SECURITIES AND EXCHANGE COMMISSION

                               WASHINGTON, D.C. 20549

                                     FORM 10-Q

                  QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
                          SECURITIES EXCHANGE ACT OF 1934

/X/  Quarterly report pursuant to Section 13 or 15(d) of the Securities
     Exchange Act of 1934

For the quarterly period ended September 30, 2002

/ /  Transition report pursuant to Section 13 or 15(d) of the Securities
     Exchange Act of 1934

For the transition period from _____ to _____

Commission file number:  0-19232

                       Fidelity Leasing Income Fund VII, L.P.
_______________________________________________________________________________
               (Exact name of registrant as specified in its charter)

            Delaware                                    23-2581971
_______________________________________________________________________________
     (State of organization)               (I.R.S. Employer Identification No.)

     1845 Walnut Street, Suite 1000, Philadelphia, Pennsylvania  19103
_______________________________________________________________________________
                (Address of principal executive offices)   (Zip code)

                                   (215) 574-1636
_______________________________________________________________________________
                (Registrant's telephone number, including area code)

     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the regis-
trant was required to file such reports), and (2) has been subject to such fil-
ing requirements for the past 90 days.

Yes  __X__  No _____












                                 Page 1 of 19
<PAGE>
Part I:  Financial Information
Item 1:  Financial Statements

                     FIDELITY LEASING INCOME FUND VII, L.P.

                                 BALANCE SHEETS

                                     ASSETS

                                          (Unaudited)              (Audited)
                                         September 30,            December 31,
                                             2002                    2001
                                         _____________            ____________


Cash and cash equivalents                  $5,365,962              $3,877,912

Accounts receivable                           116,827                 254,207

Due from related parties                       63,426                  83,631

Net investment in direct financing leases   1,001,542               4,935,434

Equipment under operating leases
 (net of accumulated depreciation
 of $188,479 and $286,489,
 respectively)                                296,815                 450,623

Equipment held for sale or lease               88,642                  88,642
                                           __________              __________

       Total assets                        $6,933,214              $9,690,449
                                           ==========              ==========

                       LIABILITIES AND PARTNERS' CAPITAL
Liabilities:

     Lease rents paid in advance           $   70,665              $   64,745

     Accounts payable and
      accrued expenses                         39,875                  38,433

     Due to related parties                    58,339                  23,591

                                           __________              __________

       Total liabilities                      168,879                 126,769

Partners' capital                           6,764,335               9,563,680
                                           __________              __________
       Total liabilities and
        partners' capital                  $6,933,214              $9,690,449
                                           ==========              ==========

The accompanying notes are an integral part of these financial statements.

                                       2
<PAGE>
                     FIDELITY LEASING INCOME FUND VII, L.P.

                            STATEMENTS OF OPERATIONS

                                   (Unaudited)

                                  Three Months Ended       Nine Months Ended
                                    September 30              September 30
                                   2002       2001         2002         2001
                                   ____       ____         ____         ____
Income:
     Earned income on direct
      financing leases           $ 24,206   $129,528      $225,360    $432,576
     Rentals                       47,940     23,139       154,372      76,020
     Interest                      37,208     32,006        95,153      77,630
     Gain on sale of equipment,
      net                            -          -           14,854      31,695
     Other                          1,725      7,725        18,187      11,531
                                 ________   ________      ________    ________

                                  111,079    192,398       507,926     629,452
                                 ________   ________      ________    ________

Expenses:
     Depreciation                  42,875     18,435       133,662      55,305
     General and administrative    32,870     33,668       115,206      91,930
     General and administrative
      to related party             43,868     44,971       127,148     120,100
     Management fee to
      related party                 9,893     21,600        81,239      62,999
                                 ________   ________      ________    ________

                                  129,506    118,674       457,255     330,334
                                 ________   ________      ________    ________

Net income (loss)                $(18,427)  $ 73,724      $ 50,671    $299,118
                                 ========   ========      ========    ========

Net income (loss) per equivalent
  limited partnership unit       $  (1.25)  $   2.53      $    .89    $  10.24
                                 ========   ========      ========    ========

Weighted average number of
  equivalent limited
  partnership units outstanding
  during the period                23,565     28,574        25,350      28,769
                                 ========   ========      ========    ========




     The accompanying notes are an integral part of these financial statements.




