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, 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                                                   1-11011

                              THE FINOVA GROUP INC.
             (Exact name of registrant as specified in its charter)


DELAWARE                                                              86-0695381
(State or other jurisdiction of                                 (I.R.S. Employer
incorporation or organization)                               Identification No.)


1850 North Central Ave., P. O. Box 2209, Phoenix, AZ                  85002-2209
(Address of principal executive offices)                              (Zip Code)

Registrant's telephone number, including area code                  602/207-6900

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 such shorter period that the Registrant was
required  to file  such  report),  and  (2)  has  been  subject  to such  filing
requirements for the past 90 days.

                                 YES |X| NO | |

                      APPLICABLE ONLY TO CORPORATE ISSUERS:

As of May 5, 1997,  27,141,000  shares of Common  Stock  ($0.01 par value)  were
outstanding.
<PAGE>
                              THE FINOVA GROUP INC.


                                TABLE OF CONTENTS
<TABLE>
<CAPTION>
                                                                                        Page No.
                                                                                        --------
<S>         <C>                                                                           <C> 
PART I      FINANCIAL INFORMATION.

       Item 1.     Financial Statements.
             Condensed Consolidated Financial Information:

             Condensed Consolidated Balance Sheet - March 31, 1997 and
                   December 31, 1996                                                        1

             Condensed Consolidated Income Statement - Three Months
                   Ended March 31, 1997 and 1996                                            2

             Condensed Consolidated Statement of Cash Flows - Three Months
                   Ended March 31, 1997 and 1996                                            3

             Notes to Interim Condensed Consolidated Financial Information                4 - 6


       Item 2.     Management's Discussion and Analysis of Financial
                          Condition and Results of Operations                             6 - 8


PART II     OTHER INFORMATION.

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


       SIGNATURES                                                                           9
</TABLE>
<PAGE>
                         PART I - FINANCIAL INFORMATION
                         ------------------------------

ITEM 1.    FINANCIAL STATEMENTS
-------------------------------

                              THE FINOVA GROUP INC.
                      CONDENSED CONSOLIDATED BALANCE SHEET
                             (Dollars in Thousands)
<TABLE>
<CAPTION>
                                                                      (Unaudited)                
                                                                       March 31,     December 31,
ASSETS:                                                                   1997          1996 
                                                                      -----------    ----------- 
<S>                                                                   <C>            <C>         
CASH AND CASH EQUIVALENTS                                             $    67,439    $    31,260 
                                                                                                 
INVESTMENT IN FINANCING TRANSACTIONS:                                                            
 Loans and other financing contracts, less unearned income              5,387,518      5,305,678
 Factored receivables                                                     634,564        564,430 
 Operating leases                                                         570,869        517,690 
 Leveraged leases                                                         496,865        514,573 
 Direct financing leases                                                  389,557        396,388 
                                                                      -----------    ----------- 
                                                                        7,479,373      7,298,759 
Less reserve for possible credit losses                                  (152,545)      (148,693)
                                                                      -----------    ----------- 
    Investment in financing transactions - net                          7,326,828      7,150,066 
Other assets and deferred charges                                         340,577        345,408 
                                                                      -----------    ----------- 
                                                                      $ 7,734,844    $ 7,526,734 
                                                                      ===========    =========== 
LIABILITIES:                                                                                     
 Accounts payable and accrued expenses                                $   102,081    $   119,991 
 Due to clients                                                           297,397        218,494 
 Interest payable                                                          30,140         52,677 
 Senior debt                                                            6,010,987      5,850,223 
 Deferred income taxes                                                    257,101        244,208 
                                                                      -----------    ----------- 
                                                                        6,697,706      6,485,593 
                                                                      -----------    ----------- 
                                                                                                 
Company-obligated mandatory redeemable convertible                                               
   preferred securities of subsidiary trust solely holding                                       
   convertible debentures of the Company, net of expenses                                        
   (TOPrS)                                                                111,550        111,550 
                                                                                                 
