UNITED STATES
                   SECURITIES AND EXCHANGE COMMISSION
                        Washington, 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              March 31, 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 1-6155


                 AMERICAN GENERAL FINANCE CORPORATION
        (Exact name of registrant as specified in its charter)



                 Indiana                            35-0416090
        (State of Incorporation)                 (I.R.S. Employer
                                                Identification No.)


 601 N.W. Second Street, Evansville, IN               47708
(Address of principal executive offices)           (Zip Code)


                            (812) 424-8031
         (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

Indicate by check mark whether the registrant is an accelerated filer
(as defined in Rule 12b-2 of the Securities Exchange Act of 1934).
Yes       No  X

The 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.

At April 30, 2003, there were 10,160,012 shares of the registrant's
common stock, $.50 par value, outstanding.
<PAGE> 2

                           TABLE OF CONTENTS


          Item                                                    Page

Part I     1.  Financial Statements . . . . . . . . . . . . . . . .  3

           2.  Management's Discussion and Analysis of Financial
                 Condition and Results of Operations. . . . . . . . 12

           4.  Controls and Procedures  . . . . . . . . . . . . . . 24

Part II    1.  Legal Proceedings  . . . . . . . . . . . . . . . . . 25

           6.  Exhibits and Reports on Form 8-K . . . . . . . . . . 25



                         AVAILABLE INFORMATION

The Company files annual, quarterly, and current reports and other
information with the Securities and Exchange Commission (the SEC).  The
SEC maintains a website that contains annual, quarterly, and current
reports and other information that issuers (including the Company) file
electronically with the SEC.  The SEC's website is www.sec.gov.  Our
annual report on Form 10-K for the year ended December 31, 2002 and
this quarterly report on Form 10-Q are available free of charge on our
Internet website www.agfinance.com.  The information on the Company's
website is not incorporated by reference into this report.
<PAGE> 3

                      Part I - FINANCIAL INFORMATION


Item 1.  Financial Statements



           AMERICAN GENERAL FINANCE CORPORATION AND SUBSIDIARIES
                Condensed Consolidated Statements of Income
                                (Unaudited)



                                                        Three Months Ended
                                                             March 31,
                                                        2003          2002
                                                      (dollars in thousands)

Revenues
  Finance charges                                     $430,662      $413,682
  Insurance                                             45,708        45,500
  Other                                                 45,186        30,193

Total revenues                                         521,556       489,375

Expenses
  Interest expense                                     141,829       135,952
  Operating expenses                                   160,454       140,824
  Provision for finance receivable losses               69,451        69,597
  Insurance losses and loss adjustment
    expenses                                            20,389        21,982

Total expenses                                         392,123       368,355

Income before provision for income taxes               129,433       121,020

Provision for Income Taxes                              45,596        43,067


Net Income                                            $ 83,837      $ 77,953





See Notes to Condensed Consolidated Financial Statements.
<PAGE> 4

           AMERICAN GENERAL FINANCE CORPORATION AND SUBSIDIARIES
                   Condensed Consolidated Balance Sheets



                                                   March 31,    December 31,
                                                     2003            2002
                                                  (Unaudited)
                                                    (dollars in thousands)
Assets

Net finance receivables:
  Real estate loans                               $ 9,501,580    $ 9,313,496
  Non-real estate loans                             2,805,008      2,905,339
  Retail sales finance                              1,278,681      1,355,503

Net finance receivables                            13,585,269     13,574,338
Allowance for finance receivable losses              (450,668)      (453,668)
Net finance receivables, less allowance
  for finance receivable losses                    13,134,601     13,120,670

Investment securities                               1,264,286      1,227,156
Cash and cash equivalents                             244,189        144,565
Notes receivable from parent                          263,750        269,240
Other assets                                          891,861        639,091

Total assets                                      $15,798,687    $15,400,722


Liabilities and Shareholder's Equity

Long-term debt                                    $ 9,230,784    $ 9,566,256
Short-term debt                                     3,586,906      3,061,141
Insurance claims and policyholder
  liabilities                                         458,997        472,348
Other liabilities                                     544,229        453,487
Accrued taxes                                          71,430         37,562

Total liabilities                                  13,892,346     13,590,794

Shareholder's equity:
  Common stock                                          5,080          5,080
  Additional paid-in capital                          951,175        951,175
  Accumulated other comprehensive loss                (55,465)       (68,938)
  Retained earnings                                 1,005,551        922,611

Total shareholder's equity                          1,906,341      1,809,928

Total liabilities and shareholder's equity        $15,798,687    $15,400,722





See Notes to Condensed Consolidated Financial Statements.
<PAGE> 5

            AMERICAN GENERAL FINANCE CORPORATION AND SUBSIDIARIES
               Condensed Consolidated Statements of Cash Flows
                                 (Unaudited)



                                                       Three Months Ended
                                                            March 31,
                                                       2003          2002
                                                     (dollars in thousands)

Cash Flows from Operating Activities
Net income                                          $   83,837    $   77,953
Reconciling adjustments:
  Provision for finance receivable losses               69,451        69,597
  Depreciation and amortization                         44,709        36,658
  Deferral of finance receivable origination
    costs                                              (15,211)      (14,124)
  Deferred income tax charge                               720         8,563
  Origination of real estate loans held for sale      (617,826)         -
  Sales and principal collections of real estate
    loans held for sale                                512,627          -
  Change in other assets and other liabilities          36,035       121,813
  Change in insurance claims and policyholder
    liabilities                                        (13,351)      (17,317)
  Change in taxes receivable and payable                34,327        (6,124)
  Other, net                                            11,585        10,966
  Net cash provided by operating activities            146,903       287,985