                                       3
<PAGE>
                     FIDELITY LEASING INCOME FUND VII, L.P.

                         STATEMENT OF PARTNERS' CAPITAL

                  For the nine months ended September 30, 2002

                                  (Unaudited)

                                General     Limited Partners
                                Partner     Units     Amount         Total
                                _______     _____     ______         _____


Balance, January 1, 2002       $(23,422)   64,773   $9,587,102    $9,563,680

Cash distributions              (28,500)     -      (2,821,516)   (2,850,016)

Net income                       28,000      -          22,671        50,671
                               ________    ______   __________    __________

Balance, September 30, 2002    $(23,922)   64,773   $6,788,257    $6,764,335
                               ========    ======   ==========    ==========



















     The accompanying notes are an integral part of these financial statements.














                                       4
<PAGE>
                     FIDELITY LEASING INCOME FUND VII, L.P.

                            STATEMENTS OF CASH FLOWS

              For the nine months ended September 30, 2002 and 2001

                                   (Unaudited)
                                                     2002            2001
                                                     ____            ____
Cash flows from operating activities:
     Net income                                  $   50,671      $  299,118
                                                 __________      __________

     Adjustments to reconcile net income to
      net cash provided by operating activities:
     Depreciation                                   133,662          55,305
     Gain on sale of equipment, net                 (14,854)        (31,695)
     (Increase) decrease in accounts receivable     137,380          39,108
     (Increase) decrease in due from related
      parties                                        20,205          (1,502)
     Increase (decrease) in lease rents paid
      in advance                                      5,920          (3,531)
     Increase (decrease) in accounts payable
      and accrued expenses                            1,442         (26,549)
     Increase (decrease) in due to related
      parties                                        34,748         (14,808)
     Increase (decrease) in security deposits          -            (67,825)
                                                 __________      __________
                                                    318,503         (51,497)
                                                 __________      __________
     Net cash provided by operating activities      369,174         247,621
                                                 __________      __________
Cash flows from investing activities:
     Investment in direct financing leases             -           (652,894)
     Proceeds from sale of equipment                 35,000          31,695
     Proceeds from direct financing leases, net
      of earned income                            3,933,892       2,521,637
                                                 __________      __________
     Net cash provided by investing activities    3,968,892       1,900,438
                                                 __________      __________
Cash flows from financing activities:
     Distributions                               (2,850,016)       (500,000)
                                                 __________      __________
     Net cash used in financing activities       (2,850,016)       (500,000)
                                                 __________      __________
     Increase in cash and cash equivalents        1,488,050       1,648,059
     Cash and cash equivalents, beginning
      of period                                   3,877,912       2,055,814
                                                 __________      __________
     Cash and cash equivalents, end of period    $5,365,962      $3,703,873
                                                 ==========      ==========


     The accompanying notes are an integral part of these financial statements.


                                       5
<PAGE>
                     FIDELITY LEASING INCOME FUND VII, L.P.

                         NOTES TO FINANCIAL STATEMENTS

                              September 30, 2002

                                 (Unaudited)

The accompanying unaudited condensed financial statements have been prepared
by the Fund in accordance with accounting principles generally accepted in
the United States of America, pursuant to the rules and regulations of the
Securities and Exchange Commission.  In the opinion of Management, all ad-
justments (consisting of normal recurring accruals) considered necessary for
a fair presentation have been included.

1.  EQUIPMENT LEASED

    The Fund has equipment leased under the direct financing method in accor-
    dance with Statement of Financial Accounting Standards No. 13.  This method
    provides for recognition of income (the excess of the aggregate future
    rentals and estimated unguaranteed residuals upon expiration of the lease
    over the related equipment cost) over the life of the lease using the
    interest method.  The Fund's direct financing leases are for initial lease
    terms ranging from 24 to 60 months.