STOCKHOLDERS' EQUITY:                                                                            
 Common stock, $0.01 par value, 100,000,000 shares                                               
   authorized, 28,422,000 shares issued                                       284            284 
 Additional capital                                                       685,647        684,545 
 Retained income                                                          301,221        276,151 
 Cumulative translation adjustments                                          (583)         1,008 
 Common stock in treasury, 1,243,000 and 893,000 shares                                          
  respectively                                                            (60,981)       (32,397)
                                                                      -----------    ----------- 
                                                                          925,588        929,591 
                                                                      -----------    ----------- 
                                                                      $ 7,734,844    $ 7,526,734 
                                                                      ===========    =========== 
</TABLE>
See notes to interim consolidated financial information.
                                       1
<PAGE>
                              THE FINOVA GROUP INC.
                     CONDENSED CONSOLIDATED INCOME STATEMENT
                  (Dollars in Thousands, except per share data)
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                                         Three Months Ended
                                                                                               March 31,
                                                                                     ------------    ------------           
                                                                                         1997            1996  
                                                                                     ------------    ------------  
<S>                                                                                  <C>             <C>           
Interest and income earned from                                                                                    
 financing transactions                                                              $    191,112    $    167,679  
Operating lease income                                                                     25,965          22,973  
Interest expense                                                                          (97,172)        (88,224) 
Depreciation                                                                              (16,449)        (17,278) 
                                                                                     ------------    ------------  
Interest margins earned                                                                   103,456          85,150  
Provision for possible credit losses                                                       (8,000)        (11,624) 
                                                                                     ------------    ------------  
Net interest margins earned                                                                95,456          73,526  
Gains on sale of assets                                                                     3,233           6,730  
                                                                                     ------------    ------------  
                                                                                           98,689          80,256  
Selling, administrative and other operating expenses                                      (45,878)        (37,587) 
                                                                                     ------------    ------------  
Income from continuing operations before income taxes and preferred                                                
  dividends                                                                                52,811          42,669  
Income taxes                                                                              (19,998)        (15,913) 
                                                                                     ------------    ------------  
Income from continuing operations before preferred dividends                               32,813          26,756  
Dividends on preferred securities of subsidiary trust, net of tax                          (1,155)           --    
                                                                                     ------------    ------------  
Income from continuing operations                                                          31,658          26,756  
Income from discontinued operations, net of tax                                              --               365  
                                                                                     ------------    ------------  
Net Income                                                                           $     31,658    $     27,121  
                                                                                     ============    ============  
                                                                                                                   
EARNINGS FROM CONTINUING OPERATIONS PER COMMON                                                                     
 AND EQUIVALENT SHARE                                                                $       1.13    $       0.96  
                                                                                     ============    ============  
                                                                                                                   
EARNINGS PER COMMON AND EQUIVALENT SHARE                                             $       1.13    $       0.97  
                                                                                     ============    ============  
                                                                                                                   
DIVIDENDS DECLARED PER COMMON SHARE                                                  $       0.24    $       0.22  
                                                                                     ============    ============  
                                                                                                                   
AVERAGE OUTSTANDING COMMON AND EQUIVALENT SHARES                                       27,924,000      27,923,000  
                                                                                     ============    ============  
</TABLE>
See notes to interim consolidated financial information.
                                       2
<PAGE>
                              THE FINOVA GROUP INC.
                 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
                             (Dollars in Thousands)
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                                             Three Months Ended
                                                                                                  March 31,
                                                                                           ----------------------
OPERATING ACTIVITIES:                                                                         1997         1996  
                                                                                           ---------    ---------  
<S>                                                                                        <C>          <C>        
 Net income                                                                                $  31,658    $  27,121  
 Adjustments to reconcile net income to net cash provided by                                                       
  operating activities:                                                                                            
   Provision for possible credit losses                                                        8,000       11,624  
   Depreciation and amortization                                                              20,683       21,083  
   Gains on sale of assets                                                                    (3,233)      (6,730) 
   Deferred income taxes                                                                      12,893       16,297  
 Change in assets and liabilities, net of effects from subsidiaries purchased                (39,850)    (108,950) 
 Other                                                                                          (789)        (568) 
                                                                                           ---------    ---------  
      Net cash provided by (used in) operating activities                                     29,362      (40,123) 
                                                                                           ---------    ---------  
INVESTING ACTIVITIES:                                                                                              
 Proceeds from sale of assets                                                                 43,548       42,293  
 Proceeds from assets securitized                                                               --        100,000  
 Principal collections on financing transactions                                             444,660      375,717  
 Expenditures for financing transactions                                                    (480,785)    (541,054) 
 Net change in short-term financing transactions                                            (206,743)    (108,352) 
 Other                                                                                         1,342          581  
                                                                                           ---------    ---------  
     Net cash used in investing activities                                                  (197,978)    (130,815) 
                                                                                           ---------    ---------  
FINANCING ACTIVITIES:                                                                                              
 Net borrowings under commercial paper                                                       447,494      115,530  
 Long-term borrowings                                                                          5,625      190,000  
 Repayment of long-term borrowings                                                          (292,768)    (219,000) 
 Proceeds from exercise of stock options                                                       2,707        1,894  
 Common stock purchased for treasury                                                         (30,578)        --    
 Dividends                                                                                    (6,588)      (6,012) 
 Net change in due to clients                                                                 78,903       19,842  
                                                                                           ---------    ---------  
     Net cash provided by financing activities                                               204,795      102,254  
                                                                                           ---------    ---------  
                                                                                                                   