Cash Flows from Investing Activities
  Finance receivables originated or purchased       (1,782,462)   (1,519,024)
  Principal collections on finance receivables       1,664,549     1,565,518
  Acquisition of Wilmington Finance, Inc.              (93,189)         -
  Investment securities purchased                     (595,331)     (217,928)
  Investment securities called and sold                556,052       205,457
  Investment securities matured                          7,000         5,845
  Change in notes receivable from parent                 5,490        (7,639)
  Change in premiums on finance receivables
    purchased and deferred charges                      10,045        (4,538)
  Other, net                                            (3,731)       (4,172)
Net cash (used for) provided by investing
  activities                                          (231,577)       23,519

Cash Flows from Financing Activities
  Proceeds from issuance of long-term debt             299,580       698,518
  Repayment of long-term debt                         (640,150)     (299,457)
  Change in short-term debt                            525,765      (529,629)
  Dividends paid                                          (897)      (89,920)
Net cash provided by (used for) financing
  activities                                           184,298      (220,488)

Increase in cash and cash equivalents                   99,624        91,016
Cash and cash equivalents at beginning of period       144,565       175,492
Cash and cash equivalents at end of period          $  244,189    $  266,508





See Notes to Condensed Consolidated Financial Statements.
<PAGE> 6

           AMERICAN GENERAL FINANCE CORPORATION AND SUBSIDIARIES
         Condensed Consolidated Statements of Comprehensive Income
                                (Unaudited)



                                                        Three Months Ended
                                                             March 31,
                                                        2003          2002
                                                      (dollars in thousands)


Net income                                            $ 83,837      $ 77,953

Other comprehensive gain:

  Net unrealized (losses) gains:
    Investment securities                                4,311       (10,242)
    Interest rate swaps                                 (8,281)        1,136

  Income tax effect:
    Investment securities                               (1,499)        3,584
    Interest rate swaps                                  2,899          (397)

  Net unrealized losses, net of tax                     (2,570)       (5,919)

  Reclassification adjustments for
    realized losses (gains) included
    in net income:
      Investment securities                              2,852        (1,268)
      Interest rate swaps                               21,830        28,391

  Income tax effect:
    Investment securities                                 (998)          444
    Interest rate swaps                                 (7,641)       (9,937)

  Realized losses included in net income,
    net of tax                                          16,043        17,630

Other comprehensive gain, net of tax                    13,473        11,711


Comprehensive income                                  $ 97,310      $ 89,664





See Notes to Condensed Consolidated Financial Statements.
<PAGE> 7

           AMERICAN GENERAL FINANCE CORPORATION AND SUBSIDIARIES
           Notes to Condensed Consolidated Financial Statements
                              March 31, 2003



Note 1.  Principles of Consolidation

American General Finance Corporation will be referred to as "AGFC" or
collectively with its subsidiaries, whether directly or indirectly
owned, as the "Company" or "we".  We prepared our condensed
consolidated financial statements using accounting principles generally
accepted in the United States for interim periods.  The statements
include the accounts of AGFC and its subsidiaries, all of which are
wholly owned.  We eliminated all intercompany items.  AGFC is a wholly
owned subsidiary of American General Finance, Inc. (AGFI).  AGFI is an
indirect wholly owned subsidiary of American International Group, Inc.
(AIG).



Note 2.  Adjustments and Reclassifications

We made all adjustments, consisting only of normal recurring
adjustments, that we considered necessary for a fair statement of the
Company's condensed consolidated financial statements.  These
statements should be read in conjunction with the consolidated
financial statements and related notes included in our annual report on
Form 10-K for the year ended December 31, 2002.

To conform to the 2003 presentation, we reclassified certain items in
the prior period.



Note 3.  Acquisition

Effective January 1, 2003, we acquired 100% of the common stock of
Wilmington Finance, Inc. (WFI), a majority owned subsidiary of WSFS
Financial Corporation, in a purchase business combination.  WFI
originates non-conforming residential real estate loans nationally,
primarily through broker relationships and, to a lesser extent,
directly to consumers, and sells its originated loans to third party
investors with servicing released to the purchaser.  WFI provides the
Company with another source of revenue through its gains on real estate
loan sales.  The purchase price was $120.8 million, consisting of $25.8
million for net assets and $95.0 million for intangibles.  The majority
of the tangible assets acquired were real estate loans held for sale.
We expect to finalize an independent valuation of the intangibles in
second quarter 2003, but we anticipate the majority to be goodwill,
which we will assign to our consumer finance business segment.  We
included the results of WFI's operations in our financial statements
beginning January 1, 2003, the effective date of the acquisition, and
classified the $95.0 million of intangibles as goodwill.
<PAGE> 8

Note 4.  Accounting Change

In November 2002, the Financial Accounting Standards Board issued
Interpretation No. 45 (FIN 45), "Guarantor's Accounting and Disclosure
Requirements for Guarantees, Including Indirect Guarantees of
Indebtedness of Others."  FIN 45 elaborates on the disclosures to be
made by a guarantor in its financial statements about its obligations
under certain guarantees that it has issued.  It also clarifies that a
guarantor is required to recognize, at the inception of a guarantee, a
liability for the fair value of the obligation undertaken in issuing
the guarantee.  Certain guarantee contracts are excluded from both the
disclosure and recognition requirements of FIN 45, including, among
others, residual value guarantees under capital lease arrangements and
loan commitments.  The disclosure requirements of FIN 45 were effective
as of December 31, 2002.  The recognition requirements of FIN 45 are to
be applied prospectively to guarantees issued or modified after
December 31, 2002.  The adoption of FIN 45 did not have a material
impact on our consolidated results of operations, financial position,
or liquidity.



