|SECURITIES AND EXCHANGE
COMMISSION


Washington, D.C. 20549


     _________________


FORM 10-Q


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


For the Quarterly
Period Ended March 31, 2003


Commission File Number
1-6798


     _________________


TRANSAMERICA FINANCE
CORPORATION(Exact name of registrant as specified in its charter)
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Delaware                              |  | 95-1077235               
|------------------------------------- |  | -------------------------
|(State
      or other jurisdiction of |  | (I.R.S.
      Employer   
|incorporation
      or organization)  |  | Identification
      No.)

|9399 West Higgins Road
Rosemont, Illinois 60018 (Address of principal
executive offices)(Zip Code)


(847) 685-1100(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 3 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  |_|


Indicate
 by check mark  whether  the  registrant  is an  accelerated  filer (as  defined  in Rule
 12b-2 of the Act).  Yes  |_|     No |X|


Number
of shares of Common Stock, $10 par value, outstanding as of close of business on May 5,
2003: 1,464,285.


The
registrant meets the conditions set forth in General Instruction H(1)(a)(b) and (c) of
Form 10-Q and is therefore filing this form with the reduced disclosure format.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|TABLE OF CONTENTS
|-----------------

|                                                                                                                  | Page
|----------------------------------------------------------------------------------------------------------------- | ----
|PART
      I - FINANCIAL INFORMATION                                                                              |     
|                                                                                                                  |     
|Item 1 Condensed
      Consolidated Balance Sheets                                                                |     
|March
      31, 2003 and December 31, 2002                                                                        |     
|                                                                                                                  |     
|Condensed
      Consolidated Statements of Operations            Three
      Months Ended March 31, 2003 and 2002 |     
|                                                                                                                  |     
|Condensed
      Consolidated Statements of Cash Flows                                                             |     
|Three
      Months Ended March 31, 2003 and 2002                                                                  |     
|                                                                                                                  |     
|Notes
      to Condensed Consolidated Financial Statements                                                        |     
|                                                                                                                  |     
|Item 2 Management's
      Narrative Analysis of Results of Operations                                             |     
|                                                                                                                  |     
|Item 3 Quantitative
      and Qualitative Disclosures About Market Risk                                           |     
|                                                                                                                  |     
|Item 4 Controls
      and Procedures                                                                              |     
|                                                                                                                  |     
|PART
      II - OTHER INFORMATION                                                                                 |     
|                                                                                                                  |     
|Item 6 Exhibits
      and Reports on Form 8-K                                                                     |     
|                                                                                                                  |     
|Signatures                                                                                                        |     
|                                                                                                                  |     
|Certifications                                                                                                    |     

|
|

|PART I  FINANCIAL
INFORMATION


Item 1. Financial
Statements.


TRANSAMERICA FINANCE
CORPORATION
CONDENSED CONSOLIDATED
BALANCE SHEETS
(Dollar amounts in
millions)
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------

