SECURITIES AND EXCHANGE COMMISSION


                             Washington, D.C. 20549


                                    FORM 8-K


                                 CURRENT REPORT


                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934


Date of Report (Date of earliest event reported)          October 14, 1997
                                                   ------------------------

                          The CIT Group, Inc.
    ------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)


     Delaware                    1-1861                    13-2994534
    ------------------------------------------------------------------------
     (State or other            (Commission             (IRS Employer
     jurisdiction of            File Number)            Identification No.)
     incorporation)


                           1211 Avenue of the Americas
                            New York, New York 10036
   -------------------------------------------------------------------------


Registrant's telephone number, including area code         (212) 536-1390
                                                       ---------------------


   --------------------------------------------------------------------------
          (Former name or former address, if changed since last report)


<PAGE>






Item 5.        Other Events.
               -----------------

               See attached press release.





<PAGE>







                                   SIGNATURES


        Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.



                                   THE CIT GROUP, INC.
                                   -------------------------------------------
                                   (Registrant)


                                   By /s/ JOSEPH M. LEONE
                                   -------------------------------------------
                                   Joseph M. Leone
                                   Executive Vice President and
                                   Chief Financial Officer

Dated:  October 14, 1997


<PAGE>


                                            
[Logo of The CIT Group, Inc.]





                                              Contact: Joseph M. Leone
                                                       Chief Financial Officer
                                                       (973) 740-5752

FROM:        THE CIT GROUP, INC.
             1211 AVENUE OF THE AMERICAS
             NEW YORK, NY  10036

FOR IMMEDIATE RELEASE
---------------------
         THE CIT GROUP REPORTS THIRD QUARTER AND NINE MONTH NET INCOME;
                 INCREASES OF 16% and 21% FROM THE 1996 PERIODS


       NEW YORK, NEW YORK,  October 14, 1997 --- The CIT Group, Inc., one of the
nation's largest commercial and consumer lending  organizations,  today reported
net income of $75.3 million for the third quarter of 1997, a 15.7% increase from
the $65.1  million  reported  for 1996.  Nine month net income  totaled a record
$239.1 million, up 21.2% from $197.3 million in 1996. The third quarter and nine
month  results  reflect  growth in net  finance  income  from a higher  level of
financing and leasing assets,  increased noninterest revenue and improvements in
operating expense efficiency.

     "The CIT  Group has  again  demonstrated  the  success  of its broad  based
approach to business" said Albert R. Gamper,  Jr.  president and chief executive
officer.  "While the current economy  continues to create  opportunities for the
company,  it also  continues  to  increase  the  competition  we face from other
lending  sources.  Our continued  growth in earnings and assets is indicative of
both our long  standing  commitment  to the  markets  we  serve,  as well as the
talented individuals at CIT" added Gamper.



<PAGE>


Financial highlights for 1997:


    Return on average  earning  assets or "AEA"  (average  financing and leasing
        assets less average credit balances of factoring  clients) for the third
        quarter of 1997 was 1.64%,  up from 1.57% for the third quarter of 1996.
        Return on AEA for the first nine  months of 1997 was 1.77%,  compared to
        1.61% for the same period in 1996.

    Financing and leasing assets,  primarily  comprised of finance  receivables,
        operating  lease  equipment and consumer  finance  receivables  held for
        sale,  totaled  $20.3  billion at September 30, 1997, up 9.5% from $18.6
        billion at year end 1996.

    Total managed  assets,  which include both  financing and leasing  assets as
        well  as  consumer  finance  receivables   previously   securitized  and
        currently  managed by the company,  increased  11.3% to $22.3 billion at
        September 30, 1997 from $20.0  billion at December 31, 1996.  Growth was
        broad  based,  with  increases  in  both  the  commercial  and  consumer
        segments.

    Net finance  income  rose to  $226.0  million  (4.92%  of AEA) in the  third
        quarter of 1997 compared to $201.4  million  (4.84% of AEA) in the third
        quarter of 1996.  For the nine months  ended  September  30,  1997,  net
        finance  income  increased to $658.3  million (4.87% of AEA) from $594.1
        million  (4.86%  of AEA) in 1996.  The  improvements  primarily  reflect
        increases in AEA.

   Fees and other  income  totaled  $78.9  million in the third  quarter of 1997
        compared to $50.9 million in 1996.  For the nine months ended  September
        30, 1997,  fees and other income  increased to $186.0  million,  up $9.2
        million  from  $176.8  million  during  the same  period  in  1996.  The
        improvements reflect increased factoring commissions and higher gains on
        securitizations  and equipment sales,  partially offset by lower venture
        capital gains in the nine month period.
<PAGE>


    Salaries and  general  operating  expenses  for the  third  quarter  of 1997
        totaled $103.6  million  compared to $97.9 million for the third quarter
        of 1996. As a percentage of AEA, salaries and general operating expenses
        were 2.25% compared to 2.35% in the third quarter of 1996.  Salaries and
        general operating  expenses for the nine months ended September 30, 1997
        were $314.1  million (2.32% of AEA) compared to $291.4 million (2.38% of
        AEA) during 1996.

