CIT Aerospace has signed a formal purchase agreement with Airbus for the 50 A320neo-family aircraft for which it signed a memorandum of understanding at...

CIT Aerospace, a unit of CIT Group Inc., has signed a formal purchase agreement with Airbus for the 50 A320neo-family aircraft for which it signed a memorandum of understanding at the 49th Le Bourget airshow on June 21, 2011.

This deal brings the total number of Airbus aircraft ordered by CIT since 1999 to 237. They include 191 Airbus A320-family aircraft (including the 50 A320neos), 41 A330s and five A350 XWBs.


To date, CIT Aerospace has received 144 of the Airbus aircraft it has ordered.

“This A320neo order with Airbus allows CIT Aerospace to continue to add young and technologically advanced aircraft to our portfolio, enabling us to provide the modern, fuel-efficient aircraft that our customers demand,” says C. Jeffrey Knittel, president of Transportation Finance at CIT.

Airbus and New York-based finance and leasing company CIT Group signed a memorandum of understanding at the Paris Airshow on June 21, 2011 for 50 A320neo-family aircraft, for which CIT Group also ordered both Pratt & Whitney PurePower PW1100G engines and CFM International LEAP-X1A powerplants. CIT Aerospace then firmed the MOU into a formal purchase agreement on August 10, 2011

Almost 7,700 A320-family aircraft have already been ordered and more than 4,700 have been delivered to more than 330 customers and operators worldwide.

The A320neo will have airframe commonality of more than 95 per cent with the current A320 family. According to Airbus, this will make the A320neo family an easy fit into existing fleets, while offering up to 500 nautical miles (950 kilometers) more range or two tonnes more payload at a given range.