Increase (decrease) in cash and cash equivalents                                              36,179      (68,684) 
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                                                31,260       90,280  
                                                                                           ---------    ---------  
CASH AND CASH EQUIVALENTS, END OF PERIOD                                                   $  67,439    $  21,596  
                                                                                           =========    =========  
</TABLE>
See notes to interim consolidated financial information.
                                       3
<PAGE>
                              THE FINOVA GROUP INC.
          NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
               FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996


NOTE A   BASIS OF PREPARATION
-----------------------------
         The consolidated  financial  statements present the financial position,
results  of  operations  and  cash  flows  of The  FINOVA  Group  Inc.  and  its
subsidiaries (collectively, "FINOVA" or the "Company"), including FINOVA Capital
Corporation and its subsidiaries (collectively, "FINOVA Capital").

         The interim  consolidated  financial  information is unaudited.  In the
opinion of management all  adjustments,  consisting of normal  recurring  items,
necessary to present  fairly the  financial  position as of March 31, 1997,  the
results of  operations  for the three  months  ended March 31, 1997 and 1996 and
cash  flows for the  three  months  ended  March  31,  1997 and 1996,  have been
included.  Interim results of operations are not  necessarily  indicative of the
results of operations for the full year.

         Amounts for the three months ended March 31, 1996,  have been  restated
to reflect discontinued operations.

NOTE B   SIGNIFICANT ACCOUNTING POLICIES
----------------------------------------

         Effective  January 1, 1997,  the  Company  adopted  the  provisions  of
Statement of Financial  Accounting  Standards No. 125, "Accounting for Transfers
and Servicing of Financial Assets and  Extinguishments  of  Liabilities."  Among
other things,  this statement  changes the accounting  treatment of transactions
occurring subsequent  to December 31, 1996 that  transfer  financial  assets but
retain the  servicing  rights,  such as  securitizations.  The  adoption of this
standard did not have a material impact on the Company's  consolidated financial
statements.

         In February 1997,  the Financial  Accounting  Standards  Board ("FASB")
issued Statement of Financial  Accounting  Standards ("SFAS") No. 128, "Earnings
per Share",  effective for both interim and annual periods ending after December
15, 1997. This statement specifies the computation,  presentation and disclosure
of earnings per share for entities  with publicly held common stock or potential
common  stock.  The Company  will  provide  the  required  disclosures  in their
year-end  report.  The effect on the Company's  earnings per share disclosure is
not material for the periods presented.


