UNITED STATES SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                           --------------------------
                                   FORM 10-Q
                           --------------------------

                                    -------
          |X| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                                    -------
                        SECURITIES EXCHANGE ACT OF 1934

               For the quarterly period ended September 29, 2001
                               ------------------

                                       OR

                                    -------
            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 0-14804


                     General Electric Capital Services, Inc.
             (Exact name of registrant as specified in its charter)

            Delaware                                    06-1109503
(State or other jurisdiction of                      (I.R.S. Employer
 incorporation or organization)                      Identification No.)

260 Long Ridge Road, Stamford, Connecticut                 06927
 (Address of principal executive offices)               (Zip Code)

                                 (203) 357-4000
              (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

At October 30,  2001,  1,012  shares of common  stock with a par value of $1,000
were outstanding.

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.


<PAGE>


                                TABLE OF CONTENTS





                                                                           Page
                                                                          ------


PART I - FINANCIAL INFORMATION.


Item 1. Financial Statements ..........................................     1


Item 2. Management's Discussion and Analysis of Results of Operations .     7


Exhibit 12. Computation of Ratio of Earnings to Fixed Charges and
            Computation of Ratio of Earnings to Combined Fixed Charges
            and Preferred Stock Dividends ............................     11


PART II - OTHER INFORMATION.


Item 6. Exhibits and Reports on Form 8-K .............................     12


Signatures ...........................................................     13








<PAGE>




                         PART I - FINANCIAL INFORMATION


Item 1. Financial Statements.

       GENERAL ELECTRIC CAPITAL SERVICES, INC. AND CONSOLIDATED AFFILIATES

              Condensed Statement of Current and Retained Earnings

                                   (Unaudited)

<TABLE>
<CAPTION>

                                                         Three Months Ended                 Nine Months Ended
                                                  -------------------------------   --------------------------------
                                                   September 29,    September 30,     September 29,    September 30,
 (In millions)                                         2001             2000              2001             2000
                                                  ---------------  --------------   ----------------  --------------

<S>                                              <C>               <C>               <C>               <C>
 Revenues
 Revenues from services ......................... $    12,520      $   14,052        $    39,614        $    41,565
 Sales of goods .................................         778           2,392              2,806              7,030
                                                  ---------------  --------------   ---------------   --------------
                                                       13,298          16,444             42,420             48,595
                                                  ---------------  --------------   ---------------   --------------

 Expenses
 Interest ........................................      2,503           2,765              8,072              8,146
 Operating and administrative ....................      3,455           4,410             11,584             13,988
 Cost of goods sold ..............................        692           2,207              2,519              6,515
 Insurance losses and policyholder and annuity
    benefits .....................................      3,618           3,731             10,853             10,513
 Provision for losses on financing receivables ...        567             463              1,546              1,405
 Depreciation and amortization of buildings and
   equipment and equipment on operating leases ...        924             792              2,514              2,406
 Minority interest in net earnings of consolidated
   affiliates ....................................         27              56                126                159
                                                  ---------------  --------------   ---------------  ---------------
                                                       11,786          14,424             37,214             43,132
                                                  ---------------  --------------   ---------------  ---------------
 Earnings
 Earnings before income taxes and cumulative
      effect of changes in accounting principle...      1,512           2,020              5,206              5,463
 Provision for income taxes.......................       (211)           (542)            (1,027)            (1,498)
                                                   --------------  --------------   ---------------  ---------------
 Earnings before cumulative effect of changes in
      accounting principle ......................       1,301           1,478              4,179              3,965
  Cumulative effect of changes in accounting
       principle..................................          -               -              (169)                 -
                                                   --------------  --------------   ---------------  ---------------
 Net Earnings ....................................      1,301           1,478              4,010              3,965
 Dividends .......................................       (454)           (510)            (1,460)            (1,392)
 Retained earnings at beginning of period ........     22,925          19,457             21,222             17,852
                                                    -------------  --------------   ---------------  ---------------
 Retained earnings at end of period .............. $   23,772       $  20,425        $    23,772        $    20,425
                                                    =============  ==============   ===============  ===============
</TABLE>



See Notes to Condensed, Consolidated Financial Statements.