Note 5.  Finance Receivables

Components of net finance receivables by type were as follows:

                                             March 31, 2003
                               Real        Non-real      Retail
                              Estate        Estate        Sales
                               Loans         Loans       Finance     Total
                                         (dollars in thousands)

Gross receivables            $9,429,902  $3,120,087  $1,420,685  $13,970,674
Unearned finance charges
  and points and fees          (142,841)   (395,899)   (153,845)    (692,585)
Accrued finance charges          74,732      36,409      11,936      123,077
Deferred origination costs       13,348      34,690        -          48,038
Premiums, net of discounts      126,439       9,721         (95)     136,065

Total                        $9,501,580  $2,805,008  $1,278,681  $13,585,269


                                            December 31, 2002
                               Real        Non-real      Retail
                              Estate        Estate        Sales
                               Loans         Loans       Finance     Total
                                         (dollars in thousands)

Gross receivables            $9,224,803  $3,244,413  $1,507,184  $13,976,400
Unearned finance charges
  and points and fees          (145,039)   (431,812)   (166,922)    (743,773)
Accrued finance charges          77,852      41,006      12,953      131,811
Deferred origination costs       12,447      35,441        -          47,888
Premiums, net of discounts      143,433      16,291       2,288      162,012

Total                        $9,313,496  $2,905,339  $1,355,503  $13,574,338
<PAGE> 9

Note 6.  Allowance for Finance Receivable Losses

Changes in the allowance for finance receivable losses were as follows:

                                                 Three Months Ended
                                                      March 31,
                                                2003            2002
                                               (dollars in thousands)

Balance at beginning of period                 $453,668      $438,860
Provision for finance receivable losses          69,451        69,597
Allowance related to net acquired
  receivables                                      -            1,187
Charge-offs                                     (82,608)      (79,217)
Recoveries                                       10,157         9,826

Balance at end of period                       $450,668      $440,253



Note 7.  Derivative Financial Instruments

AGFC uses derivative financial instruments in managing the cost of its
debt and is neither a dealer nor a trader in derivative financial
instruments.  AGFC has generally limited its use of derivative
financial instruments to interest rate swap agreements.  These interest
rate swap agreements are designated and qualify as cash flow hedges or
fair value hedges.

AGFC uses interest rate swap agreements to limit our exposure to market
interest rate risk in the funding of our operations.  Most of our swaps
synthetically convert certain short-term or floating-rate debt to a
long-term fixed-rate.  The synthetic long-term fixed rates achieved
through interest rate swap agreements are slightly lower than could
have been achieved by issuing comparable fixed-rate, long-term debt.
Additionally, AGFC has swapped fixed-rate, long-term debt to floating-
rate, long-term debt.  As an alternative to funding without these
derivative financial instruments, AGFC's interest rate swap agreements
did not have a material effect on the Company's other revenues,
interest expense, or net income during the three months ended March 31,
2003 or 2002.



Note 8.  Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss were as follows:

                                          March 31,      December 31,
                                            2003             2002
                                            (dollars in thousands)

Net unrealized losses on interest
  rate swaps                             $(90,097)           $(98,904)
Net unrealized gains on investment
  securities                               34,632              29,966

Total                                    $(55,465)           $(68,938)
<PAGE> 10

Note 9.  Segment Information

We have two business segments: consumer finance and insurance.  Our
segments are defined by the type of financial service product offered.
The consumer finance segment makes home equity loans, originates
secured and unsecured consumer loans, extends lines of credit, and
purchases retail sales contracts from, and provides revolving retail
services for, retail merchants.  We also purchase private label
receivables originated by a non-subsidiary affiliate of ours, under a
participation agreement.  To supplement our lending and retail sales
financing activities, we purchase portfolios of real estate loans, non-
real estate loans, and retail sales finance receivables.  We also
originate real estate loans through brokers for sale to third party
investors.  We offer credit and non-credit insurance to our consumer
finance customers.  The insurance segment writes and assumes credit and
non-credit insurance through products that are offered principally by
the consumer finance segment.

The following tables display information about the Company's segments
as well as a reconciliation of total segment pretax income to the
condensed consolidated financial statement amounts.

For the three months ended March 31, 2003:

                                Consumer                       Total
                                Finance      Insurance       Segments
                                       (dollars in thousands)
Revenues:
  External:
    Finance charges            $458,643       $   -          $458,643
    Insurance                       226         45,482         45,708
    Other                        17,597         22,490         40,087
  Intercompany                   21,454        (18,049)         3,405
Pretax income                   132,703         21,380        154,083


For the three months ended March 31, 2002:

                                Consumer                       Total
                                Finance      Insurance       Segments
                                       (dollars in thousands)
Revenues:
  External:
    Finance charges            $437,081       $   -          $437,081
    Insurance                       265         45,235         45,500
    Other                        (4,193)        21,899         17,706
  Intercompany                   18,540        (17,978)           562
Pretax income                   130,161         19,017        149,178
<PAGE> 11

Reconciliations of total segment pretax income to the condensed
consolidated financial statement amounts were as follows:

                                                 Three Months Ended
                                                      March 31,
                                                2003            2002
                                               (dollars in thousands)
Pretax income:
  Segments                                     $154,083      $149,178
  Corporate                                     (15,239)      (27,251)
  Adjustments                                    (9,411)         (907)

Consolidated pretax income                     $129,433      $121,020


Adjustments for pretax income include realized gains (losses) and
certain other investment revenue, pension expense, interest expense due
to releveraging of debt, and provision for finance receivable losses
due to redistribution of amounts provided for the allowance for finance
receivable losses.