    Unguaranteed residuals for direct financing leases represent the estimated
    amounts recoverable at lease termination from lease extensions or disposi-
    tion of the equipment.  The Fund reviews these residual values quarterly.
    If the equipment's fair market value is below the estimated residual value,
    an adjustment is made.

    The approximate net investment in direct financing leases as of
    September 30, 2002 is as follows (unaudited):

          Net minimum lease payments to be received      $  400,000
          Unguaranteed residuals                            620,000
          Unearned rental income                             (7,000)
          Unearned residual income                          (11,000)
                                                         __________

                                                         $1,002,000
                                                         ==========

    The Fund also has equipment under operating leases.  The Fund's operating
    leases are for initial lease terms of 21 to 58 months.  Generally, operat-
    ing leases will not recover all of the undepreciated cost and related ex-
    penses of its rental equipment during the initial lease terms and the Fund
    is prepared to remarket the equipment.  Fund policy is to review quarterly
    the expected economic life of its rental equipment in order to determine
    the recoverability of its undepreciated cost.  Recent and anticipated
    technological developments affecting the equipment and competitive factors





                                       6
<PAGE>
                     FIDELITY LEASING INCOME FUND VII, L.P.

                    NOTES TO FINANCIAL STATEMENTS (Continued)

1.  EQUIPMENT LEASED (Continued)

    in the marketplace are considered among other things, as part of this re-
    view.  In accordance with accounting principles generally accepted in the
    United States of America, the Fund writes down its rental equipment to its
    estimated net realizable value when the amounts are reasonably estimated
    and only recognizes gains upon actual sale of its rental equipment.

    The future approximate minimum rentals to be received on noncancellable
    direct financing and operating leases as of September 30, 2002 are
    as follows (unaudited):
                                               Direct
         Years Ending December 31             Financing           Operating
         ________________________             _________           _________

                   2002                        $291,000            $ 48,000
                   2003                         109,000             129,000
                                               ________            ________
                                               $400,000            $177,000
                                               ========            ========

2.  RELATED PARTY TRANSACTIONS

    The General Partner receives 5% or 2% of rental payments from equipment
    under operating leases and full pay-out leases, respectively, for
    administrative and management services performed on behalf of the Fund.
    Full pay-out leases are noncancellable leases for which the rental payments
    due during the initial term of the lease are at least sufficient to recover
    the purchase price of the equipment, including acquisition fees.  This
    management fee is paid monthly only if and when the Limited Partners have
    received distributions for the period from January 1, 1991 through the
    end of the most recent quarter equal to a return for such period at a rate
    of 12% per year on the aggregate amount paid for their units.

    The General Partner may also receive up to 3% of the proceeds from the sale
    of the Fund's equipment for services and activities to be performed in con-
    nection with the disposition of equipment.  The payment of this sales fee
    is deferred until the Limited Partners have received cash distributions
    equal to the purchase price of their units plus a 12% cumulative compounded
    priority return.  Based on current estimates, it is not expected that the
    Fund will be required to pay this sales fee to the General Partner.

    Additionally, the General Partner and its parent company are reimbursed by
    the Fund for certain costs of services and materials used by or for the
    Fund except those items covered by the above-mentioned fees.  Following is
    a summary of fees and costs of services and materials charged by the
    General Partner or its parent company during the three and nine months
    ended September 30, 2002 and 2001 (unaudited):




                                       7
<PAGE>
                     FIDELITY LEASING INCOME FUND VII, L.P.

