**UNITED      STATES SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON,      D.C. 20549**

|   |                         |   |
|--------|------------------------------|--------|
|   | **FORM                10-Q** |   |

| (**Mark                One)**                                                                                                                  |                                                                                                                  |   |   |   |
|------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------|--------|--------|--------|
| **þ**** **                                                                                                                           | QUARTERLY                REPORT PURSUANT TO SECTION 13 OR 15(d) OF                                                    |
|                                                                                                                                           | THE                SECURITIES EXCHANGE ACT OF 1934                                                                    |
|                                                                                                                                           |
| For                the quarterly period ended March                31, 2007                                                                    |
|  OR                                                                                                                                  |
| **¨**** **                                                                                                                           | TRANSITION                REPORT PURSUANT TO SECTION 13 OR 15(d) OFTHE                SECURITIES EXCHANGE ACT OF 1934 |
|                                                                                                                                           |
| For                the transition period from ___________to ___________                                                                        |
|  **_____________________________** Commission                file number 0-14804**_____________________________**                    |
|                                                                                                                                           |
| **GENERAL                ELECTRIC CAPITAL SERVICES, INC.**(Exact                name of registrant as specified in its                charter) |

| **Delaware**                                                                  |   | **06-1109503**                                      |
|-------------------------------------------------------------------------------|--------|-----------------------------------------------------|
| (State                or other jurisdiction of incorporation or organization) |   | (I.R.S.                Employer Identification No.) |
|                                                                          |   |                                                |
| **3135                Easton Turnpike, Fairfield, Connecticut**               |   | **06828-0001**                                      |
| (Address                of principal executive offices)                       |   | (Zip                Code)                           |

** **
**(203)      373-2211**

**þ**
** **
**¨**

| Large                accelerated filer **¨**** **   | Accelerated                filer **¨**  | Non-accelerated                filer **þ**  |
|-------------------------------------------------------------------------|---------------------------------------------------|-------------------------------------------------------|

**¨**
**þ**

**REGISTRANT      MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION H(1)(a) AND (b) OF      FORM 10-Q AND IS THEREFORE FILING THIS FORM 10-Q WITH THE REDUCED      DISCLOSURE FORMAT.**

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**General      Electric Capital Services, Inc.**

| **Part                I - Financial Information**                                                                                 |   | Page   |
|-----------------------------------------------------------------------------------------------------------------------------------|--------|--------|
|                                                                                                                              |   |   |
| Item                1. Financial Statements                                                                                       |   |   |
| Condensed                Statement of Current and Retained Earnings                                                               |   | 3      |
| Condensed                Statement of Financial Position                                                                          |   | 4      |
| Condensed                Statement of Cash Flows                                                                                  |   | 5      |
| Notes                to Condensed, Consolidated Financial Statements                (Unaudited)                                   |   | 6      |
| Item                2. Management’s Discussion and Analysis of Financial Condition and Results                of Operations |   | 11     |
| Item                4. Controls and Procedures                                                                                    |   | 19     |
|                                                                                                                              |   |   |
| **Part                II - Other Information**                                                                                    |   |   |
|                                                                                                                              |   |   |
| Item                1. Legal Proceedings                                                                                          |   | 19     |
| Item                6. Exhibits                                                                                                   |   | 20     |
| Signatures                                                                                                                        |   | 21     |

**Forward-Looking      Statements**

----

**Part      I. Financial Information**

**Item      1. Financial Statements**

**General      Electric Capital Services, Inc. and consolidated      affiliates**

**Condensed      Statement of Current and Retained Earnings**

**(Unaudited)**

|                                                                                 | **Three                months ended****March                31** |   |
|--------------------------------------------------------------------------------------|------------------------------------------------------------------|--------|
| *(In                millions)*                                                       | **2007**                                                         |   | **2006** |   |
|                                                                                 |                                                             |   |   |   |   |   |
| **Revenues**                                                                         |                                                             |   |   |   |   |   |
| Revenues                from services (note 3)                                       | $                                                                | 17,302 |   | $ | 14,126 |   |
| Sales                of goods                                                        |                                                             | 32     |   |   | 555 |   |
| Commercial                paper interest rate swap adjustment                        |                                                             | -      |   |   | 208 |   |
| Total                revenues                                                        |                                                             | 17,334 |   |   | 14,889 |   |
|                                                                                 |                                                             |   |   |   |   |   |
| **Costs                and expenses**                                                |                                                             |   |   |   |   |   |
| Interest                                                                             |                                                             | 5,324  |   |   | 4,094 |   |
| Operating                and administrative                                          |                                                             | 4,515  |   |   | 4,224 |   |
| Cost                of goods sold                                                    |                                                             | 25     |   |   | 513 |   |
| Investment                contracts, insurance losses and insurance annuity benefits |                                                             | 930    |   |   | 805 |   |
| Provision                for losses on financing receivables                         |                                                             | 1,174  |   |   | 822 |   |
| Depreciation                and amortization                                         |                                                             | 1,929  |   |   | 1,499 |   |
| Minority                interest in net earnings of consolidated affiliates          |                                                             | 93     |   |   | 75 |   |
| Total                costs and expenses                                              |                                                             | 13,990 |   |   | 12,032 |   |
|                                                                                 |                                                             |   |   |   |   |   |
| **Earnings                from continuing operations before income taxes**           |                                                             | 3,344  |   |   | 2,857 |   |
| Provision                for income taxes                                            |                                                             | (319   | ) |   | (452 | ) |
|                                                                                 |                                                             |   |   |   |   |   |
| **Earnings                from continuing operations**                               |                                                             | 3,025  |   |   | 2,405 |   |
| Earnings                (loss) from discontinued operations, net of taxes (note 2)   |                                                             | (2     | ) |   | 263 |   |
|                                                                                 |                                                             |   |   |   |   |   |
| **Net                earnings**                                                      |                                                             | 3,023  |   |   | 2,668 |   |
| Dividends                                                                            |                                                             | (3,872 | ) |   | (3,544 | ) |
| Retained                earnings at beginning of period                              |                                                             | 35,500 |   |   | 34,906 |   |
| Retained                earnings at end of period                                    | $                                                                | 34,651 |   | $ | 34,030 |   |
|                                                                                 |                                                             |   |   |   |   |   |

