Leasing group orders 38 Boeing 737s

CIT Group will buy 38 Boeing 737 airplanes, the two companies said in a statement on Tuesday, in a deal worth over three billion dollars. CIT's aircraft leasing and financing division ordered 23 737-800s and 15 long-range 737-900Ers. Amid an economic downturn and scrutiny over executive perks, airline leasing companies have seen a boom in trade.
"This order reflects our efforts to maintain one of the youngest and most technologically advanced fleets in the industry," said Jeffrey Knittel, head of transportation finance at CIT. "As a leading aircraft lessor, it is important that we continue to maintain a portfolio of operationally dependable and fuel-efficient aircraft for our customers." Deliveries will be made through 2017 and CIT has an option for seven additional 737s, which would add around half a billion dollars to the deal.