                    NOTES TO FINANCIAL STATEMENTS (Continued)

2.  RELATED PARTY TRANSACTIONS (Continued)

                                 Three Months Ended       Nine Months Ended
                                    September 30             September 30
                                  2002        2001         2002        2001
                                  ____        ____         ____        ____

          Management fee        $ 9,893     $21,600      $ 81,239   $ 62,999
          Reimbursable costs     43,868      44,971       127,148    120,100

    During the first quarter of 2001, the Fund transferred its checking and
    investment accounts from Hudson United Bank to The Bancorp.com, Inc.
    (TBI).  The son and the spouse of the Chairman of Resource America, Inc.
    are the Chairman and Chief Executive Officer, respectively, of TBI.  The
    Fund maintains a normal banking relationship with TBI.

    Amounts due from related parties at September 30, 2002 and December 31,
    2001 represent monies due the Fund from the General Partner and/or other
    affiliated funds for rentals and sales proceeds collected and not yet
    remitted to the Fund.

    Amounts due to related parties at September 30, 2002 and December 31,
    2001 represent monies due to the General Partner for the fees and costs
    mentioned above, as well as, rentals and sales proceeds collected by the
    Fund on behalf of other affiliated funds.

3.  CASH DISTRIBUTION

    The General Partner declared and paid one cash distribution of $50,000
    in September 2002 for the month ended July 31, 2002 to all admitted
    partners as of July 31, 2002.  The General Partner declared and paid
    cash distributions of $50,000 and $1,000,000 subsequent to September 30,
    2002 for the months ended August 31 and September 30, 2002 to all admitted
    partners as of August 31 and September 30, 2002.


















                                       8
<PAGE>
                     FIDELITY LEASING INCOME FUND VII, L.P.

Item 2:  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS

RESULTS OF OPERATIONS

    Fidelity Leasing Income Fund VII, L.P. had revenues of $111,079 and
$192,398 for the three months ended September 30, 2002 and 2001, respec-
tively, and $507,926 and $629,452 for the nine months ended September 30,
2002 and 2001, respectively.  Earned income from direct financing leases and
rental income from the leasing of equipment accounted for 65% and 79% of total
revenues for the third quarter of 2002 and 2001, respectively and 75% and 81%
for the nine months ended September 30, 2002 and 2001, respectively.  The
decrease in revenues was primarily due to the decrease in earned income on
direct financing leases during the nine months ended September 30, 2002.
Earned income on direct financing leases was $225,360 for the nine months
ended September 30, 2002 compared to $432,576 for the same period in 2001.
The decrease in this account was caused by the monthly amortization of un-
earned income using the interest method.  Additionally, the early termination
of certain direct financing leases during the last quarter of 2001 and the
first nine months of 2002 accounted for the decrease in earned income on
direct financing leases during the nine months ended September 30, 2002.
The Fund also recorded a net gain on sale of equipment of $14,854 for the
nine months ended September 30, 2002 compared to $31,695 for the same period
in 2001.  The decrease in this account also contributed to the overall de-
crease in revenues in 2002.  However, the increase in rental income of
approximately $78,000 served to mitigate the overall decrease in revenues
for the nine months ended September 30, 2002.  Rental income increased during
2002 by approximately $131,000 because of equipment that was purchased since
the third quarter of 2001.  This increase was reduced by $53,000 because of
equipment under operating leases that terminated and was sold during 2001 and
2002.  The increase in interest income also reduced the overall decrease in
revenues during the nine months ended September 30, 2002.  The increase in
this account resulted from higher cash balances available for investment by
the Fund during the nine months ended September 30, 2002 compared to the same
period in 2001.  Furthermore, the increase in other income served to mitigate
the overall decrease in total revenues in 2002.  Other income increased
approximately $7,000 during the first nine months of 2002 compared to the
first nine months of 2001 because of an increase in late fees collected on
delinquent rentals received by the Fund in 2002 and an increase in transfer
fees recognized on investor account transfers made in 2002.

