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                                     June 30, 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 July 31,  1997,  27,139,000  shares of Common Stock ($0.01 par value) were
outstanding.
<PAGE>
                         PART I - FINANCIAL INFORMATION
                         ------------------------------

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

                              THE FINOVA GROUP INC.
                      CONDENSED CONSOLIDATED BALANCE SHEET
                             (Dollars in Thousands)
<TABLE>
<CAPTION>
                                                                 (Unaudited)
                                                                   June 30,      December 31,
                                                                     1997           1996
                                                                -----------      -----------
<S>                                                             <C>              <C>
CASH AND CASH EQUIVALENTS                                       $    49,587      $    31,260

 INVESTMENT IN FINANCING TRANSACTIONS:
  Loans and other financing contracts, less unearned income       5,730,898        5,305,678
  Operating leases                                                  628,423          517,690
  Factored receivables                                              597,515          564,430
  Leveraged leases                                                  517,671          514,573
  Direct financing leases                                           351,689          396,388
                                                                -----------      -----------
                                                                  7,826,196        7,298,759
 Less reserve for possible credit losses                           (159,747)        (148,693)
                                                                -----------      -----------
     Investment in financing transactions - net                   7,666,449        7,150,066
 Other assets and deferred charges                                  344,367          345,408
                                                                -----------      -----------
                                                                $ 8,060,403      $ 7,526,734
                                                                ===========      ===========
 LIABILITIES:
  Accounts payable and accrued expenses                         $   117,594      $   119,991
  Due to clients                                                    241,953          218,494
  Interest payable                                                   46,693           52,677
  Senior debt                                                     6,338,122        5,850,223
  Deferred income taxes                                             255,896          244,208
                                                                -----------      -----------
                                                                  7,000,258        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                                                686,564          684,545
  Retained income                                                   328,466          276,151
  Cumulative translation adjustments                                   (288)           1,008
  Common stock in treasury, 1,297,000 and 893,000 shares
   respectively                                                     (66,431)         (32,397)
                                                                -----------      -----------
                                                                    948,595          929,591
                                                                -----------      -----------
                                                                $ 8,060,403      $ 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                 Six Months Ended
                                                     June 30,                          June 30,
                                         ------------------------------      ----------------------------
                                             1997              1996              1997             1996
                                         ------------      ------------      ------------      ----------
<S>                                      <C>               <C>               <C>               <C>
Interest and income earned from
  financing transactions                 $    199,541      $    167,593      $    390,653      $  335,272
Operating lease income                         28,946            25,042            54,911          48,015
Interest expense                             (101,883)          (89,718)         (199,055)       (177,942)
Depreciation                                  (17,610)          (14,625)          (34,059)        (31,903)
                                         ------------      ------------      ------------      ----------
Interest margins earned                       108,994            88,292           212,450         173,442
Provision for possible credit losses          (18,300)           (7,876)          (26,300)        (19,500)
                                         ------------      ------------      ------------      ----------
Net interest margins earned                    90,694            80,416           186,150         153,942
Gains on sale of assets                        10,468             1,315            13,701           8,045
                                         ------------      ------------      ------------      ----------
                                              101,162            81,731           199,851         161,987
Selling, administrative and other
 operating expenses                           (46,612)          (34,488)          (92,490)        (72,075)
                                         ------------      ------------      ------------      ----------
Income from continuing operations
 before income taxes and preferred
 dividends                                     54,550            47,243           107,361          89,912
Income taxes                                  (19,853)          (18,391)          (39,851)        (34,304)
                                         ------------      ------------      ------------      ----------
Income from continuing operations
 before preferred dividends                    34,697            28,852            67,510          55,608
Dividends on preferred securities of
 subsidiary trust, net of tax                    (946)             --              (2,101)             --
                                         ------------      ------------      ------------      ----------
Income from continuing operations              33,751            28,852            65,409          55,608
Loss from discontinued operations,
 net of tax                                      --                (731)             --              (366)
                                         ------------      ------------      ------------      ----------
Net Income                               $     33,751      $     28,121      $     65,409      $   55,242
                                         ============      ============      ============      ==========

