<PAGE>
                                                                    Exhibit 25.1


                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM T-1

                            STATEMENT OF ELIGIBILITY
                      UNDER THE TRUST INDENTURE ACT OF 1939
                  OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE

                CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY
                   OF A TRUSTEE PURSUANT TO SECTION 305(b)(2)

                 ----------------------------------------------

                       THE FIRST NATIONAL BANK OF CHICAGO
               (Exact name of trustee as specified in its charter)

    A National Banking Association                            36-0899825
                                                           (I.R.S. employer
                                                         identification number)

One First National Plaza, Chicago, Illinois                      60670-0126
         (Address of principal executive offices)                (Zip Code)

                       The First National Bank of Chicago
                      One First National Plaza, Suite 0286
                          Chicago, Illinois 60670-0286
             Attn: Lynn A. Goldstein, Law Department (312) 732-6919
            (Name, address and telephone number of agent for service)

                 ----------------------------------------------

                          Financial Federal Corporation
         (Exact name of obligors as specified in their trust agreements)



         Nevada                                                88-0244792
   (State or other jurisdiction of                          (I.R.S. employer
   incorporation or organization)                        identification number)

400 Park Avenue, 8th Floor
New York, New York                                                10022
(Address of principal executive offices)                       (Zip Code)




                         Convertible Subordinated Notes
                         (Title of Indenture Securities)


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Item 1.     General Information.  Furnish the following
                  information as to the trustee:

                  (a)      Name and address of each examining or
                  supervising authority to which it is subject.

                  Comptroller of Currency, Washington, D.C.; Federal Deposit
                  Insurance Corporation, Washington, D.C.; The Board of
                  Governors of the Federal Reserve System, Washington D.C..

                  (b)      Whether it is authorized to exercise
                  corporate trust powers.

                  The trustee is authorized to exercise corporate trust powers.

Item 2.      Affiliations With the Obligor.  If the obligor
                  is an affiliate of the trustee, describe each
                  such affiliation.

                  No such affiliation exists with the trustee.


Item 16.    List of exhibits. List below all exhibits filed as a part
                  of this Statement of Eligibility.

                  1.  A copy of the articles of association of the
                      trustee now in effect.*

                  2.  A copy of the certificates of authority of the trustee to
                      commence business.*

                  3.  A copy of the authorization of the trustee to exercise
                      corporate trust powers.*

                  4. A copy of the existing by-laws of the trustee.*

                  5.  Not Applicable.

                  6.  The consent of the trustee required by Section 321(b) of
                      the Act.


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                  7.  A copy of the latest report of condition of the trustee
                      published pursuant to law or the requirements of its
                      supervising or examining authority.

                  8.  Not Applicable.

                  9.  Not Applicable.


         Pursuant to the requirements of the Trust Indenture Act of 1939, as
         amended, the trustee, The First National Bank of Chicago, a national
         banking association organized and existing under the laws of the United
         States of America, has duly caused this Statement of Eligibility to be
         signed on its behalf by the undersigned, thereunto duly authorized, all
         in the City of Chicago and State of Illinois, on the 20th day of May,
         1998.


                      The First National Bank of Chicago,
                      Trustee

                      By /s/  Steven M. Wagner
                         --------------------------------------------
                           Steven M. Wagner
                           First Vice President





* Exhibit 1, 2, 3 and 4 are herein incorporated by reference to Exhibits bearing
identical numbers in Item 16 of the Form T-1 of The First National Bank of
Chicago, filed as Exhibit 25.1 to the Registration Statement on Form S-3 of
SunAmerica Inc., filed with the Securities and Exchange Commission on October
25, 1996 (Registration No. 333-14201).