----

**General      Electric Capital Services, Inc. and consolidated      affiliates**

**Condensed      Statement of Financial Position**

| *(In                millions)*                                                                           | **March                31, 2007** |    | **December                31, 2006** |
|----------------------------------------------------------------------------------------------------------|-----------------------------------|---------|--------------------------------------|
|                                                                                                     | **(Unaudited)**                   |    |                                 |
| **Assets**                                                                                               |                              |    |                                 |   |   |   |
| Cash                and equivalents                                                                      | $                                 | 13,173  |                                 | $ | 12,629 |   |
| Investment                securities                                                                     |                              | 44,803  |                                 |   | 47,492 |   |
| Inventories                                                                                              |                              | 63      |                                 |   | 54 |   |
| Financing                receivables - net (note 4)                                                      |                              | 335,452 |                                 |   | 334,232 |   |
| Other                receivables                                                                         |                              | 20,230  |                                 |   | 21,853 |   |
| Buildings                and equipment, less accumulated amortization of $23,034                         |                              |    |                                 |   |   |   |
| and                $22,573                                                                               |                              | 61,098  |                                 |   | 58,228 |   |
| Intangible                assets - net (note 5)                                                          |                              | 27,521  |                                 |   | 25,968 |   |
| Other                assets                                                                              |                              | 71,640  |                                 |   | 64,212 |   |
| Total                assets                                                                              | $                                 | 573,980 |                                 | $ | 564,668 |   |
|                                                                                                     |                              |    |                                 |   |   |   |
| **Liabilities                and equity**                                                                |                              |    |                                 |   |   |   |
| Short-term                borrowings (note 6)                                                            | $                                 | 173,346 |                                 | $ | 173,316 |   |
| Accounts                payable                                                                          |                              | 12,260  |                                 |   | 13,923 |   |
| Long-term                borrowings (note 6)                                                             |                              | 267,185 |                                 |   | 252,963 |   |
| Investment                contracts, insurance liabilities and insurance annuity                benefits |                              | 35,180  |                                 |   | 34,807 |   |
| Other                liabilities                                                                         |                              | 19,452  |                                 |   | 20,935 |   |
| Deferred                income taxes                                                                     |                              | 11,491  |                                 |   | 12,217 |   |
| Liabilities                of discontinued operations (note 2)                                           |                              | 482     |                                 |   | 455 |   |
| Total                liabilities                                                                         |                              | 519,396 |                                 |   | 508,616 |   |
|                                                                                                     |                              |    |                                 |   |   |   |
| Minority                interest in equity of consolidated affiliates                                    |                              | 1,894   |                                 |   | 1,955 |   |
|                                                                                                     |                              |    |                                 |   |   |   |
| Capital                stock                                                                             |                              | 11      |                                 |   | 11 |   |
| Accumulated                gains (losses) - net                                                          |                              |    |                                 |   |   |   |
| Investment                securities                                                                     |                              | 1,268   |                                 |   | 1,594 |   |
| Currency                translation adjustments                                                          |                              | 4,603   |                                 |   | 4,837 |   |
| Cash                flow hedges                                                                          |                              | (104    | )                                    |   | (171 | ) |
| Benefit                plans                                                                             |                              | (263    | )                                    |   | (278 | ) |
| Additional                paid-in capital                                                                |                              | 12,524  |                                 |   | 12,527 |   |
| Retained                earnings                                                                         |                              | 34,651  |                                 |   | 35,577 |   |
| Total                shareowner’s equity                                                           |                              | 52,690  |                                 |   | 54,097 |   |
| Total                liabilities and equity                                                              | $                                 | 573,980 |                                 | $ | 564,668 |   |
|                                                                                                     |                              |    |                                 |   |   |   |

