FORM 6-K

                           SECURITIES AND EXCHANGE COMMISSION

                                  Washington,  D.C.  20549

                                Report of a Foreign Issuer
                           Pursuant to Rule 13a-16 or 15d-16 of
                             the Securities Exchange Act of 1934

                    For the month(s) of: January 1, 1997 to December 31, 1997

                                NEWCOURT CREDIT GROUP INC.

                                BCE Place, 181 Bay Street
                                 Suite 3500, P.O. Box 827
                                     Toronto, Ontario
                                       Canada, M5J 2T3

[Indicate by check mark whether the registrant files or will file annual 
reports under cover Form 20-F or Form 40-F.]

		Form 20-F	/ /			Form 40-F	   /X/	

 [Indicate by check mark whether the registrant by furnishing the 
information contained in this Form is also thereby furnishing the 
information to the Commission pursuant to Rule 12g3-2(b) under the 
Securities Exchange Act of 1934.]

		Yes	/ /				No		    /X/	

 [If "Yes" is marked, indicate below the file number assigned to the 
registrant in connection with Rule 12g3-2(b)]

		82-  				

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, thereunto duly authorized.

Date:  March 8,1999

NEWCOURT CREDIT GROUP INC.


By: John P. Stevenson			
Corporate Secretary			






CONTACT:  Jeffery D. Simon                      Daniel A. Jauernig 
          Senior Vice President,                President, Newcourt Services'
          Investor Relations                    and Chief Financial Officer
          The CIT Group, Inc.                   Newcourt Credit Group Inc.
          (973) 535-5911                        (973) 606-3799
          www.citgroup.com                      www.newcourt.com  


CIT AND NEWCOURT TO COMBINE IN $9 BILLION STOCK TRANSACTION

WILL CREATE LARGEST PUBLICLY-HELD COMMERCIAL 
FINANCING COMPANY


     LIVINGSTON, NJ, March 8, 1999 - The CIT Group, Inc. (NYSE: CIT) of 
Livingston, New Jersey, today announced that it will acquire Newcourt Credit 
Group Inc. (NYSE: NCT; TSE: NCT), with headquarters in Toronto, Canada and 
Parsippany, New Jersey, in an exchange of stock valued at approximately $9 
billion.  The transaction will create the largest publicly-owned company in the 
commercial finance industry, with leadership positions across a diverse range
ofindustry segments, a strong balance sheet and combined managed assets of 
approximately $50 billion. 

     Under the terms of the transaction, 0.92 shares of CIT will be exchanged 
for each outstanding share of Newcourt common stock.  Albert R. Gamper, Jr., 
President and CEO of CIT, will become Chairman of the Board and will remain 
Chief Executive Officer.  Steven K. Hudson, Newcourt's President and Chief 
Executive Officer, will be The CIT Group's President and a member of the Board 
of Directors. The transaction, which has been unanimously approved by the 
Boards of Directors of both companies, is expected to close during the third 
quarter of 1999.

     Mr. Gamper and Mr. Hudson said in a joint statement, "The strategic logic 
of this transaction is clear: it combines two companies with exceptionally 
strong credit cultures that together can deliver high-quality, sustainable 
growth at increased margins and, in turn, build significant shareholder value." 





     Mr. Gamper said, "This is a bold and transforming transaction for CIT, 
combining our extensive management experience and 'best in class' credit 
capabilities with Newcourt's innovative, entrepreneurial spirit and superior 
'second to none' origination platforms.  Newcourt has well-established vendor 
financing relationships in a range of high-growth industries with companies 
such as Dell, Lucent, Snap-On Tools and Western Star, superior front-end, 
technology-driven credit systems and excellent acquisition integration 
experience."

     Mr. Hudson said, "This is an excellent transaction for Newcourt 
shareholders and vendor partners.  It meets our strategic objectives of 
continuing to support the extraordinary growth of our vendor partners and 
achieving a lower cost of capital. With a 'fortress' balance sheet and a clear 
recognition of the value of our vendor relationships, CIT is exactly the kind 
of partner we've been looking for.  Combined with CIT, we will be able to 
service our vendor partners and other customers better than even before."

     "The synergies in this combination are tremendous.  They include 
complementary business lines, improved funding costs and a more diverse 
business mix.  This transaction is driven by the considerable growth 
opportunities it creates and we expect to realize cost savings with overall 
expected synergies of $150 million," said Mr. Hudson.

     Mr. Gamper said, "Over the past eleven years, our goals at CIT have been 
to increase profitability, returns and growth.  I believe this transaction 
will provide improvement to all three.  In addition, I am confident that the 
combination of Newcourt and CIT will receive strong credit ratings."

     "CIT will benefit from scale, diversification and balance sheet.  It will 
have a very strong marketing presence in North America and Western Europe and a 
broad business segment mix with strategically focused businesses," concluded 
Mr. Gamper.

     The CIT Group, founded in 1908, will have more than $50 billion in managed 
assets, $2.2 billion in revenues and more than $500 million in after-tax 
earnings on a combined basis.  At year-end 1998, The CIT Group had more than 
$26 billion in managed assets and reported net income of $338.8 million and 
Newcourt had $23 billion in managed assets and reported net income of $198.2 
million.  



CIT has 3200 employees and Newcourt employs 5000 people.  The CIT Group's stock 
will continue to be traded on the New York Stock Exchange under the symbol 
"CIT" and will be listed on the Toronto Stock Exchange.

     Following the acquisition, which will be accounted for on a purchase 
basis, CIT shareholders will own 54% of the combined company and Newcourt 
shareholders will own 46%.  The transaction also further broadens the public 
shareholder base of both companies.  Upon the close of the transaction, the 
Dai-Ichi Kangyo Bank, CIT's largest shareholder, will own approximately 24% 
of the combined company, and CIBC and Nomura Securities, Newcourt's two 
largest shareholders, each will own approximately 5% and 6% respectively.

Following the close of the transaction, CIT's Board of Directors will have 20 
members, including 11 directors from the current CIT Board and 9 directors 
from the current Newcourt Board. 

     J.P. Morgan acted as financial advisor and provided a fairness opinion 
to CIT.  Goldman Sachs and CIBC World Markets acted as financial advisors and 
provided fairness opinions to Newcourt.

     The combined company will have its principal offices in New Jersey.  
Completion of the merger is conditioned upon, among other things, customary 
regulatory and shareholder approvals.