CIT’s troubles during the credit crunch have been well documented. Like many other finance companies, it needed significant support to survive and so divisions like business aircraft did not have cash for new deals. Instead they were left managing its $750 million business jet portfolio.
However, the bank’s aerospace team is keen to get back into business. The big difference now is that it is far less interested in the US market. Whilst CIT’s business jet team has always been active internationally this is now its main focus. This is partly because it no longer has large taxable profits so cannot offer domestic leases that benefit from depreciation.