Exhibit 99

CONTACT: Stuart Tashlik
         Senior V.P.
         480-636-5355

              THE FINOVA GROUP INC. ANNOUNCES THIRD QUARTER RESULTS

SCOTTSDALE,  ARIZ.,  NOV.  14,  2000 - The FINOVA  Group Inc.  (NYSE:FNV)  today
announced a net loss of $274.1 million ($4.49 per diluted share) for the quarter
ended Sept. 30, 2000, compared to net income of $54.9 million ($0.86 per diluted
share) for the third quarter of 1999.  Of the loss,  $203.1  million  ($3.33 per
diluted share) was related to FINOVA's Commercial  Services,  Corporate Finance,
Business  Credit,  Growth Finance and  Distribution & Channel  Finance  business
units, which are being accounted for as discontinued  operations and $71 million
($1.16 per diluted share) relating to continuing operations.

     For the nine months ended Sept. 30, 2000,  the company  reported a net loss
of $220.7  million  ($3.62 per diluted  share)  compared to net income of $158.6
million  ($2.52  per  diluted  share)  for the first  nine  months of 1999.  The
year-to-date  results  reflects a $253.0  million ($4.15 per diluted share) loss
from  discontinued  operations  and income of $32.2  million  ($0.53 per diluted
share) from continuing operations.

<TABLE>
<CAPTION>
                                            Three Months Ended    Nine Months Ended
                                                 Sept. 30             Sept. 30
                                            ------------------    ------------------
                                                          In Millions
             Net of Tax                      2000       1999       2000       1999
             ----------                     -------    -------    -------    -------
<S>                                         <C>        <C>        <C>        <C>
Income (loss) from continuing operations    $ (71.0)   $  54.9    $  32.3    $ 159.5
Income (loss from discontinued operations      11.8                 (38.1)      (0.9)
Net loss on disposal of operations           (214.9)               (214.9)
                                            -------    -------    -------    -------
Net income (loss)                           $(274.1)   $  54.9    $(220.7)   $ 158.6
                                            =======    =======    =======    =======
</TABLE>
<PAGE>
     During  the  third  quarter,  FINOVA  began to  implement  a new  strategic
direction,  focusing on core specialty niche  businesses.  On Aug. 28, 2000, the
company  completed  the  sale of  substantially  all  assets  of its  Commercial
Services  division to GMAC Commercial  Credit LLC, a wholly owned  subsidiary of
General  Motors  Corporation,  for  approximately  $235  million.  In  addition,
FINOVA's  Corporate  Finance  (includes  Business Credit and Growth Finance) and
Distribution & Channel Finance divisions have been offered for sale. The company
is also  trimming  operating  expenses  to  reflect  the  dispositions  of these
business units.

     FINOVA President and Chief Executive  Officer Matt Breyne said,  "Divesting
these business units will strengthen our balance sheet,  improve liquidity,  and
assist in  addressing  $2.1 billion of principal  payments due in May 2001 under
the company's  credit  facilities,  of which $500 million can be extended over a
two year  term-out  if no defaults  exist at that time.  We continue to evaluate
FINOVA's  entire  product line to help assure that we move forward with the most
profitable, highest franchise value businesses."

CONTINUING OPERATIONS

     FINOVA reported a loss from continuing  operations of $71.0 million for the
third  quarter of 2000  compared to income of $54.9 million in the third quarter
of 1999.  The  reduction was  primarily  due to higher loss  provisions,  losses
applicable to charge-offs of investments and assets held for sale, a significant
increase in the cost of funds and an increase in nonaccruing accounts.

     Cost of funds  increased due to credit rating  reductions  during 2000. The
impact is reflected in the $9.9 million  decline in interest  margins earned for
the quarter  ($115.4  million in the third quarter of 2000 vs. $125.3 million in
the third  quarter of 1999)  despite  portfolio  growth of $669.7  million.  The
reduction in credit ratings since Mar. 31, 2000 included:

                                    Senior Debt          Commercial Paper
                                 -----------------      ------------------
                                 From          To       From           To
                                 ----         ----      ----          ----
     Moody's                     Baa           B1       P-2            NP
     S&P                         A-            BB       A-2            B
     Fitch                       A             B        F-1            B