EARNINGS FROM CONTINUING
 OPERATIONS PER COMMON
 AND EQUIVALENT SHARE                    $       1.21      $       1.03      $       2.34      $     1.99
                                         ============      ============      ============      ==========

EARNINGS PER COMMON AND
 EQUIVALENT SHARE                        $       1.21      $       1.01      $      2.34       $     1.98
                                         ============      ============      ============      ==========

DIVIDENDS DECLARED PER
 COMMON SHARE                            $       0.24      $       0.22      $       0.48      $     0.44
                                         ============      ============      ============      ==========

AVERAGE OUTSTANDING COMMON
 AND EQUIVALENT SHARES                     27,888,000        27,961,000        27,906,000      27,942,000
                                         ============      ============      ============      ==========
</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>

                                                                             Six Months Ended
                                                                                 June 30,
                                                                        ----------------------------
OPERATING ACTIVITIES:                                                       1997             1996
                                                                        -----------      -----------
<S>                                                                     <C>              <C>        
 Net income                                                             $    65,409      $    55,242
 Adjustments to reconcile net income to net cash provided by
   operating activities:
   Provision for possible credit losses                                      26,300           19,500
   Depreciation and amortization                                             42,576           38,629
   Gains on sale of assets                                                  (13,701)          (8,045)
   Deferred income taxes                                                     11,688           16,160
 Change in assets and liabilities, net of effects from subsidiaries
  purchased                                                                 (33,183)         (98,110)
 Other                                                                         (514)           1,300
                                                                        -----------      -----------
      Net cash provided by operating activities                              98,575           24,676
                                                                        -----------      -----------
INVESTING ACTIVITIES:
 Proceeds from sale of assets                                               109,250           64,241
 Proceeds from assets securitized                                            16,150          100,000
 Principal collections on financing transactions                            946,031          797,383
 Expenditures for financing transactions                                 (1,146,890)        (992,705)
 Net change in short-term financing transactions                           (472,021)        (285,861)
 Purchase of portfolios                                                        --               (795)
 Other                                                                        1,765            1,482
                                                                        -----------      -----------
     Net cash used in investing activities                                 (545,715)        (316,255)
                                                                        -----------      -----------
FINANCING ACTIVITIES:
 Net borrowings under commercial paper                                      632,868          215,392
 Long-term borrowings                                                       565,625          565,000
 Repayment of long-term borrowings                                         (710,479)        (523,788)
 Proceeds from exercise of stock options                                      4,384            2,446
 Common stock purchased for treasury                                        (37,296)            --
 Dividends                                                                  (13,094)         (12,032)
 Net change in due to clients                                                23,459          (22,467)
                                                                        -----------      -----------
     Net cash provided by financing activities                              465,467          224,551
                                                                        -----------      -----------

Increase (decrease) in cash and cash equivalents                             18,327          (67,028)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                               31,260           90,280
                                                                        -----------      -----------
CASH AND CASH EQUIVALENTS, END OF PERIOD                                $    49,587      $    23,252
                                                                        ===========      ===========
</TABLE>
See notes to interim consolidated financial information
                                       3
<PAGE>
                              THE FINOVA GROUP INC.
          NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
                 FOR THE SIX MONTHS ENDED JUNE 30, 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 June 30,  1997,  the
results of  operations  for the quarter  and six months  ended June 30, 1997 and
1996 and cash flows for the six months  ended June 30, 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 six months  ended June 30,  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.

         In June 1997 the FASB  issued SFAS No.  130,  "Reporting  Comprehensive
Income," which is effective for fiscal years  beginning after December 31, 1997.
The statement  changes the reporting of certain items currently  reported in the
stockholders' equity section of the balance sheet and establishes  standards for
reporting of  comprehensive  income and its  components in a full set of general
purpose financial statements. Management does not expect this standard to have a
material effect on the Company's financial statements.

