SECURITIES AND EXCHANGE COMMISSION

                    WASHINGTON, D.C.  20549


                           FORM 8-K

                        CURRENT REPORT


              Pursuant to Section 13 or 15(d) of
              the Securities Exchange Act of 1934


Date of Report (date of earliest event reported):  1/11/95



                    PLM INTERNATIONAL, INC.
    (Exact name of registrant as specified in its charter)


                           Delaware
                (State or other jurisdiction of
                incorporation or organization)


     1-9670                                  94-3041257
(Commission File Number)                (I.R.S. Employer 
                                        Identification No.)

One Market
Steuart Street Tower, Suite 900
San Francisco, CA                            94015-1301
(Address of principal executive office)      (Zip code)

Registrant's telephone number, including area code: 
(800) 227-0830


Item 2.  Acquisition or Disposition of Assets.

PLM REACHES AGREEMENT WITH AFG TO FORM 
NEW EQUIPMENT LEASING AND MANAGEMENT COMPANY


FOR IMMEDIATE RELEASE

San Francisco, California, January 11, 1995 --- San-Francisco-
based PLM International, Inc. (ASE:PLM) today announced an
agreement to form a new equipment leasing and management company
to acquire certain assets and operations of Boston-based,
privately-held American Finance Group ("AFG").  The new entity,
as a wholly-owned subsidiary of PLM International, will acquire
AFG's proprietary software and assume the management of future
investor programs as well as provide management services to
AFG's existing investor programs.  Affiliates of AFG, which will
change its name, will continue to act as the general partners of
the existing programs.  AFG currently manages a portfolio of
approximately $800 million of capital equipment, subject to
primarily full payout leases, for its own account and
approximately 50,000 investors.  With PLM International's
current $1.3 billion portfolio and 85,000 investor base, the two
entities together will manage approximately $2.1 billion of
assets for over 135,000 investors.

The new PLM entity will be headed by members of AFG's current
senior management and staffed by its key lease origination and
operations personnel, who will remain in Boston and continue to
be responsible for the management of AFG's existing investor
programs.  Since a separate operating entity will be created for
the acquisition of prior AFG assets and personnel, PLM will not
assume any of the liabilities of AFG or its subsidiaries. 

The new PLM subsidiary will also sponsor new investor equipment
leasing programs, targeted specifically at qualified retirement
plans, which will be sold through PLM's broker-dealer marketing
group, PLM Securities Corp., combining PLM's and AFG's selling
networks.  PLM will thus acquire not only a complementary
syndication product, but also the potential to expand its
broker-dealer network.

This transaction will allow PLM International, which has
heretofore specialized in the management of transportation
equipment on mid-term operating leases, to expand its operations
by gaining origination capability in the full-payout lease
market, as well as remarketing and portfolio management
capabilities for a broader range of leased assets.  PLM will
earn management fee income through the new entity's portfolio
management and remarketing activities.  Certain of the new
entity's functions may ultimately be combined with those of
PLM's home office, to promote further operational efficiencies
and economies of scale.  

PLM International President and Chief Executive Officer, Robert
N. Tidball said, "This agreement represents an important
transaction for PLM since it allows us to combine our proven
equipment leasing, management and program syndication strengths
with those of AFG, which operates in complementary markets and
products.  We expect the new subsidiary to provide a source of
earnings for PLM International through its management of
approximately $800 million of equipment for 50,000 investors. 
We see this transaction as an important development within the
equipment leasing program syndication industry, as it marks the
beginning of what we anticipate will be a growing trend towards
consolidation as companies merge or join forces to achieve
greater operational efficiencies and market presence.  With
PLM's relatively low debt load and strong cash position, we
intend to continue to look for similar opportunities in the
future."

PLM International is a transportation equipment leasing company
specializing in the management of equipment on operating leases. 
The company is also the leading sponsor of syndicated investment
programs organized to invest primarily in transportation
equipment.

                                                  



                           SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.


                                        
                                   PLM INTERNATIONAL, INC.
                                   (Registrant)



Date:  January 11, 1995            By:   /s/Stephen Peary     
                                        Stephen Peary
                                        Senior Vice President
                                        and General Counsel