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 March 31, 2003

/ /  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 registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.

Yes  __X__  No _____












                           Page 1 of 20
<PAGE>
Part I:  Financial Information
Item 1:  Financial Statements

                     FIDELITY LEASING INCOME FUND VII, L.P.

                                BALANCE SHEETS
                                    ASSETS

                                          (Unaudited)             (Audited)
                                           March 31,             December 31,
                                             2003                    2002
                                          ___________            ____________

Cash and cash equivalents                  $2,240,725              $4,979,885

Accounts receivable                            29,674                   1,530

Due from related parties                       30,148                  29,250

Net investment in direct financing leases   1,960,409                 159,115

Equipment under operating leases
 (net of accumulated depreciation
 of $274,230 and $231,355,
 respectively)                                211,065                 253,940

Equipment held for sale or lease              174,042                 287,306
                                           __________              __________

       Total assets                        $4,646,063              $5,711,026
                                           ==========              ==========

                       LIABILITIES AND PARTNERS' CAPITAL
Liabilities:

     Lease rents paid in advance           $   12,243              $    5,749

     Accounts payable and
      accrued expenses                        116,743                  64,276

     Security deposits                         12,704                    -

     Due to related parties                    13,364                  59,532
                                           __________              __________

       Total liabilities                      155,054                 129,557

Partners' capital                           4,491,009               5,581,469
                                           __________              __________
       Total liabilities and
        partners' capital                  $4,646,063              $5,711,026
                                           ==========              ==========

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


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

                            STATEMENTS OF OPERATIONS
               For the three months ended March 31, 2003 and 2002

                                  (Unaudited)

                                                   2003             2002
                                                 ________         ________

Income:
     Earned income on direct financing leases    $ 30,852         $ 90,223
     Rentals                                       52,111           58,491
     Interest                                      18,639           25,813
     Gain on sale of equipment, net                  -              14,854
     Other                                          2,203           13,783
                                                 ________         ________

                                                  103,805          203,164
                                                 ________         ________

Expenses:
     Depreciation                                  42,875           47,912
     General and administrative                    42,747           37,954
     General and administrative to related
      party                                        52,374           44,914
     Management fee to related party                6,269           26,295
                                                 ________         ________

                                                  144,265          157,075
                                                 ________         ________

Net (loss) income                               ($ 40,460)        $ 46,089
                                                 ========         ========

Net (loss) income per equivalent
  limited partnership unit                      ($   2.11)        $   1.48
                                                 ========         ========

Weighted average number of
  equivalent limited partnership
  units outstanding during the period              18,960           26,975
                                                 ========         ========






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 three months ended March 31, 2003

                                   (Unaudited)

                                General     Limited Partners
                                Partner     Units     Amount         Total
                                _______     _____     ______         _____

Balance, January 1, 2003       $(63,244)   64,773   $5,644,713    $5,581,469

Cash distributions              (10,500)     -      (1,039,500)   (1,050,000)

Net loss                           (405)     -         (40,055)      (40,460)
                               ________    ______   __________    __________

Balance, March 31, 2003        $(74,149)   64,773   $4,565,158    $4,491,009
                               ========    ======   ==========    ==========



























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 three months ended March 31, 2003 and 2002
                                  (Unaudited)
                                                      2003          2002
                                                      ________      ________
Cash flows from operating activities:
     Net (loss) income                             $  (40,460)    $   46,089
                                                   __________     __________
     Adjustments to reconcile net (loss) income to
      net cash used in operating activities:
     Depreciation                                      42,875         47,912
     Gain on sale of equipment, net                      -           (14,854)
     (Increase) decrease in accounts
       receivable                                     (28,144)       (22,963)
     (Increase) decrease in due from related
       parties                                           (898)       (70,713)
     Increase (decrease) in lease rents paid
       in advance                                       6,494        (64,745)
     Increase (decrease) in accounts payable
       and accrued expenses                            52,467          5,360
     Increase (decrease) in due to related
       parties                                        (46,168)        (8,736)
     Increase (decrease) in security deposits          12,704           -
                                                   __________     __________
                                                       39,330       (128,739)
                                                   __________     __________
     Net cash used in operating activities             (1,130)       (82,650)
                                                   __________     __________
Cash flows from investing activities:
     Acquisition of equipment, net                    (85,400)         -
     Proceeds from direct financing leases,
       net of earned income                           152,325      1,096,018
     Net investment in direct financing leases     (1,754,955)         -
     Proceeds from sale of equipment                     -            35,000
                                                   __________     __________
        Net cash (used in) provided by
          investing activities                     (1,688,030)     1,131,018
                                                   __________     __________
Cash flows from financing activities:
     Distributions                                 (1,050,000)    (1,100,016)
                                                   __________     __________
        Net cash used in financing activities      (1,050,000)    (1,100,016)
                                                   __________     __________
     Decrease in cash and cash equivalents         (2,739,160)       (51,648)
     Cash and cash equivalents, beginning
      of period                                     4,979,885      3,877,912
                                                   __________     __________
     Cash and cash equivalents, end of period      $2,240,725     $3,826,264
                                                   ==========     ==========
Supplemental disclosure on non-cash investing activities:
    Equipment held for sale or lease transferred
    to net investment in direct financing leases   $  198,664     $    -
                                                   ==========     ==========
 The accompanying notes are an integral part of these financial statements.
                                      5
<PAGE>
                     FIDELITY LEASING INCOME FUND VII, L.P.
                         NOTES TO FINANCIAL STATEMENTS