----

**General      Electric Capital Services, Inc. and consolidated      affiliates**

**Condensed      Statement of Cash Flows**

**(Unaudited)**

| *(In                millions)*                                                                                 | **Three                months ended****March                31** |    |
|----------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------|---------|
|                                                                                                           | **2007**                                                         |    | **2006** |   |
| **Cash                flows - operating activities**                                                           |                                                             |    |   |   |   |   |
| Net                earnings                                                                                    | $                                                                | 3,023   |   | $ | 2,668 |   |
| Loss                (earnings) from discontinued operations                                                    |                                                             | 2       |   |   | (263 | ) |
| Adjustments                to reconcile net earnings to cash provided from operating                activities |                                                             |    |   |   |   |   |
| Depreciation                and amortization of buildings and equipment                                        |                                                             | 1,929   |   |   | 1,499 |   |
| Decrease                in accounts payable                                                                    |                                                             | (121    | ) |   | (385 | ) |
| Provision                for losses on financing receivables                                                   |                                                             | 1,174   |   |   | 822 |   |
| All                other operating activities                                                                  |                                                             | (4,195  | ) |   | (1,080 | ) |
| Cash                from operating activities - continuing operations                                          |                                                             | 1,812   |   |   | 3,261 |   |
| Cash                from operating activities - discontinued operations                                        |                                                             | 19      |   |   | 91 |   |
| **Cash                from operating activities**                                                              |                                                             | 1,831   |   |   | 3,352 |   |
|                                                                                                           |                                                             |    |   |   |   |   |
| **Cash                flows - investing activities**                                                           |                                                             |    |   |   |   |   |
| Additions                to buildings and equipment                                                            |                                                             | (4,052  | ) |   | (2,131 | ) |
| Dispositions                of buildings and equipment                                                         |                                                             | 2,716   |   |   | 1,113 |   |
| Increase                in loans to customers                                                                  |                                                             | (83,237 | ) |   | (72,503 | ) |
| Principal                collections from customers - loans                                                    |                                                             | 76,041  |   |   | 65,665 |   |
| Investment                in equipment for financing leases                                                    |                                                             | (5,904  | ) |   | (5,758 | ) |
| Principal                collections from customers - financing leases                                         |                                                             | 6,398   |   |   | 6,027 |   |
| Net                change in credit card receivables                                                           |                                                             | 5,468   |   |   | 3,506 |   |
| Proceeds                from sale of discontinued operations                                                   |                                                             | -       |   |   | 2,753 |   |
| Payments                for principal businesses purchased                                                     |                                                             | (3,534  | ) |   | (424 | ) |
| Proceeds                from principal business dispositions                                                   |                                                             | 1,102   |   |   | - |   |
| All                other investing activities                                                                  |                                                             | 700     |   |   | (4,234 | ) |
| Cash                used for investing activities - continuing operations                                      |                                                             | (4,302  | ) |   | (5,986 | ) |
| Cash                from (used for) investing activities - discontinued                operations              |                                                             | (19     | ) |   | 800 |   |
| **Cash                used for investing activities**                                                          |                                                             | (4,321  | ) |   | (5,186 | ) |
|                                                                                                           |                                                             |    |   |   |   |   |
| **Cash                flows - financing activities**                                                           |                                                             |    |   |   |   |   |
| Net                decrease in borrowings (maturities of 90 days or less)                                      |                                                             | (7,227  | ) |   | (2,876 | ) |
| Newly                issued debt                                                                               |                                                             |    |   |   |   |   |
| Short-term                (91 to 365 days)                                                                     |                                                             | 599     |   |   | 316 |   |
| Long-term                (longer than one year)                                                                |                                                             | 28,952  |   |   | 24,194 |   |
| Non-recourse,                leveraged lease                                                                   |                                                             | -       |   |   | 73 |   |
| Repayments                and other debt reductions                                                            |                                                             |    |   |   |   |   |
| Short-term                (91 to 365 days)                                                                     |                                                             | (11,609 | ) |   | (14,051 | ) |
| Long-term                (longer than one year)                                                                |                                                             | (3,150  | ) |   | (1,548 | ) |
| Non-recourse,                leveraged lease                                                                   |                                                             | (386    | ) |   | (382 | ) |
| Dividends                paid to shareowner                                                                    |                                                             | (3,872  | ) |   | (3,404 | ) |
| All                other financing activities                                                                  |                                                             | (273    | ) |   | 173 |   |
| Cash                from financing activities - continuing operations                                          |                                                             | 3,034   |   |   | 2,495 |   |
| Cash                used for financing activities - discontinued operations                                    |                                                             | -       |   |   | (249 | ) |
| **Cash                from financing activities**                                                              |                                                             | 3,034   |   |   | 2,246 |   |
|                                                                                                           |                                                             |    |   |   |   |   |
| **Increase                in cash and equivalents**                                                            |                                                             | 544     |   |   | 412 |   |
| Cash                and equivalents at beginning of year                                                       |                                                             | 12,629  |   |   | 10,106 |   |
| Cash                and equivalents at March 31                                                                |                                                             | 13,173  |   |   | 10,518 |   |
| Less                cash and equivalents of discontinued operations at March                31                 |                                                             | -       |   |   | 3,618 |   |
| **Cash                and equivalents of continuing operations at March                31**                    | $                                                                | 13,173  |   | $ | 6,900 |   |
|                                                                                                           |                                                             |    |   |   |   |   |