<PAGE>



      GENERAL ELECTRIC CAPITAL SERVICES, INC. AND CONSOLIDATED AFFILIATES

                   Condensed Statement of Financial Position
<TABLE>
<CAPTION>

                                                                                      September 29,      December 31,
 (In millions)                                                                            2001               2000
                                                                                    -----------------  -----------------
                                                                                       (Unaudited)
<S>                                                                                 <C>               <C>
Assets
 Cash and equivalents .............................................................  $    6,925         $    6,052
 Investment securities ............................................................      96,917             90,330
 Financing receivables:
    Time sales and loans, net of deferred income...................................     101,506             96,270
    Investment in financing leases, net of deferred income.........................      52,319             51,063
                                                                                     -----------------  -----------------
                                                                                        153,825            147,333
    Allowance for losses on financing receivables .................................      (4,121)            (4,034)
                                                                                     -----------------  -----------------
       Financing receivables - net ................................................     149,704            143,299
 Insurance receivables - net.......................................................      26,653             23,802
 Other receivables - net ..........................................................      13,779             13,288
 Inventories ......................................................................         292                666
 Equipment on operating leases (at cost), less accumulated
   amortization of $9,048 and $7,901 ..............................................      25,678             24,147
 Intangible assets ................................................................      15,284             15,017
 Other assets .....................................................................      55,362             54,035
                                                                                     -----------------  -----------------
         Total assets .............................................................  $  390,594         $  370,636
                                                                                     =================  =================
 Liabilities and share owners' equity
 Short-term borrowings ............................................................  $  133,595         $  123,992
 Long-term borrowings:
    Senior ........................................................................      79,326             80,383
    Subordinated ..................................................................         996                996
 Insurance liabilities, reserves and annuity benefits .............................     111,446            106,150
 Other liabilities ................................................................      27,882             23,887
 Deferred income taxes ............................................................       8,238              8,238
                                                                                     -----------------  -----------------
         Total liabilities ........................................................     361,483            343,646
                                                                                     -----------------  -----------------
 Minority interest in equity of consolidated affiliates ...........................       3,924              3,968
                                                                                     -----------------  -----------------
 Accumulated gains/(losses) - net:
    Investment securities..........................................................         370                  4
    Currency translation adjustments ..............................................        (883)              (957)
    Derivatives qualifying as hedges...............................................      (1,414)                 -
                                                                                     -----------------  -----------------
 Accumulated non-owner changes in share owners' equity  ...........................      (1,927)              (953)
 Capital stock ....................................................................          11                 11
 Additional paid-in capital .......................................................       3,331              2,742
 Retained earnings ................................................................      23,772             21,222
                                                                                     -----------------  -----------------
         Total share owners' equity ...............................................      25,187             23,022
                                                                                     -----------------  -----------------
         Total liabilities and share owners' equity ...............................  $  390,594         $  370,636
                                                                                     =================  =================
</TABLE>

See Notes to Condensed, Consolidated Financial Statements.