Note 10.  Legal Contingencies

AGFC and certain of its subsidiaries are parties to various lawsuits
and proceedings, including certain class action claims, arising in the
ordinary course of business.  In addition, many of these proceedings
are pending in jurisdictions, such as Mississippi, that permit damage
awards disproportionate to the actual economic damages alleged to have
been incurred.  Based upon information presently available, we believe
that the total amounts that will ultimately be paid arising from these
lawsuits and proceedings will not have a material adverse effect on our
consolidated results of operations or financial position.  However, the
frequency of large damage awards, including large punitive damage
awards that bear little or no relation to actual economic damages
incurred by plaintiffs in some jurisdictions, continues to create the
potential for an unpredictable judgment in any given suit.
<PAGE> 12

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


                 REPORT OF MANAGEMENT'S RESPONSIBILITY

The Company's management is responsible for the integrity and fair
presentation of our condensed consolidated financial statements and all
other financial information presented in this report.  We prepared our
condensed consolidated financial statements using accounting principles
generally accepted in the United States (GAAP).  We made estimates and
assumptions that affect amounts recorded in the financial statements
and disclosures of contingent assets and liabilities.

The Company's management is responsible for establishing and
maintaining an internal control structure and procedures for financial
reporting.  These systems are designed to provide reasonable assurance
that assets are safeguarded from loss or unauthorized use, that
transactions are recorded according to GAAP under management's
direction and that financial records are reliable to prepare financial
statements.  We support the internal control structure with careful
selection, training and development of qualified personnel.  The
Company's employees are subject to AIG's Code of Conduct designed to
assure that all employees perform their duties with honesty and
integrity.  We do not allow loans to executive officers.  The systems
include a documented organizational structure and policies and
procedures that we communicate throughout the Company. Our internal
auditors report directly to AIG to strengthen independence.  They
continually monitor the operation of our internal controls and report
their findings to the Company's management and AIG's internal audit
department.  We take prompt action to correct control deficiencies and
address opportunities for improving the system.  The Company's
management assesses the adequacy of our internal control structure
quarterly.  Based on these assessments, management has concluded that
the internal control structure and the procedures for financial
reporting have functioned effectively and that the condensed
consolidated financial statements fairly present our consolidated
financial position and the results of our operations for the periods
presented.
<PAGE> 13

                      FORWARD-LOOKING STATEMENTS

This quarterly report on Form 10-Q and our other publicly available
documents may include, and the Company's officers and representatives
may from time to time make, statements which may constitute "forward-
looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995.  These statements are not historical
facts but instead represent only our belief regarding future events,
many of which are inherently uncertain and outside of our control.
These statements may address, among other things, the Company's
strategy for growth, product development, regulatory approvals, market
position, financial results and reserves.  The Company's actual results
and financial condition may differ, possibly materially, from the
anticipated results and financial condition indicated in these forward-
looking statements.  The important factors, many of which are outside
of our control, which could cause the Company's actual results to
differ, possibly materially, include, but are not limited to, the
following:

     *  changes in general economic conditions, including the interest
        rate environment in which we conduct business and the
        financial markets through which we access capital;
     *  changes in the competitive environment in which we operate,
        including the demand for our products, customer responsiveness
        to our distribution channels and the formation of business
        combinations among our competitors;
     *  the effectiveness of our credit risk scoring models in
        assessing the risk of customer unwillingness or inability to
        repay;
     *  shifts in collateral values, contractual delinquencies, credit
        losses and the level of personal bankruptcies;
     *  changes in laws or regulations that affect our ability to
        conduct business or the manner in which we conduct business,
        such as licensing requirements, pricing limitations or
        restrictions on the method of offering products;
     *  the costs and effects of any litigation or governmental
        inquiries or investigations that are determined adversely to
        the Company;
     *  changes in accounting standards or tax policies and practices
        and the application of such new policies and practices to the
        manner in which we conduct business;
     *  our ability to integrate the operations of our acquisitions
        into our business;
     *  changes in our ability to attract and retain employees or key
        executives to support our businesses; and
     *  natural events and acts of God such as fires or floods
        affecting our branches or other operating facilities.

Readers are also directed to other risks and uncertainties discussed in
other documents we file with the Securities and Exchange Commission.
We are under no obligation to (and expressly disclaim any such
obligation to) update or alter any forward-looking statement, whether
written or oral, that may be made from time to time, whether as a
result of new information, future events or otherwise.
<PAGE> 14

                     CRITICAL ACCOUNTING POLICIES

Our Credit Strategy and Policy Committee evaluates our finance
receivable portfolio monthly.  The Credit Strategy and Policy Committee
exercises its judgment, based on each committee member's experience in
the consumer finance industry, when determining the amount of the
allowance for finance receivable losses.  If its review concludes that
an adjustment is necessary, we charge or credit this adjustment to
expense through the provision for finance receivable losses.  We
consider this estimate to be a critical accounting estimate that
affects the net income of the Company in total and the pretax operating
income of our consumer finance business segment.  We document the
adequacy of the allowance for finance receivable losses and the
analysis of the trends in credit quality considered by the Credit
Strategy and Policy Committee to support its conclusions.


                    OFF-BALANCE SHEET ARRANGEMENTS

We do not have any material off-balance sheet arrangements as defined
by Securities and Exchange Commission rules.


                    LIQUIDITY AND CAPITAL RESOURCES

Liquidity

Our sources of funds include operations, issuances of long-term debt,
short-term borrowings in the commercial paper market, and borrowings
from banks under credit facilities.  AGFC has also historically
received capital contributions from its parent to support finance
receivable growth and maintain targeted leverage.