     The impact of these  downgrades  and the  company's  decision  to  exercise
term-out  options  under its $4.7  billion of  back-up  bank  facilities  was an
increase  in  floating-rate  borrowing  costs.  The all in spread over LIBOR was
approximately  1.27% higher than the comparable  spreads in the third quarter of
1999 (all in spread of 1.48% in 2000 vs. 0.21% in 1999).  As a result,  interest
margins earned  annualized as a percent of average  earning  assets  declined to
4.8% in the third quarter of 2000 from 5.7% in the comparable 1999 period.
<PAGE>
     Loss  provisions  increased to $111.2  million,  up $97.7  million over the
comparable  quarter of 1999,  to bolster  the  reserve  for credit  losses.  The
reserve was increased to 2.4% of ending managed assets (up from 1.7% at June 30,
2000), reflecting the increase in problem accounts. Nonaccruing assets increased
to $421.0  million at Sept.  30, 2000, up from $229.3  million at June 30, 2000.
The most significant  increase during the quarter ($127.1  million)  occurred in
FINOVA's  Resort  Finance  division due primarily to $117.4  million  related to
Sunterra  Corporation,  which was  classified  as accruing  impaired at June 30,
2000,  as well as $23.5 million to eight related  project  development  entities
managed  by a  developer  that has  experienced  a  decline  in  earnings  and a
significant  reduction it its net worth.  Other increases in nonaccruing  assets
included $32.5 million in Healthcare Finance and $31.7 million in Communications
Finance.  Nonaccruing  assets as a percent of ending managed assets increased to
3.9% from 2.1% at June 30, 2000.

     Accruing  impaired assets  increased to $246.9 million at Sept. 30, largely
due to an additional  $148.2 million  outstanding  from the eight related Resort
Finance project development entities.  Other increases included $37.8 million in
Franchise  Finance  and $10.4  million in  Specialty  Real Estate  Finance.  Net
write-offs of financing contracts were $30.8 million ($17.8 million in Mezzanine
Capital)  in the third  quarter  of 2000  compared  to $8.0  million in the 1999
period.

     While  nonaccruing  and accruing  impaired  assets have  increased,  FINOVA
believes that significant collateral exists to secure the recent additions.

     Losses on investments  and disposal of assets totaled $90.0 million for the
quarter, consisting of a $109.0 million loss from the charge-off of investments,
repossessed  assets and equipment  held for sale or lease,  partially  offset by
gains of $19.0 million from sales of equity  securities and residuals coming off
lease. The largest charge-off was a $54.8 million equity investment in the major
Resort  Finance  developer  mentioned  above.  Transportation  Finance  also had
charge-offs  of $17.9  million,  principally  related to assets held for sale or
lease.  The gains during the third  quarter of 2000  included  $4.8 million from
FINOVA's remaining investment in Healtheon/WebMD.

     Operating  expenses  were  lower  during  the  third  quarter  of 2000 when
compared to the 1999 quarter,  ($29.5 million vs. $40.2 million) principally due
to the reversal of sales and  management  incentive  accruals  together  with an
overall  lower level of expenses  resulting  from the reduced  activities of the
company.  The  efficiency  ratio  (operating  expenses as a percent of operating
margins) was 25.5% in the third quarter of 2000,  compared to 31.1% in the third
quarter of 1999.
<PAGE>
DISCONTINUED OPERATIONS

     Results from discontinued  operations for the quarter and first nine months
of 2000  included  income from  operations,  net of tax of $11.8  million in the
third quarter and a loss of $38.1  million for the nine months of 2000.  The net
loss for the nine-month  period was due to write-offs taken during the first six
months of 2000,  the largest of which was $70 million taken on a  Distribution &
Channel Finance customer in the first quarter of 2000.

     The loss on disposing of the discontinued operations was $214.9 million and
included the following:

<TABLE>
<CAPTION>
                                                   Distribution
                                       Corporate    & Channel    Commercial
                                        Finance      Finance      Services      Total
                                        -------      -------      -------      -------
                                                          In Millions
<S>                                     <C>          <C>          <C>          <C>
NET LOSS ON DISPOSAL OF OPERATIONS,
  NET OF TAX
  Net realizable value markdowns        $(130.4)     $ (10.3)     $            $(140.7)
  Goodwill written off                    (33.1)       (15.1)       (16.7)       (64.9)
  Proceeds in excess of assets sold                                  17.6         17.6
  Accrued expenses                        (17.5)        (3.1)        (6.3)       (26.9)
                                        -------      -------      -------      -------
                                        $(181.0)     $ (28.5)     $  (5.4)     $(214.9)
                                        =======      =======      =======      =======
</TABLE>

LETTER AGREEMENT WITH LEUCADIA NATIONAL CORPORATION

     On Nov. 10, 2000, FINOVA and Leucadia National  Corporation signed a letter
agreement  under which Leucadia  would invest up to $350 million in FINOVA.  The
agreement  is subject  to  reaching a  mutually  satisfactory  arrangement  with
FINOVA's bank group and certain other customary conditions, including regulatory
approvals.  FINOVA,  Leucadia and Jay Alix & Associates  are  currently  working
together to present a comprehensive plan to the bank group. The letter agreement
will be filed as an exhibit to FINOVA's Sept. 30, 2000 10-Q.

