The  Corporation  currently  has no  intention to list the Notes on any
securities  exchange.  The Corporation has been advised by the Underwriters that
they intend to make a market in the Notes but are not obligated to do so and may
discontinue  any market making at any time without  notice.  No assurance can be
given as to the liquidity of the trading market for the Notes.

      The Corporation has agreed to indemnify the  Underwriters  against certain
liabilities, including liabilities under the Securities Act of 1933, as amended.