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(s) of: December 1, 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:  December 1, 1998

NEWCOURT CREDIT GROUP INC.


By: John P. Stevenson
Corporate Secretary





News Release


For immediate release:

Trading Symbol:  NCT               Contact:  Robyn Matsumoto
Exchange Listings:  Toronto                  Corporate Affairs
                    Montreal                 (416) 594-5308
                    New York 

Snap-on Incorporated and Newcourt Credit Group
Expanding Relationship with Enhanced Partnership

Kenosha, Wisconsin, and Toronto, Ontario, December 
2, 1998 -- Snap-on Incorporated (NYSE: SNA) and 
Newcourt Credit Group (TSE, ME, NYSE:  NCT ) 
announced they have signed a definitive agreement 
to form a new entity, Snap-on Credit LLC ("Snap-on 
Credit"), which will be the preferred provider of 
financial services to Snap-on's global dealer and 
customer network.  The closing will occur following 
completion of various operating documents and is 
expected on or about January 3, 1999.  The entity 
will be 50 percent owned by each company.

Under the agreement, Snap-on Credit will combine 
the operations and commitments of Snap-on's 
existing captive finance program with Newcourt's 
expertise of providing tailored, flexible financing 
solutions to industry leaders.  The new entity will 
employ and primarily be staffed by personnel from 
Snap-on, with certain functions staffed by 
personnel from Newcourt.  The operations will be 
established initially in the United States early in 
1999, and expanded globally thereafter.

The new partnership is a significant expansion of 
the existing relationship between the two 
companies.  Since the relationship began in 1996, 
Newcourt has provided leasing services to a segment 
of Snap-on's finance customers.  Under the new 
arrangement, Newcourt will make funding available 
to Snap-on Credit to finance all of Snap-on's 
current and new customers.

"Providing financing to our customers is an 
important link in Snap-on's value chain.  This 
partnership is good for our customers, our dealers 
and our shareholders," said Robert A. Cornog, 
Chairman, President and Chief Executive Officer of 
Snap-on Incorporated.  "Over time, it will enable 
Snap-on to offer more financial products to more 
types of customers in more geographies than is 
possible under our current structure.  The venture 
also will reduce Snap-on Incorporated's invested 
capital, thereby improving our economic profit."


"The new alliance reflects the success of our 
existing relationship with Snap-on," said Steven 
Hudson, Newcourt's Chief Executive Officer.  
"Combining our individual strengths, we have 
created an innovative solution to meet the 
industry-specific financing needs of Snap-on's 
global dealer and customer network."

"Our partnership with Snap-on is a significant step 
in Newcourt's strategy of creating growing and 
profitable alliances with industry leaders," said 
Bradley Nullmeyer, President, Newcourt Financial. 
"As one of Newcourt's largest vendor finance 
relationships, this partnership offers exciting 
potential and demonstrates our ability to grow 
organically with our customers."

"Newcourt has proven to be an outstanding partner 
for Snap-on.  Our previous successful experience 
with Newcourt made it our first choice for this 
venture," added Cornog.  "With its entrepreneurial,
customer-focused approach, Newcourt has 
demonstrated its commitment to work in concert with 
Snap-on to tailor financing solutions specific to 
the unique needs of our dealer and customer base."

Through a series of transactions expected to 
commence in December 1998, Newcourt is expected to 
purchase, with certain recourse provisions, Snap-
on's previously securitized installment receivables 
as well as those currently on Snap-on's balance 
sheet.  For Snap-on, the sales will result in cash 
premiums; the recognition of the accounting gains 
will be determined by the timing of the 
transactions and the expiration of the recourse 
provisions. 

The formation of Snap-on Credit will result in a 
reduction in the asset intensity of 
Snap-on Incorporated's balance sheet from its 
present level.  Snap-on anticipates the transaction 
will be neutral with respect to its earnings in 
1999. 

Newcourt Credit Group is one of the world's leading 
sources of commercial and corporate asset-based 
financing with owned and managed assets of Cdn$34.4 
billion (US$22.4 billion) and global capability in 
26 countries.





Snap-on Incorporated is a US$1.7 billion leading 
global developer, manufacturer and distributor of 
tool and equipment solutions for professional 
technicians, motor service shop owners, specialty 
repair centers, original equipment manufacturers, 
and industrial tool users worldwide.  Product lines 
include hand and power tools, diagnostics and shop 
equipment, tool storage units, diagnostics 
software, and other solutions for the 
transportation service industry.