They are a $76 billion in assets company. And talk about there financial instability affecting over 1 million companies.
CIT was more than a Factoring company it was a:
~Fleet Finance (managing over 300 Aircraft)
~Vendor Finance - private label programs, merchandising support, portfolio purchases, and tax-exempt/municipal financing to equipment manufacturers, resellers, vendors, and dealers in diverse industries around the world.
~Bank based in Utah
From what I can gather ~Home mortgages ~Student Loans and ~Credit to Commercial Customers is what is weak links at the moment.
Even with the diversity in there portfolio they were not able to starve off a disruption in there business. Some articles are stating that there business model is wrong. But they don't go into detail.
CIT has said its bankruptcy would put 760 manufacturing clients at risk of failure and “precipitate a crisis” for as many as 300,000 retailers, according to internal documents.
I have access to the other 20% of Factoring funders that are still in business.
These business that are blaming CIT, must understand that there are other options.