EXHIBIT 12.1


                         CIT GROUP INC. AND SUBSIDIARIES
               COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
                                 ($ IN MILLIONS)




                                                For the Nine Months Ended        For the Nine Months Ended
                                                    September 30, 2003               September 30, 2002
                                                -------------------------        -------------------------
                                                                                   
Net income ...................................          $  411.7                         $(6,882.8)
Provision for income taxes ...................             263.4                             250.7
                                                        --------                         ---------
Earnings before provision for income taxes ...             675.1                          (6,632.1)
                                                        --------                         ---------
Fixed charges:
  Interest and debt expense on indebtedness ..           1,004.3                           1,066.3
  Dividends on preferred capital securities ..               8.8                              13.1
  Interest factor-one third of rentals on real
     and personal properties .................              10.5                              11.7
                                                        --------                         ---------
Total fixed charges ..........................           1,023.6                           1,091.1
                                                        --------                         ---------
Total earnings before provision for income
  taxes and fixed charges ....................          $1,698.7                         $(5,541.0)
                                                        ========                         =========
Ratios of earnings to fixed charges ..........             1.66x                                (1)
                                                        --------                         ---------

- ----------
(1)   Earnings were  insufficient to cover fixed charges by $6,632.1 million for
      the nine months ended  September  30,  2002.  Earnings for the nine months
      ended September 30, 2002 included a goodwill impairment charge of $6,511.7
      million in accordance  with SFAS No. 142,  "Goodwill and Other  Intangible
      Assets."