|                                                                        | March 31,
      2003 |  | December
      31,
      2002 |        
|----------------------------------------------------------------------- | -------------------- |  | ----------------------------- | -------
|ASSETS                                                                  |                      |  |                               |        
|Cash and
      cash equivalents                                         |                      |  | $                             | 80.4   
|                                                                        |                     
|Finance receivables                                                     |                      |  |                               | 7,155.8
|Less
      unearned finance charges                                     |                      |  |                               | 536.7  
|                                                                        |                      |  |                               |        
|Net
      finance receivables                                           |                      |  |                               | 6,619.1
|Less
      allowance for losses                                         |                      |  |                               | 178.2  
|                                                                        |                      |  |                               |        
|                                                                        |                      |  |                               | 6,440.9
|Property
      and equipment (net of accumulated depreciation of        |                      | 
|$1,384.5
      for 2003 and $1,356.2 for 2002):                         |                      | 
|Land,
      buildings and equipment                                     |                      |  |                               | 42.9   
|Equipment
      held for lease                                          |                      |  |                               | 1,573.5
|Investments
      (cost of $73.5 for 2003 and $74.5 for 2002)           |                      |  |                               | 75.5   
|Goodwill                                                                |                      |  |                               | 262.7  
|Other intangible
      assets (net of accumulated amortization of $56.3 |                      | 
|for
      2003 and $53.2 for 2002)                                      |                      |  |                               | 95.9   
|Assets held
      for sale                                              |                      |  |                               | 108.1  
|Other assets                                                            |                      |  |                               | 438.7  
|                                                                        |                      |  |                               |        
|                                                                        |                      |  | $                             | 9,118.6
|                                                                        |                      |  |                               |        
|                                                                        |                      |  |                               |        
|LIABILITIES
      AND STOCKHOLDERS EQUITY                              |                      |  |                               |        
|Debt:                                                                   |                      |  |                               |        
|Unsubordinated                                                          |                      |  | $                             | 3,689.3
|Subordinated                                                            |                      |  |                               | 28.5   
|Due
      to AEGON                                                      |                      |  |                               | 2,543.7
|                                                                        |                      |  |                               |        
|Total
      debt                                                        |                      |  |                               | 6,261.5
|Deferred
      real estate service revenues                             |                      |  |                               | 303.4  
|Accounts
      payable and other liabilities                            |                      |  |                               | 977.8  
|Income taxes
      payable                                              |                      |  |                               | 402.0  
|Stockholders
      equity:                                             |                      | 
|Preferred
      stockauthorized, 250,000 shares without par value;     |                      | 
|none
      issued                                                       |                      |  |                               |       
|Common
      stockauthorized, 2,500,000 shares of $10 par value;       |                      | 
|issued
      and outstanding, 1,464,285 shares                          |                      |  |                               | 14.6   
|Additional
      paid-in capital                                        |                      |  |                               | 1,061.8
|Retained
      earnings                                                 |                      |  |                               | 103.9  
|Accumulated
      other comprehensive loss                              |                      |  |                               | (6.4   
|                                                                        |                      |  |                               |        
|Total
      stockholders equity                                        |                      |  |                               | 1,173.9
|                                                                        |                      |  |                               |        
|                                                                        |                      |  | $                             | 9,118.6
|                                                                        |                      |  |                               |        

|See notes to condensed
consolidated financial statements


1
|------------------------------------------------------------

|TRANSAMERICA FINANCE
CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Dollar amounts in
millions)
|-----------------------------------------------------------------------------------------------------------

|                                                                        | Three
      months ended
      March 31, | 
|----------------------------------------------------------------------- | ---------------------------------------- | 
|
|REVENUES                                                                |                                          | 
|Finance
      charges                                                   |                                          | 
|Leasing
      revenues                                                  |                                          | 
|Real
      estate service revenues                                      |                                          | 
|Other
      revenues                                                    |                                          | 
|                                                                        |                                          | 
|Total
      revenues                                                    |                                          | 
|                                                                        |                                          | 
|EXPENSES                                                                |                                          | 
|Interest
      and debt expense                                         |                                          | 
|Depreciation
      on equipment held for lease                          |                                          | 
|Salaries
      and other operating expenses                             |                                          | 
|Provision
      for losses on receivables                               |                                          | 
|                                                                        |                                          | 
|Total
      expenses                                                    |                                          | 
|Income
      from continuing operations before income taxes             |                                          | 
|Income
      tax expense                                                |                                          | 
|                                                                        |                                          | 
|Income
      from continuing operations                                 |                                          | 
|Income
      (loss) from discontinued operations (net of income tax     |                                          | 
|benefit
      of $0.0 for 2003 and $2.2 for 2002)                       |                                          | 
|                                                                        |                                          | 
|Income
      before cumulative effect of accounting change              |                                          | 
|Cumulative
      effect of accounting change (net of income tax benefit |                                          | 
|of
      $2.6)                                                          |                                          | 
|                                                                        |                                          | 
|Net
      income (loss)                                                 |                                          | 
|                                                                        |                                          | 

|See notes to condensed
consolidated financial statements


2
|------------------------------------------------------------

|TRANSAMERICA FINANCE
CORPORATION  CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
(Dollar amounts in millions)
|---------------------------------------------------------------------------------------------------------------

