<PAGE>
 
                                                                      EXHIBIT 99

                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

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


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

                For the quarterly period ended September 27, 1997

                                       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 1-6461
                            -------------------------

                      GENERAL ELECTRIC CAPITAL CORPORATION
             (Exact name of registrant as specified in its charter)

          NEW YORK                                                13-1500700
(State or other jurisdiction of                               (I.R.S. Employer
 incorporation or organization)                              Identification No.)

     260 LONG RIDGE ROAD,
    STAMFORD, CONNECTICUT                                           06927
(Address of principal executive offices)                         (Zip Code)

                                 (203) 357-4000
              (Registrant's telephone number, including area code)

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

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. Yes |X| No | |

At October 23, 1997,  3,837,825  shares of common stock with a par value of $200
were outstanding.


REGISTRANT MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION H(1)(a) AND (b)
OF FORM 10-Q AND IS THEREFORE FILING THIS FORM 10-Q WITH THE REDUCED  DISCLOSURE
FORMAT.

<PAGE>
 
                                TABLE OF CONTENTS

<TABLE> 
<CAPTION> 
                                                                        PAGE
                                                                      -------- 

<S>                                                                      <C> 
PART I - FINANCIAL INFORMATION.

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

Item 2.       Management's Discussion and Analysis of Results of
              Operations .......................................          5

Exhibit 12.   Computation of Ratio of Earnings to Fixed Charges
              and Computation of Ratio of Earnings to Combined
              Fixed Charges and Preferred Stock Dividends ......          8


PART II - OTHER INFORMATION.

Item 6.       Exhibits and Reports on Form 8-K .................          9

Signatures .....................................................         10

Index to Exhibits ..............................................         11
</TABLE> 

<PAGE>
 
                         PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

        GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES       

              CONDENSED STATEMENT OF CURRENT AND RETAINED EARNINGS             

                                   (Unaudited)                                 

<TABLE>
<CAPTION>

                                    THREE MONTHS ENDED       NINE MONTHS ENDED 
                                   --------------------    --------------------
                                  SEPTEMBER   SEPTEMBER   SEPTEMBER   SEPTEMBER
(In millions)                      27, 1997    28, 1996    27, 1997    28, 1996
                                   --------    --------    --------    --------
<S>                                <C>         <C>         <C>         <C>     
EARNED INCOME ..................   $  8,377    $  7,008    $ 23,808    $ 18,696
                                   --------    --------    --------    --------
EXPENSES
Interest .......................      1,832       1,685       5,323       5,075
Operating and administrative ...      3,567       2,583       9,447       6,205
Insurance losses and
 policyholder and annuity
 benefits ......................      1,227         821       3,482       2,213
Provision for losses on
 financing receivables .........        371         254       1,020         695
Depreciation and amortization of
 buildings and equipment and
 equipment on operating leases .        623         556       1,751       1,569
Minority interest in net
 earnings of consolidated
 affiliates ....................         13          17          27          59
                                   --------    --------    --------    --------
                                      7,633       5,916      21,050      15,816
                                   --------    --------    --------    --------

EARNINGS
Earnings before income taxes ...        744       1,092       2,758       2,880
Provision for income taxes .....       (176)       (344)       (775)       (900)
                                   --------    --------    --------    --------

NET EARNINGS ...................        568         748       1,983       1,980
Dividends ......................       (529)       (272)     (1,186)       (746)
Retained earnings at beginning
 of period .....................     11,436       9,695      10,678       8,937
                                   --------    --------    --------    --------
RETAINED EARNINGS AT END OF
 PERIOD ........................   $ 11,475    $ 10,171    $ 11,475    $ 10,171
                                   ========    ========    ========    ========
</TABLE>


See Notes to Condensed, Consolidated Financial Statements.

                                       1
<PAGE>
 
ITEM 1. FINANCIAL STATEMENTS (Continued).

        GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES

                    CONDENSED STATEMENT OF FINANCIAL POSITION

<TABLE>
<CAPTION>
                                                          SEPTEMBER    DECEMBER
(In millions)                                              27, 1997    31, 1996
                                                           --------    --------
                                                         (Unaudited)
<S>                                                        <C>         <C>     
ASSETS
Cash and equivalents ...................................   $  2,839    $  3,074
Investment securities ..................................     49,097      44,340
Financing receivables:
  Time sales and loans, net of deferred income .........     61,320      62,832
  Investment in financing leases, net of deferred income     38,391      39,575
                                                           --------    --------
                                                             99,711     102,407
  Allowance for losses on financing receivables ........     (2,624)     (2,693)
                                                           --------    --------
    Financing receivables - net ........................     97,087      99,714
Other receivables - net ................................     10,684       8,456
Equipment on operating leases (at cost), less
 accumulated amortization of $5,726 and $5,625 .........     18,102      16,134
Intangible assets ......................................      7,829       7,594
Other assets ...........................................     24,790      21,504
                                                           --------    --------
      TOTAL ASSETS .....................................   $210,428    $200,816
                                                           ========    ========


LIABILITIES AND EQUITY
Short-term borrowings ..................................   $ 79,594    $ 74,971
Long-term borrowings:
  Senior ...............................................     44,320      46,124
  Subordinated .........................................        697         697
Insurance liabilities, reserves and annuity benefits ...     47,443      43,263
Other liabilities ......................................     12,698      12,084
Deferred income taxes ..................................      7,820       7,472
                                                           --------    --------
      Total liabilities ................................    192,572     184,611
                                                           --------    --------

Minority interest in equity of consolidated affiliates .        770         679
                                                           --------    --------

Capital stock ..........................................        770         770
Additional paid-in capital .............................      4,080       4,024
Retained earnings ......................................     11,475      10,678
Unrealized gains on investment securities ..............        894         149
Foreign currency translation adjustments ...............       (133)        (95)
                                                           --------    --------
      Total equity .....................................     17,086      15,526
                                                           --------    --------
      TOTAL LIABILITIES AND EQUITY .....................   $210,428    $200,816
                                                           ========    ========
</TABLE>

See Notes to Condensed, Consolidated Financial Statements.

                                       2
<PAGE>
 
ITEM 1. FINANCIAL STATEMENTS (Continued).

        GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES

                        CONDENSED STATEMENT OF CASH FLOWS

                                   (Unaudited)


<TABLE>
<CAPTION>
                                                             NINE MONTHS ENDED
                                                           --------------------
                                                          SEPTEMBER   SEPTEMBER
(In millions)                                              27, 1997    28, 1996
                                                           --------    --------
<S>                                                        <C>         <C>     
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings ...........................................   $  1,983    $  1,980
Adjustments to reconcile net earnings to cash provided
 from operating activities:
  Provision for losses on financing receivables ........      1,020         695
  Depreciation and amortization of buildings and
   equipment and equipment on operating leases .........      1,751       1,569
  Other - net ..........................................      1,203       1,758
                                                           --------    --------
      Cash provided from operating activities ..........      5,957       6,002
                                                           --------    --------

CASH FLOWS FROM INVESTING ACTIVITIES
Increase in loans to customers .........................    (38,386)    (38,262)
Principal collections from customers ...................     36,328      39,080
Investment in assets on financing leases ...............     (9,943)     (9,249)
Principal collections on financing leases ..............     11,559       8,345
Net decrease (increase) in credit card receivables .....      2,335        (950)
Buildings and equipment and equipment on
 operating leases:
    - additions ........................................     (4,617)     (4,058)
    - dispositions .....................................      1,867         677
Payments for principal businesses purchased, net of
 cash acquired .........................................     (1,532)     (2,320)
Purchases of investment securities by insurance
 affiliates and annuity businesses .....................     (7,892)     (5,396)
Dispositions and maturities of investment securities
 by insurance affiliates and annuity businesses ........      6,828       5,203
Other - net ............................................     (4,456)     (3,702)
                                                           --------    --------
      Cash used for investing activities ...............     (7,909)    (10,632)
                                                           --------    --------