                                March 31, 2003

                                  (Unaudited)

BASIS OF PRESENTATION

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.  These condensed financial statements
should be read with the audited financial statements and notes thereto as of
December 31, 2002 and for the year then ended.  The results for the three
months ended March 31, 2003 are not necessarily indicative of the results that
may be expected for the year ended December 31, 2003.

1.  RECENT ACCOUNTING PRONOUNCEMENTS

    The Fund adopted FASB Interpretation 45 (FIN 45), "Guarantor's Accounting
    and Disclosure Requirements for Guarantees, including Indirect
    Guarantees of Indebtedness of Others" on January 1, 2003.  FIN 45 requires
    a guarantor entity, at the inception of a guarantee covered by the
    measurement provisions of the interpretation, to record a liability for
    the fair value of the obligation undertaken in issuing the guarantee.
    FIN 45 applies prospectively to guarantees the Fund issues or
    modifies subsequent to December 31, 2002.  The adoption of FIN 45 did not
    have a material impact on the financial position or results of operations
    of the Fund.

    In January 2003, the FASB issued FIN 46 "Consolidation of Variable Interest
    Entities".  FIN 46 clarifies the application of Accounting Research
    Bulletin 51, "Consolidated Financial Statements", for certain entities
    that do not have sufficient equity at risk for the entity to finance its
    activities without additional subordinated financial support from other
    parties or in which equity investors do not have the characteristics of a
    controlling financial interest ("variable interest entities").  Variable
    interest entities within the scope of FIN 46 will be required to be
    consolidated by their primary beneficiary.  The primary beneficiary of a
    variable interest entity is determined to be the party that absorbs a
    majority of the entity's expected losses, receives a majority of its
    expected returns, or both.  FIN 46 applies immediately to variable interest
    entities created after January 31, 2003, and to variable interest entities
    in which an enterprise obtains an interest after that date.  It applies in
    the first fiscal year or interim period beginning after June 15, 2003, to
    variable interest entities in which an enterprise holds a variable interest
    that it acquired before February 1, 2003.  The Fund is in the process of
    determining what impact, if any, the adoption of the provisions of FIN 46
    will have upon its financial condition or results of operations.  The Fund
    does not anticipate FIN 46 to have a material impact on the financial
    position or results of operations of the Fund.


                                      6
<PAGE>

FIDELITY LEASING INCOME FUND VII, L.P.
                         NOTES TO FINANCIAL STATEMENTS
                                March 31, 2003
                                  (Unaudited)

2.  EQUIPMENT LEASED

    The Fund has equipment leased under the direct financing method in
    accordance with Statement of Financial Accounting Standards No. 13.
    This method provides for recognition of income (the excess of the ag-
    gregate future rentals and estimated unguaranteed residuals upon expi-
    ration 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 30 to 60 months.

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

    The approximate net investment in direct financing leases as of
    March 31, 2003 is as follows (unaudited):

          Minimum lease payments to be received        $2,129,000
          Unguaranteed residuals                          274,000
          Unearned rental income                         (357,000)
          Unearned residual income                        (86,000)
                                                       __________
                                                       $1,960,000
                                                       ==========

    The Fund also has equipment under operating leases.  The Fund's operating
    leases are for initial lease terms of 21 to 58 months.  Generally,
    operating leases will not recover all of the undepreciated cost and
    related expenses of its rental equipment during the initial lease terms
    and so, 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















                                      7
<PAGE>
                     FIDELITY LEASING INCOME FUND VII, L.P.
                    NOTES TO FINANCIAL STATEMENTS (Continued)

2.  EQUIPMENT LEASED (continued)

    competitive factors in the marketplace are considered among other things,
    as part of this review.  In accordance with accounting principles gener-
    ally 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.  There were no write-downs of equipment to net
    realizable value recorded during the three months ended March 31, 2003
    and 2002.

