UNITED STATES SECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549
**FORM 10-Q

(Mark One) 
[X]
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE    SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2003
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 incorporation or    organization) 
(I.R.S. Employer Identification No.)
   **260 Long Ridge Road, Stamford, CT **06927
 

(Address of principal executive offices) 
(Zip Code)
 
(Registrant's telephone number, including area code)**(203) 357-4000**
_______________________________________________    (Former name, former address and former fiscal year,     if changed since last report)
Indicate by check mark whether the registrant (1) has filed allreports required to be filed by Section 13 or 15(d) of the Securities ExchangeAct of 1934 during the preceding 12 months (or for such shorter period that theregistrant was required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days. Yes [X]  No [  ]

Indicate by check mark whether the registrant is an acceleratedfiler (as defined in Rule 12b-2 of the Act). Yes [  ] No [X]

At October 30, 2003, 1,064 shares of common stock with a parvalue of $1,000 were outstanding.
**REGISTRANT MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTIONH(1)(a) AND (b) OF FORM 10-Q AND IS THEREFORE FILING THIS FORM 10-Q WITH THEREDUCED DISCLOSURE FORMAT.**
(1)
**Table of Contents**

 
**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 Results of Operations and Financial    Condition 
14
     Item 4. Controls    and Procedures 
33
   **Part II – Other Information  
   
     Item 6. Exhibits    and Reports on Form 8–K 
34
     Signatures 
35   
 
**Forward-Looking Statements**
This document includes certain "forward-looking statements"within the meaning of the Private Securities Litigation Reform Act of 1995.These forward-looking statements include, but are not limited to our plans,objectives, expectations and intentions and other statements contained in thisreport that are not historical facts as well as statements identified by wordssuch as "expects", "anticipates", "intends", "plans", "believes", "seeks","estimates" or words of similar meaning. These statements are based on ourcurrent beliefs or expectations and are inherently subject to significantuncertainties and changes in circumstances, many of which are beyond ourcontrol. Actual results may differ materially from these expectations due tochanges in global political, economic, business, competitive, market andregulatory factors. 

(2)
**Table of Contents**

 
**Part I. Financial InformationItem 1. Financial Statements

Condensed Statement of Current and Retained EarningsGeneral Electric Capital Services, Inc. and consolidated affiliates(Unaudited)** **Third quarter    ended September 30 **Nine months    ended September 30  
 
 *(Dollars in millions)**2003 **2002 **2003 **2002 

Revenues from services (note 8)
$
16,154 
$
14,336 
$
45,853 
$
40,615 
Securitization and certain other FIN 46 entities (note 4) 
326  
–  
326  
– 
Sales of goods 
527  
779  
1,582  
2,494  
 
 
 
 
Total revenues 
17,007  
15,115  
47,761  
43,109  
 
 
 
 
Interest 
2,366  
2,645  
7,362  
7,362 
Operating and administrative 
4,614  
4,100  
13,307  
11,508 
Cost of goods sold 
459  
673  
1,361  
2,237 
Insurance losses and policyholder and annuity benefits 
4,168  
4,227  
12,409  
11,465 
Provision for losses on financing receivables 
1,061  
640  
2,799  
2,087 
Depreciation and amortization of equipment on          operating leases (including buildings and equipment) 
1,218  
1,118  
3,450  
3,081 
Securitization and certain other FIN 46 entities (note 4) 
204  
–  
204  
– 
Minority interest in net earnings of consolidated affiliates 
33  
39  
96  
113  
 
 
 
 
Total costs and expenses 
14,123  
13,442  
40,988  
37,853  
 
 
 
 
Earnings before income taxes and accounting changes 
2,884  
1,673  
6,773  
5,256 
Provision for income taxes 
(677
) 
(122
) 
(1,294
) 
(721
) 
 
 
 
 
Earnings before accounting changes 
2,207  
1,551  
5,479  
4,535 
Cumulative effect of accounting changes (notes 3 and 6) 
(339
) 
–  
(339
) 
(1,015
) 
 
 
 
 
Net earnings 
1,868  
1,551  
5,140  
3,520 
Dividends 
(924
) 
(550
) 
(1,252
) 
(1,511
)
Retained earnings at beginning of period 
29,268  
25,686  
26,324  
24,678  
 
 
 
 
Retained earnings at end of period
$
30,212 
$
26,687 
$
30,212 
$
26,687  
 
 
 
 
  
See "Notes to Condensed, Consolidated Financial Statements." 
(3)
**Table of Contents**

 
**Condensed Statement of Financial PositionGeneral Electric Capital Services, Inc. and consolidated affiliates***(Dollars in millions)**September 30, 2003 **December 31, 2002 
 
 
(Unaudited)  
Cash and equivalents
$
7,285 
$
7,918 
Investment securities 
118,727  
116,530 
Financing receivables:      
     Time sales and loans, net of deferred income 
161,233  
143,309 
     Investment in financing leases, net of deferred income 
59,502  
60,251  
 
   
220,735  
203,560 
     Allowance for losses on financing receivables 
(6,119
) 
(5,500
) 
 
 
Financing receivables – net 
214,616  
198,060 
Insurance receivables 
29,094  
31,585 
Other receivables – net 
12,535  
12,984 
Inventories 
213  
208 
Equipment on operating leases (at cost) including buildings    and          equipment, less accumulated amortization of $14,822 and $13,503 
35,516  
35,330 
Intangible assets 
23,764  
23,131 
Securitization and certain other FIN 46 entities (note 4) 
30,725  
– 
Assets held for sale (note 7) 
2,870  
– 
Other assets 
63,706  
64,082  
 
 
Total assets
$
539,051 
$
489,828  
 
 
Short-term borrowings
$
122,769 
$
130,126 
Long-term borrowings      
     Senior **********************************