CASH FLOWS FROM FINANCING ACTIVITIES
Net change in borrowings (maturities 90 days or less) ..      6,861       7,312
Newly issued debt  - short-term (maturities 91-365 days)      3,240       3,693
                   - long-term senior ..................     12,099      12,998
Proceeds - non-recourse, leveraged lease debt ..........        129         505
Repayments and other reductions:
                   - short-term (maturities 91-365 days)    (18,486)    (17,082)
                   - long-term senior ..................       (861)       (780)
Principal payments - non-recourse, leveraged lease debt        (262)       (227)
Proceeds from sales of investment and annuity contracts       3,334       1,982
Redemption of investment and annuity contracts .........     (3,251)     (1,689)
Dividends paid .........................................     (1,186)       (746)
Issuance of variable cumulative preferred stock by
 consolidated affiliate ................................        100         125
                                                           --------    --------
      Cash provided from financing activities ..........      1,717       6,091
                                                           --------    --------

(DECREASE) INCREASE IN CASH AND EQUIVALENTS ............       (235)      1,461
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD ............      3,074       1,316
                                                           --------    --------
CASH AND EQUIVALENTS AT END OF PERIOD ..................   $  2,839    $  2,777
                                                           ========    ========
</TABLE>

See Notes to Condensed, Consolidated Financial Statements.

                                       3
<PAGE>
 
ITEM 1.  FINANCIAL STATEMENTS (Continued).

        GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES

              NOTES TO CONDENSED, CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)

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

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

3.   The Corporation  has adopted  Statement of Financial  Accounting  Standards
     ("SFAS")  No. 125,  Accounting  for  Transfers  and  Servicing of Financial
     Assets  and  Extinguishments  of  Liabilities.  Among  other  things,  this
     Statement  distinguishes  transfers of financial assets that are sales from
     transfers that are secured borrowings,  based on control of the transferred
     assets.  SFAS No. 125 applies to all transactions  occurring after December
     31, 1996; thus,  adoption did not have an effect on the financial  position
     or results of operations of the Corporation.

4.   The  Corporation  has a  noncontrolling  investment  in the common stock of
     Montgomery  Ward  Holding  Corp.   ("MWHC"),   which,   together  with  its
     wholly-owned  subsidiary,  Montgomery Ward & Co.,  Incorporated ("MWC"), is
     engaged in retail  merchandising and direct response  marketing  (conducted
     primarily through Signature Financial/Marketing,  Inc. ("Signature"), which
     markets  consumer club and insurance  products). On July 7, 1997, MWHC, MWC
     and  certain  of  their  affiliates   (excluding   Signature),   filed  for
     reorganization  under Chapter 11 of the U.S.  Bankruptcy Code. As a result,
     loans to MWHC  and  affiliates  became  "impaired"  loans,  as  defined  by
     generally accepted  accounting  principles,  because,  due to the automatic
     stay in  bankruptcy,  the  Corporation  is not receiving  current  interest
     payments on its  loans  and , in  management's judgment,  it  is  therefore
     probable  that the  Corporation will  be  unable to collect all amounts due
     according to original contractual terms  of  the  loan agreements (refer to
     Management's  Discussion  and  Analysis  of  Results  of  Operations, Other
     Matters).



                                       4
<PAGE>
 
ITEM  2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS.

OVERVIEW

Net  earnings  for the nine  months of 1997 were  $1,983  million,  a $3 million
increase over the first nine months of 1996. The  Corporation's  contribution to
its parent, General Electric Capital Services,  Inc. ("GECS"),  after payment of
dividends on its variable  cumulative  preferred stock, was $1,926 million, a $2
million increase over the comparable 1996 period.

Earnings  of the  lending,  leasing  and  equipment  management  businesses  are
significantly  influenced by the level of invested assets, the related financing
spreads (the excess of rates earned -- yields -- over rates on  borrowings)  and
the quality of those  assets.  Earnings for these  businesses  were  impacted by
higher losses associated with the Corporation's  equity investment in Montgomery
Ward  Holding  Corp.  ("MWHC"),  (refer  to  Other  Matters  below),  as well as
increased residual losses on automobiles. These impacts were partially offset by
gains  recognized  on sales  of  assets,  as well as  earnings  growth  from the
consumer savings and insurance operations, principally reflecting the effects of
acquisitions  during 1996. The Specialty  Insurance  segment also contributed to
the increase in net earnings  primarily due to increased  premium and investment
income.


OPERATING RESULTS

EARNED INCOME from all sources was $23,808  million for the first nine months of
1997, a 27% increase  compared with $18,696 million for the first nine months of
1996.