<PAGE>



      GENERAL ELECTRIC CAPITAL SERVICES, INC. AND CONSOLIDATED AFFILIATES

                        Condensed Statement of Cash Flows

                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                                              Nine Months Ended
                                                                                    ------------------------------------
                                                                                     September 29,       September 30,
 (In millions)                                                                            2001                2000
                                                                                    -----------------   -----------------
<S>                                                                                  <C>                <C>
 Cash Flows From Operating Activities
 Net earnings ...................................................................    $    4,010         $     3,965
 Adjustments to reconcile net earnings to cash provided from
    operating activities:
      Cumulative effect of changes in accounting principle.......................           169                   -
      Provision for losses on financing receivables .............................         1,546               1,405
      Depreciation and amortization of buildings and equipment and
        equipment on operating leases ...........................................         2,514               2,406
      Other - net ...............................................................         5,926              (4,771)
                                                                                    -----------------   -----------------
         Cash from operating activities .........................................        14,165               3,005
                                                                                    -----------------   -----------------
 Cash Flows From Investing Activities
 Increase in loans to customers .................................................       (95,501)            (76,103)
 Principal collections from customers - loans ...................................        89,407              71,483
 Investment in equipment for financing leases ...................................       (11,654)            (14,416)
 Principal collections from customers - financing leases ........................        11,357              11,017
 Net change in credit card receivables ..........................................         2,412                (408)
 Buildings and equipment and equipment on operating leases:
      - additions ...............................................................        (9,505)             (7,674)
      - dispositions ............................................................         5,663               4,908
 Payments for principal businesses purchased, net of cash acquired ..............        (6,100)               (403)
 Purchases of securities by insurance and annuity businesses ....................       (36,414)            (24,669)
 Dispositions and maturities of securities by insurance and
    annuity businesses ..........................................................        30,203              16,841
 Other - net ....................................................................          (212)             (2,015)
                                                                                    -----------------   -----------------
         Cash used for investing activities .....................................       (20,344)            (21,439)
                                                                                    -----------------   -----------------
 Cash Flows From Financing Activities
 Net change in borrowings (maturities 90 days or less) ..........................          (119)              6,819
 Newly issued debt  -  short-term (maturities 91-365 days) ......................         3,717               5,160
                    -  long-term (longer than one year)  ........................        13,347              20,789
 Proceeds - non-recourse, leveraged lease debt ..................................         1,321               1,112
 Repayments and other reductions:
                    -  short-term (maturities 91-365 days) ......................        (5,951)            (24,878)
                    -  long-term (longer than one year) .........................        (4,222)             (1,667)
 Principal payments - non-recourse, leveraged lease debt ........................          (206)               (154)
 Proceeds from sales of investment contracts ....................................         5,534               6,905
 Cash received upon assumption of Toho Mutual Life Insurance Company
    insurance liabilities  ......................................................             -              13,177
 Redemption of investment contracts .............................................        (5,304)             (7,236)
 Cash contribution from parent company ..........................................           395                   -
 Dividends paid .................................................................        (1,460)             (1,392)
                                                                                    -----------------   -----------------
         Cash from financing activities .........................................         7,052              18,635
                                                                                    -----------------   -----------------
 Increase (Decrease) in Cash and Equivalents ....................................           873                 201
 Cash and Equivalents at Beginning of Period ....................................         6,052               6,931
                                                                                    -----------------   -----------------
 Cash and Equivalents at End of Period ..........................................    $    6,925         $     7,132
                                                                                    =================   =================
</TABLE>

See Notes to Condensed, Consolidated Financial Statements.


<PAGE>


      GENERAL ELECTRIC CAPITAL SERVICES, INC. AND CONSOLIDATED AFFILIATES

             Notes to Condensed, Consolidated Financial Statements
                                   (Unaudited)


1.   The accompanying  condensed  quarterly financial  statements  represent the
     adding  together  of  General  Electric  Capital  Services,  Inc.  and  all
     majority-owned  and  controlled  affiliates  (collectively,   "GECS").  All
     significant  transactions among the parent and consolidated affiliates have
     been  eliminated.  Certain  prior  period  data have been  reclassified  to
     conform to the current period presentation.

2.   The condensed,  consolidated  quarterly financial statements are unaudited.
     These  statements  include all adjustments  (consisting of normal recurring
     accruals) considered necessary by management to present a fair statement of
     the results of operations,  financial  position and cash flows. The results
     reported in these condensed,  consolidated  financial statements should not
     be regarded as  necessarily  indicative of results that may be expected for
     the entire year.

3.   The Financial Accounting Standards Board ("FASB") issued, then subsequently
     amended,  Statement of  Financial  Accounting  Standards  ("SFAS") No. 133,
     Accounting for Derivative Instruments and Hedging Activities,  which became
     effective for GECS on January 1, 2001. Under SFAS No. 133, as amended,  all
     derivative  instruments  (including certain derivative instruments embedded
     in other  contracts)  are  recognized  in the  balance  sheet at their fair
     values and changes in fair value are  recognized  immediately  in earnings,
     unless  the  derivatives  qualify  as  hedges  of future  cash  flows.  For
     derivatives  qualifying  as hedges  of future  cash  flows,  the  effective
     portion of changes in fair value is recorded  temporarily  in equity,  then
     recognized in earnings along with the related  effects of the hedged items.
     Any ineffective portion of a hedge is reported in earnings as it occurs.

     The nature of GECS business  activities  necessarily involve the management
     of various  financial and market risks,  including those related to changes
     in interest rates,  equity prices,  currency  exchange rates, and commodity
     prices.  As  discussed  more  fully in notes 1, 10 and 20 of the 2000  Form
     10-K,  management  uses  derivative  financial  instruments  to mitigate or
     eliminate  certain of those risks. The January 1, 2001,  accounting  change
     described above affected only the pattern and timing of non-cash accounting
     recognition.

     The January 1, 2001,  cumulative  effect of adopting this accounting change
     follows:

     (In millions)                                      Earnings       Equity
                                                    -------------- -------------
     Adjustment to fair value of derivatives (a) ..    $   (77)      $ (1,374)
     Income tax effects ...........................         28            525
                                                    -------------- -------------
     Total ........................................    $   (49)     $    (849)
                                                    ============== =============

     (a) For earnings effect, amount shown is net of adjustment to hedged item.