<PAGE>




                                    EXHIBIT 6



                       THE CONSENT OF THE TRUSTEE REQUIRED
                          BY SECTION 321(b) OF THE ACT


                                                                    May 20, 1998




Securities and Exchange Commission
Washington, D.C.  20549

Gentlemen:

In connection with the qualification of the indenture between Financial Federal
Corporation and The First National Bank of Chicago, as Trustee, the undersigned,
in accordance with Section 321(b) of the Trust Indenture Act of 1939, as
amended, hereby consents that the reports of examinations of the undersigned,
made by Federal or State authorities authorized to make such examinations, may
be furnished by such authorities to the Securities and Exchange Commission upon
its request therefor.


                                    Very truly yours,

  
                      The First National Bank of Chicago,
                      Trustee

                      By /s/  Steven M. Wagner
                         --------------------------------------------
                           Steven M. Wagner
                           First Vice President



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                                    EXHIBIT 7
<TABLE>
<CAPTION>


Legal Title of Bank:                The First National Bank of Chicago     Call Date: 06/30/97   ST-BK:    17-1630 FFIEC 031
Address:                            One First National Plaza, Ste 0303                                             Page RC-1
City, State  Zip:                   Chicago, IL  60670
FDIC Certificate No.:               0/3/6/1/8

Consolidated Report of Condition for Insured Commercial
and State-Chartered Savings Banks for December 31, 1997

All schedules are to be reported in thousands of dollars. Unless otherwise
indicated, report the amount outstanding as of the last business day of the
quarter.

Schedule RC--Balance Sheet

                                                              Dollar Amounts in                             C400
                                                                 Thousands                      RCFD    BIL MIL THOU

<S>                                                                         <C>                <C>         <C>               <C> 
ASSETS
1.  Cash and balances due from depository institutions (from Schedule RC-A):
    a. Noninterest-bearing balances and currency and coin(1)                                     0081        4,267,336         1.a.
    b. Interest-bearing balances(2)..................                                            0071        6,893,837         1.b.
2.       Securities
    a. Held-to-maturity securities(from Schedule RC-B, column A)                                 1754                0         2.a.
    b. Available-for-sale securities (from Schedule RC-B, column D)............                  1773        5,691,722         2.b.
3.       Federal funds sold and securities purchased under agreements to
    resell                                                                                       1350        6,339,940         3.
4.  Loans and lease financing receivables: a. Loans and leases, net of unearned
    income (from Schedule
    RC-C)............................................         RCFD 2122  25,202,984                                            4.a.
    b. LESS: Allowance for loan and lease losses.....         RCFD 3123     419,121                                            4.b.
    c. LESS: Allocated transfer risk reserve.........         RCFD 3128           0                                            4.c.
    d. Loans and leases, net of unearned income, allowance, and
       reserve (item 4.a minus 4.b and 4.c).                                                     2125       24,783,863         4.d.
5.  Trading assets (from Schedule RD-D).........                                                 3545        6,703,332         5.
6.  Premises and fixed assets (including capitalized leases)                                     2145          743,426         6.
7.  Other real estate owned (from Schedule RC-M)                                                 2150            7,727         7.
8.  Investments in unconsolidated subsidiaries and associated
    companies (from Schedule RC-M)...................                                            2130          134,959         8.
9.  Customers' liability to this bank on acceptances outstanding                                 2155          644,340         9.
10. Intangible assets (from Schedule RC-M)......                                                 2143          268,501        10.
11. Other assets (from Schedule RC-F)...........                                                 2160        2,004,432        11.
12. Total assets (sum of items 1 through 11)....                                                 2170       58,483,415        12.
</TABLE>



(1) Includes cash items in process of collection and unposted debits. 
(2) Includes time certificates of deposit not held for trading.