    Expenses were $129,506 and $118,674 for the three months ended Septem-
ber 30, 2002 and 2001, respectively, and $457,255 and $330,334 for the
nine months ended September 30, 2002 and 2001, respectively.  Depreciation
expense comprised 33% and 16% of total expenses for the third quarter of 2002
and 2001, respectively and 29% and 17% of total expenses for the nine months
ended September 30, 2002 and 2001, respectively.  The increase in expenses in
2002 is primarily related to the increase in depreciation expense because of
equipment that was purchased since the third quarter of 2001.  Additionally,
the increase in general and administrative expense and general and adminis-
trative expense to related party contributed to the overall increase in
expenses in 2002.  General and administrative expense increased because of
the increase in the various costs incurred to operate the Fund on a daily

                                       9
<PAGE>
                     FIDELITY LEASING INCOME FUND VII, L.P.

Item 2:  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS (Continued)

RESULTS OF OPERATIONS (Continued)

basis.  General and administrative expense to related party increased from
2001 to 2002 because of the increase in expenses incurred by the General
Partner to manage the Fund.  Furthermore, management fee to related party
increased during the nine months ended September 30, 2002 compared to
September 30, 2001 which also accounted for the increase in total expenses
in 2002.  This account increased in 2002 because of rentals received from the
early termination of certain direct financing leases during the first nine
months of 2002 as well as the increase in rentals resulting from equipment
purchased in the last quarter of 2001.  Management fee to related party is
calculated as a percentage of rental receipts on both operating and direct
financing leases.

    The Fund's net income (loss) was ($18,427) and $73,724 for the three months
ended September 30, 2002 and 2001, respectively, and $50,671 and $299,118
for the nine months ended September 30, 2002 and 2001, respectively.  The
earnings (loss) per equivalent limited partnership unit, after earnings (loss)
allocated to the General Partner, were $(1.25) and $2.53 based on a weighted
average number of equivalent limited partnership units outstanding of 23,565
and 28,574 for the three months ended September 30, 2002 and 2001, respect-
tively.  The earnings per equivalent limited partnership unit, after earnings
allocated to the General Partner, were $0.89 and $10.24 based on a weighted
average number of equivalent limited partnership units outstanding of 25,350
and 28,769 for the nine months ended September 30, 2002 and 2001, respectively.

    The Fund generated $24,448 and $92,159 of cash from operations, for the
purpose of determining cash available for distribution, for the quarter ended
September 30, 2002 and 2001, respectively.  The General Partner declared and
paid one cash distribution of $50,000 in September 2002 for the month ended
July 31, 2002.  Subsequent to September 30, 2002, the General Partner declared
and paid cash distributions of $50,000 and $1,000,000 for the months ended
August 31 and September 30, 2002.  The General Partner declared and paid one
cash distribution of $50,000 in September 2001 and two cash distributions of
$50,000 each subsequent to September 30, 2001 for the three months ended
September 30, 2001.  For the nine months ended September 30, 2002 and 2001,
the Fund generated $169,479 and $322,728 of cash from operations for the
purpose of determining cash available for distribution.  The General Partner
declared cash distributions totaling $2,800,000 and $450,000 for the nine
months ended September 30, 2002 and 2001, respectively.  The Fund paid seven
cash distributions totaling $1,750,000 during the first nine months of 2002
and cash distributions of $50,000 and $1,000,000 subsequent to September 30,
2002 for the nine months ended September 30, 2002.  In addition, the Fund
paid cash distributions totaling $1,100,016 during the first nine months of
2002 for the months of October, November and December 2001.  The Fund paid
seven cash distributions of $50,000 each during the first nine months of 2001
and two cash distributions of $50,000 each subsequent to September 30, 2001 for
the nine months ended September 30, 2001.  For financial statement purposes,
the Fund records cash distributions to partners on a cash basis in the period
in which they are paid.

                                      10
<PAGE>
                     FIDELITY LEASING INCOME FUND VII, L.P.

Item 2:  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS (Continued)

ANALYSIS OF FINANCIAL CONDITION

    The Fund is currently in the process of dissolution.  As provided in the
Restated Limited Partnership Agreement, the assets of the Fund shall be liqui-
dated as promptly as is consistent with obtaining their fair value.  During
this time, the Fund will continue to look for opportunities to purchase equip-
ment under operating leases or invest in direct financing leases with cash
available from operations that was not distributed to partners in previous
periods.  There were no investments in direct financing leases made during
the nine months ended September 30, 2002.  During the nine months ended
September 30, 2001, the Fund invested $652,894 in direct financing leases.