     A  reconciliation  of current  period  changes for the first nine months of
     2001, net of applicable  income taxes,  in the separate  component of share
     owners' equity labeled "derivatives qualifying as hedges" follows.

     (In millions)


     Transition adjustment as of January 1, 2001 .  $      (849)
     Declines in fair value - net ................         (735)
     Reclassifications to earnings - net .........          170
                                                    --------------------
     Balance at September 29, 2001 ...............   $   (1,414)
                                                    ====================

<PAGE>

     The cumulative effect on share owners' equity was primarily attributable to
     marking to market forward and swap  contracts  used to hedge  variable-rate
     borrowings.  Decreases  in  the  fair  values  of  these  instruments  were
     attributable  to declines in interest rates since  inception of the hedging
     arrangements.  As a matter of  policy,  management  ensures  that  funding,
     including  the effect of  derivatives,  of its lending and other  financing
     asset positions are  substantially  matched in character  (e.g.,  fixed vs.
     floating) and duration.  As a result,  declines in the fair values of these
     effective  derivatives  are  offset by  unrecognized  gains on the  related
     financing  assets and hedged  items,  and future net  earnings  will not be
     subject to volatility arising from interest rate changes.

4.   In November  2000,  the  Emerging  Issues Task Force of the FASB  reached a
     consensus on impairment accounting for retained beneficial interests ("EITF
     99-20").  Under this consensus,  impairment on certain beneficial interests
     in securitized assets must be recognized when (1) the asset's fair value is
     below its  carrying  value,  and (2) there  has been an  adverse  change in
     estimated cash flows. Previously,  impairment on such assets was recognized
     when the asset's carrying value exceeded estimated cash flows discounted at
     a risk free rate of return. The effect of adopting EITF 99-20 at January 1,
     2001,  was a one-time  reduction  of net earnings of $120  million,  net of
     income taxes of $64 million.  This accounting  change did not involve cash,
     and  management  expects that it will have no more than a modest  effect on
     future results.

5.   Statement  of Financial  Accounting  Standards  ("SFAS") No. 141,  Business
     Combinations,  and SFAS No.  142,  Goodwill  and Other  Intangible  Assets,
     modify the accounting for business combinations,  goodwill and identifiable
     intangible assets. All business combinations initiated after June 30, 2001,
     must be accounted for by the purchase method. Goodwill in such acquisitions
     will not be  amortized,  but will be  written  down  when  specified  tests
     indicate  that the goodwill is impaired,  that is, fair value is lower than
     carrying value. Certain intangible assets will be required to be recognized
     separately  from goodwill and will be amortized over their useful lives. As
     of January 1,  2002,  all  goodwill  must be tested  for  impairment  and a
     transition  adjustment  recognized at that time. Goodwill amortization will
     also cease at that date,  and  thereafter,  all goodwill  will be tested at
     least annually for  impairment.  If these rules had applied to goodwill for
     2001,  management  believes  that full year 2001 net  earnings  would  have
     increased by approximately $565 million.  Management has not yet determined
     the extent of impaired  goodwill,  if any,  that will be  recognized  as of
     January 1, 2002.

     SFAS  No.  143,  Accounting  for  Asset  Retirement  Obligations,  requires
     recognition of the fair value of liabilities associated with the retirement
     of long-lived  assets when a legal obligation to incur such costs arises as
     a result of the acquisition,  construction,  development  and/or the normal
     operation of a long-lived  asset.  Upon  recognition  of the  liability,  a
     corresponding  asset is recorded and depreciated over the remaining life of
     the long-lived  asset. The Statement defines a legal obligation as one that
     a party is required  to settle as a result of an  existing or enacted  law,
     statute, ordinance, or written or oral contract or by legal construction of
     a contract under the doctrine of promissory estoppel. SFAS 143 is effective
     for fiscal years beginning after December 15, 2002.  Management has not yet
     determined  the total  likely  effects of adopting  this  Statement  on the
     financial position or results of operations.
<PAGE>

6.   A summary of  increases/(decreases)  in share  owners'  equity  that do not
     result directly from transactions  with share owners,  net of income taxes,
     is provided below.