    The provision  for credit  losses rose $11.6 million to $35.8 million in the
        third  quarter of 1997,  compared to $24.2 million for the third quarter
        of 1996.  The increase was  primarily  the result of the rise in finance
        receivables.  Net credit  losses  during the third  quarter of 1997 were
        $24.6 million,  0.57% of average finance receivables  excluding consumer
        finance receivables held for sale, compared to $22.3 million, 0.54%, for
        the third quarter of 1996. For the nine months ended  September 30, 1997
        the provision  for credit  losses  increased to $91.8 million from $78.6
        million in 1996.  For the nine months  ended  September  30,  1997,  net
        credit losses totaled $80.1 million,  0.65%,  compared to $71.4 million,
        0.59%, in 1996.

    Depreciation on operating  lease  equipment  for the third  quarter and nine
        months of 1997 increased to $42.3 million and $108.3  million,  compared
        to $28.0 million and $84.3 million for the  corresponding  1996 periods,
        reflecting growth in the operating lease portfolio.

    Finance receivables past due 60 days or more decreased during the first nine
        months to $287.9 million (1.60% of finance receivables) at September 30,
        1997, from $292.3 million (1.72% of finance receivables) at December 31,
        1996.  Finance  receivables on nonaccrual  status also declined to $83.6
        million (0.47% of finance receivables) at September 30, 1997 from $119.6
        million (0.70% of finance receivables) at year end 1996.
<PAGE>

    Assets received  in  satisfaction  of loans  decreased  to $37.7  million at
        September 30, 1997 from $47.9 million at December 31, 1996.

    Nonperforming assets,  comprised of finance receivables on nonaccrual status
        and assets received in satisfaction of loans, as a percentage of finance
        receivables,  were  0.68% at  September  30,  1997,  down from  0.99% at
        December 31, 1996.

    The reserve for credit losses  increased to $233.3 million (1.30% of finance
        receivables) at September 30, 1997 from $220.8 million (1.30% of finance
        receivables) at December 31, 1996.

    The ratio of total debt to  stockholders'  equity and  redeemable  preferred
        securities  of  subsidiary  trust,  was 6.25 to 1 at September 30, 1997,
        compared to 7.04 to 1 at December 31, 1996.  The ratio of total debt and
        redeemable  preferred  securities of subsidiary  trust to  stockholders'
        equity was 7.06 to 1 at  September  30,  1997,  compared to 7.04 to 1 at
        December 31, 1996.

    On  September 26, 1997,  The CIT Group,  Inc.  announced that it had filed a
        registration  statement with the Securities and Exchange  Commission for
        an initial  public  offering  of 20% of CIT's  common  stock.  Shares of
        common  stock of CIT may not be sold nor may  offers to buy be  accepted
        prior to the time the  registration  statement  becomes  effective.  The
        offering will be made only by means of a prospectus.  This press release
        shall not constitute an offer to sell or the solicitation of an offer to
        buy nor  shall  there be any sale of the  common  stock in any  state in
        which  such  offer,  solicitation  or sale  would be  unlawful  prior to
        registration  or  qualification  under the  securities  laws of any such
        state.
<PAGE>

   The CIT Group, Inc. is owned 80 percent by The Dai-Ichi Kangyo Bank, Limited,
one of the  largest  banks in the world,  and 20 percent by The Chase  Manhattan
Corporation, the largest bank holding company in the United States.
               (SEE ATTACHED TABLES FOR ADDITIONAL FINANCIAL DATA)
                                      # # #


<PAGE>








                      THE CIT GROUP, INC. AND SUBSIDIARIES
                         CONSOLIDATED INCOME STATEMENTS
                          (Dollar Amounts in Millions)



                                                  Three Months Ended
                                                     September 30,
                                     ------------------------------------------
                                          1997    % to AEA    1996     % to AEA
                                          ----    --------    ----     --------
Finance income                       $    463.0     9.96%*  $ 415.8       9.95%*
Interest expense                          237.0     5.04*     214.4       5.11 *
                                     ----------     ----    -------       ----
  Net finance income                      226.0     4.92      201.4       4.84

Fees and other income                      78.9     1.71       50.9       1.23
                                     ----------     ----    -------       ----
  Operating revenue                       304.9     6.63      252.3       6.07
                                     ----------     ----    -------       ----
Salaries and general operating 
 expenses                                 103.6     2.25       97.9       2.35