    The cash position of the Fund is reviewed daily and cash is invested on a
short-term basis.

    The Fund's cash from operations is expected to continue to be adequate to
cover all operating expenses and contingencies during the next twelve month
period.

Item 3:  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

    There have been no material changes to the Fund's exposure to market
risk since its Annual Report on Form 10-K for the year ended December 31,
2001.

Item 4:  CONTROLS AND PROCEDURES

    The Chief Executive Officer and Chief Financial Officer of LEAF Financial
Corporation, the General Partner of the Fund, have concluded, based on an
evaluation conducted within 90 days prior to the filing date of this Quarterly
Report on Form 10-Q, that the Fund's disclosure controls and procedures as
defined in Rules Section 240.13a-14(c) and 240.15d-14(c) are effective.

    There have been no significant changes in the Fund's internal controls
or in other factors since the date of the Chief Executive Officer's and Chief
Financial Officer's evaluation that could significantly affect these internal
controls, including any corrective actions with regard to significant defi-
ciencies and material weaknesses.













                                      11
<PAGE>
Part II:  Other Information


                       FIDELITY LEASING INCOME FUND VII, L.P.

                                 September 30, 2002

Item 1.  Legal Proceedings:  Inapplicable.

Item 2.  Changes in Securities:  Inapplicable.

Item 3.  Defaults Upon Senior Securities:  Inapplicable.

Item 4.  Submission of Matters to a Vote of Securities Holders:  Inapplicable.

Item 5.  Other Information:  Inapplicable.

Item 6.  Exhibits and Reports on Form 8-K:


              Exhibit No.             Description
              -----------             -----------
              99.1                    Certification pursuant to 18 U.S.C.,
                                      Section 1350, as adopted pursuant to
                                      Section 906 of the Sarbanes-Oxley
                                      Act of 2002

              99.2                    Certification pursuant to 18 U.S.C.,
                                      Section 1350, as adopted pursuant to
                                      Section 906 of the Sarbanes-Oxley
                                      Act of 2002

          b)  Reports on Form 8-K:  None























                                      12
<PAGE>
                                    SIGNATURES

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, thereunto duly authorized.

               FIDELITY LEASING INCOME FUND VII, L.P.




           11-14-02     By:  /s/ Crit S. DeMent
                             ____________________________
                             Crit S. DeMent
                             Chairman of the Board of Directors
                             of LEAF Financial Corporation
                             (Principal Executive Officer)



           11-14-02     By:  /s/ Miles Herman
                             ____________________________
                             Miles Herman
                             President and Director of
                             LEAF Financial Corporation



           11-14-02     By:  /s/ Freddie M. Kotek
                             ____________________________
                             Freddie M. Kotek
                             Director of LEAF Financial Corporation



           11-14-02     By:  /s/ Marianne T. Schuster
                             ____________________________
                             Marianne T. Schuster
                             Vice President of Accounting of
                             LEAF Financial Corporation
                             (Principal Financial Officer)















                                      13
<PAGE>
                                CERTIFICATIONS


     I, Crit DeMent, certify that:

     1.  I have reviewed this quarterly report on Form 10-Q of Fidelity Leasing
Income VII, L.P.;

     2.  Based on my knowledge, this quarterly report does not contain any
untrue statement of material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by
this quarterly report;

     3.  Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

     4.  The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

     a)  designed such disclosure controls and procedures to ensure that
material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particu-
larly during the period in which this quarterly report is being prepared;

     b)  evaluated the effectiveness of the registrant's disclosure controls
and procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and

     c)  presented in this quarterly report our conclusions about the effect-
tiveness of the disclosure controls and procedures based on our evaluation as
of the Evaluation Date;

     5.  The registrant's other certifying officers and I have disclosed, based
on our most recent evaluation, to the registrant's audit committee of regis-
trant's board of directors (or persons performing the equivalent function):

     a)  all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to record,
process, summarize and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and

     b)  any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls;
and

     6.  The registrant's other certifying officers and I have indicated in
this quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.


