Rule 424(b)(3)
                                            Registration Statement
                                            No. 33-58418

PRICING SUPPLEMENT NO. 1,

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

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


(X) Senior Note                     ( ) Senior Subordinated Note

Principal Amount:  U.S. $200,000,000.

Proceeds to Corporation:  99.835% or $199,670,000.

Underwriting Discount:  0.165%

Issue Price:  100.00%.

Original Issue Date:  June 17, 1997.

Maturity Date:  June 17, 1999.

Interest Rate Per Annum:  6.200%.

InterestPayment  Dates:  Each June 17 and December 17,  commencing  December 17,
        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 Note is 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 Note will be ready for delivery in book-entry form
on or about June 17, 1997.

                              SALOMON BROTHERS 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  Holdings,  Inc.  ("the
        Corporation").


                                  UNDERWRITING

        Salomon Brothers 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 June 12,  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,  $200,000,000  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 Note, if any are taken.

        The  Underwriter  has  advised  the  Corporation  that  it  proposes  to
        initially  offer the Note to the  public  at the  Issue  Price set forth
        above,  and to certain  dealers at such price less a  concession  not in
        excess of .100% of the principal amount of the Note, and the Underwriter
        may allow,  and such dealers may reallow,  a concession to certain other
        dealers  not in  excess  of .050% 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 Note,
        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 Note for whom it
        may act as agent.  The Underwriter and any dealers that participate with
        the  Underwriter  in the  distribution  of the Note may be  deemed to be
        underwriters,  and any discounts or commissions received by them and any
        profit  on  the  resale  of  the  Note  by  them  may  be  deemed  to be
        underwriting discounts or commissions.

        The  Note is a new  issue  of  securities  with no  established  trading
        market.  The Corporation  currently has no intention to list the Note on
        any  securities  exchange.  The  Corporation  has  been  advised  by the
        Underwriter  that it  intends  to make a  market  in the Note 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 Note.

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