<TABLE>
<CAPTION>
                                                                                      Three Months Ended
                                                                         ------------------------------------------
     (In millions)                                                         September 29, 2001    September 30, 2000
                                                                         ---------------------  -------------------
<S>                                                                       <C>                    <C>
     Net earnings  ..................................................... $          1,301       $          1,478
     Investing securities ..............................................              432                    566
     Currency translation adjustments ..................................              (84)                  (119)
     Derivatives qualifying as hedges...................................             (487)                     -
                                                                         ---------------------  -------------------
     Total ............................................................. $          1,162       $          1,925
                                                                         =====================  ===================
</TABLE>
<TABLE>
<CAPTION>
                                                                                      Nine Months Ended
                                                                         ------------------------------------------
                                                                          September 29, 2001     September 30, 2000
                                                                         ---------------------  -------------------
<S>                                                                       <C>                   <C>
     Net earnings  ..................................................... $          4,010       $         3,965
     Investment securities..............................................              366                  (274)
     Currency translation adjustments ..................................               74                  (329)
     Derivatives qualifying as hedges...................................             (565)                    -
     Cumulative effect on share owners' equity of adopting FAS 133......             (849)                    -
                                                                         ---------------------  -------------------
     Total ............................................................. $          3,036       $         3,362
                                                                         =====================  ===================
</TABLE>

7.   Revenues and net earnings before accounting  changes, by operating segment,
     for the three and nine months ended  September 29, 2001,  and September 30,
     2000, can be found in the table on page 8 of this report.
<PAGE>

Item  2.  Management's Discussion and Analysis of Results of Operations.

Overview

Net  earnings  before  cumulative  effect of  changes  in  accounting  principle
(discussed in notes 3 and 4 to the condensed, consolidated financial statements)
for the first nine  months of 2001 were  $4,179  million,  a $214  million  (5%)
increase  over the first nine months of 2000.  Excluding  the  insurance  losses
resulting  from the  events of  September  11th,  principally  discussed  in the
Specialty  Insurance segment operating  results,  net earnings before cumulative
effect of changes in  accounting  principle  would have  increased 15% to $4,579
million.   The  results  reflected  the  globalization  and  diversity  of  GECS
businesses,  with strong  double-digit  increases in the  Consumer  Services and
Equipment Management segments.

Operating Results

Total revenues  decreased  $6,175 million (13%) to $42,420 million for the first
nine months of 2001,  compared with $48,595 million for the first nine months of
2000. This decrease  primarily  resulted from volume declines in the information
technology products and services  businesses,  the deconsolidation of Montgomery
Wards, LLC ("Wards"),  reduced asset gains at GE Equity,  the planned transition
of  restructured  insurance  policies  from Toho Mutual Life  Insurance  Company
("Toho")  in the  consumer  savings  and  insurance  business,  the  prior  year
inclusion of pretax gains from GECS holdings of the common stock of  PaineWebber
Group,  Inc.,  and  reduced  net  premiums  earned  at GE Global  Insurance,  as
discussed in the Specialty  Insurance segment operating  results.  These factors
were  partially  offset  by  growth  in  origination  volume  in the  Mid-Market
Financing and Specialized Financing segments and  acquisition-related  growth in
the Consumer Services and Mid-Market Financing segments.

Interest expense on borrowings decreased to $8,072 million, compared with $8,146
for the first nine months of 2000.  The decrease  reflected the effects of lower
average interest rates,  offset by the effects of higher average borrowings used
to finance asset growth.  The average composite interest rate on GECS borrowings
for the first  nine  months of 2001 was 5.39%  compared  with 5.81% in the first
nine months of 2000.

Operating and  administrative  expenses were $11,584  million for the first nine
months of 2001, a 17% decrease from the first nine months of 2000.  The decrease
primarily  reflected  productivity  gains in the Consumer Services and Equipment
Management  segments,  the  deconsolidation  of  Wards,  and  the  reduction  in
insurance  commissions  at GE Global  Insurance,  as discussed in the  Specialty
Insurance segment operating results.

Cost of goods sold is  associated  with  activities  of the  computer  equipment
distribution business and former retail operations. This cost amounted to $2,519
million for the first nine months of 2001,  compared with $6,515 million for the
first nine months of 2000. The decrease  primarily  reflected volume declines at
the   information   technology   products  and  services   businesses   and  the
deconsolidation of Wards.