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<TABLE>
<CAPTION>

<S>                                                                         <C>                <C>         <C>               <C> 
Legal Title of Bank:                The First National Bank of Chicago        Call Date:  09/30/97 ST-BK:  17-1630 FFIEC 031
Address:                            One First National Plaza, Ste 0303                                                  Page RC-2
City, State  Zip:                   Chicago, IL  60670
FDIC Certificate No.:               0/3/6/1/8

Schedule RC-Continued
                                                                       Dollar Amounts in
                                                                           Thousands                      Bil Mil Thou
LIABILITIES
13.      Deposits:
    a. In domestic offices (sum of totals of columns A and C
       from Schedule RC-E, part 1)..........                                                  RCON 2200     21,756,846        13.a
       (1) Noninterest-bearing(1)...........                           RCON 6631  9,197,227                                   13.a.1
       (2) Interest-bearing.................                           RCON 6636    559,619                                   13.a.2
    b. In foreign offices, Edge and Agreement subsidiaries, and
       IBFs (from Schedule RC-E, part II)                                                     RCFN 2200     14,811,410        13.b.
       (1) Noninterest bearing..............                           RCFN 6631    332,801                                   13.b.1
       (2) Interest-bearing.................                           RCFN 6636 14,478,609                                   13.b.2
14.    Federal funds purchased and securities sold under agreements
       to repurchase:                                                                         RCFD 2800      4,535,422        14
15.      a. Demand notes issued to the U.S. Treasury                                          RCON 2840         43,763        15.a
         b. Trading Liabilities(from Schedule RC-D)                                           RCFD 3548      6,523,239        15.b
16.    Other borrowed money:
         a. With a remaining  maturity of one year or less                                    RCFD 2332      1,360,165        16.a
         b. With a remaining  maturity of than one year through three years                        A547        576,492        16.b
         c.  With a remaining maturity of more than three years                                    A548        703,981        16.c
17.      Not applicable
18.      Bank's liability on acceptance executed and outstanding                              RCFD 2920        644,341        18
19.      Subordinated notes and debentures (2)                                                RCFD 3200      1,700,000        19
20.      Other liabilities (from Schedule RC-G)                                               RCFD 2930      1,322,077        20
21.      Total liabilities (sum of items 13 through 20)                                       RCFD 2948     53,987,736        21
22.      Not applicable
EQUITY CAPITAL
23.      Perpetual preferred stock and related surplus                                        RCFD 3838              0        23
24.Common stock.............................                                                  RCFD 3230        200,858        24
25.      Surplus (exclude all surplus related to preferred stock)                             RCFD 3839      2,999,001        25
26. a. Undivided profits and capital reserves                                                 RCFD 3632      1,273,239        26.a.
    b. Net unrealized holding gains (losses) on available-for-sale
       securities...........................                                                  RCFD 8434         24,096        26.b.
27.      Cumulative foreign currency translation adjustments                                  RCFD 3284         (1,515)       27
28.      Total equity capital (sum of items 23 through 27)                                    RCFD 3210      4,495,679        28
29.      Total liabilities and equity capital (sum of items 21 and 28)                        RCFD 3300     58,483,415        29

Memorandum
To be reported only with the March Report of Condition.

1.  Indicate in the box at the right the number of the statement below that best
    describes the most comprehensive level of auditing work performed for the
    bank by independent external       
                                                                                                             Number
                                                                                                          ----------------
    auditors  as of any date during 1996 . . . . . . . . . . . . . . . . . . . . . . . . . RCFD 6724     |     N/A        |    M.1
                                                                                                          ----------------
</TABLE>

<PAGE>

               
1 = Independent audit of the bank conducted in accordance with generally
    accepted auditing standards by a certified public accounting firm which
    submits a report on the bank
   
2 = Independent audit of the bank's parent holding company conducted in
    accordance with generally accepted auditing standards by a certified 
    public accounting firm which submits a report on the consolidated holding
    company (but not on the bank separately)

3 = Directors' examination of the bank conducted in accordance with generally
    accepted auditing standards by a certified public accounting firm (may be
    required by state chartering authority)

4 = Directors' examination of the bank by other external auditors (may be
    required by state chartering authority)
                                
5 = Review of the bank's financial statements by external auditors
                                  
6 = Compilation of the bank's financial statements by external auditors
                            
7 = Other audit procedures (excluding tax preparation work)
                                                                 
8 = No external audit work



-------------
(1) Includes total demand deposits and noninterest-bearing time and savings
    deposits.
(2) Includes limited-life preferred stock and related surplus.