|                                                             | Three
      months ended
      March 31, | 
|------------------------------------------------------------ | ---------------------------------------- | 
|
|OPERATING
      ACTIVITIES                                   |                                          | 
|Net income
      (loss)                                      |                                          | 
|Adjustments
      to reconcile net income (loss) to net cash |                                          | 
|provided
      by operating activities:                      |                                          | 
|Cumulative
      effect of accounting change                 |                                          | 
|Depreciation
      and amortization                          |                                          | 
|Provision
      for losses on receivables                    |                                          | 
|Change
      in accounts payable and other liabilities       |                                          | 
|Change
      in income taxes payable                         |                                          | 
|Other                                                        |                                          | 
|                                                             |                                          | 
|Net
      cash provided by operating activities              |                                          | 
|                                                             |                                          | 
|INVESTING
      ACTIVITIES                                   |                                          | 
|Finance
      receivables originated and purchased           |                                          | 
|Finance
      receivables collected and sold                 |                                          | 
|Purchases
      of property and equipment                    |                                          | 
|Sales
      of property and equipment                        |                                          | 
|Proceeds
      from sales of assets held for sale            |                                          | 
|Other                                                        |                                          | 
|                                                             |                                          | 
|Net
      cash provided by (used in) investing activities    |                                          | 
|                                                             |                                          | 
|FINANCING
      ACTIVITIES                                   |                                          | 
|Proceeds
      from non-affiliate debt financing             |                                          | 
|Repayments
      of non-affiliate debt                       |                                          | 
|Proceeds
      from debt financing with AEGON                |                                          | 
|Repayments
      of debt to AEGON                            |                                          | 
|Capital
      contributions from parent                      |                                          | 
|Dividends
      to parent                                    |                                          | 
|Return
      of capital to parent                            |                                          | 
|                                                             |                                          | 
|Net
      cash provided by (used in) financing activities    |                                          | 
|                                                             |                                          | 
|Increase
      in cash and cash equivalents                  |                                          | 
|Cash
      and cash equivalents at beginning of year         |                                          | 
|                                                             |                                          | 
|Cash
      and cash equivalents at end of period             |                                          | 
|                                                             |                                          | 

|See notes to condensed
consolidated financial statements



3
|-------------------------------------------------------------

|TRANSAMERICA FINANCE
CORPORATIONNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


Note A  Basis of Presentation


The
accompanying unaudited condensed consolidated financial statements of Transamerica Finance
Corporation and its subsidiaries (the Company) have been prepared in
accordance with accounting principles generally accepted in the United States of America
for interim financial information and with the instructions to Form 10-Q and Article 10 of
Regulation S-X. Accordingly, they do not include all of the information and footnotes
required by these accounting principles for complete financial statements. In the opinion
of management, all adjustments (consisting of normal recurring accruals) considered
necessary for a fair presentation have been included. Operating results for the three
months ended March 31, 2003 are not necessarily indicative of the results that may be
expected for the year ending December 31, 2003. For further information, refer to the
consolidated financial statements and footnotes set forth in the Companys Form 10-K
for the year ended December 31, 2002. Certain reclassifications have been made to the 2002
condensed consolidated financial statements to conform to the 2003 classifications.


Note B  Impact of
Adopting New Accounting Pronouncements


In
November 2002, the Financial Accounting Standards Board (FASB) issued
Interpretation No. 45, Guarantors Accounting and Disclosure Requirements for
Guarantees, Including Indirect Guarantees of Indebtedness of Others(FIN No.
45). FIN No. 45 interprets FASB Statement Nos. 5, 57 and 107, and addresses the
disclosures to be made by a guarantor in interim and annual financial statements about
obligations under certain guarantees that it has issued. In addition, FIN No. 45 clarifies
that a guarantor must recognize, at the inception of a guarantee, a liability for the fair
value of the obligation undertaken in issuing the guarantee. The initial recognition and
initial measurement provisions of this interpretation are applicable on a prospective
basis to guarantees issued or modified ending after December 31, 2002. The Company adopted
FIN No. 45 as of January 1, 2003 without material effect to either its financial position
or the results of its operations.