NOTE C   PORTFOLIO QUALITY
--------------------------
         The following  table presents a  distribution  (by line of business) of
the  Company's  investment  in  financing  transactions  before the  reserve for
possible credit losses at the dates indicated.
                                       4
<PAGE>
                      INVESTMENT IN FINANCING TRANSACTIONS
                               BY LINE OF BUSINESS
                                 MARCH 31, 1997
                             (Dollars in Thousands)
<TABLE>
<CAPTION>
                                                   Revenue Accruing                        Nonaccruing
                                       -------------------------------------    ------------------------------------
                                                                    Repos-
                                         Market                     sessed                      Repos-     Leases         Total
                                        Interest                    Assets                      sessed        &         Carrying
                                        Rate (1)     Impaired        (2)         Impaired       Assets      Other        Amount
                                       ----------   ----------    ----------    ----------   ----------   ----------   ----------
<S>                                    <C>          <C>                                                                          
Transportation Finance (3) (4)         $1,423,281   $             $             $            $            $            $1,423,281
Resort Finance (4)                      1,096,435        3,393        14,021            77       21,970                 1,135,896
Commercial Real Estate Finance            713,021       23,694        46,173        13,960        9,777          940      807,565
Corporate Finance (4)                     633,519        3,063                      16,905          335                   653,822
Communications Finance (4)                551,924        8,368                      12,825                                573,117
Commercial Equipment Finance              559,109                                    8,489                     3,499      571,097
Healthcare Finance                        501,609                                    1,010                       389      503,008
Rediscount Finance (4)                    434,052                                      213                                434,265
Franchise Finance                         356,986        1,031                       1,923                       838      360,778
Inventory Finance (4)                     333,451                                    5,160                                338,611
Factoring Services                        255,342                                    5,658                                261,000
Commercial Finance                        178,217                                    9,872                                188,089
Government Finance                        149,597                                                                         149,597
Other (5)                                  34,832                                                             44,415       79,247
                                       ----------   ----------    ----------    ----------   ----------   ----------   ----------
TOTAL (4)                              $7,221,375   $   39,549    $   60,194    $   76,092   $   32,082   $   50,081   $7,479,373
                                       ==========   ==========    ==========    ==========   ==========   ==========   ==========
</TABLE>
-------------------

(1)  Represents original or renegotiated  market interest rate terms,  excluding
     impaired transactions.
(2)  The Company  earned  interest  income  totaling $1.1 million on repossessed
     assets during the three months ended March 31, 1997, including $0.9 million
     in Commercial Real Estate Finance and $0.2 million in Resort Finance.
(3)  Includes  $171.9 million of new aircraft  financing  business  entered into
     through the London office.
(4)  Excludes $381.0 million of assets securitized and participations sold which
     the Company manages,  including $329.4 million in Corporate Finance,  $35.8
     million in Communications Finance, $5.0 million in Rediscount Finance, $3.7
     million in Resort  Finance,  $3.6  million in  Inventory  Finance  and $3.5
     million in Transportation Finance.
(5)  Includes  assets  retained  by the  Company  subsequent  to the sale of the
     Manufacturer and Dealer Services' line of business. 
                              --------------------
                                       5
<PAGE>
Reserve for Possible Credit Losses:

         The reserve for possible  credit losses of $152.5  million at March 31,
1997 represents 2.0% of the Company's  investment in financing  transactions and
securitized  assets.  Changes in the reserve for possible  credit losses were as
follows:

                                                 Three Months Ended March 31,
                                                -----------------------------
                                                    1997              1996
                                                ------------      -----------
                                                    (Dollars in Thousands)

Balance, beginning of period                    $    148,693     $    129,077
Provision for possible credit losses                   8,000           11,624
Write-offs                                            (5,300)          (7,858)
Recoveries                                             1,211              581
Other                                                    (59)             (21)
                                                ------------     ------------
Balance, end of period                          $    152,545     $    133,403
                                                ============     ============

         The  specific  impairment  reserve of $8.2  million  at March 31,  1997
applies to $26.8 million of the $115.6 million of impaired loans.  The remaining
$144.3  million of the reserve for  possible  credit  losses is  designated  for
general purposes and represents  management's  best estimate of potential losses
in the portfolio  considering  delinquencies,  loss  experience and  collateral.
Additions  to the  general  and  specific  reserves  are  reflected  in  current
operations.  Management may transfer  reserves  between the general and specific
reserves as considered necessary.