         In June 1997 the FASB also  issued  SFAS No.  131,  "Disclosures  About
Segments of an  Enterprise  and Related  Information,"  which is  effective  for
fiscal years beginning after December 31, 1997. This standard  requires segments
of a business  enterprise to be reported based on the way  management  organizes
and  evaluates   segments  within  the  company.   The  standard  also  requires
disclosures  regarding  products  and  services,  geographical  areas  and major
customers.  The Company is currently  evaluating  the impact of this standard on
its disclosures.

         The company plans to adopt both SFAS No. 130 and No. 131 in 1998.

NOTE C   PORTFOLIO QUALITY
--------------------------
         The  following  table  presents,  by line of  business,  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
                                  JUNE 30, 1997
                             (Dollars in Thousands)
<TABLE>
<CAPTION>
                                             Revenue Accruing                         Nonaccruing
                                   ----------------------------------  ------------------------------------
                                      Market                 Repos-                    Repos-                   Total
                                     Interest                sessed                    sessed      Leases      Carrying
                                     Rate (1)    Impaired   Assets(2)   Impaired       Assets      & Other      Amount         %
                                   -----------   --------   ---------  ----------   ----------   ----------   ----------     -----
<S>                                 <C>          <C>        <C>        <C>          <C>          <C>          <C>            <C>  
Transportation Finance (3) (4)      $1,532,966   $   --     $   --     $     --     $     --     $     --     $1,532,966      19.6
Resort Finance (4)                   1,142,389      3,223     14,333           99       21,186         --      1,181,230      15.1
Corporate Finance (4)                  755,307      1,096       --         19,981          335         --        776,719       9.9
Commercial Real Estate Finance         630,839     23,859     41,824        7,859       13,681          196      718,258       9.2
Communications Finance (4)             614,361      8,384       --         12,825         --           --        635,570       8.1
Commercial Equipment Finance           596,364       --         --          8,482         --          4,460      609,306       7.8
Healthcare Finance                     503,493       --         --          2,742         --          1,267      507,502       6.5
Rediscount Finance (4)                 501,164       --         --            198         --           --        501,362       6.4
Franchise Finance (4)                  353,593        952       --          1,671         --            456      356,672       4.6
Inventory Finance (4)                  347,229       --         --          4,391         --           --        351,620       4.5
Factoring Services                     222,174       --         --         24,221         --           --        246,395       3.1
Commercial Finance                     178,046       --         --          9,754         --           --        187,800       2.4
Public Finance                         150,540       --         --           --           --           --        150,540       1.9
Other                                   38,175       --         --           --           --         32,081       70,256       0.9
                                    ----------   --------   --------   ----------   ----------   ----------   ----------     -----
TOTAL (4)                           $7,566,640   $ 37,514   $ 56,157   $   92,223   $   35,202   $   38,460   $7,826,196     100.0
                                    ==========   ========   ========   ==========   ==========   ==========   ==========     =====
</TABLE>

(1)  Represents original or renegotiated  market interest rate terms,  excluding
     impaired transactions.
(2)  The Company  earned  interest  income  totaling $2.1 million on repossessed
     assets during the six months ended June 30, 1997, including $1.6 million in
     Commercial Real Estate Finance and $0.5 million in Resort Finance.
(3)  Includes  $237.3 million of new aircraft  financing  business  entered into
     through the London office.
(4)  Excludes $394.0 million of assets securitized and participations sold which
     the Company manages,  including $319.7 million in Corporate Finance,  $38.9
     million in Communications Finance, $15.9 million in Franchise Finance, $9.1
     million in Transportation Finance, $4.7 million in Rediscount Finance, $3.7
     million in Resort Finance and $2.0 million in Inventory Finance.