Provision for credit losses                35.8     0.78       24.2       0.58

Depreciation on operating lease 
  equipment                                42.3     0.92       28.0       0.68

Minority interest in subsidiary trust 
holding solely debentures of the 
  company                                   4.8     0.10         -           -
                                     ----------     ----    -------       ----  
  Operating expenses                      186.5     4.05      150.1       3.61
                                     ----------     ----    -------       ----
Income before provision for income 
 taxes                                    118.4     2.58      102.2       2.46

Provision for income taxes                 43.1     0.94       37.1       0.89
                                     ----------     ----    -------       ----
  Net income                          $    75.3     1.64%    $ 65.1       1.57%
                                     ==========     ====     ======       ====
Average earning assets 
  (AEA)                              $ 18,389.9          $ 16,636.6


*  Excludes interest income and interest expense relating to interest-bearing 
deposits.


<PAGE>



                      THE CIT GROUP, INC. AND SUBSIDIARIES
                         CONSOLIDATED INCOME STATEMENTS
                          (Dollar Amounts in Millions)



                                            Nine Months Ended
                                              September 30,
                              -------------------------------------------------
                                  1997      % to AEA          1996     % to AEA
                              ---------     --------    ----------     --------
Finance income                $ 1,352.0       9.91%*    $  1,222.3       9.94%*
Interest expense                  693.7       5.04*          628.2       5.08 *
                              ---------       ----      ----------       ----
  Net finance income              658.3       4.87           594.1       4.86

Fees and other income             186.0       1.38           176.8       1.44
Gain on sale of equity interest 
acquired in loan workout           58.0       0.43             -           -
                              ---------       ----      ----------       ----

  Operating revenue               902.3       6.68           770.9       6.30
                              ---------       ----      ----------       ----
Salaries and general operating 
 expenses                         314.1       2.32           291.4       2.38

Provision for credit losses        91.8       0.68            78.6       0.64

Depreciation on operating lease 
 equipment                        108.3       0.80            84.3       0.69

Minority interest in subsidiary 
 trust holding solely debentures 
 of the company                    11.5       0.09            -           -
                             ----------       ----      ----------       ----
  Operating expenses              525.7       3.89           454.3       3.71
                             ----------       ----      ----------       ----
Income before provision for 
 income taxes                     376.6       2.79           316.6       2.59

Provision for income taxes        137.5       1.02           119.3       0.98
                             ----------       ----      ----------       ----  
  Net income                 $    239.1       1.77%     $    197.3       1.61%
                             ==========       ====      ==========       ====
Average earning assets 
 (AEA)                       $ 18,029.8                 $ 16,311.9
                              

*  Excludes interest income and interest expense relating to interest-bearing 
deposits.


<PAGE>



                      THE CIT GROUP, INC. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                          (Dollar Amounts in Millions)



                                                September 30,      December 31,
                                                       1997               1996
Assets                                          -------------      -----------
Financing and leasing assets
Loans
   Commercial                                     $ 10,540.3        $ 10,195.6
   Consumer                                          3,344.9           3,239.0
Lease receivables                                    4,063.1           3,562.0
                                                   ---------        ----------
   Finance receivables                              17,948.3          16,996.6
Reserve for credit losses                             (233.3)           (220.8)
                                                   ---------        ----------
   Net finance receivables                          17,715.0          16,775.8
Operating lease equipment, net                       1,675.7           1,402.1
Consumer finance receivables held for sale             654.3             116.3
Cash and cash equivalents                              202.9             103.1
Other assets                                           606.4             535.2
                                                  ----------        ----------  
   Total assets                                   $ 20,854.3        $ 18,932.5
                                                  ==========        ==========
Liabilities and Stockholders' Equity
Debt
Commercial paper                                  $  6,168.7        $  5,827.0
Variable rate senior notes                           3,461.5           3,717.5
Fixed rate senior notes                              5,659.6           4,761.2
Subordinated fixed rate notes                          300.0             300.0
                                                  ----------        ---------- 
   Total debt                                       15,589.8          14,605.7
Credit balances of factoring clients                 1,535.3           1,134.1
Accrued liabilities and payables                       686.3             594.0
Deferred Federal income taxes                          550.2             523.3
                                                  ----------        ----------  
   Total liabilities                                18,361.6          16,857.1

Company-obligated mandatorily redeemable 
preferred securities of subsidiary trust 
holding solely debentures of the company               250.0              -

Stockholders' equity
Common stock - authorized, issued and
   outstanding - 1,000 shares                          250.0             250.0
Paid-in capital                                        573.3             573.3
Retained earnings                                    1,419.4           1,252.1
                                                  ----------        ----------
   Total stockholders' equity                        2,242.7           2,075.4
                                                  ----------        ----------  
   Total liabilities and stockholders' equity     $ 20,854.3         $18,932.5
                                                  ==========        ==========