Rule 424(b)(3)
                                    Registration Statement
                                    No. 33-58107

PRICING SUPPLEMENT NO. 20,

Dated December 20, 1996, to
Prospectus, dated May 13, 1996 and
Prospectus Supplement, dated May 15, 1996.

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


(X) Senior Note               ( ) Senior Subordinated Note

Principal Amount:  U.S. $100,000,000.

Proceeds to Corporation:  99.735% or $99,735,000.

Underwriting Discount:  .265%.

Issue Price:  Variable Price Reoffer, initially at par.

Original Issue Date:  December 26, 1996.

Maturity Date:  December 28, 1998.

Interest Rate Per Annum:  5.875%.

Interest Payment Dates:  Each June 28 and December 28, commencing June 28, 1997,
provided that if any such day is not a Business Day, the payment will be made on
the next succeeding Business Day as if it were made on the date such payment was
due, and no interest  will accrue on the amount  payable for the period from and
after such Interest Payment Date or the Maturity Date, as the case may be.

      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.

The Notes are  offered  by the  Underwriter,  as  specified  herein,  subject to
receipt  and  acceptance  by it and  subject to its 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 December 26, 1996.

                        MORGAN STANLEY & CO. INCORPORATED

<PAGE>

Form:  Global Note.

Specified Currency:  U.S. Dollars.

Trustee, Registrar, Authenticating and Paying Agent:
      The Bank of New York,  under Indenture dated as of May 1, 1994 between the
      Trustee and the Corporation.


                                  UNDERWRITING

      Morgan Stanley & Co. Incorporated ( the "Underwriter") is acting as
      principal in this transaction.

      Subject  to the  terms  and  conditions  set  forth  in a Term  Sheet  and
      Agreement  dated  December 20, 1996 (the "Terms  Agreement"),  between the
      Corporation  and the  Underwriter,  incorporating  the  terms of a Selling
      Agency  Agreement  dated May 15, 1996,  between the Corporation and Lehman
      Brothers,  Lehman  Brothers  Inc., CS First Boston  Corporation,  Goldman,
      Sachs & Co.,  Merrill Lynch & Co., Merrill Lynch,  Pierce,  Fenner & Smith
      Incorporated, Morgan Stanley & Co. Incorporated, Salomon Brothers Inc, and
      UBS Securities LLC, the Corporation has agreed to sell to the Underwriter,
      and  the  Underwriter  has  agreed  to  purchase,  $100,000,000  aggregate
      principal amount of the Notes.

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

      The Underwriter has advised the Corporation  that it proposes 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 Underwriter 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
      Underwriter  and/or  the  purchasers  of the  Notes for whom it may act as
      agent.  In connection  with the sale of the Notes,  the Underwriter may be
      deemed to have received  compensation  from the Corporation in the form of
      underwriting  discounts,  and the Underwriter may also receive commissions
      from  the  purchasers  of the  Notes  for  whom it may act as  agent.  The
      Underwriter and any dealers that  participate  with the Underwriter 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
      Underwriter  that it  intends  to make a market  in the  Notes  but is not
 
                                      -2-

<PAGE>

      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  Underwriter  against certain
      liabilities,  including  liabilities  under the Securities Act of 1933, as
      amended.






                                      -3-