ITEM 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND 
---------------------------------------------------------------------------
           RESULTS OF OPERATIONS.
           ----------------------

               COMPARISON OF THE THREE MONTHS ENDED MARCH 31, 1997
                    TO THE THREE MONTHS ENDED MARCH 31, 1996

         The  following  discussion  relates  to The FINOVA  Group Inc.  and its
subsidiaries (collectively, "FINOVA" or the "Company"), including FINOVA Capital
Corporation and its subsidiaries (collectively,  "FINOVA Capital").  Amounts for
the three months ended March 31, 1996 have been restated to reflect discontinued
operations.

Results of Operations

         Income from continuing  operations and net income for the first quarter
of 1997 was $31.7  million  ($1.13 per common  share)  compared to $26.8 million
($0.96 per common  share) for the first quarter of 1996, an increase of 18%. Net
income for the first quarter of 1996 was $27.1 million ($0.97 per common share).

         Interest margins earned.  Interest margins earned,  which represent the
difference  between (a) interest and income earned from  financing  transactions
and operating lease income and (b) interest expense and depreciation, was $103.5
million in the first  quarter  of 1997,  compared  to $85.2  million in the same
period a year ago.  This 21% increase was primarily the result of a 16% increase
in managed assets and an increase in interest  margins earned as a percentage of
average earning assets (from 5.7% to 5.9%).
                                       6
<PAGE>
         In the  first  quarter  of  1997,  managed  assets  increased  at a 10%
annualized growth rate as a result of new business recorded, partially offset by
normal portfolio amortization and $160 million of prepayments.  New business and
fee-based volume totaled $1.43 billion in the first quarter of 1997, compared to
$1.34 billion in the first  quarter of 1996.  In  accordance  with the Company's
strategy to  diversify  into  non-asset  related  businesses,  fee-based  volume
represented  a larger  percentage  of new activity in the first  quarter of 1997
than in the first quarter of 1996.

         Interest  margins  earned as a  percentage  of average  earning  assets
increased  primarily  because  of  lower  interest  costs.  Interest  costs as a
percentage of average earning assets were lower during the first quarter of 1997
compared to 1996  primarily  due to improved  credit  ratings,  the  maturity of
certain  interest  rate  hedges  and lower  debt to equity  leverage  during the
period.  Lower  interest  costs were  partially  offset by a decrease  in income
earned from financing  transactions as a percentage of average earning assets in
the first quarter of 1997 compared to 1996.

         Provision  for credit  losses.  The provision for credit losses for the
first  quarter  of 1997  was  lower  than the  first  quarter  of 1996,  as were
write-offs.  As an annualized  percentage of average  managed assets  (excluding
participations   sold  in  which  the  Company  has  transferred  credit  risk),
write-offs  were 0.28% for the first  quarter of 1997  compared  to 0.47% in the
first quarter of 1996.  Management believes that 0.28% is unusually low and will
not likely be sustained over the long-term.

         Gains on sale of assets. Gains on sale of assets were down in the first
quarter of 1997 compared to an unusually high level in 1996.  Gains are sporadic
in nature and can vary significantly from period to period.

         Selling,   administrative  and  other  operating   expenses.   Selling,
administrative and other operating expenses  ("operating  expenses") were higher
in the first quarter of 1997 than in 1996,  primarily due to the increased costs
associated  with the  increase  in the  Company's  portfolio.  For the  quarter,
operating  expenses  as a  percentage  of  interest  margins  earned were 44.3%,
compared to 44.1% in the first quarter of 1996.  Included in operating  expenses
for the first  quarter  of 1997 were  higher  incentive  compensation  accruals,
including a $6.3 million pre-tax  expense for the Chairman,  President and Chief
Executive  Officer's value sharing plan,  under an employment  agreement,  which
reached one of its share price  objectives  in the first  quarter of 1997.  This
plan is more fully described in The FINOVA Group's Annual Proxy Statement.

Financial Condition, Liquidity and Capital Resources

         Managed assets  increased by $197.1 million during the first quarter of
1997  to  $7,860  million  at  March  31,  1997.   This  increase  is  primarily
attributable to the new business funded during the quarter,  partially offset by
portfolio amortization and prepayments.