In
January 2003, the FASB issued Interpretation No. 46, Consolidation of Variable Interest
Entities(FIN No. 46), an interpretation of Accounting Research Bulletin
No. 51. FIN No. 46 requires the consolidation of variable interest entities in which an
enterprise absorbs a majority of the entitys expected losses or receives a majority
of the entitys expected residual returns as a result of ownership, contractual or
other financial interests in the entity. Currently, entities are generally consolidated by
an enterprise that has a controlling financial interest through ownership of a majority
voting interest in the entity.


The
Company leases one of its facilities from an unconsolidated variable interest entity
(VIE) under an operating lease, which expires in September 2005, but can be
renewed through September 2010. A third party has invested capital at risk of 3% of the
assets of the VIE with the remainder being financed through a debt obligation. Currently,
this allows the Company to not consolidate the VIE in the Companys financial
statements and to account for the arrangement as an operating lease. Accordingly, neither
the leased facility nor the related debt is reported in the Companys accompanying
condensed consolidated balance sheets.


The
Company believes that under FIN No. 46 it will be deemed the VIEs primary
beneficiary. The Company expects to begin consolidating the VIE effective July 1, 2003. If
the Company had consolidated the VIE beginning January 1, 2002, property and equipment
reported at December 31, 2002 would have increased approximately $32 million, net of
accumulated depreciation of approximately $4 million, and debt and minority interest would
have increased approximately $34 million and $1 million, respectively. Rental expense
reported for the year ended December 31, 2002 would have decreased approximately $2
million, while depreciation expense and interest expense would have increased
approximately $1 million and $2 million, respectively.
4
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Note C 
Consolidated Statements of Retained Earnings


The
following table sets forth retained earnings for the periods indicated:
|-----------------------------------------------------------------------------------------------------------------------------------

|                                   | Three months
      ended
      March 31, |  
|---------------------------------- | ---------------------------------------- | -
|
|Balance
      at beginning of year |                                          | $
|Net
      income (loss)            |                                          |  
|Dividends
      to parent          |                                          |  
|                                   |                                          |  
|Balance
      at end of period     |                                          | $
|                                   |                                          |  

|Note D 
Comprehensive Income (Loss)


The
components of comprehensive income (loss) were as follows:
|-----------------------------------------------------------------------------------------------------

|                                                                | Three
      months ended
      March 31, |     
|--------------------------------------------------------------- | ---------------------------------------- | ----
|
|Net
      income (loss)                                         | $                                        | 93.1
|Other comprehensive
      income (loss):                       
|Change
      in net unrealized gains from investments marked to
|fair
      value (net of tax)                                   |                                          | (2.2
|Foreign
      currency translation adjustments                  |                                          | (1.8
|Change
      in unrealized gains from derivatives marked to    
|fair
      value (net of tax)                                   |                                          | 0.3 
|                                                                |                                          |     
|Comprehensive
      income (loss)                               | $                                        | 89.4
|                                                                |                                          |     

|Note E  Subsequent
Event


On
April 30, 2003, the real estate information services operations contract with its
second largest customer expired. Under the terms of the contract, the operations
life of loan reporting obligation to this customer terminated as of the contract
expiration date. Accordingly, the operation will recognize all of its remaining deferred
revenue associated with this customer, approximately $57 million ($35 million after tax),
during the second quarter of 2003.
5
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Item 2. 
Managements Narrative Analysis of Results of Operations.


The
following table sets forth revenues and income (loss) by business segment for the periods
indicated:
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|                                                              | Three months ended
      March 31, |      
|------------------------------------------------------------- | ---------------------------------- | -----
|
|
|Commercial
      lending                                      | $                                  | 180.6
|Intermodal
      leasing                                      |                                    | 104.4
|Real estate
      information services                        |                                    | 68.8 
|Other(1)                                                      |                                    | 0.7  
|                                                              |                                    |      
|                                                              | $                                  | 354.5
|                                                              |                                    |      
|Income (loss)
      from discontinued operations (net of tax) |                                    |      
|Cumulative
      effect of accounting change (net of tax)     |                                    |      
|                                                              |                                    |      
|Net income
      (loss)                                       |                                    |      
|                                                              |                                    |      

|
|

|(1) | Unallocated
items including intercompany eliminations.
|--- | ------------------------------------------------------