Earned  income from the  equipment  management,  consumer  services,  mid-market
financing and specialized  financing  businesses  increased $4,651 million (27%)
over the comparable  prior-year  period. A significant  portion of this increase
was the  contribution  provided by the  computer  equipment  businesses  and the
consumer  savings and insurance  businesses  acquired  during 1996. The increase
also  reflected a higher average level of invested  assets,  resulting from both
origination volume and acquisitions of portfolios and businesses.  Earned income
was also  impacted by higher losses  associated  with the  Corporation's  equity
investment in MWHC, as well as increased  residual losses on automobiles.  These
impacts were offset by gains  recognized on  securitizations  and other sales of
assets.  Earned income of the Specialty Insurance segment increased $457 million
(31%) to $1,909  million  for the first nine  months of 1997  compared  with the
first nine months of 1996 reflecting growth in premium and investment income.

INTEREST EXPENSE for the first nine months of 1997 was $5,323 million, 5% higher
than for the first nine months of 1996.  The increase  reflected  the effects of
higher average borrowings used to finance asset growth, offset by the effects of
lower average interest rates. The composite  interest rate on the  Corporation's
borrowings  for the first nine months of 1997 was 6.02%  compared  with 6.26% in
the first nine months of 1996.

OPERATING AND  ADMINISTRATIVE  EXPENSES  were $9,447  million for the first nine
months of 1997, a 52% increase over the first nine months of 1996.  The increase
primarily reflected the inclusion of costs of sales and services of the computer
equipment businesses acquired in the third quarter of 1996. The remainder of the
increase  resulted from other costs  associated  with  businesses and portfolios
acquired over the past year and higher investment levels.

INSURANCE LOSSES AND  POLICYHOLDER AND ANNUITY BENEFITS  increased 57% to $3,482
million for the first nine months of 1997,  compared with $2,213 million for the
first nine months of 1996. The increase primarily reflected the consumer savings
and insurance businesses acquired in 1996 and growth in origination volume.

PROVISION FOR LOSSES ON FINANCING  RECEIVABLES  increased to $1,020  million for
the first nine  months of 1997 from $695  million  for the first nine  months of
1996. These  provisions  principally  related to  private-label  and bank credit
cards in the Consumer Services segment which are discussed below under Portfolio
Quality. The increase principally reflects higher average receivable balances as
well as increased  delinquencies  in the  consumer  portfolio,  consistent  with
industry experience.

                                       5
<PAGE>
 
ITEM  2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF
          OPERATIONS (Continued).

DEPRECIATION  AND  AMORTIZATION  OF BUILDINGS  AND  EQUIPMENT  AND  EQUIPMENT ON
OPERATING  LEASES  increased  $182 million (12%) to $1,751 million for the first
nine months of 1997  compared  with $1,569  million for the first nine months of
1996. The increase was  principally  the result of higher levels of equipment on
operating  leases,  primarily  reflecting  a shift  in auto  lease  volume  from
financing  leases  to  operating  leases  as  well  as  origination  volume  and
acquisition growth.

PROVISION  FOR INCOME  TAXES was $775  million for the first nine months of 1997
(an effective tax rate of 28.1%),  compared with $900 million for the first nine
months of 1996 (an effective tax rate of 31.3%).  The lower provision for income
taxes primarily  reflected decreased pre-tax earnings subject to statutory rates
and the impact on the effective tax rate of decreased taxes on foreign  earnings
and increased tax credits.


PORTFOLIO QUALITY

THE PORTFOLIO OF FINANCING RECEIVABLES,  before allowance for losses,  decreased
to $99.7 billion at September  27, 1997 from $102.4  billion at the end of 1996,
principally as a result of  securitizations of consumer  receivables.  Financing
receivables are the financing  segment's largest asset and its primary source of
revenues.  Related allowances for losses at September 27, 1997,  aggregated $2.6
billion  (2.63% of  receivables  - the same as at the end of 1996)  and are,  in
management's  judgment,  appropriate given the risk profile of the portfolio.  A
discussion  about the quality of certain  elements of the portfolio of financing
receivables follows. "Nonearning" receivables are those that are 90 days or more
delinquent and "reduced  earning"  receivables are commercial  receivables whose
terms have been restructured to a below-market yield. Refer to Other Matters for
a discussion of receivables  related to MWHC and affiliates.  The nonearning and
reduced earning  receivable  balances and the write-off  amounts discussed below
exclude amounts related to MWHC and affiliates.