Principal sources and uses of cash were as follows:

                                            Three Months Ended
                                                 March 31,
                                            2003           2002
                                           (dollars in millions)
Principal sources of cash:
  Operations                               $146.9         $288.0
  Net issuances of debt                     185.2             -
  Net collections on finance
    receivables                                -            46.5

  Total                                    $332.1         $334.5


Principal uses of cash:
  Net originations and purchases
    of finance receivables                 $117.9         $   -
  Dividends paid                              0.9           89.9
  Net repayment of debt                        -           130.6

  Total                                    $118.8         $220.5
<PAGE> 15

We believe that our overall sources of liquidity will continue to be
sufficient to satisfy our foreseeable operational requirements and
financial obligations.  The principal risk factors that could decrease
our sources of liquidity are delinquent payments from our customers and
an inability to access capital markets.  The principal factors that
could increase our cash needs are significant increases in net
originations and purchases of finance receivables.  We intend to
mitigate liquidity risk factors by continuing to operate the Company
within the following strategies:

     *  maintain a finance receivable portfolio comprised mostly of
        real estate loans, which generally represent a lower risk of
        customer non-payment;
     *  originate and monitor finance receivables with our proprietary
        credit risk management system;
     *  maintain an investment securities portfolio of predominantly
        investment grade, liquid securities; and
     *  maintain a capital structure appropriate to our asset base.

Consistent execution of our business strategies should result in
continued profitability, strong credit ratings, and investor
confidence.  These results should allow continued access to capital
markets for issuances of our commercial paper and long-term debt.  At
March 31, 2003, we had $4.0 billion of long-term debt securities
registered under the Securities Act of 1933 and available for issuance.
We also maintain committed bank credit facilities to provide an
additional source of liquidity for needs potentially not met through
capital markets.


Capital Resources
                                              March 31,
                                      2003                2002
                                 Amount  Percent     Amount  Percent
                                        (dollars in millions)

Long-term debt                  $ 9,230.8     63%   $ 6,700.3     54%
Short-term debt                   3,586.9     24      4,049.0     33

Total debt                       12,817.7     87     10,749.3     87
Equity                            1,906.3     13      1,545.3     13

Total capital                   $14,724.0    100%   $12,294.6    100%

Net finance receivables         $13,585.3           $11,587.0
Debt to tangible equity ratio       7.50x               7.48x


Our capital varies with the level of net finance receivables.  The
increase in total capital at March 31, 2003 when compared to March 31,
2002 was greater than our finance receivable growth for the same period
due to capital required to support the acquisition of WFI and its
operations.  The capital mix of debt and equity is based primarily upon
maintaining leverage that supports cost-effective funding.

We issue a combination of fixed-rate debt, principally long-term, and
floating-rate debt, principally short-term.  AGFC obtains our fixed-
rate funding through public issuances of long-term debt with maturities
generally ranging from three to ten years.  Most floating-rate funding
is through AGFC sales and refinancing of commercial paper and through
AGFC issuance of long-term, floating-rate debt.  Commercial paper, with
<PAGE> 16

maturities ranging from 1 to 270 days, is sold to banks, insurance
companies, corporations, and other accredited investors.  AGFC also
sells extendible commercial notes with initial maturities of up to 90
days, which may be extended by AGFC to 390 days.  At March 31, 2003,
short-term debt included $303.0 million of extendible commercial notes.

AGFC has paid dividends to (or received capital contributions from)
AGFI to manage our leverage of debt to tangible equity (equity less
goodwill and accumulated other comprehensive income) to 7.5 to 1.
Certain AGFC financing agreements effectively limit the amount of
dividends AGFC may pay.  These agreements have not prevented AGFC from
managing its capital to targeted leverage.


Liquidity Facilities

We maintain credit facilities to support the issuance of commercial
paper and to provide an additional source of funds for operating
requirements.  At March 31, 2003, AGFC had committed credit facilities
totaling $3.0 billion, including a facility under which AGFI is an
eligible borrower for up to $300.0 million.  The annual commitment fees
for the facilities currently average 0.07% and are based upon AGFC's
long-term credit ratings.

At March 31, 2003, AGFC and certain of its subsidiaries also had
uncommitted credit facilities (including shared uncommitted facilities
with AGFI) totaling $53.0 million which could be increased depending
upon lender ability to participate its loans under the facilities.

Available borrowings under all facilities are reduced by any
outstanding borrowings.  There were no amounts outstanding at March 31,
2003 or March 31, 2002.  AGFC guarantees its subsidiary borrowings
under uncommitted credit facilities.  AGFC does not guarantee any
borrowings of AGFI.



         ANALYSIS OF OPERATING RESULTS AND FINANCIAL CONDITION


Net Income
                                                 Three Months Ended
                                                      March 31,
                                                 2003           2002
                                                (dollars in millions)

Net income                                      $ 83.8         $ 78.0
  Amount change                                 $  5.8         $  9.8
  Percent change                                    8%            14%

Return on average assets (annualized)            2.16%          2.32%
Return on average equity (annualized)           18.12%         19.84%
Ratio of earnings to fixed charges               1.88x          1.86x


See Note 9. of the Notes to Condensed Consolidated Financial Statements
for information on the results of the Company's business segments.
<PAGE> 17

Factors that specifically affected the Company's operating results were
as follows:


Finance Charges
                                                 Three Months Ended
                                                      March 31,
                                                 2003           2002
                                                (dollars in millions)

Finance charges                                 $   430.7   $   413.7
  Amount change                                 $    17.0   $     4.8
  Percent change                                       4%          1%

Average net receivables                         $13,553.7   $11,666.3
Yield                                              12.85%      14.33%


