Exhibit 12

GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES

Computation of Ratio of Earnings to Fixed Charges
and
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

Six Months Ended June 30, 2003

(Unaudited)

(Dollars in millions)	Ratio of Earnings to Fixed Charges				Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
Net earnings		$	3,222			$	3,222
Provision for income taxes			604				604
Minority interest in net earnings of consolidated affiliates			46				46
Earnings before provision for income taxes and minority interest			3,872				3,872
Fixed charges:
Interest			4,872				4,872
One-third of rentals			149				149
Total fixed charges			5,021				5,021
Less interest capitalized, net of amortization			(15	)			(15	)
Earnings before provision for income taxes and minority interest,      plus fixed charges		$	8,878			$	8,878
Ratio of earnings to fixed charges			1.77
Preferred stock dividend requirements						$	
Ratio of earnings before provision for income taxes to net earnings							1.19
Preferred stock dividend factor on pre-tax basis							20
Fixed charges							5,021
Total fixed charges and preferred stock dividend requirements						$	5,041
Ratio of earnings to combined fixed charges and preferred stock dividends							1.76
For purposes of computing the ratios, fixed charges consist of interest on all indebtedness and one-third of rentals, which management believes is a reasonable approximation of the interest factor of such rentals.