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

PRICING SUPPLEMENT NO. 12,

Dated October 22, 1996 to
Prospectus, dated May 13, 1996 and
Prospectus Supplement, dated May 15, 1996.

                          THE CIT GROUP HOLDINGS, 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. $300,000,000.

Proceeds to Corporation:  100.0%.

Underwriting Discount:  0.0%.

Issue Price:  Variable Price Reoffer, initially at par.

Specified Currency:  U.S. Dollars.

Original Issue Date:  October 25, 1996.

Maturity Date:  October 27, 1997.

Interest Rate Basis:  Prime Rate.

Spread:  -289 basis points.

Initial Interest Rate:  The Prime Rate determined one Business Day prior to the
         Original Issue Date minus 289 basis points.

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 October 25, 1996.

                              GOLDMAN, SACHS & CO.


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Form:  Global Note.

Interest Reset Date:  Each Business Day to but excluding the Maturity Date.

Rate  Cut-Off Date:  Two Business Days prior to each Interest  Payment Date. The
      interest  rate  for  each  day  following  the  Rate  Cut-Off  Date to but
      excluding  the Interest  Payment Date will be the rate  prevailing  on the
      Rate Cut-Off 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 Payment Dates:  Quarterly on January 27, 1997, April 27, 1997, July 27,
      1997,  and October 27, 1997,  provided  that if any Interest  Payment Date
      (other than the Maturity Date) would otherwise fall on a day that is not a
      Business Day, then the Interest  Payment Date will be the first  following
      day that is a Business Day. If the Maturity Date would otherwise fall on a
      day that is not a Business  Day, then interest on the Note will be paid on
      the next  succeeding  Business  Day,  and no interest on such payment will
      accrue for the period from and after the Maturity Date.

      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.

Calculation Date:  The earlier of (i) the fifth Business Day after each Interest
      Determination  Date,  or (ii) the Business Day  immediately  preceding the
      applicable Interest Payment Date.

Interest Determination Date:  One Business Day prior to each Interest Reset
      Date.

Minimum Interest Rate:  0.0%.

Calculation Agent:  The CIT Group Holdings, Inc.

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


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                                  UNDERWRITING

      Goldman, Sachs & Co. (the "Underwriters") are acting as principals in
      this transaction.

      Subject  to the  terms  and  conditions  set  forth in a Terms  Sheet  and
      Agreement  dated  October 22, 1996 (the  "Terms  Agreement"),  between the
      Corporation  and the  Underwriters,  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
      Underwriters,  and the Underwriters have agreed to purchase,  $300,000,000
      principal amount of the Notes.

      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 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
      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.



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