CONSUMER  RECEIVABLES,  primarily  credit card and personal loans and auto loans
and leases, were $43.4 billion at September 27, 1997, a decrease of $2.8 billion
from the end of 1996.  Nonearning  receivables  increased  to $1,010  million at
September  27,  1997,  from $926 million at December  31,  1996.  Write-offs  of
consumer  receivables  increased  to $912  million  for the first nine months of
1997,  compared  with $622  million  for the  first  nine  months of 1996.  This
increase  was  primarily  attributable  to higher  average  receivable  balances
resulting  from  a  combination  of  origination   volume  and  acquisitions  of
businesses  and  portfolios  as well as higher  delinquencies,  consistent  with
overall industry experience.

COMMERCIAL  REAL ESTATE LOANS  classified  as financing  receivables  were $11.8
billion at September 27, 1997,  compared  with $12.1  billion at year-end  1996.
Nonearning  and  reduced  earning  receivables  increased  to  $198  million  at
September  27,  1997,  from $158 million at December  31,  1996.  Write-offs  of
commercial real estate loans were $21 million for the first nine months of 1997,
compared  with $33 million for the first nine months of 1996.  At September  27,
1997, the commercial real estate portfolio also included,  in other assets, $1.5
billion of assets acquired for resale from various financial  institutions ($1.6
billion  at  year-end  1996) and $2.4  billion  of  investments  in real  estate
ventures ($2.5 billion at year-end 1996).

OTHER FINANCING RECEIVABLES, totaling $44.5 billion at September 27, 1997 ($44.1
billion at December 31, 1996), consisted of a diverse commercial, industrial and
equipment  loan and lease  portfolio.  Related  nonearning  and  reduced-earning
receivables were $219 million at September 27, 1997,  compared with $313 million
at year-end 1996.

The Corporation held loans and leases to commercial  airlines  amounting to $8.4
billion at September 27, 1997, up from $8.2 billion at the end of 1996.


                                       6
<PAGE>
 
ITEM  2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF
          OPERATIONS (Continued).


OTHER MATTERS

The  Corporation  has  a  noncontrolling  investment  in  the  common  stock  of
Montgomery Ward Holding Corp.  ("MWHC"),  which,  together with its wholly-owned
subsidiary,  Montgomery Ward & Co.  Incorporated  ("MWC"),  is engaged in retail
merchandising  and  direct  response  marketing   (conducted  primarily  through
Signature Financial/Marketing,  Inc. ("Signature"),  which markets consumer club
and  insurance  products).  On July 7,  1997,  MWHC,  MWC and  certain  of their
affiliates  filed for  reorganization  under  Chapter 11 of the U.S.  Bankruptcy
Code.

MWHC reported losses from  operations  during the first nine months of 1997, and
the Corporation's share of such losses was $582 million before income taxes. The
Corporation  recorded its share of losses by reducing its  investments  in MWHC,
resulting  in the writing off of its  investments  in MWHC common and  preferred
stock.  In  addition  to those  stock  investments,  the  Corporation  has other
investments,  primarily inventory financing,  that resulted from ordinary course
of business transactions with MWHC and its affiliates.  Such investments,  after
reduction for the Corporation's share of losses as discussed above,  amounted to
approximately  $833 million at September 27, 1997.  No impairment  writedown was
considered  necessary for these remaining  investments as of September 27, 1997,
although the Corporation has suspended income  recognition on these investments.
Management continues to monitor these investments carefully for recoverability.

Subsequent to the MWHC bankruptcy  filing,  the  Corporation  announced a $1,000
million Debtor-In-Possession financing commitment ("the commitment"), subject to
certain  conditions,  to MWHC for the purchase of  inventory  and to cover other
costs.   The   Corporation   has  syndicated  a  majority  of  the   commitment.
Approximately  $71  million  of the  commitment,  which  has  an  administrative
priority in bankruptcy, was utilized as of September 27, 1997.