|6
|-

|Commercial Lending


Income
from continuing operations for the first quarter of 2003 was $69.9 million, a $34.6
million (98%) increase from the first quarter of 2002. Operating results for the first
quarter of 2003 included a federal tax benefit of $13.8 million resulting from a cash
dividend paid from a foreign subsidiary. The tax benefit was a recapture of previously
paid federal taxes on foreign earnings. Also included in the 2003 results was a reversal
of $7.3 million in federal tax reserves relating to anticipated federal taxes on the
repatriation of foreign earnings. These reserves were no longer necessary as a result of
the payment of the cash dividend discussed in the preceding sentence. Excluding the above
items, commercial lending income from continuing operations increased $13.5 million (38%)
from the first quarter of 2002. The increase was primarily attributable to a lower
provision for losses on receivables.


Revenues
for the first quarter of 2003 decreased $20.4 million (10%) from the first quarter of
2002, principally as a result of lower average net finance receivables outstanding and the
sale and liquidation of net finance receivables in assets held for sale. Interest expense
for the first quarter of 2003 decreased $21.6 million (40%) from the comparable 2002
period, primarily due to lower borrowing rates. Operating expenses for the first quarter
of 2003 remained level with the comparable 2002 period. Lower costs related to the decline
in the liquidating and held for sale assets were largely offset by increased expenses in
the ongoing businesses. For the first quarter of 2003, the provision for losses on
receivables decreased $18.0 million (81%) from the first quarter of 2002, principally as a
result of lower credit losses. Net annualized credit losses as a percentage of average net
finance receivables outstanding were 0.38% for the first quarter of 2003 compared with
1.30% for the first quarter of 2002.


Net
finance receivables outstanding at March 31, 2003 increased $431.3 million (7%) from
December 31, 2002 due primarily to seasonal growth in the distribution finance business.
Management has established an allowance for losses on net finance receivables of $178.2
million (2.69% of net finance receivables outstanding) at March 31, 2003, compared with
$181.3 million (2.93% of net finance receivables outstanding) at December 31, 2002.


Delinquent
finance receivables are defined as the installment balance for inventory finance and
asset-based finance receivables more than sixty days past due and the receivable balance
for all other finance receivables over sixty days past due. At March 31, 2003, delinquent
finance receivables were $65.7 million (0.92% of finance receivables outstanding) compared
with $90.2 million (1.34% of finance receivables outstanding) at December 31, 2002.


Non-earning
finance receivables are defined as balances from borrowers that are more than ninety days
delinquent for non-credit card finance receivables or at such time as full collectibility
becomes doubtful. Non-earning finance receivables on revolving credit card accounts are
defined as balances from borrowers in bankruptcy and accounts for which full
collectibility is doubtful. At March 31, 2003, non-earning finance receivables were $247.7
million (3.46% of finance receivables outstanding) compared with $208.5 million (3.09% of
finance receivables outstanding) at December 31, 2002. The increase in non-earning finance
receivables was primarily related to airline and manufacturing receivables.


Assets
held for sale at March 31, 2003 totaled $93.2 million, net of a $17.6 million valuation
allowance, and primarily consisted of net finance receivables from the consumer mortgage,
small business administration loan and Asian joint venture businesses and other
repossessed assets. The Company has obtained regulatory approval for the sale of its Asian
joint venture business and expects to complete the sale during the second quarter of 2003.
Assets held for sale at December 31, 2002 totaled $84.8 million, net of a $22.6 million
valuation allowance. Of the net finance receivables held for sale at March 31, 2003, $14.3
million were delinquent and $18.8 million were non-earning. At December 31, 2002,
delinquent and non-earning net finance receivables held for sale were $21.6 million and
$23.4 million, respectively.
7
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Intermodal Leasing


Income
from continuing operations for the first quarter of 2003 increased $4.4 million from the
first quarter of 2002. Income from continuing operations for the first quarter of 2002
included a $6.6 million net tax benefit associated with a structured financing of certain
European trailer equipment. Excluding this item, income from continuing operations for the
first quarter of 2003 improved $11.0 million, mainly due to increased utilization of
maritime containers and lower ownership costs due to a smaller maritime container fleet.


Revenues
for the first quarter of 2003 increased $6.5 million (7%) from the first quarter of 2002,
primarily due to an increase in the number of maritime containers on-hire and higher
European trailer revenues resulting from a weaker dollar foreign exchange rate.


