Rule 424(b)(3)
                                    Registration Statement No. 33-64309 &
                                    333-27465
                                    Cusip # 12560P AP 6
PRICING SUPPLEMENT NO. 7,

Dated  October  15,  1997,  to  
Prospectus,  dated  June 6, 1997 and  
Prospectus Supplement, dated June 12, 1997.

                               THE CIT GROUP, INC.
                    (formerly 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. $500,000,000.

Proceeds to Corporation:  99.817% or $499,085,000.

Underwriting Discount:  0.183%

Issue Price:  100.00%.
Original Issue Date:  October 20, 1997.

Maturity Date:  October 20, 2000.

Interest Rate Per Annum:  6.20%.

Interest Payment Dates: Each April 20 and October 20, commencing April 20, 1998,
      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 October 20, 1997.

                           J.P. MORGAN SECURITIES INC.

<PAGE>

Form:  Global Note.

Specified Currency:  U.S. Dollars.

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 CIT Group, Inc. (formerly The CIT
      Group Holdings, Inc.) ("the Corporation").

                                  UNDERWRITING


      J.P. Morgan Securities Inc. ( the "Underwriter") is acting as principal
      in this transaction.

      Subject  to the  terms  and  conditions  set  forth  in a Term  Sheet  and
      Agreement  dated  October 15, 1997 (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.,  Credit Suisse First Boston  Corporation
      (formerly  known as 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,  $500,000,000  aggregate principal
      amount of the Note.

      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 initially
      offer the Notes to the public at the Issue Price set forth  above,  and to
      certain  dealers at such price less a concession not in excess of .15 % of
      the principal amount of the Notes, and the Underwriter may allow, and such
      dealers may reallow,  a concession  to certain other dealers not in excess
      of .10 % of such principal amount. After the initial public offering,  the
      public offering price and other terms may be changed from time to time. 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
      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.
<PAGE>

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