         The reserve for possible credit losses increased to $152.5 million from
$148.7 million at December 31, 1997 as a result of an $8.0 million provision for
credit  losses which was  partially  offset by $5.3 million of  write-offs.  The
Company continues to experience  improving portfolio  performance as measured by
nonaccruing assets, write-offs and reserve coverage. Nonaccruing assets are 2.0%
of managed  assets at March 31, 1997 and December 31, 1996,  and the reserve for
possible  credit  losses  is 96.4% of  nonaccruing  assets  at March  31,  1997,
compared to 95.6% at the end of 1996.
                                       7
<PAGE>
         Growth  in  funds  employed  is  generally  financed  by the  Company's
internally  generated cash flow and new  borrowings.  As a result of the sale of
the  Company's   Manufacturer  &  Dealer  Services  unit  and  the  issuance  of
company-obligated   mandatory   redeemable   convertible   preferred  securities
("TOPrS") during the fourth quarter of 1996, the Company had significantly  paid
down its commercial paper borrowings.  As a result of the new business booked in
the first  quarter  of 1997,  outstanding  commercial  paper  increased  to $2.9
billion at March 31, 1997. Consequently,  long-term borrowings only increased by
$5.6 million during the first quarter of 1997.  Senior debt outstanding  totaled
$6.0  billion at March 31, 1997  compared to $5.9  billion at December 31, 1996.
The debt to equity  ratio for FINOVA  Capital  was 5.50x at March 31,  1997,  up
slightly from 5.47x at December 31, 1996.

         Deferred  taxes,  which are generally used to reduce debt,  were $257.1
million at March 31, 1997 compared to $244.2 million at the end of 1996.

Recent Developments and Business Outlook

         In December  1996,  the  Company,  through a subsidiary  trust,  issued
$115.0  million  of  TOPrS,  before  transaction  costs  of  $3.5  million.  The
subsidiary trust holds solely convertible debentures of the Company.  During the
first quarter of 1997, the Company recorded $1.2 million of preferred  dividends
related to the securities, net of tax.

         On March 25, 1997, the Federal  Reserve  Board's Open Market  Committee
voted to  increase  the  federal  funds  rate by 25 basis  points to 5.50%.  The
resulting  increase  in  general  interest  rates in the first  quarter  did not
significantly  impact interest margins earned for the period. As a result of the
Company's matched funding policy,  whereby floating rate assets are matched with
floating  rate debt,  the impact of changes in  interest  rates on net  interest
margins earned is significantly  mitigated. The Company's policy generally is to
limit the difference  between  floating rate assets and floating rate debt to 3%
of total assets.

         During the first  quarter of 1997,  the  Company  initiated  the FINOVA
Investment  Alliance to provide  equity and mezzanine debt financing to mid-side
businesses  in  conjunction  with  institutional  investors  and  selected  fund
sponsors.

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

       (a)   The following exhibits are filed herewith:

             Exhibit No.        Document
             --------------     ------------------------------------------------
                  11            Computation of Earnings Per Share.

                  12            Computation of Ratio of Income to Combined Fixed
                                Charges and Preferred  Stock  Dividends (interim
                                period).

                  27            Financial Data Schedule.


       (b)   Reports on Form 8-K:

                   A Report on Form 8-K,  dated  April  15,  1997,  was filed by
             Registrant  which  reported  under Items 5 and 7 the revenues,  net
             income and selected financial data and ratios for the first quarter
             ended March 31, 1997 (unaudited).
                                       8
<PAGE>
                              THE FINOVA GROUP INC.





                                   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.





                                           THE FINOVA GROUP INC.

                                               (Registrant)



Dated: May 8, 1997              By:           /s/ Bruno A. Marszowski
                                     -------------------------------------------
                                     Bruno A. Marszowski, Senior Vice President,
     `                               Chief Financial Officer and Controller
                                     Principal Financial and Accounting Officer
                                       9
<PAGE>
                              THE FINOVA GROUP INC.
                         COMMISSION FILE NUMBER 1-11011
                                  EXHIBIT INDEX
                          SEPTEMBER 30, 1996 FORM 10-Q


Exhibit No.                            Document
-----------      ---------------------------------------------------------------
   11            Computation of Earnings Per Share.

   12            Computation of Ratio of Income to Combined Fixed Charges and
                 Preferred Stock Dividends (interim period).

   27            Financial Data Schedule.
                                       10