EXHIBIT 12

                  GATX FINANCIAL CORPORATION AND SUBSIDIARIES

          COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES
                         AND PREFERRED STOCK DIVIDENDS



                                                              YEAR ENDED DECEMBER 31
                                                    ------------------------------------------
                                                     2005     2004     2003     2002     2001
                                                    ------   ------   ------   ------   ------
                                                            IN MILLIONS, EXCEPT RATIOS
                                                                         
Earnings available for fixed charges:
  Income from continuing operations before
     cumulative effect of accounting change.......  $ 45.8   $204.0   $ 97.2   $ 60.9   $ 13.3
Add (deduct):
  Income tax provision (benefit)..................    21.0    115.9     44.0     26.7     (5.2)
  Share of affiliates' (losses) earnings, net of
     distributions received.......................    97.2    (32.4)   (47.4)   (11.2)   (21.4)
  Interest on indebtedness and amortization of
     debt discount and expense....................   143.9    141.5    158.5    170.7    194.0
  Portion of operating lease expense
     representative of interest factor (deemed to
     be one-third)................................    62.3     57.9     58.7     59.8     61.4
                                                    ------   ------   ------   ------   ------
Total earnings available for fixed charges........  $370.2   $486.9   $311.0   $306.9   $242.1
                                                    ------   ------   ------   ------   ------
Fixed charges:
  Interest on indebtedness and amortization of
     debt discount and expense....................  $143.9   $141.5   $158.5   $170.7   $194.0
  Capitalized interest............................     1.5      1.9      4.2     15.8     14.4
  Portion of operating lease expense
     representative of interest factor (deemed to
     be one-third)................................    62.3     57.9     58.7     59.8     61.4
                                                    ------   ------   ------   ------   ------
Combined fixed charges and preferred stock
  dividends.......................................  $207.7   $201.3   $221.4   $246.3   $269.8
                                                    ------   ------   ------   ------   ------
Ratio of earnings to combined fixed charges and
  preferred stock dividends(A)....................    1.78x    2.42x    1.40x    1.25x      (B)


---------------

(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 income from continuing operations before income taxes
     and fixed charges, less share of affiliates' earnings, net of distributions
     received.

(B)  For the year ended December 31, 2001, fixed charges exceeded earnings by
     $27.7 million.

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