----

**Notes      to Condensed, Consolidated Financial Statements (Unaudited)**

**Accounting      changes**

*Accounting      for Uncertainty in Income Taxes*
*Accounting      for a Change or Projected Change in the Timing of Cash Flows Relating to Income      Taxes Generated by a Leveraged Lease Transaction*

----

|                                                   | **Three                months ended****March                31** |   |
|--------------------------------------------------------|------------------------------------------------------------------|--------|
| *(In                millions)*                         | **2007**                                                         |   | **2006** |   |
|                                                   |                                                             |   |   |   |   |   |
| Interest                on loans                       | $                                                                | 6,046  |   | $ | 5,342 |   |
| Equipment                leased to others              |                                                             | 3,763  |   |   | 2,915 |   |
| Financing                leases                        |                                                             | 1,138  |   |   | 1,002 |   |
| Fees                                                   |                                                             | 1,193  |   |   | 1,007 |   |
| Real                estate investments                 |                                                             | 1,089  |   |   | 668 |   |
| Investment                income(a)                    |                                                             | 1,441  |   |   | 660 |   |
| Premiums                earned by insurance activities |                                                             | 551    |   |   | 491 |   |
| Associated                companies                    |                                                             | 425    |   |   | 445 |   |
| Gross                securitization gains              |                                                             | 571    |   |   | 268 |   |
| Other                items                             |                                                             | 1,085  |   |   | 1,328 |   |
| Total                                                  | $                                                                | 17,302 |   | $ | 14,126 |   |
|                                                   |                                                             |   |   |   |   |   |

| (a) | Included                gain on sale of common stock in Swiss Re of $558 million during first                quarter of 2007. |   |
|-----|-------------------------------------------------------------------------------------------------------------------------------|--------|

----

|                                                                  | **At**      |    |
|-----------------------------------------------------------------------|-------------|---------|
| *(In                millions)*                                        | **3/31/07** |    | **12/31/06** |   |
|                                                                  |        |    |   |   |   |   |
| Loans,                net of deferred income                          | $           | 271,530 |   | $ | 270,343 |   |
| Investment                in financing leases, net of deferred income |        | 68,500  |   |   | 68,569 |   |
|                                                                  |        | 340,030 |   |   | 338,912 |   |
| Less                allowance for losses                              |        | (4,578  | ) |   | (4,680 | ) |
| Financing                receivables - net(a)                         | $           | 335,452 |   | $ | 334,232 |   |
|                                                                  |        |    |   |   |   |   |

| (a) | Included                $10,724 million and $11,509 million related to consolidated, liquidating                securitization entities at March 31, 2007, and December 31, 2006,                respectively. |   |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|

|                                                     | **At**      |   |
|----------------------------------------------------------|-------------|--------|
| *(In                millions)*                           | **3/31/07** |   | **12/31/06** |   |
|                                                     |        |   |   |   |   |   |
| Goodwill                                                 | $           | 24,004 |   | $ | 22,754 |   |
| Intangible                assets subject to amortization |        | 3,517  |   |   | 3,214 |   |
| Total                                                    | $           | 27,521 |   | $ | 25,968 |   |

|                                            | **2007**                        |   |
|-------------------------------------------------|---------------------------------|--------|
| *(In                millions)*                  | **GE****Commercial****Finance** |   | **GE****Money** |   | **GE****Industrial****(a)** |   | **GE****Infrastructure****(a)** |   | **Total** |   |
|                                            |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance                January 1                |                            | $      | 11,315 |   |   |   | $ | 9,845 |   |   |   | $ | 1,430 |   |   |   | $ | 164 |   |   | $ | 22,754 |   |
| Acquisitions/purchase                accounting |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| adjustments                                     |                            |   | 1,287 |   |   |   |   | (24 | ) |   |   |   | 12 |   |   |   |   | 4 |   |   |   | 1,279 |   |
| Dispositions,                currency exchange  |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| and                other                        |                            |   | 11 |   |   |   |   | 24 |   |   |   |   | (64 | ) |   |   |   | - |   |   |   | (29 | ) |
| Balance                March 31                 |                            | $      | 12,613 |   |   |   | $ | 9,845 |   |   |   | $ | 1,378 |   |   |   | $ | 168 |   |   | $ | 24,004 |   |
|                                            |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| (a) | Included                only portions of the segment that are financial services                businesses. |   |
|-----|-------------------------------------------------------------------------------------------------------------|--------|