Insurance losses and policyholder and annuity benefits increased $340 million to
$10,853 million for the first nine months of 2001,  compared with the first nine
months of 2000.  The  increase  primarily  reflected  the  effects  of growth in
premium volume throughout the period and business acquisitions, partially offset
by the planned transition of restructured insurance policies from Toho.

Provision for losses on financing  receivables  was $1,546 million for the first
nine months of 2001  compared  with $1,405  million for the first nine months of
2000.  This provision is principally  related to credit cards and personal loans
in the Consumer  Services  segment,  which are discussed  below under  Portfolio
Quality.

Depreciation  and  amortization  of buildings  and  equipment  and  equipment on
operating  leases increased to $2,514 million for the first nine months of 2001,
compared with $2,406 million for the first nine months of 2000. The increase was
principally the result of higher  shorter-lived levels of equipment on operating
leases, primarily reflecting acquisition growth.

Provision for income taxes was $1,027  million for the first nine months of 2001
(an  effective tax rate of 19.7%),  compared  with $1,498  million for the first
nine months of 2000 (an  effective tax rate of 27.4%).  The lower  effective tax
rate  primarily  reflected  one-time tax benefits  with respect to the Equipment
Management   segment  and  increased  low  taxed  earnings  from   international
operations.


<PAGE>


Operating Segments

Revenues  and net earnings  before  cumulative  effect of changes in  accounting
principle,  by operating segment,  for the three and nine months ended September
29, 2001 and September 30, 2000 are summarized and discussed below.

<TABLE>
<CAPTION>
                                                         Three Months Ended                 Nine Months Ended
                                                   --------------------------------  ---------------------------------
                                                   September 29,    September 30,     September 29,    September 30,
(In millions)                                          2001             2000              2001              2000
                                                   ---------------  ---------------  ---------------  ----------------
<S>                                              <C>                <C>             <C>             <C>
Revenues
Consumer Services ................................ $     5,703      $     6,126      $    17,459       $   17,900
Equipment Management .............................       2,715            3,616            8,693           11,013
Mid-Market Financing .............................       1,786            1,392            4,726            3,955
Specialized Financing ............................       1,119            1,393            3,592            4,515
Specialty Insurance ..............................       2,102            2,802            7,971            8,429
All other ........................................        (127)           1,115              (21)           2,783
                                                   ---------------  ---------------  ---------------  ----------------
Total revenues ................................... $    13,298       $   16,444      $    42,420       $   48,595
                                                   ===============  ===============  ===============  ================

Net earnings before accounting changes
Consumer Services ................................ $       570      $       497      $     1,731       $    1,133
Equipment Management .............................         259              245              836              563
Mid-Market Financing .............................         241              218              557              517
Specialized Financing ............................         291              374              754            1,386
Specialty Insurance ..............................         (79)             217              428              708
All other ........................................          19              (73)            (127)            (342)
                                                   ---------------  ---------------  ---------------  ----------------
Total net earnings ............................... $     1,301      $     1,478      $     4,179      $     3,965
                                                   ===============  ===============  ===============  ================

</TABLE>

Consumer Services revenues decreased 2% while net earnings increased 53% for the
first nine months of 2001 compared with the first nine months of 2000.  Revenues
decreased  primarily  as a result  of the  planned  transition  of  restructured
insurance policies from Toho, the divestiture of the Mortgage Services business,
and the planned run-off of the U.S. auto finance business portfolio, offset by a
combination of volume growth in the U.S.  consumer  credit card business as well
as acquisition-related growth in the consumer savings and insurance business and
non-U.S.  consumer  finance  business.  The  increase in net earnings was led by
volume  growth in the U.S.  consumer  credit  card,  non-U.S.  consumer  finance
businesses,  reduced residual losses in the U.S. auto finance business,  and the
divestiture of the Mortgage Services  business,  which had experienced losses in
2000.

Equipment Management revenues decreased 21% for the first nine months of 2001 as
a result of volume declines in the information  technology products and services
businesses,  partially  offset by revenues  generated  from volume growth in the
aviation services business. Net earnings increased 48% for the first nine months
of 2001 on improved  performance  in the  information  technology  products  and
services  businesses  and tax  benefits  at  Penske  and the  satellite  service
business.

Mid-Market  Financing  revenues  grew  19% in the  first  nine  months  of 2001,
reflecting the combination of origination  growth,  acquisitions,  and increased
asset gains.  Net earnings  increased 8% in the first nine months of 2001 from a
combination of increased asset gains and acquisition-related growth.