Finance charges increased due to the following:

                                                 Three Months Ended
                                                      March 31,
                                                 2003           2002
                                                (dollars in millions)

Increase in average net receivables             $ 59.4         $  5.4
Decrease in yield                                (42.4)          (0.6)

Total                                           $ 17.0         $  4.8


Average net receivables by type and growth in average net receivables
when compared to the same period for the previous year were as follows:

                                  Three Months Ended March 31,
                                  2003                   2002
                           Amount      Growth     Amount      Growth
                                     (dollars in millions)

Real estate loans         $ 9,376.8   $1,898.4   $ 7,478.4    $ 398.9
Non-real estate loans       2,851.2       46.6     2,804.6     (118.4)
Retail sales finance        1,325.7      (57.6)    1,383.3      (18.8)

Total                     $13,553.7   $1,887.4   $11,666.3    $ 261.7

Percent change                             16%                     2%


In 2002, the low interest rate environment caused significant increases
in both originations and liquidations of our real estate loans.
However, we took advantage of the record real estate loan refinancings
that occurred in the market in general and acquired $1.9 billion of
real estate loan portfolios from third party originators during the
last half of 2002.
<PAGE> 18

Yield by type and changes in yield in basis points (bp) when compared
to the same period for the previous year were as follows:

                                   Three Months Ended March 31,
                                     2003                2002
                               Yield     Change     Yield     Change

Real estate loans              9.97%    (141) bp   11.38%     (37) bp
Non-real estate loans         21.49      (43)      21.92       39
Retail sales finance          14.65      (26)      14.91      124

Total                         12.85     (148)      14.33      (16)


Yield decreased for the three months ended March 31, 2003 when compared
to the same period in 2002 primarily reflecting a lower real estate
loan yield resulting from the low interest rate environment.


Insurance Revenues

Insurance revenues were as follows:
                                                 Three Months Ended
                                                      March 31,
                                                 2003           2002
                                                (dollars in millions)

Earned premiums                                 $45.1           $45.0
Commissions                                       0.6             0.5

Total                                           $45.7           $45.5

Amount change                                   $ 0.2           $(2.6)
Percent change                                     - %            (5)%


Earned premiums remained substantially the same for the three months
ended March 31, 2003 when compared to the same period in 2002.
<PAGE> 19

Other Revenues

Other revenues were as follows:
                                                 Three Months Ended
                                                      March 31,
                                                 2003           2002
                                                (dollars in millions)

Investment revenue                              $   19.7     $   22.9
Net gain on real estate loan sales                  19.2           -
Interest revenue - notes receivable
  from AGFI                                          3.3          4.2
Net interest income on real estate
  loans held for sale                                3.2           -
Writedowns on real estate owned                     (2.1)        (2.0)
Net gains on real estate owned sales                 0.3          0.5
Other                                                1.6          4.6

Total                                           $   45.2     $   30.2

Amount change                                   $   15.0     $   (0.7)
Percent change                                       50%         (2)%

Average invested assets                         $1,291.8     $1,237.4
Adjusted portfolio yield                           6.68%        6.62%
Net realized (losses) gains on
  investments                                   $   (2.9)    $    1.3


Other revenues increased for the three months ended March 31, 2003 when
compared to the same period in 2002 primarily due to net gain on real
estate loan sales in 2003, partially offset by lower investment
revenue.  The increase in net gain on real estate loan sales was due to
the acquisition of WFI.


Interest Expense
                                                 Three Months Ended
                                                      March 31,
                                                 2003           2002
                                                (dollars in millions)

Interest expense                                $   141.8   $   136.0
  Amount change                                 $     5.8       (31.2)
  Percent change                                       4%       (19)%

Average borrowings                              $12,721.0   $10,752.3
Borrowing cost                                      4.46%       5.06%


Interest expense increased (decreased) due to the following:

                                                 Three Months Ended
                                                      March 31,
                                                 2003           2002
                                                (dollars in millions)

Increase in average borrowings                  $ 24.9         $  5.5
Decrease in borrowing cost                       (19.1)         (36.7)

Total                                           $  5.8         $(31.2)
<PAGE> 20

Average borrowings by type and changes in average borrowings when
compared to the same period for the previous year were as follows:

                                  Three Months Ended March 31,
                                  2003                   2002
                           Amount      Change     Amount      Change
                                     (dollars in millions)

Long-term debt            $ 9,292.7   $2,786.8   $ 6,505.9    $ 897.0
Short-term debt             3,428.3     (818.1)    4,246.4     (556.0)

Total                     $12,721.0   $1,968.7   $10,752.3    $ 341.0

Percent change                             18%                     3%


AGFC issued $3.4 billion of long-term debt during the last half of
2002.  The proceeds of these long-term debt issuances were used to
support finance receivable growth and to refinance maturing debt.

Borrowing cost by type and changes in borrowing cost in basis points
when compared to the same period for the previous year were as follows:

                                   Three Months Ended March 31,
                                     2003                2002
                               Rate      Change     Rate      Change

Long-term debt                 5.04%    (123) bp    6.27%     (47) bp
Short-term debt                2.89      (34)       3.23     (288)

Total                          4.46      (60)       5.06     (139)


Federal Reserve actions lowered the federal funds rate 50 basis points
in November 2002 resulting in lower short-term debt rates and lower
rates on floating-rate long-term debt for the first quarter of 2003.
Federal Reserve actions in 2001 and 2002 created the lowest interest
rate environment in forty years and resulted in lower long-term debt
rates as new issuances were generally at lower rates than long-term
debt being refinanced.