----

**Intangible      assets subject to amortization**

|                                            | **At**                          |
|-------------------------------------------------|---------------------------------|
|                                            | **3/31/07**                     |   | **12/31/06** |
| *(In                millions)*                  | **Gross****carrying****amount** |   | **Accumulated****amortization** |   | **Net** |   | **Gross****carrying****amount** |   | **Accumulated****amortization** |   | **Net** |
|                                            |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Patents,                licenses and trademarks | $                               | 521 |   | $ | (316 | ) | $ | 205 |   | $ | 467 |   | $ | (302 | ) | $ | 165 |
| Capitalized                software             |                            | 1,758 |   |   | (1,033 | ) |   | 725 |   |   | 1,684 |   |   | (981 | ) |   | 703 |
| All                other                        |                            | 3,929 |   |   | (1,342 | ) |   | 2,587 |   |   | 3,591 |   |   | (1,245 | ) |   | 2,346 |
| Total                                           | $                               | 6,208 |   | $ | (2,691 | ) | $ | 3,517 |   | $ | 5,742 |   | $ | (2,528 | ) | $ | 3,214 |

|                                             | **At**      |    |
|--------------------------------------------------|-------------|---------|
| *(In                millions)*                   | **3/31/07** |    | **12/31/06** |   |
|                                             |        |    |   |   |   |   |
| **Short-term                borrowings**         |        |    |   |   |   |   |
|                                             |        |    |   |   |   |   |
| Commercial                paper                  |        |    |   |   |   |   |
| U.S.                                             |        |    |   |   |   |   |
| Unsecured                                        | $           | 63,909  |   | $ | 67,423 |   |
| Asset-backed(a)                                  |        | 5,912   |   |   | 6,430 |   |
| Non-U.S.                                         |        | 25,732  |   |   | 26,328 |   |
| Current                portion of long-term debt |        | 51,808  |   |   | 44,553 |   |
| GE                Interest Plus notes(b)         |        | 9,772   |   |   | 9,161 |   |
| Other                                            |        | 16,213  |   |   | 19,421 |   |
| Total                                            |        | 173,346 |   |   | 173,316 |   |
|                                             |        |    |   |   |   |   |
| **Long-term                borrowings**          |        |    |   |   |   |   |
|                                             |        |    |   |   |   |   |
| Senior                notes                      |        |    |   |   |   |   |
| Unsecured                                        |        | 250,527 |   |   | 235,952 |   |
| Asset-backed(c)                                  |        | 5,459   |   |   | 5,810 |   |
| Extendible                notes                  |        | 6,000   |   |   | 6,000 |   |
| Subordinated                notes(d)             |        | 5,199   |   |   | 5,201 |   |
| Total                                            |        | 267,185 |   |   | 252,963 |   |
| **Total                borrowings**              | $           | 440,531 |   | $ | 426,279 |   |
|                                             |        |    |   |   |   |   |

| (a)  | Entirely                obligations of consolidated, liquidating securitization entities.                See note                8.                                                                                                                                                  |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (b)  | Entirely                variable denomination floating rate demand notes.                                                                                                                                                                                                            |
| (c)  | Included                $4,325 million and $4,684 million of asset-backed senior notes, issued                by                consolidated, liquidating securitization entities at March 31, 2007,                and                December 31, 2006, respectively. See note 8.  |
| (d)       | Included                $750 million of subordinated notes guaranteed by GE at March 31,                2007, and                December 31, 2006.                                                                                                                                       |

----

|                                                  | **Three                months ended****March                31** |   |
|-------------------------------------------------------|------------------------------------------------------------------|--------|
| *(In                millions)*                        | **2007**                                                         |   | **2006** |   |
|                                                  |                                                             |   |   |   |   |   |
| Net                earnings                           | $                                                                | 3,023  |   | $ | 2,668 |   |
| Investment                securities - net            |                                                             | (326   | ) |   | (705 | ) |
| Currency                translation adjustments - net |                                                             | (234   | ) |   | (280 | ) |
| Cash                flow hedges - net                 |                                                             | 67     |   |   | 211 |   |
| Benefit                plans - net                    |                                                             | 15     |   |   | (10 | ) |
| Total                                                 | $                                                                | 2,545  |   | $ | 1,884 |   |

|                                    | **At**      |   |
|-----------------------------------------|-------------|--------|
| *(In                millions)*          | **3/31/07** |   | **12/31/06** |   |
|                                    |        |   |   |   |   |   |
| Receivables                secured by   |        |   |   |   |   |   |
| Equipment                               | $           | 8,409  |   | $ | 9,590 |   |
| Commercial                real estate   |        | 11,197 |   |   | 11,324 |   |
| Residential                real estate  |        | 7,027  |   |   | 7,329 |   |
| Other                assets             |        | 14,413 |   |   | 14,743 |   |
| Credit                card receivables  |        | 17,293 |   |   | 12,947 |   |
| Trade                receivables        |        | 405    |   |   | 176 |   |
| Total                securitized assets | $           | 58,744 |   | $ | 56,109 |   |

|                                    | **At**      |   |
|-----------------------------------------|-------------|--------|
| *(In                millions)*          | **3/31/07** |   | **12/31/06** |   |
|                                    |        |   |   |   |   |   |
| Off-balance                sheet(a)(b)  | $           | 47,897 |   | $ | 44,462 |   |
| On-balance                sheet(c)(d)   |        | 10,847 |   |   | 11,647 |   |
| Total                securitized assets | $           | 58,744 |   | $ | 56,109 |   |
|                                    |        |   |   |   |   |   |