The  Corporation  also  provides  financing to customers of MWHC and  affiliates
through  the  Corporation's  wholly-owned  affiliates,  Montgomery  Ward  Credit
Corporation and Monogram Credit Card Bank of Georgia.  These receivables,  which
represent revolving credit card transactions directly with customers of MWHC and
affiliates,  aggregated  approximately  $4,294  million at  September  27, 1997,
including $1,718 million that have been sold with recourse by the  Corporation's
affiliates.  The obligations of customers with respect to these  receivables are
not affected by the Chapter 11 bankruptcy filing.

MWHC and its  affiliates,  under new management in 1997,  are  continuing  their
restructuring   efforts  as  well  as  developing  a  plan  of   reorganization.
Restructuring  plans  are  likely to  include  the  implementation  of a revised
merchandising  strategy  and the closing  and/or  upgrading  of selected  retail
stores.  Signature is not included in the Chapter 11 bankruptcy  filing, and the
possibility of sale of Signature will continue to be evaluated.



                                       7
<PAGE>
 
                                                                      EXHIBIT 12

        GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES

                COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                                       AND
            COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
                          AND PREFERRED STOCK DIVIDENDS


                      NINE MONTHS ENDED SEPTEMBER 27, 1997

                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                      RATIO OF
                                                                      EARNINGS
                                                                         TO
                                                                      COMBINED
                                                                        FIXED
                                                           RATIO OF    CHARGES 
                                                           EARNINGS      AND
                                                              TO      PREFERRED
                                                             FIXED      STOCK
(Dollar amounts in millions)                                CHARGES   DIVIDENDS
                                                           --------    --------
<S>                                                        <C>         <C>     
Net earnings ...........................................   $  1,983    $  1,983
Provision for income taxes .............................        775         775
Minority interest in net earnings of consolidated
 affiliates ............................................         27          27
                                                           --------    --------
Earnings before provision for income taxes and
 minority interest .....................................      2,785       2,785
                                                           --------    --------
Fixed charges:
  Interest .............................................      5,401       5,401
  One-third of rentals .................................        170         170
                                                           --------    --------
Total fixed charges ....................................      5,571       5,571
                                                           --------    --------

Less interest capitalized, net of amortization .........         38          38
                                                           --------    --------

Earnings before provision for income taxes and minority
 interest, plus fixed charges ..........................   $  8,318    $  8,318
                                                           ========    ========

Ratio of earnings to fixed charges .....................       1.49
                                                           ========


Preferred stock dividend requirements ..................               $     57
Ratio of earnings before provision for income taxes to
 net earnings ..........................................                   1.39
Preferred stock dividend factor on pre-tax basis .......                     79
Fixed charges ..........................................                  5,571
                                                                       --------
Total fixed charges and preferred stock dividend
 requirements ..........................................               $  5,650
                                                                       ========

Ratio of earnings to combined fixed charges and
 preferred stock dividends .............................                   1.47
                                                                       ========
</TABLE>



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

                                       8
<PAGE>
 
                           PART II--OTHER INFORMATION

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.

     a.  EXHIBITS.

         Exhibit 12.  Computation of ratio of  earnings  to  fixed  charges  and
                      computation of ratio of earnings to combined fixed charges
                      and  preferred stock dividends.

         Exhibit 27.  Financial Data Schedule (filed electronically only).

     b.  REPORTS ON FORM 8-K.

         None.




                                       9
<PAGE>
 
                                   SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

                                 GENERAL ELECTRIC CAPITAL CORPORATION
                                 ------------------------------------
                                             (Registrant)


Date:  October 24, 1997         By:         /s/ J.A. Parke
                                    ---------------------------------
                                                J.A. Parke,
                                      Senior Vice President, Finance
                                       (Principal Financial Officer)



Date:  October 24, 1997         By:        /s/ J.C. Amble
                                   ----------------------------------
                                               J.C. Amble,
                                       Vice President and Controller
                                       (Principal Accounting Officer)




                                       10
<PAGE>
 
        GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES

                                INDEX TO EXHIBITS
<TABLE> 
<CAPTION> 

     EXHIBIT NO.                                                          PAGE 
    -------------                                                        ------

<S>                                                                        <C>  
         12        Computation of ratio of earnings to fixed charges
                   and computation of ratio of earnings to combined
                   fixed charges and preferred stock dividends .......      8

         27        Financial Data Schedule (filed electronically only)

</TABLE> 


                                       11