Operating Expenses

Operating expenses were as follows:
                                                 Three Months Ended
                                                      March 31,
                                                 2003           2002
                                                (dollars in millions)

Salaries and benefits                           $ 97.3         $ 79.2
Other                                             63.2           61.6

Total                                           $160.5         $140.8

Amount change                                   $ 19.7         $  8.9
Percent change                                     14%             7%

Operating expenses (annualized)
  as a percentage of average
  net receivables                                4.74%          4.83%
<PAGE> 21

Salaries and benefits increased for the three months ended March 31,
2003 when compared to the same period in 2002 primarily due to the
addition of approximately 500 WFI employees, competitive compensation,
and rising benefit costs.  The improvement in operating expenses as a
percentage of average net receivables for the three months ended March
31, 2003 when compared to the same period in 2002 reflected controlled
operating expenses and finance receivable growth.


Provision for Finance Receivable Losses
                                                    At or for the
                                                 Three Months Ended
                                                      March 31,
                                                 2003           2002
                                                (dollars in millions)

Provision for finance receivable
  losses                                        $ 69.5         $ 69.6
  Amount change                                 $ (0.1)        $ 10.9
  Percent change                                    -%            19%

Net charge-offs                                 $ 72.5         $ 69.4
Charge-off ratio                                 2.14%          2.37%
Charge-off coverage                              1.56x          1.59x

60 day+ delinquency                             $509.9         $449.7
Delinquency ratio                                3.65%          3.72%

Allowance for finance receivable
  losses                                        $450.7         $440.3
Allowance ratio                                  3.32%          3.80%


Net charge-offs by type and changes in net charge-offs when compared to
the same period for the previous year were as follows:

                                   Three Months Ended March 31,
                                   2003                   2002
                              Amount   Change        Amount   Change
                                      (dollars in millions)

Real estate loans            $12.3        $0.2      $12.1       $ 1.1
Non-real estate loans         48.6         2.0       46.6         7.3
Retail sales finance          11.6         0.9       10.7         2.3

Total                        $72.5        $3.1      $69.4       $10.7


Charge-off ratios by type and changes in charge-off ratios in basis
points when compared to the same period for the previous year were as
follows:

                                   Three Months Ended March 31,
                                     2003                2002
                               Ratio     Change     Ratio     Change

Real estate loans              0.53%     (12) bp    0.65%        3 bp
Non-real estate loans          6.77       17        6.60       124
Retail sales finance           3.46       40        3.06        68

Total                          2.14      (23)       2.37        31
<PAGE> 22

Real estate loan charge-off ratio improved for the three months ended
March 31, 2003 when compared to the same period in 2002 primarily due
to purchases of higher quality real estate loans during the last half
of 2002.

Delinquency by type and changes in delinquency when compared to the
same period for the previous year were as follows:

                                   Three Months Ended March 31,
                                   2003                   2002
                              Amount   Change        Amount   Change
                                      (dollars in millions)

Real estate loans            $310.9      $59.0      $251.9      $21.1
Non-real estate loans         160.2        1.2       159.0       24.0
Retail sales finance           38.8         -         38.8        9.3

Total                        $509.9      $60.2      $449.7      $54.4


Delinquency ratios by type and changes in delinquency ratios in basis
points when compared to the same period for the previous year were as
follows:

                                   Three Months Ended March 31,
                                     2003                2002
                               Ratio     Change     Ratio     Change

Real estate loans              3.30%      (6) bp    3.36%       15 bp
Non-real estate loans          5.14       (2)       5.16        97
Retail sales finance           2.73       14        2.59        70

Total                          3.65       (7)       3.72        42


The delinquency ratio at March 31, 2003 decreased when compared to
March 31, 2002 primarily due to a higher proportion of net finance
receivables that are real estate loans, which generally have lower
delinquency.

Our Credit Strategy and Policy Committee evaluates our finance
receivable portfolio monthly to determine the appropriate level of the
allowance for finance receivable losses.  We believe the amount of the
allowance for finance receivable losses is the most significant
estimate we make.  In our opinion, the allowance is adequate to absorb
losses inherent in our existing portfolio.  The increase in the
allowance for finance receivable losses at March 31, 2003 when compared
to March 31, 2002 was due to:

     *  net increases to the allowance for finance receivable losses
        through the provision for finance receivable losses during the
        period totaling $3.0 million (these increases were necessary
        in response to our increased delinquency and net charge-offs
        and the higher levels of both unemployment and personal
        bankruptcies in the United States); and
     *  increase to the allowance for finance receivable losses during
        third quarter 2002 of $7.4 million resulting from a purchase
        business combination.

The allowance as a percentage of net finance receivables declined in
2003 reflecting purchases of higher quality real estate loans during
the last half of 2002.
<PAGE> 23

Charge-off coverage, which compares the allowance for finance
receivable losses to net charge-offs (annualized), decreased slightly
for the three months ended March 31, 2003 when compared to the same
period in 2002 reflecting slightly higher net charge-offs,
substantially offset by increases to allowance for finance receivable
losses.


Insurance Losses and Loss Adjustment Expenses

Insurance losses and loss adjustment expenses were as follows:

                                                 Three Months Ended
                                                      March 31,
                                                 2003           2002
                                                (dollars in millions)

Claims incurred                                 $22.6           $24.0
Change in benefit reserves                       (2.2)           (2.0)

Total                                           $20.4           $22.0

Amount change                                   $(1.6)          $(1.3)
Percent change                                   (7)%            (5)%


Claims incurred decreased for the three months ended March 31, 2003
when compared to the same period in 2002 primarily due to decreases in
claim reserves.