Specialized  Financing  revenues decreased 20% and net earnings decreased 46% in
the first nine months of 2001, as growth at Commercial  Real Estate,  Structured
Finance Group and Commercial Finance was more than offset by reduced asset gains
on equity investments at GE Equity.

<PAGE>

Specialty  Insurance  revenues  decreased  5% in the first nine  months of 2001,
compared  with the  corresponding  period in 2000,  as a result of  reduced  net
premiums  earned at GE Global  Insurance (the parent of Employers  Reinsurance),
reflecting  events of September 11th discussed below. This decrease was slightly
offset by increased  premium income  associated  with  origination  volume.  Net
earnings  decreased  40% in the  first  nine  months of 2001  compared  with the
corresponding period in 2000, as GE Global Insurance's  underwriting results for
the quarter ended September 29, 2001, were adversely  affected by  approximately
$575  million  related  to the  insurance  losses  resulting  from the events of
September 11th. Of this amount,  $821 million is reflected as a reduction in net
premiums earned and $246 million  (representing a ceding commission equal to 30%
of the  premiums) is reflected  as a reduction in insurance  acquisition  costs,
reflecting  contingent  premium  payment  provisions  contained  in  certain  of
Employer Reinsurance's retrocession agreements. These estimated losses relate to
insurance  policies  providing general property,  general  liability,  aviation,
business   interruption,   workers  compensation  and  life  and  health-related
coverages.  Historical experience related to large catastrophic events is that a
broad range of total insurance  industry loss estimates often exists for up to a
year  following  such an event and it is not unusual for there to be significant
revisions in such  estimates.  The $575  million  represents  management's  best
estimate of its existing net liability based on information currently available,
which is limited by the recent nature of these events.

The $575  million  of  recorded  losses  is net of  estimated  recoveries  under
existing retrocession arrangements, where a portion of gross losses is routinely
ceded to other reinsurance  entities.  The unprecedented  magnitude of the total
industry  loss  estimates  has  raised  concern  within the  industry  as to the
long-term  solvency  of  some  reinsurers.  However,  substantially  all of GECS
retrocessionaires  are large, highly rated reinsurance  entities.  At this time,
management  does not anticipate  that any  significant  portion of its estimated
recoveries will be deemed uncollectible.

Excluding the insurance  losses resulting from the events of September 11th, net
earnings  would  have  increased  15%,  primarily  reflecting  growth  in policy
origination,  the effects of discounting certain reinsurance reserves to reflect
timing of future  payment,  and a  favorable  settlement  of  certain  disputes,
partially offset by decreased current year investment gains.

All Other  decline in revenues and decrease in net loss in the first nine months
of 2001, were primarily the result of the deconsolidation of Wards.

Portfolio Quality

Financing  receivables  are the  financing  businesses'  largest asset and their
primary  source of revenues.  The  portfolio of  financing  receivables,  before
allowance for losses,  increased to $153.8  billion at September 29, 2001,  from
$147.3  billion at the end of 2000,  primarily  reflecting the effects of higher
origination volume and acquisition  growth,  partially offset by securitizations
and the liquidating U.S. auto finance business portfolio.  The related allowance
for losses at September 29, 2001,  amounted to $4.1 billion ($4.0 billion at the
end of 2000) and  represents  management's  best  estimate  of  probable  losses
inherent in the portfolio. A discussion about the quality of certain elements of
the portfolio of financing  receivables  follows.  "Nonearning"  receivables are
those that are 90 days or more delinquent (or for which collection has otherwise
become doubtful) and  "reduced-earning"  receivables are commercial  receivables
whose terms have been restructured to a below-market yield.

Consumer  financing  receivables,  primarily  credit card and personal loans and
auto loans and leases,  were $50.5 billion at September 29, 2001, an increase of
$1.7 billion from year-end 2000.  Nonearning  consumer  receivables at September
29, 2001,  were $1.4  billion,  about 2.8% of  outstandings,  compared with $1.1
billion,  about 2.3% of  outstanding  receivables  at December  31,  2000.  This
increase reflects nonearning consumer  receivables related to the second quarter
acquisition of igroup Limited, a subprime mortgage lender in the United Kingdom.
Excluding igroup Limited, nonearning consumer receivables at September 29, 2001,
were $1.2 billion, about 2.5% of outstanding receivables. Write-offs of consumer
receivables increased to $1.3 billion for the first nine months of 2001 compared
with  $1.0  billion  for the first  nine  months  of 2000  reflecting  increased
delinquencies in the liquidating  Wards credit card portfolio and the maturation
of recently  acquired  private  label credit card  portfolios,  consistent  with
management's expectations.