| (a)  | At                March 31, 2007, and December 31, 2006, liquidity support amounted                to $677                million and $753 million, respectively. These amounts are net of                $2,873                million and $3,034 million, respectively, deferred beyond one year.                Credit                support amounted to $3,577 million and $3,815 million at March 31,                2007,                and December 31, 2006, respectively.  |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (b)  | Liabilities                for recourse obligations related to off-balance sheet assets were                $14                million and $27 million at March 31, 2007, and December 31, 2006,                respectively.                                                                                                                                                                                                                                                         |
| (c)  | At                March 31, 2007, and December 31, 2006, liquidity support amounted                to                $6,055 million and $6,585 million, respectively. Credit support amounted                to $2,874 million and $2,926 million at March 31, 2007, and December                31,                2006, respectively.                                                                                                                                               |
| (d)       | Included                $10,724 million and $11,509 million of financing receivables - net                related                to consolidated, liquidating securitization entities at March 31,                2007,                and December 31, 2006,                respectively.                                                                                                                                                                                                 |

----

**Item      2. Management’s Discussion and Analysis of Financial Condition and Results of      Operations **

**A.      Results of Operations**

**Overview      **

**Segment      Operations**

----

----

**Summary      of Operating Segments**

|                                                                                | **Three                  months ended****March                  31 (Unaudited)** |    |
|-------------------------------------------------------------------------------------|----------------------------------------------------------------------------------|---------|
| *(In                  millions)*                                                    | **2007**                                                                         |    | **2006** |   |
|                                                                                |                                                                             |    |   |   |   |   |
| **Revenues**                                                                        |                                                                             |    |   |   |   |   |
| GE                  Commercial Finance                                              | $                                                                                | 6,283   |   | $ | 5,484 |   |
| GE                  Money                                                           |                                                                             | 5,807   |   |   | 5,090 |   |
| GE                  Industrial                                                      |                                                                             | 7,428   |   |   | 8,140 |   |
| GE                  Infrastructure                                                  |                                                                             | 11,983  |   |   | 10,152 |   |
| Total                  segment revenues                                             |                                                                             | 31,501  |   |   | 28,866 |   |
| GECS                  corporate items and eliminations(a)                           |                                                                             | 1,856   |   |   | 1,378 |   |
| Total                  revenues                                                     |                                                                             | 33,357  |   |   | 30,244 |   |
| Less                  portion of GE revenues not included in GECS                   |                                                                             | (16,023 | ) |   | (15,355 | ) |
| Total                  revenues in GECS                                             | $                                                                                | 17,334  |   | $ | 14,889 |   |
|                                                                                |                                                                             |    |   |   |   |   |
| **Segment                  profit**                                                 |                                                                             |    |   |   |   |   |
| GE                  Commercial Finance                                              | $                                                                                | 1,421   |   | $ | 1,174 |   |
| GE                  Money                                                           |                                                                             | 851     |   |   | 836 |   |
| GE                  Industrial                                                      |                                                                             | 481     |   |   | 600 |   |
| GE                  Infrastructure                                                  |                                                                             | 2,183   |   |   | 1,703 |   |
| Total                  segment profit                                               |                                                                             | 4,936   |   |   | 4,313 |   |
| GECS                  corporate items and eliminations(a)(b)                        |                                                                             | 228     |   |   | 27 |   |
| Less                  portion of GE segment profit not included in GECS             |                                                                             | (2,139  | ) |   | (1,935 | ) |
| Earnings                  in GECS from continuing operations                        |                                                                             | 3,025   |   |   | 2,405 |   |
| Earnings                  (loss) in GECS from discontinued operations, net of taxes |                                                                             | (2      | ) |   | 263 |   |
| Total                  net earnings in GECS                                         | $                                                                                | 3,023   |   | $ | 2,668 |   |
|                                                                                |                                                                             |    |   |   |   |   |

| (a) | Included                the gain on sale of common stock in Swiss Re $0.6 billion pre tax                ($0.3                billion after tax). |   |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| (b) | Included                restructuring charges of $0.1 billion, primarily related to GE Commercial                Finance and GE Money.            |   |