                          ----------------------------
<PAGE>
Reserve for Possible Credit Losses:

         The reserve for possible  credit  losses of $159.7  million at June 30,
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:

                                                          Six Months Ended
                                                              June 30,
                                                   -----------------------------
                                                       1997             1996
                                                   ------------      -----------
                                                       (Dollars in Thousands)

Balance, beginning of period                       $    148,693     $    129,077
Provision for possible credit losses                     26,300           19,500
Write-offs                                             (16,858)         (15,240)
Recoveries                                                1,634            1,482
Other                                                      (22)            2,098
                                                   ------------     ------------
Balance, end of period                             $    159,747     $    136,917
                                                   ============     ============

         The  specific  impairment  reserve  of $7.5  million  at June 30,  1997
applies to $29.7 million of the $129.7 million of impaired loans.  The remaining
$152.2  million of the reserve for  possible  credit  losses is  designated  for
general purposes and represents management's 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 SIX MONTHS ENDED JUNE 30, 1997
                      TO THE SIX MONTHS ENDED JUNE 30, 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 six months  ended June 30, 1996 have been  restated to reflect  discontinued
operations.

Results of Operations

         Net income and income  from  continuing  operations  for the six months
ended June 30, 1997 was $65.4 million ($2.34 per common share),  compared to net
income of $55.2 ($1.98 per common share) and income from  continuing  operations
of $55.6 million ($1.99 per common share) for the first six months of 1996.

         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,  were
$212.5  million  for the six months  ended June 30,  1997  compared  with $173.4
million  during the same period in 1996,  an increase of 22%.  The  increase was
primarily due to a 16% growth in average managed assets (investment in financing
transactions plus  securitizations and participations  sold) in 1997 as compared
to June 30,  1996.  In addition,  interest  margins  earned as a  percentage  of
average earning assets  increased to 6.0% from 
                                       6
<PAGE>
5.7%. The higher  interest  margins earned are  attributable to increases in the
rate earned on the company's investment in financing  transactions combined with
a lower aggregate cost of funds.

         Provision for Possible Credit Losses. The provision for possible credit
losses increased to $26.3 million for the first six months of 1997,  compared to
$19.5 million  during the same period in 1996. The increase is  attributable  to
the  increase  in  financing  transactions  for the first six  months of 1997 as
compared to the same period in 1996 and slightly  higher  write-offs  during the
six months ended June 30, 1997 ($16.9  million  compared to $15.2 million in the
first six months of 1996).  At June 30, 1997,  the reserve for  possible  credit
losses was 96.3% of nonaccruing assets compared to 87.9% a year earlier.

         Gains on Sale of  Assets.  During  the  first six  months of 1997,  the
company recorded gains on sale of assets totaling $13.7 million compared to $8.0
million  during the same period one year ago.  Included in the 1997 amount was a
gain  resulting  from  the  sale  of the  company's  interest  in a real  estate
leveraged lease transaction.  Gains on sale of assets are sporadic in nature and
result primarily from assets coming off lease which are subsequently sold.

         Selling,   administrative   and  other  operating   expense.   Selling,
administrative and other operating expenses  ("operating  expenses") were higher
during the six months  ended June 30,  1997,  due  principally  to the growth in
managed   assets  and   incentives   related  to  the  company's  new  business,
profitability and stock performance. As a percentage of interest margins earned,
operating expenses were 43.5% for the first six months of 1997 compared to 41.6%
for the first six months of 1996.

         Income taxes. Income taxes were higher for the first six months of 1997
compared  to the  corresponding  period in 1996 due to the  increase  in pre-tax
income.  The effective tax rate,  which decreased to 37.1% in 1997 from 38.2% in
1996,  was  partially  due to the  company's  ability  to utilize  capital  loss
carryforwards.