                                      14
<PAGE>
                          CERTIFICATIONS (continued)


Date:  November 14, 2002


/s/ Crit DeMent
____________________________
Crit S. DeMent
Chairman of the Board of Directors of LEAF Financial Corporation
(Principal Executive Officer)













































                                      15
<PAGE>
                                CERTIFICATIONS


     I, Marianne T. Schuster, certify that:

     1.  I have reviewed this quarterly report on Form 10-Q of Fidelity Leasing
Income VII, L.P.;

     2.  Based on my knowledge, this quarterly report does not contain any
untrue statement of material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by
this quarterly report;

     3.  Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

     4.  The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

     a)  designed such disclosure controls and procedures to ensure that
material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particu-
larly during the period in which this quarterly report is being prepared;

     b)  evaluated the effectiveness of the registrant's disclosure controls
and procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and

     c)  presented in this quarterly report our conclusions about the effect-
tiveness of the disclosure controls and procedures based on our evaluation as
of the Evaluation Date;

     5.  The registrant's other certifying officers and I have disclosed, based
on our most recent evaluation, to the registrant's audit committee of regis-
trant's board of directors (or persons performing the equivalent function):

     a)  all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to record,
process, summarize and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and

     b)  any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls;
and

     6.  The registrant's other certifying officers and I have indicated in
this quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.


                                      16
<PAGE>
                          CERTIFICATIONS (continued)


Date:  November 14, 2002


/s/ Marianne T. Schuster
____________________________
Marianne T. Schuster
Vice President of Accounting of LEAF Financial Corporation
(Principal Financial Officer)













































                                      17
<PAGE>
                                                           Exhibit 99.1

                           CERTIFICATION PURSUANT TO
                            18 U.S.C. SECTION 1350,
                            AS ADOPTED PURSUANT TO
                SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


In connection with the Quarterly Report of Fidelity Leasing Income Fund VII,
L.P. (the "Fund") on Form 10-Q for the period ended September 30, 2002 as filed
with the Securities and Exchange Commission on the date hereof (the "Report"),
I, Crit S. DeMent, Principal Executive Officer of LEAF Financial Corporation,
the General Partner of the Fund, certify, pursuant to 18 U.S.C. Section 1350,
as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

     (1)  The Report fully complies with the requirements of Section 13 (a)
          or 15 (d) of the Securities Exchange Act of 1934; and

     (2)  The information contained in the Report fairly presents, in all
          material respects, the financial condition and results of opera-
          tions of the Fund.



      /s/ Crit S. DeMent
      ________________________
      Crit S. DeMent
      Principal Executive Officer of LEAF Financial Corporation
      November 14, 2002



























                                      18
<PAGE>
                                                           Exhibit 99.2

                           CERTIFICATION PURSUANT TO
                            18 U.S.C. SECTION 1350,
                            AS ADOPTED PURSUANT TO
                SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


In connection with the Quarterly Report of Fidelity Leasing Income Fund VII,
L.P. (the "Fund") on Form 10-Q for the period ended September 30, 2002 as filed
with the Securities and Exchange Commission on the date hereof (the "Report"),
I, Marianne T. Schuster, Principal Financial Officer of LEAF Financial Corpora-
tion, the General Partner of the Fund, certify, pursuant to 18 U.S.C. Section
1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002,
that:

     (1)  The Report fully complies with the requirements of Section 13 (a)
          or 15 (d) of the Securities Exchange Act of 1934; and

     (2)  The information contained in the Report fairly presents, in all
          material respects, the financial condition and results of opera-
          tions of the Fund.



      /s/ Marianne T. Schuster
      ________________________
      Marianne T. Schuster
      Principal Financial Officer of LEAF Financial Corporation
      November 14, 2002


























                                      19
<PAGE>