----

**GE      Commercial Finance**

|                                    | **Three                months ended****March                31** |    |        |   |         |
|-----------------------------------------|------------------------------------------------------------------|---------|-------------|--------|--------------|
| *(In                millions)*          | **2007**                                                         |    | **2006**    |   |         |   |   |
|                                    |                                                             |    |        |   |         |   |   |   |   |
| **Revenues**                            | $                                                                | 6,283   |        | $      | 5,484        |   |   |   |   |
|                                    |                                                             |    |        |   |         |   |   |   |   |
| **Segment                profit**       | $                                                                | 1,421   |        | $      | 1,174        |   |   |   |   |
|                                    |                                                             |    |        |   |         |   |   |   |   |
|                                    |                                                             |    |        |   |         |   |   |   |   |
|                                    | **At**                                                           |    |
| *(In                millions)*          | **3/31/07**                                                      |    | **3/31/06** |   | **12/31/06** |   |
|                                    |                                                             |    |        |   |         |   |   |   |   |
| **Total                assets**         | $                                                                | 246,095 |        | $      | 195,209      |   | $ | 233,536 |   |
|                                    |                                                             |    |        |   |         |   |   |   |   |
|                                    |                                                             |    |        |   |         |   |   |   |   |
|                                    | **Three                months ended****March                31** |    |        |   |         |
| *(In                millions)*          | **2007**                                                         |    | **2006**    |   |         |   |   |
|                                    |                                                             |    |        |   |         |   |   |   |   |
| **Revenues                in GE**       |                                                             |    |        |   |         |   |   |   |   |
| Capital                Solutions        | $                                                                | 2,893   |        | $      | 2,820        |   |   |   |   |
| Real                Estate              |                                                             | 1,615   |        |   | 1,075        |   |   |   |   |
|                                    |                                                             |    |        |   |         |   |   |   |   |
| **Segment                profit in GE** |                                                             |    |        |   |         |   |   |   |   |
| Capital                Solutions        | $                                                                | 380     |        | $      | 339          |   |   |   |   |
| Real                Estate              |                                                             | 564     |        |   | 441          |   |   |   |   |
|                                    |                                                             |    |        |   |         |   |   |   |   |
|                                    |                                                             |    |        |   |         |   |   |   |   |
|                                    | **At**                                                           |    |
| *(In                millions)*          | **3/31/07**                                                      |    | **3/31/06** |   | **12/31/06** |   |
|                                    |                                                             |    |        |   |         |   |   |   |   |
| **Assets                in GE**         |                                                             |    |        |   |         |   |   |   |   |
| Capital                Solutions        | $                                                                | 103,112 |        | $      | 88,661       |   | $ | 94,523 |   |
| Real                Estate              |                                                             | 59,405  |        |   | 37,566       |   |   | 53,786 |   |

----

**GE      **
**Money**

|                              | **Three                months ended****March                31** |    |        |   |         |
|-----------------------------------|------------------------------------------------------------------|---------|-------------|--------|--------------|
| *(In                millions)*    | **2007**                                                         |    | **2006**    |   |         |   |   |
|                              |                                                             |    |        |   |         |   |   |   |   |
| **Revenues**                      | $                                                                | 5,807   |        | $      | 5,090        |   |   |   |   |
|                              |                                                             |    |        |   |         |   |   |   |   |
| **Segment                profit** | $                                                                | 851     |        | $      | 836          |   |   |   |   |
|                              |                                                             |    |        |   |         |   |   |   |   |
|                              |                                                             |    |        |   |         |   |   |   |   |
|                              | **At**                                                           |    |
| *(In                millions)*    | **3/31/07**                                                      |    | **3/31/06** |   | **12/31/06** |   |
|                              |                                                             |    |        |   |         |   |   |   |   |
| **Total                assets**   | $                                                                | 190,472 |        | $      | 158,508      |   | $ | 190,403 |   |

----

**GE      Industrial**

|                                                              | **Three                months ended****March                31** |   |     |   |   |
|-------------------------------------------------------------------|------------------------------------------------------------------|--------|----------|--------|--------|
| *(In                millions)*                                    | **2007**                                                         |   | **2006** |   |   |   |   |
|                                                              |                                                             |   |     |   |   |   |   |   |   |
| **Revenues**                                                      | $                                                                | 7,428  |     | $      | 8,140  |   |   |   |   |
| Less                portion of GE Industrial not included in GECS |                                                             | (5,680 | )        |   | (6,506 | ) |   |   |   |
| Total                revenues in GECS                             | $                                                                | 1,748  |     | $      | 1,634  |   |   |   |   |
|                                                              |                                                             |   |     |   |   |   |   |   |   |
| **Segment                profit**                                 | $                                                                | 481    |     | $      | 600    |   |   |   |   |
| Less                portion of GE Industrial not included in GECS |                                                             | (462   | )        |   | (584   | ) |   |   |   |
| Total                segment profit in GECS                       | $                                                                | 19     |     | $      | 16     |   |   |   |   |
|                                                              |                                                             |   |     |   |   |   |   |   |   |
| **Revenues                in GE**                                 |                                                             |   |     |   |   |   |   |   |   |
| Consumer                & Industrial                          | $                                                                | 3,233  |     | $      | 3,534  |   |   |   |   |
| Equipment                Services                                 |                                                             | 1,748  |     |   | 1,634  |   |   |   |   |
| Plastics                                                          |                                                             | 1,598  |     |   | 1,644  |   |   |   |   |
|                                                              |                                                             |   |     |   |   |   |   |   |   |
| **Segment                profit in GE**                           |                                                             |   |     |   |   |   |   |   |   |
| Consumer                & Industrial                          | $                                                                | 267    |     | $      | 220    |   |   |   |   |
| Equipment                Services                                 |                                                             | 19     |     |   | 16     |   |   |   |   |
| Plastics                                                          |                                                             | 121    |     |   | 225    |   |   |   |   |