    The future approximate minimum rentals to be received on noncancellable
    direct financing and operating leases as of March 31, 2003 are as
    follows:

      Years Ending December 31          Direct Financing      Operating
      ________________________          ________________      _________

                2003                       $  385,000           $81,000
                2004                          497,000              -
                2005                          486,000              -
                2006                          399,000              -
                2007                          358,000              -
             Thereafter                         4,000              -
                                           __________           _______
                                           $2,129,000           $81,000
                                           ==========           =======

3.  RELATED PARTY TRANSACTIONS

    The General Partner receives 5% of rental payments on equipment under
    operating leases and 2% of rental payments (as opposed to earned income)
    on full pay-out leases for administrative and management services per-
    formed on behalf of the Fund.  Full pay-out leases are noncancellable
    leases for which the rental payments during the initial term 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 connection 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.



                                      8
<PAGE>
                     FIDELITY LEASING INCOME FUND VII, L.P.
                    NOTES TO FINANCIAL STATEMENTS (Continued)

3.  RELATED PARTY TRANSACTIONS (continued)

    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.  Fol-
    lowing is a summary of fees and costs of services and materials charged
    by the General Partner or its parent company during the three months
    ended March 31, 2003 and 2002 (unaudited):

                                               2003             2002
                                             ________         ________
          Management fee                      $ 6,269          $26,295
          Reimbursable costs                   52,374           44,914

    The Fund keeps its checking and investment accounts at The Bancorp Bank
    ("TBB").  The son and the spouse of the Chairman of Resource America, Inc.
    are the Chairman and Chief Executive Officer, respectively, of TBB.
    The Fund maintains a normal banking relationship with TBB.

    Amounts due from related parties at March 31, 2003 and December 31,
    2002 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 March 31, 2003 and December 31, 2002
    represent monies due to the General Partner and/or its parent company
    for the fees and costs mentioned above, as well as, rentals and sales
    proceeds collected by the Fund on behalf of other affiliated funds.

4.  CASH DISTRIBUTION

    The General Partner declared and paid cash distributions of $50,000 and
    $1,000,000 during the first quarter of 2003 for the months of November and
    December 2002, respectively.

    The General Partner declared cash distributions of $50,000, $50,000
    and $1,000,000 subsequent to March 31, 2003 for the months ended
    January 31, February 28 and March 31, 2003 to all admitted partners as
    of January 31, February 28 and March 31, 2003.














                                      9
<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 $103,805 and
$203,164 for the three months ended March 31, 2003 and 2002, respec-
tively.  Earned income from direct financing leases and rental income
from the leasing of equipment accounted for 80% and 73% of total revenues
for the first quarter of 2003 and 2002, respectively.  The decrease in total
revenues was primarily attributable to the decrease in earned income on
direct financing leases.  Earned income on direct financing leases decreased
in 2003 because of the termination of certain direct financing leases during
2002 as well as the normal monthly amortization of unearned income using the
interest method.  The overall decrease in earned income on direct financing
leases was reduced by the increase in earned income of approximately $27,000
resulting from investments made in direct financing leases since March 2002.
The decrease in net gain on sale of equipment also accounted for the overall
decrease in revenues during the first quarter of 2003.  The Fund recorded no
net gain on sale of equipment for the first quarter of 2003 compared to a
net gain on sale of equipment of $14,854 for the first quarter of 2002.
The decrease in interest income contributed to the overall decrease in
revenues for the quarter ended March 31, 2003, as well.  Interest income
decreased by approximately $7,000 during the first quarter of 2003 compared
to the same period in 2002 due to lower cash balances available for invest-
ment by the Fund.  The cash invested by the Fund was lower at March 31, 2003
because of significant cash distributions paid to partners during 2002 and
2003 in conformity with the dissolution of the Fund.  Furthermore, other
income decreased in 2003 because of the decrease in late fees collected
on delinquent rents paid.  The decrease in this account also contributed
to the decrease in total revenues during the first quarter of 2003.

    Expenses were $144,265 and $157,075 during the three months ended
March 31, 2003 and 2002, respectively.  Depreciation expense comprised 30%
and 31% of total expenses during the first quarter of 2003 and 2002,
respectively.  The decrease in depreciation expense contributed to the overall
decrease in expenses in 2003.  This account decreased because of equipment
that terminated and was sold during the first quarter of 2002.  Additionally,
the decrease in management fee to related party also accounted for the
decrease in expenses during the first quarter of 2003.  The decrease in this
account resulted from the decrease in rentals earned on both operating and
direct financing leases during the current period.  The increase in general
and administrative expense and general and administrative expense to related
party reduced the amount of the overall decrease in expenses during the
first quarter of 2003.  General and administrative expense increased during
2003 because of an accrual made for New Jersey filing fees.  The state of
New Jersey enacted legislation during 2002 that requires a partnership to
pay a per partner filing fee to the state with its tax return.  General
and administrative expense to related party increased by approximately
$7,000 due to an increase in costs incurred by the General Partner to manage
the Fund on a daily basis.