Other financing receivables,  which totaled $103.3 billion at September 29, 2001
($98.5  billion  at  December  31,  2000),  consisted  of a diverse  commercial,
industrial  and  equipment  loan and lease  portfolio.  Related  nonearning  and
reduced-earning  receivables were $1.6 billion at September 29, 2001, about 1.5%
of  outstandings,  compared with $0.9  billion,  about 1.0% of  outstandings  at
year-end   2000.   The  increase  is  primarily  the  result  of  several  large
bankruptcies   and   restructurings,   events  that  have  been   considered  in
establishing the allowance for losses.

<PAGE>


Other

In light of John F. Welch,  Jr.'s retirement from the General Electric  Company,
the  Board of  Directors  of GECS has  accepted  Mr.  Welch's  resignation  as a
Director  of GECS and as a member  of the  Executive  Committee  of the Board of
Directors, effective September 7, 2001.

Forward Looking Statements

This document includes certain  "forward-looking  statements" within the meaning
of the Private  Securities  Litigation  Reform Act of 1995. These statements are
based on management's  current  expectations  and are subject to uncertainty and
changes  in  circumstances.  Actual  results  may differ  materially  from these
expectations due to changes in global economic, business, competitive market and
regulatory factors.











<PAGE>


                                                                      EXHIBIT 12

       GENERAL ELECTRIC CAPITAL SERVICES, INC. AND CONSOLIDATED AFFILIATES

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

                      Nine Months Ended September 29, 2001
                                   (Unaudited)
<TABLE>
<CAPTION>

                                                                                                      Ratio of
                                                                                                     Earnings to
                                                                                                      Combined
                                                                                                        Fixed
                                                                                                     Charges and
                                                                                      Ratio of        Preferred
                                                                                    Earnings to         Stock
                                                                                   Fixed Charges      Dividends
 (Dollar amounts in millions)
                                                                                   --------------   --------------
<S>                                                                                   <C>             <C>
 Net earnings ..................................................................   $     4,010      $     4,010
 Provision for income taxes ....................................................         1,027            1,027
 Minority interest in net earnings of consolidated affiliates ..................           126              126
                                                                                   --------------   --------------
 Earnings before provision for income taxes and minority interest ..............         5,163            5,163
                                                                                   --------------   --------------
 Fixed charges:
    Interest ...................................................................         8,261            8,261
    One-third of rentals .......................................................           233              233
                                                                                   --------------   --------------
 Total fixed charges ...........................................................         8,494            8,494
                                                                                   --------------   --------------
 Less interest capitalized, net of amortization ................................           (75)             (75)
                                                                                   --------------   --------------
 Earnings before provision for income taxes and minority interest, plus
   fixed charges ...............................................................   $    13,582      $    13,582
                                                                                   ==============   ==============

 Ratio of earnings to fixed charges ............................................          1.60
                                                                                   ==============

 Preferred stock dividend requirements .........................................                    $        --
 Ratio of earnings before provision for income taxes to net earnings ...........                           1.26
 Preferred stock dividend factor on pre-tax basis ..............................                             --
 Fixed charges .................................................................                          8,494
                                                                                                    --------------
 Total fixed charges and preferred stock dividend requirements .................                         $8,494
                                                                                                    ==============

 Ratio of earnings to combined fixed charges and preferred stock dividends .....                           1.60
                                                                                                    ==============
</TABLE>


For purposes of computing the ratios,  fixed charges  consist of interest on all
indebtedness and one-third of rentals, which management believes is a reasonable
approximation of the interest factor of such rentals.




<PAGE>


                           PART II--OTHER INFORMATION


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

     a.  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.


     b.  Reports on Form 8-K.

          None.




<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.


                                  GENERAL ELECTRIC CAPITAL SERVICES, INC.
                                  ---------------------------------------
                                              (Registrant)




Date: October 31, 2001    By:              /s/ J.A. Parke
                               ------------------------------------------------
                                               J.A. Parke,
                            Executive Vice President and Chief Financial Officer
                                       (Principal Financial Officer)




Date:   October 31, 2001   By:             /s/ J.C. Amble
                               ------------------------------------------------
                                               J.C. Amble,
                                       Vice President and Controller
                                      (Principal Accounting Officer)