Expenses
for the first quarter of 2003 decreased $7.9 million (7%) from the first quarter of 2002,
primarily due to lower storage and positioning costs related to increased utilization of
maritime containers and lower ownership costs resulting from a smaller maritime container
fleet. This decrease was partially offset by higher European trailer expenses resulting
from a weaker dollar foreign exchange rate.


Maritime
container utilization averaged 86% for the first quarter of 2003 and 74% for the first
quarter of 2002. European trailer utilization averaged 87% for the first quarter of both
2003 and 2002.


Real Estate Information
Services


Income
from continuing operations for the first quarter of 2003 was $17.9 million compared with
$7.1 million for the first quarter of 2002. The $10.8 million increase was primarily due
to increased revenues and continued focus on controlling expenses.


Revenues
for the first quarter of 2003 increased $8.6 million (14%) from the first quarter of 2002.
The increase in revenues was primarily due to higher levels of mortgage refinance
activity, which led to increased property tax payment and reporting and flood
certification fees.


Expenses
for the first quarter of 2003 decreased $6.4 million (13%) from the first quarter of 2002.
The decrease was due to continued focus on efficiency and quality improvements.


Derivatives


The
Company uses derivative financial instruments to hedge some of its interest rate and
foreign currency exchange rate risk. The Company uses interest rate exchange agreements to
hedge the interest rate risk of its outstanding indebtedness. The interest rate exchange
agreements are intended to help the Company more closely match the cash flow received from
its assets to the payments on its liabilities, and generally provide that one party pays
interest at a floating rate in relation to movements in an underlying index while the
other party pays interest at a fixed rate. The Company uses foreign currency forward
exchange agreements primarily to hedge the risks associated with the funding of certain of
its foreign operations. Under these agreements, the Company agrees to sell to other
contracting parties a specified amount of foreign currency for a specified amount of
dollars at a future date. Derivatives are used only for the purpose of hedging such risks,
not for speculation.


The
notional amounts of the Companys debt derivative financial instruments were $0.7
billion at both March 31, 2003 and December 31, 2002. Of these derivatives, $0.5 billion
at both March 31, 2003 and December 31, 2002 qualified under FASB Statement No. 133,
Accounting for Derivative Instruments and hedging Activities (FAS No.
133), for hedge accounting treatment. The hedging relationships of the
Companys fair value and cash flow hedges qualified under FAS No. 133 for the
short cut method and therefore no ineffective cash flow gains or losses were
recognized.


8
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The
fair value of the Companys hedges at March 31, 2003 consisted of gross obligations
to counterparties of $6.9 million and gross benefits of $11.0 million, resulting in a net
benefit of $4.1 million. The fair value of the Companys hedges at December 31, 2002
consisted of gross obligations to counterparties of $20.1 million and gross benefits of
$11.8 million, resulting in a net obligation of $8.3 million.

|Safe Harbor Statement
Under the Private Securities Litigation Reform Act of 1995


The
statements contained in this report, which are not historical facts, are forward-looking
statements. When included in this report, the words expects,
intends, anticipates, estimates, and analogous
expressions are intended to identify forward-looking statements. Such statements
inherently are subject to a variety of risks and uncertainties that could cause actual
results to differ materially from those projected. Such risks and uncertainties include,
among others:
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | general
economic and business conditions
| | - | ----------------------------------------

| |  | competition
| | - | -----------

| |  | changes
in financial markets (credit, currency, commodities and stocks)
| | - | -----------------------------------------------------------------------

| |  | changes
in foreign, political, social and economic conditions
| | - | -------------------------------------------------------------

| |  | regulatory
initiatives and compliance with governmental regulations, judicial decisions and rulings
| | - | ---------------------------------------------------------------------------------------------------

| |  | various
other matters, many of which are beyond the Company's control
| | - | ---------------------------------------------------------------------

|These
forward-looking statements speak only as of the date of this report. The Company expressly
disclaims any obligation or undertaking to release publicly any updates or revisions to
any forward-looking statement contained herein to reflect any change in the Companys
expectations with regard thereto or any change in events, conditions or circumstances on
which any statement is based.