                                     10
<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)

    For the three months ended March 31, 2003 and 2002, the Fund had
net income (loss) of ($40,460) and $46,089, respectively.  The net income
(loss) per equivalent limited partnership unit, after income (loss) allocated
to the General Partner was ($2.11) and $1.48 based on a weighted average
number of equivalent limited partnership units outstanding of 18,960 and
26,975 for the three months ended March 31, 2003 and 2002, respectively.

    The Fund generated $2,415 and $79,147 of cash from operations, for the
purpose of determining cash available for distribution, during the quarter
ended March 31, 2003 and 2002, respectively.  There were no cash distribu-
tions paid to partners during the first quarter of 2003 and 2002 for the
three months ended March 31, 2003 and 2002.  However, the General Partner
declared and paid cash distributions of $50,000 and $1,000,000 during the
first quarter of 2003 for the months ended November 30 and December 31,
2002, respectively.  Subsequent to March 31, 2003, the General Partner declared
and paid two cash distributions of $50,000 each and one cash distribution
of $1,000,000 to partners totaling $1,100,000 for the first quarter of
2003.  Subsequent to March 31, 2002, the General Partner declared
and paid two cash distributions of $50,000 each and one cash distribution of
$500,000 to partners totaling $600,000 for the first quarter of 2002.  The
Fund used the cash available from previous periods that was not distributed
to partners to pay cash distributions for the first quarter of 2003 and 2002
that exceeded the amount of cash available from operations for these periods.
For financial statement purposes, the Fund records cash distributions to
partners on a cash basis in the period in which they are paid.

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
liquidated as promptly as is consistent with obtaining their fair value.
During this time, the Fund will continue to look for opportunities to
purchase equipment under operating leases or invest in direct financing
leases with cash available from operations that was not distributed to
partners in previous periods and for lease terms consistent with the plan
of dissolution.  The Fund invested $1,953,619 in direct financing leases
during the quarter ended March 31, 2003.

    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.





                                     11
<PAGE>
                      FIDELITY LEASING INCOME FUND VII, L.P.

Item 3:  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

    Not applicable.

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
deficiencies and material weaknesses.





































                                     12
<PAGE>
Part II:  Other Information

                      FIDELITY LEASING INCOME FUND VII, L.P.

                                 March 31, 2003

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:

          a)  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

























                                     13
<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.




            5-15-03     By:  /s/ Crit DeMent
                             ____________________________
                             Crit DeMent
                             Chairman of the Board of Directors
                             of LEAF Financial Corporation
                             (Principal Executive Officer)



            5-15-03     By:  /s/ Miles Herman
                             ____________________________
                             Miles Herman
                             President and Director of
                             LEAF Financial Corporation



            5-15-03     By:  /s/ Freddie M. Kotek
                             ____________________________
                             Freddie M. Kotek
                             Director of LEAF Financial Corporation



            5-15-03     By:  /s/ Marianne T. Schuster
                             ____________________________
                             Marianne T. Schuster
                             Vice President of Accounting of
                             LEAF Financial Corporation
                             (Principal Financial Officer)















                                     14
<PAGE>
                                CERTIFICATIONS


     I, Crit DeMent, certify that:

     1.  I have reviewed this quarterly report on Form 10-Q of Fidelity Leasing
Income Fund 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 auditors and the audit
committee of registrant'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.

                                     15
<PAGE>
                          CERTIFICATIONS (continued)


Date:  May 15, 2003


/s/ Crit DeMent
____________________________
Crit DeMent
Chairman of the Board of Directors of LEAF Financial Corporation,
The General Partner
(Principal Executive Officer)












































                                     16
<PAGE>
                                CERTIFICATIONS


     I, Marianne T. Schuster, certify that:

     1.  I have reviewed this quarterly report on Form 10-Q of Fidelity Leasing
Income Fund 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 auditors and the audit
committee of registrant'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.

                                     17
<PAGE>
                          CERTIFICATIONS (continued)


Date:  May 15, 2003


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












































                                     18
<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 March 31, 2003 as filed
with the Securities and Exchange Commission on the date hereof (the "Report"),
I, Crit 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 DeMent
      ________________________
      Crit DeMent
      Principal Executive Officer of LEAF Financial Corporation
      May 15, 2003



























                                     19
<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 March 31, 2003 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
      May __, 2003

























                                     20
<PAGE>