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 of: May 20, 1998


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:  May 20,1998

NEWCOURT CREDIT GROUP INC.


By: John P. Stevenson			
Corporate Secretary			









For Immediate Release

Trading Symbol:	NCT			Contact:	John Sadler	
Exchange Listings:  Toronto			Executive Vice President 
		    Montreal			Corporate Affairs
		    New York			(416) 594-2400
			
Newcourt completes US$400 million common equity placement 
                          to refinance preferred securities
U.S.-based Janus Capital Corporation acquires 5.8 % equity interest

TORONTO, May 20, 1998 - Newcourt Credit Group (Newcourt) 
announced today that it has agreed to issue 8,668,446 Special Warrants at a 
price of US$46.14 (C$66.75) per Special Warrant to Janus Capital 
Corporation (Janus) on behalf of certain mutual funds under Janus' control 
and direction.  The Special Warrants are exercisable into Common Shares 
of Newcourt Credit Group on a one-for-one basis upon the issuance of a 
receipt by the Ontario Securities Commission for the final prospectus 
relating to the Common Shares.  The purchase price represents a one 
percent premium to yesterday's closing price of US$45 11/16 (C$66.10) of 
Newcourt's Common Shares.  

The Company will file a prospectus with the Ontario Securities 
Commission and a registration statement with the United States Securities 
and Exchange Commission relating to the Common Shares issuable upon 
exercise of the Special Warrants. The gross proceeds of the offering of 
US$400 million will be held in escrow pending issuance by the Ontario 
Securities Commission of a receipt for the final prospectus.

Newcourt intends to use approximately three quarters of the net proceeds to 
retire or provide for a defeasance of certain outstanding preferred securities 
of the Company with the remainder to be used to finance the Company's 
growth and other general corporate purposes.  The proceeds of the offering 
will increase the Company's tangible net common equity by 29% to over 
US$1.7 billion (C$2.5 billion) which further strengthens the Company's 
capital structure and quality of leverage.

"Due to the positive impact this intended refinancing would have on our 
leverage and our ability to use the remaining proceeds to finance growth in 
our core businesses, management expects that the incremental net income 
that would be generated from this transaction would not be dilutive to our 
earnings per share," noted Daniel Jauernig, Newcourt Services President 
and the Company's Chief Financial Officer.

Upon the exercise of the Special Warrants, Newcourt will have a total of 
148,273,574 common shares issued and outstanding.  

The Common Shares purchased by Janus under this transaction represent 
approximately 5.8% of the Company's total issued and outstanding shares.  
Founded in 1970, Janus Capital Corporation is a Denver-based investment 
management company with approximately US$85 billion under 
management.









Newcourt Credit Group is one of the world's leading sources of asset-based 
financing serving the corporate commercial and institutional markets with 
owned and managed assets of US$22.4 billion (C$31.9 billion) and a global 
distribution capability in 24 countries.


- - 30 -