Provision for Income Taxes
                                                 Three Months Ended
                                                      March 31,
                                                 2003           2002
                                                (dollars in millions)

Provision for income taxes                      $ 45.6         $ 43.1
  Amount change                                 $  2.5         $  4.5
  Percent change                                    6%            12%

Pretax income                                   $129.4         $121.0
Effective income tax rate                       35.23%         35.59%


Provision for income taxes increased for the three months ended March
31, 2003 when compared to the same period in 2002 primarily due to
higher taxable income.


Asset/Liability Management

We manage anticipated cash flows of our assets and liabilities,
principally our finance receivables and debt, in an effort to reduce
the risk associated with unfavorable changes in interest rates not met
by changes in finance charge yields of our finance receivables.  We
fund finance receivables with a combination of fixed-rate and floating-
rate debt and equity.  Management determines the mix of fixed-rate and
floating-rate debt based, in part, on the nature of the finance
receivables being supported.
<PAGE> 24

We limit our exposure to market interest rate increases by fixing
interest rates that we pay for term periods.  The primary means by
which we accomplish this is by issuing fixed-rate debt.  To supplement
fixed-rate debt issuances, AGFC also alters the nature of certain
floating-rate funding by using interest rate swap agreements to
synthetically create fixed-rate, long-term debt, thereby limiting our
exposure to market interest rate increases.  Additionally, AGFC has
swapped fixed-rate, long-term debt to floating-rate, long-term debt.
Including the effect of interest rate swap agreements that effectively
fix floating-rate debt or float fixed-rate debt, our floating-rate debt
represented 40% of average borrowings for the three months ended March
31, 2003 compared to 33% for the same period in 2002.



Item 4.  Controls and Procedures.


(a)  Evaluation of disclosure controls and procedures

     The conclusions of our principal executive officer and principal
     financial officer about the effectiveness of the Company's
     disclosure controls and procedures based on their evaluation of
     these controls and procedures as of a date within 90 days of the
     filing date of this quarterly report on Form 10-Q are as follows:

     The Company's disclosure controls and procedures are designed to
     ensure that information required to be disclosed by the Company
     is recorded, processed, summarized and reported within required
     timeframes.  The Company's disclosure controls and procedures
     include controls and procedures designed to ensure that
     information required to be disclosed is accumulated and
     communicated to the Company's management, including its principal
     executive officer and principal financial officer, as appropriate
     to allow timely decisions regarding required disclosure.

     The Company's management, including its principal executive
     officer and principal financial officer, assesses the adequacy of
     our disclosure controls and procedures quarterly.  Based on these
     assessments, the Company's principal executive officer and
     principal financial officer have concluded that the disclosure
     controls and procedures have functioned effectively and that the
     condensed consolidated financial statements fairly present our
     consolidated financial position and the results of our operations
     for the periods presented.

(b)  Changes in internal control

     There were no significant changes in the Company's internal
     controls or in other factors that could significantly affect
     these controls subsequent to the date of management's most recent
     evaluation, including any corrective actions with regard to any
     significant deficiencies and material weaknesses.
<PAGE> 25

                      PART II - OTHER INFORMATION


Item 1.  Legal Proceedings.

See Note 10. of the Notes to Condensed Consolidated Financial
Statements in Part I of this Form 10-Q.


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

(a)  Exhibits.

     (12)  Computation of Ratio of Earnings to Fixed Charges.

(b)  Reports on Form 8-K.

     Current Report on Form 8-K dated March 28, 2003 with respect to
     the issuance from time to time of up to $1.0 billion aggregate
     principal amount of AGFC IncomeNotes.
<PAGE> 26

                              Signature


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.


                                 AMERICAN GENERAL FINANCE CORPORATION
                                             (Registrant)


Date:  April 30, 2003            By  /s/  Donald R. Breivogel, Jr.
                                          Donald R. Breivogel, Jr.
                                     Senior Vice President and Chief
                                       Financial Officer
                                     (Duly Authorized Officer and
                                       Principal Financial Officer)
<PAGE> 27

                            Certifications


I, Frederick W. Geissinger, President and  Chief Executive Officer,
certify that:

1.  I have reviewed this quarterly report on Form 10-Q of American
    General 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 function):

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

    b)  any fraud, whether or not material, that involves management
        or other employees who have a significant role in the
        registrant's internal controls; and
<PAGE> 28

6.  The registrant's other certifying officer and I have indicated in
    this quarterly report whether or not there were significant
    changes in internal controls or in other factors that could
    significantly affect internal controls subsequent to the date of
    our most recent evaluation, including any corrective actions with
    regard to significant deficiencies and material weaknesses.


Date:  April 30, 2003


/s/  Frederick W. Geissinger
     Frederick W. Geissinger
President and Chief Executive
  Officer
<PAGE> 29

                            Certifications


I, Donald R. Breivogel, Jr., Senior Vice President and Chief Financial
Officer, certify that:

1.  I have reviewed this quarterly report on Form 10-Q of American
    General 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 function):

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

    b)  any fraud, whether or not material, that involves management
        or other employees who have a significant role in the
        registrant's internal controls; and
<PAGE> 30

6.  The registrant's other certifying officer and I have indicated in
    this quarterly report whether or not there were significant
    changes in internal controls or in other factors that could
    significantly affect internal controls subsequent to the date of
    our most recent evaluation, including any corrective actions with
    regard to significant deficiencies and material weaknesses.


Date:  April 30, 2003


/s/  Donald R. Breivogel, Jr.
     Donald R. Breivogel, Jr.
Senior Vice President and
  Chief Financial Officer
<PAGE> 31

                             Exhibit Index

Exhibit

 (12)      Computation of Ratio of Earnings to Fixed Charges.