     The FINOVA Group Inc., through its principal operating  subsidiary,  FINOVA
Capital Corporation, is one of the nation's leading financial services companies
focused on  providing a broad range of capital  solutions  primarily  to midsize
business.  FINOVA is  headquartered  in Scottsdale,  Ariz. with business offices
throughout the U.S. and London, U.K., and Toronto, Canada. For more information,
visit the company's website at www.finova.com.
<PAGE>
THIS NEWS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS SUCH AS ESTIMATES OF GAINS
OR  LOSSES,  AS WELL AS  OTHER  PREDICTIONS  OR  FORECASTS.  FINOVA  ASSUMES  NO
OBLIGATION TO UPDATE THOSE  STATEMENTS  TO REFLECT  ACTUAL  RESULTS,  CHANGES IN
ASSUMPTIONS  OR OTHER  FACTORS.  THE  FORWARD-LOOKING  STATEMENTS ARE SUBJECT TO
KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS THAT COULD CAUSE ACTUAL
RESULTS  TO DIFFER  MATERIALLY  FROM  THOSE  PROJECTED.  THOSE  FACTORS  INCLUDE
FINOVA'S ABILITY TO ADDRESS ITS FINANCING  REQUIREMENTS IN LIGHT OF ITS EXISTING
DEBT OBLIGATIONS AND MARKET CONDITIONS; PENDING AND POTENTIAL LITIGATION RELATED
TO CHARGES TO EARNINGS;  THE RESULTS OF EFFORTS TO IMPLEMENT  BUSINESS STRATEGY,
INCLUDING  THE ABILITY TO  SUCCESSFULLY  CONCLUDE  ITS  EVALUATION  OF STRATEGIC
ALTERNATIVES AND THE PENDING  TRANSACTION WITH LEUCADIA;  THE ABILITY TO ATTRACT
AND RETAIN  KEY  PERSONNEL  AND  CUSTOMERS;  CONDITIONS  THAT  ADVERSELY  IMPACT
FINOVA'S BORROWERS AND THEIR ABILITY TO MEET THEIR OBLIGATIONS TO FINOVA; ACTUAL
RESULTS  IN  CONNECTION  WITH  CONTINUING  OR  DISCONTINUED  OPERATIONS  AND THE
DISPOSITION  OF ASSETS;  THE ADEQUACY OF FINOVA'S  LOAN LOSS  RESERVES AND OTHER
RISKS  DETAILED IN FINOVA'S SEC REPORTS,  INCLUDING PAGE 15 OF FINOVA'S 10-K FOR
1999.

                                       ##
<PAGE>
                              The FINOVA Group Inc.
                          And Consolidated Subsidiaries
                       Summary of Consolidated Operations
                                   (Unaudited)
                  (Dollars in Thousands, except per share data)

<TABLE>
<CAPTION>
                                                              Quarter Ended                Nine Months Ended
                                                                 Sept. 30,                      Sept. 30,
                                                       ----------------------------    ----------------------------
                                                           2000            1999            2000            1999
                                                       ------------    ------------    ------------    ------------
<S>                                                    <C>             <C>             <C>             <C>
Interest earned from financing transactions            $    266,850    $    233,037    $    794,663    $    641,016
Operating lease income                                       26,091          29,433          80,433          85,964
Interest expense                                           (161,565)       (117,738)       (454,421)       (330,680)
Operating lease depreciation                                (15,974)        (19,396)        (49,046)        (53,267)
                                                       ------------    ------------    ------------    ------------
Interest margins earned                                     115,402         125,336         371,629         343,033
Volume-based fees                                                             3,723           1,336           8,751
                                                       ------------    ------------    ------------    ------------
Operating margin                                            115,402         129,059         372,965         351,784
Provision for credit losses                                (111,237)        (13,531)       (141,347)        (12,183)
(Losses) gains on investments and disposal of assets        (90,042)         14,880         (55,549)         45,877
Operating expenses                                          (29,466)        (40,172)       (122,228)       (121,223)
                                                       ------------    ------------    ------------    ------------
(Loss) income from continuing operations before
  income taxes and preferred dividends                     (115,343)         90,236          53,841         264,255
Income tax benefit (expense)                                 45,278         (34,398)        (18,757)       (101,853)
                                                       ------------    ------------    ------------    ------------
(Loss) income from continuing operations before
  preferred dividends                                       (70,065)         55,838          35,084         162,402
Preferred dividends, net of tax                                (946)           (946)         (2,837)         (2,837)
                                                       ------------    ------------    ------------    ------------
(Loss) income from continuing operations                    (71,011)         54,892          32,247         159,565
Discontinued operations, net of tax                          11,803              14         (38,110)           (940)
Net loss on disposal of operations, net of tax             (214,853)                       (214,853)
                                                       ------------    ------------    ------------    ------------
Net (loss) income                                      $   (274,061)   $     54,906    $   (220,716)   $    158,625
                                                       ============    ============    ============    ============
Basic (loss) earnings per share:
(Loss) income from continuing operations               $      (1.16)   $       0.90    $       0.53    $       2.68
Discontinued operations                                       (3.33)                          (4.15)          (0.02)
                                                       ------------    ------------    ------------    ------------
Net (loss) income                                             (4.49)           0.90           (3.62)           2.66
                                                       ------------    ------------    ------------    ------------
Adjusted weighted average shares outstanding             61,018,000      60,860,000      60,976,000      59,540,000
                                                       ============    ============    ============    ============
Diluted (loss) earnings per share:
(Loss) income from continuing operations               $      (1.16)   $       0.86    $       0.53    $       2.53
Discontinued operations                                       (3.33)                          (4.15)          (0.01)
                                                       ------------    ------------    ------------    ------------
Net (loss) income                                             (4.49)           0.86           (3.62)           2.52
                                                       ------------    ------------    ------------    ------------
Adjusted weighted average shares outstanding             61,018,000      65,024,000      60,976,000      64,103,000
                                                       ============    ============    ============    ============
Dividends declared per common share                    $       0.18    $       0.18    $       0.54    $       0.50
                                                       ============    ============    ============    ============
</TABLE>
<PAGE>
                              The FINOVA Group Inc.
           Selected Consolidated Continuing Operations Financial Data
                           and Ratios (Unaudited) (A)
                             (Dollars in Thousands)

