Exhibit 23.1




                         Consent of Independent Auditors

We consent to the reference to our firm under the caption "Experts" in the
Registration Statement on Form S-3 and related Prospectuses of GATX Financial
Corporation for the registration of up to $1,000,000,000 of debt securities and
pass through certificates and to the incorporation by reference therein of our
report dated January 27, 2003, with respect to the consolidated financial
statements and schedules of GATX Financial Corporation included in its Annual
Report on Form 10-K for the year ended December 31, 2002, filed with the
Securities and Exchange Commission.


                                                           /s/ ERNST & YOUNG LLP


Chicago, Illinois
May 9, 2003