Financial Condition, Liquidity and Capital Resources

         Managed  assets grew by $556.9  million  during the first six months of
1997 and totaled  $8.22  billion at June 30,  1997.  The increase was due to new
business  of $1.56  billion  booked  during the 1997 period  (compared  to $1.23
billion for the 1996 period),  partially offset by normal portfolio amortization
and prepayments.

         The reserve for possible credit losses increased to $159.7 million from
$148.7  million at December  31, 1996 while  non-accruing  assets  increased  to
$165.9 million at June 30, 1997 from $155.5 million at the end of 1996. However,
non-accruing  assets  remained at 2.0% of ending  managed  assets  (exclusive of
participations  sold)  and  reserve  coverage   (reserves/non-accruing   assets)
increased to 96.3% at June 30, 1997 from 95.6% at December 31, 1996.

         The company  had total debt  outstanding  of $6.34  billion at June 30,
1997 or 5.98 times its equity base (including  convertible preferred securities)
of $1.06 billion at June 30, 1997.

         Growth  in funds  employed  is  financed  by the  company's  internally
generated funds and new  borrowings.  During the six months ended June 30, 1997,
the company issued $566 million in new long-term borrowings and recognized a net
increase  in  commercial  paper   borrowings  of  approximately   $633  million.
Repayments of long-term debt totaled $710 million during the first six months of
1997.  The company  repurchased  517,900  shares of its common  stock during the
first
                                       7
<PAGE>
six months of 1997. These shares are intended to fund awards under the Company's
stock incentive plan.


Recent Developments and Business Outlook

         At the close of trading on July 7,  1997,  Standard & Poor's  Financial
Information Services began to include the company in its calculation of the "S&P
MidCap 400", a composite stock price index.


ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
-------------------------------------------------------------

         The Annual  Meeting of  Stockholders  of the Company was held on May 8,
1997. At that meeting,  Stockholders  owning  22,869,410 shares of the Company's
common stock  ("Shares")  were present in person or by proxy.  The  Stockholders
approved each matter submitted by the following votes:

<TABLE>
<CAPTION>
                         Item                                   For            Against        Abstain*
------------------------------------------------------------------------------------------------------
<S>                                                          <C>               <C>             <C>                     
1. (a) Election of Mr. Robert H. Clark Jr. as a Director     22,595,775           N/A            N/A

   (b) Election of Ms. Shoshana B. Tancer as a Director      22,587,103           N/A            N/A


2. Amendment of the 1992 Stock Incentive Plan                17,183,581        5,278,165       407,664

3. Appointment of Deloitte & Touche LLP as Auditors for      22,603,223          226,678        39,509
1997
</TABLE>

* Abstain includes broker non-votes.
                                       8
<PAGE>
ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K.
------------------------------------------

    (a)   The following exhibits are filed herewith:

          Exhibit No.    Document
          -----------    -----------------------------------------------------
              10         Second Amendment  to Employment Agreement of  Samuel L.
                         Eichenfield  dated  July 16, 1997  (providing  for  the
                         deferral of bonus  payments until his retirement at  or
                         after age 65).

              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  July 21, 1997,  was  filed  by
          Registrant which reported under Items 5 and 7 the revenues, net income
          and selected financial data and ratios  for the  second quarter  ended
          June 30, 1997 (unaudited).
                                       9
<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: August 6, 1997          By:           /s/ Bruno A. Marszowski
                                  ----------------------------------------------
                               Bruno A. Marszowski, Senior Vice President, Chief
                               Financial Officer and Controller
                               Principal Financial and Accounting Officer
                                       10
<PAGE>
                              THE FINOVA GROUP INC.
                         COMMISSION FILE NUMBER 1-11011
                                  EXHIBIT INDEX
                             JUNE 30, 1997 FORM 10-Q


Exhibit No.                              Document
--------------     -------------------------------------------------------------
     10            Second  Amendment  to  Employment   Agreement  of  Samuel  L.
                   Eichenfield  dated July 16, 1997  (providing for the deferral
                   of bonus payments until his retirement at or after age 65).

     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.