EXHIBIT 12

                   GATX FINANCIAL CORPORATION AND SUBSIDIARIES

         COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES (UNAUDITED)
                        (IN MILLIONS, EXCEPT FOR RATIOS)



                                                           THREE MONTHS ENDED
                                                                 MARCH 31
                                                           ---------------------
                                                           2002        2001
                                                           ----        ----

Earnings available for fixed charges:
    Income from continuing operations                      $28.2      $16.1

    Add (deduct):
        Income taxes                                        16.7       11.4
          Share of affiliates' earnings, net of
          distributions received                           (12.7)      (9.6)
        Interest on indebtedness and
             amortization of debt discount and expense      52.8       62.3
        Portion of rents representative of interest
             factor (deemed to be one-third)                14.7       15.7
                                                           -----      -----
    Total earnings available for fixed charges             $99.7      $95.9
                                                           =====      =====

Fixed Charges:
        Interest on indebtedness and
             amortization of debt discount and expense     $52.8      $62.3
      Capitalized interest                                   3.9        3.5
      Portion of rents representative of interest
            factor (deemed to be one-third)                 14.7       15.7
                                                           -----      -----
    Total fixed charges                                    $71.4      $81.5
                                                           =====      =====
Ratio of earnings to fixed charges (a)                     1.40x      1.18x



(a)  The ratio of earnings to fixed charges represents the number of times
     "fixed charges" are covered by "earnings." "Fixed charges" consist of
     interest on outstanding debt and amortization of debt discount and expense,
     adjusted for capitalized interest and one-third (the proportion deemed
     representative of the interest factor) of operating lease expense.
     "Earnings" consist of consolidated income from continuing operations before
     income taxes and fixed charges, less share of affiliates' earnings, net of
     distributions received.