Item 3. Quantitative and
Qualitative Disclosures About Market Risk.


Omitted
in accordance with General Instruction H.


Item 4. Controls and
Procedures.


As
of a date (the Evaluation Date) within ninety days prior to this report, the
Company carried out an evaluation, under the supervision and with the participation of
management, including its Chief Executive Officer and Chief Financial Officer, of the
effectiveness of the design and operation of the Companys disclosure controls and
procedures. Based upon that evaluation, the Chief Executive Officer and Chief Financial
Officer concluded that as of the Evaluation Date the Companys disclosure controls
and procedures were effective to timely alert them to material information required to be
included in the Companys Exchange Act filings. Subsequent to the Evaluation Date,
there were no significant changes in the Companys internal controls or in other
factors that could significantly affect these controls.
9
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|PART II  OTHER
INFORMATION


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


(a)    Exhibits:
|------------------------------------------------------------------------------------------

| | 12 | Computation
of Ratio of Earnings to Fixed Charges.
| | -- | --------------------------------------------------

| | 99.1 | Certification
of Quarterly Report Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
| | ---- | --------------------------------------------------------------------------------------------

(b)    Reports
on Form 8-K:

| | None.
| | -----

|10
|--

|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.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | TRANSAMERICA FINANCE CORPORATION
      (Registrant)
| | ---------------------------------------------------

|Signature                           |  | Title                                                     
|----------------------------------- |  | ----------------------------------------------------------
|                                    |  |                                                           
|Principal
      Financial Officer:  |  |                                                           
|                                    |  |                                                           
|/s/ ROSARIO
      A. PERRELLI       |  | Executive
      Vice President and Chief Financial Officer
|                   | 
|(Rosario
      A. Perrelli)         | 
|                                    | 
|Principal
      Accounting Officer: | 
|                                    |  |                                                           
|/s/ THOMAS
      G. BASTIAN         |  | Senior Vice
      President and Controller                
|                   | 
|(Thomas
      G. Bastian)           | 

|Date:   May 6, 2003
11
|----------------------

|CERTIFICATIONS
|--------------

| | I,
ROBERT A. WATSON, certify that:
| | ----------------------------------

|1) | I
have reviewed this quarterly report on Form 10-Q of Transamerica Finance
          Corporation;
|-- | -------------------------------------------------------------------------------------------------

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

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

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

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

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

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

|5) | The
registrants other certifying officer and I have disclosed, based on           our
most recent evaluation, to the registrants auditors and the audit
          committee of registrants board of directors (or persons performing the
          equivalent functions):
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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

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

|6) | The
registrants other certifying officer and I have indicated in this
          quarterly report whether there were significant changes in internal controls or
          in other factors that could significantly affect internal controls subsequent
to           the date of our most recent evaluation, including any corrective actions
with           regard to significant deficiencies and material weaknesses.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|                           |  |                                           
|-------------------------- |  | ------------------------------------------
|/s/ ROBERT
      A. WATSON |  | Chairman
      and Chief Executive Officer
|          | 
|(Robert
      A. Watson)   | 

|Date:   May 6, 2003
12
|----------------------

| | I,
ROSARIO A. PERRELLI, certify that:
| | -------------------------------------

|1) | I
have reviewed this quarterly report on Form 10-Q of Transamerica Finance
          Corporation;
|-- | -------------------------------------------------------------------------------------------------

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

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

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

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

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

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

|5) | The
registrants other certifying officer and I have disclosed, based on           our
most recent evaluation, to the registrants auditors and the audit
          committee of registrants board of directors (or persons performing the
          equivalent functions):
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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

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

|6) | The
registrants other certifying officer and I have indicated in this
          quarterly report whether there were significant changes in internal controls or
          in other factors that could significantly affect internal controls subsequent
to           the date of our most recent evaluation, including any corrective actions
with           regard to significant deficiencies and material weaknesses.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|/s/ ROSARIO
      A. PERRELLI |  | Executive
      Vice President and Chief Financial Officer
|----------------------------- |  | ----------------------------------------------------------
|             | 
|(Rosario
      A. Perrelli)   | 

|Date:   May 6, 2003



13
|-------------------------