Exhibit 23.2

                        Consent of Independent Auditors

   We consent to the reference to our firm under the caption "Experts" in the
Registration Statement Form S-3 and related Prospectus of GATX Corporation and
GATX Financial Corporation for the registration of $175,000,000 of 7.5%
Convertible Senior Notes due 2007 and to the incorporation by reference therein
of our reports dated January 22, 2002, with respect to the consolidated
financial statements and schedules of GATX Corporation and GATX Financial
Corporation included in their Annual Reports on Form 10-K for the year ended
December 31, 2001, filed with the Securities and Exchange Commission.

                                          ERNST & YOUNG LLP

Chicago, Illinois
April 11, 2002