<TABLE>
<CAPTION>
                                                          As of Sept. 30         As of Dec. 31
                                                    --------------------------   -------------
                                                       2000           1999           1999
                                                    -----------    -----------    -----------
<S>                                                 <C>            <C>            <C>
FINANCIAL POSITION:
  Ending funds employed                             $10,434,102    $ 9,764,377    $10,321,813
  Securitizations (B)                                   393,831        123,681        121,322
                                                    -----------    -----------    -----------
    Total managed assets                             10,827,933      9,888,058     10,443,135
  Reserve for credit losses                             257,702        166,742        178,266
  Nonaccruing assets                                    421,007        169,390        174,993
  Accruing impaired assets                              246,889         92,664        108,764
  Nonaccruing assets as a % of managed assets (C)           3.9%           1.7%           1.7%
  Reserve for credit losses as a % of:
    Ending managed assets (C)                               2.4%           1.7%           1.7%
    Nonaccruing assets                                     61.2%          98.4%         101.9%
    Problem assets                                         38.6%          63.6%          62.8%
  Total assets                                      $13,356,734    $12,594,882    $13,889,889
  Total debt                                         11,271,980     10,289,419     11,407,767
  Preferred securities                                  111,550        111,550        111,550
  Common shareowners' equity                          1,430,631      1,591,699      1,663,381
  Backlog                                             1,682,538      2,233,922      1,905,531
  Common shares repurchased                                          1,815,000      1,833,241
  Leverage (debt to common and preferred equity)           7.3x           6.0x           6.4x


                                               For the Quarter Ended        For the Nine Months Ended
                                                      Sept. 30,                     Sept. 30,
                                             ---------------------------   ---------------------------
                                                2000            1999          2000            1999
                                             -----------     -----------   -----------     -----------
PERFORMANCE HIGHLIGHTS:
  Average managed assets                     $10,819,855     $ 9,517,230   $10,644,576     $ 9,054,845
  Average earning assets (C)                   9,667,845       8,871,143     9,705,134       8,450,478
  New business                                   619,047       1,104,375     2,364,403       2,838,025
  Fee-based volume                                               746,663       193,579       1,693,797
  Net write-offs                                  30,793           7,952        62,008          14,830
  Net write-offs (annualized as a % of
    average managed assets)                         1.14%           0.33%         0.78%           0.22%
  Operating margin (annualized as
    a % of average earning assets)                   4.8%            5.8%          5.1%            5.6%
  Interest margins earned (annualized as a
    % of average earning assets)                     4.8%            5.7%          5.1%            5.4%
  Operating expenses as a % of
    operating margin                                25.5%           31.1%         32.8%           34.5%
  Return (annualized on average common)
    Equity                                         (67.9)%          14.0%        (17.8)%          14.6%
</TABLE>

----------
(A)  Averages for the periods  presented are based on month-end  balances except
     for the weighting of acquisitions, which are based on days outstanding.
(B)  Securitizations are assets sold under securitization agreements and managed
     by the Company.
(C)  Average  earning assets equal average funds employed less average  deferred
     taxes on leveraged leases and average nonaccruing assets.