----

**GE      Infrastructure**

|                                                                  | **Three                months ended****March                31** |    |     |   |   |
|-----------------------------------------------------------------------|------------------------------------------------------------------|---------|----------|--------|--------|
| *(In                millions)*                                        | **2007**                                                         |    | **2006** |   |   |   |   |
|                                                                  |                                                             |    |     |   |   |   |   |   |   |
| **Revenues**                                                          | $                                                                | 11,983  |     | $      | 10,152 |   |   |   |   |
| Less                portion of GE Infrastructure not included in GECS |                                                             | (10,343 | )        |   | (8,849 | ) |   |   |   |
| Total                revenues in GECS                                 | $                                                                | 1,640   |     | $      | 1,303  |   |   |   |   |
|                                                                  |                                                             |    |     |   |   |   |   |   |   |
| **Segment                profit**                                     | $                                                                | 2,183   |     | $      | 1,703  |   |   |   |   |
| Less                portion of GE Infrastructure not included in GECS |                                                             | (1,677  | )        |   | (1,351 | ) |   |   |   |
| Total                segment profit in GECS                           | $                                                                | 506     |     | $      | 352    |   |   |   |   |
|                                                                  |                                                             |    |     |   |   |   |   |   |   |
| **Revenues                in GE**                                     |                                                             |    |     |   |   |   |   |   |   |
| Aviation                                                              | $                                                                | 3,514   |     | $      | 3,041  |   |   |   |   |
| Aviation                Financial Services                            |                                                             | 1,249   |     |   | 934    |   |   |   |   |
| Energy                                                                |                                                             | 4,393   |     |   | 3,835  |   |   |   |   |
| Energy                Financial Services                              |                                                             | 324     |     |   | 301    |   |   |   |   |
| Oil                & Gas                                          |                                                             | 1,146   |     |   | 772    |   |   |   |   |
| Transportation                                                        |                                                             | 1,122   |     |   | 1,023  |   |   |   |   |
|                                                                  |                                                             |    |     |   |   |   |   |   |   |
| **Segment                profit in GE**                               |                                                             |    |     |   |   |   |   |   |   |
| Aviation                                                              | $                                                                | 755     |     | $      | 645    |   |   |   |   |
| Aviation                Financial Services                            |                                                             | 388     |     |   | 206    |   |   |   |   |
| Energy                                                                |                                                             | 613     |     |   | 436    |   |   |   |   |
| Energy                Financial Services                              |                                                             | 101     |     |   | 117    |   |   |   |   |
| Oil                & Gas                                          |                                                             | 101     |     |   | 55     |   |   |   |   |
| Transportation                                                        |                                                             | 210     |     |   | 204    |   |   |   |   |

----

**B.      Statement of Financial Position**

**Overview      of Financial Position**

| · | During                the first quarter of 2007, we completed the acquisitions of Trustreet                Properties, Inc., DISKO and ASL, the leasing businesses of KG Allgemeine                Leasing GmbH & Co. and Crow Holdings. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | The                U.S. dollar was weaker at March 31, 2007, than at December 31, 2006,                increasing the translated levels of our non-U.S. dollar assets and                liabilities. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Investment      securities **

**Financing      receivables **

|                                  | **Delinquency                rates at** |   |
|---------------------------------------|-----------------------------------------|--------|
|                                  | **3/31/07****(a)**                      |   | **12/31/06** |   | **3/31/06** |   |
|                                  |                                    |   |   |   |   |   |
| GE                Commercial Finance  | 1.26                                    | %      | 1.22 | % | 1.31 | % |
| GE                Money               | 5.48                                    |   | 5.05 |   | 5.14 |   |
| GE                Money excluding WMC | 5.15                                    |   | 5.15 |   | 5.25 |   |
|                                  |                                    |   |   |   |   |   |

| (a) | Subject                to update. |   |
|-----|-----------------------------------|--------|

----

**C.      Debt Instruments**

**Item      4. Controls and Procedures**
** **

**Part      II. Other Information**

**Item      1. Legal Proceedings**

----

**Item      6. Exhibits**

|   | Exhibit                  12     | Computation                  of Ratio of Earnings to Fixed Charges and Computation of Ratio                  of Earnings                  to Combined Fixed Charges and Preferred Stock Dividends.*  |
|--------|--------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Exhibit                  31(a)  | Certification                  Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities                  Exchange                  Act of 1934, as Amended.*                                   |
|   | Exhibit                  31(b)  | Certification                  Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange                  Act of 1934, as Amended.*                                                    |
|   | Exhibit                  32     | Certification                  Pursuant to 18 U.S.C. Section 1350.*                                                                                                                                  |
|   | Exhibit                  99     | Financial                  Measures that Supplement Generally Accepted Accounting                  Principles.*                                                                                      |
|   |                                 | *                  Filed electronically herewith.                                                                                                                                                    |

----

**Signatures**

| General                Electric Capital Services, Inc.(Registrant)   |
|--------------------------------------------------------------------------------|
| April                27, 2007                                                  |   | /s/                Philip D. Ameen |   |
| Date                                                                           |   | Philip                D. AmeenSenior                Vice President and ControllerDuly                Authorized Officer and Principal Accounting                Officer |

----