CIT Financing Aids NetJets' Expansion
NetJets and CIT Group offered each other complimentary pats on the back this week as CIT surpassed $1 billion in total lease and loan originations with owners of NetJets. The mark reflects the strength of the companies' 12-year relationship and CIT's ability to serve up "a wide range of competitive, flexible and easy-to-use loan and lease options," according to CIT President C. Jeffrey Knittel, as well as NetJets ability to work with CIT to "customize competitively priced lease and loan products to suit any situation," notes John Colucci, executive vice president of NetJets. NetJets claims to sell "more fractional shares than all other companies combined." CIT is also responsible for development of a fleet-financing program with Marquis Jet Partners that allows clients to purchase NetJets subleases of 25-hour blocks. Marquis says that working with CIT has allowed it to accelerate expansion of its private jet card business.