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, 1998

                                       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 1, 1998,  56,516,807  shares of Common  Stock  ($0.01 par value)  were
outstanding.
<PAGE>
                              THE FINOVA GROUP INC.


                                TABLE OF CONTENTS



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

     Item 1.   Financial Statements.
          Condensed Consolidated Financial Information:

          Condensed Consolidated Balance Sheet - March 31, 1998 and
               December 31, 1997                                                  1

          Condensed Consolidated Income Statement - Three Months
               Ended March 31, 1998 and 1997                                      2

          Condensed Consolidated Statement of Cash Flows - Three Months
               Ended March 31, 1998 and 1997                                      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                                   9


       SIGNATURES                                                                10
</TABLE>
<PAGE>
                         PART I - FINANCIAL INFORMATION
                         ------------------------------

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

                              THE FINOVA GROUP INC.
                      CONDENSED CONSOLIDATED BALANCE SHEET
                             (Dollars in Thousands)
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                March 31,     December 31,
                                                                                  1998           1997
                                                                               -----------    -----------
<S>                                                                            <C>            <C>        
    ASSETS:

     Cash and cash equivalents                                                 $    50,164    $    33,190

     Investment in financing transactions:
         Loans and other financing contracts                                     6,152,480      5,955,984
         Factored receivables                                                      707,236        750,399
         Operating leases                                                          711,669        712,927
         Leveraged leases                                                          608,957        619,557
         Direct financing leases                                                   334,126        360,589
         Financing contracts held for sale                                         153,421           --
                                                                               -----------    -----------
                                                                                 8,667,889      8,399,456
     Less reserve for credit losses                                               (175,967)      (177,088)
                                                                               -----------    -----------
         Investment in financing transactions - net                              8,491,922      8,222,368

     Goodwill and other assets                                                     489,963        464,282
                                                                               -----------    -----------
                                                                               $ 9,032,049    $ 8,719,840
                                                                               ===========    ===========
     LIABILITIES:
      Accounts payable and accrued expenses                                    $   111,609    $   147,280
      Due to clients                                                               239,157        278,571
      Interest payable                                                              38,588         52,643
      Senior debt                                                                7,115,327      6,764,581
      Deferred income taxes                                                        289,692        274,761
                                                                               -----------    -----------
                                                                                 7,794,373      7,517,836
                                                                               -----------    -----------

     Company-obligated mandatory redeemable convertible
        preferred securities of subsidiary trust solely holding
        convertible debentures of FINOVA, net of expenses (TOPrS)                  111,550        111,550

     SHAREOWNERS' EQUITY:
      Common stock, $0.01 par value, 100,000,000 shares
        authorized, 58,555,000 shares issued                                           585            585
      Additional capital                                                           766,303        764,525
      Retained income                                                              417,838        386,665
      Cumulative translation adjustments                                               (68)           (10)
      Common stock in treasury, 2,093,000 and 2,273,000 shares
       respectively                                                                (58,532)       (61,311)
                                                                               -----------    -----------
                                                                                 1,126,126      1,090,454
                                                                               -----------    -----------
                                                                               $ 9,032,049    $ 8,719,840
                                                                               ===========    ===========
</TABLE>

See notes to interim consolidated financial information.
                                       1
<PAGE>
                              THE FINOVA GROUP INC.
                     CONDENSED CONSOLIDATED INCOME STATEMENT
                             (Dollars in Thousands)
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                              Three Months Ended
                                                                                   March 31,
                                                                         ----------------------------
                                                                             1998            1997
                                                                         ------------    ------------
<S>                                                                      <C>             <C>         
     Interest and income earned from financing transactions              $    203,736    $    183,328
     Operating lease income                                                    32,663          25,965
     Interest expense                                                        (110,572)        (97,172)
     Depreciation                                                             (17,170)        (16,449)
                                                                         ------------    ------------
     Interest margins earned                                                  108,657          95,672
     Volume-based fee income                                                   22,156           7,784
                                                                         ------------    ------------
                                                                              130,813         103,456
     Provision for credit losses                                               (9,500)         (8,000)
                                                                         ------------    ------------
     Net interest margins earned                                              121,313          95,456
     Gains on disposal of assets                                                1,223           3,233
                                                                         ------------    ------------
                                                                              122,536          98,689
     Selling, administrative and other operating expenses                     (56,958)        (45,878)
                                                                         ------------    ------------
     Income before income taxes and preferred dividends                        65,578          52,811
     Income taxes                                                             (25,555)        (19,998)
                                                                         ------------    ------------
     Income before preferred dividends                                         40,023          32,813
     Dividends on preferred securities of subsidiary trust, net of tax           (946)         (1,155)
                                                                         ------------    ------------
     Net Income                                                          $     39,077    $     31,658
                                                                         ============    ============

     Basic earnings per share                                            $       0.70    $       0.59
                                                                         ============    ============
     Basic average shares outstanding                                      56,138,000      53,962,000
                                                                         ============    ============

     Diluted earnings per share                                          $       0.66    $       0.56
                                                                         ============    ============
     Average shares outstanding assuming dilution                          61,079,000      58,615,000
                                                                         ============    ============

     Dividends declared per common share                                 $       0.14    $       0.12
                                                                         ============    ============
</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,
                                                                        ----------------------
                                                                           1998         1997
                                                                        ---------    ---------
<S>                                                                     <C>          <C>      
OPERATING ACTIVITIES:
 Net income                                                             $  39,077    $  31,658
 Adjustments to reconcile net income to net cash provided by
   operating activities:
   Provision for credit losses                                              9,500        8,000
   Depreciation and amortization                                           22,905       20,683
   Gains on sale of assets                                                 (1,223)      (3,233)
   Deferred income taxes                                                   14,931       12,893
   Change in assets and liabilities, net of effects from subsidiaries     
   purchased                                                              (81,142)     (39,850)
 Other                                                                      1,734         (789)
                                                                        ---------    ---------
     Net cash provided by operating activities                              5,782       29,362
                                                                        ---------    ---------
INVESTING ACTIVITIES:
 Proceeds from sale of assets                                              48,955       43,548
 Principal collections on financing transactions                          475,015      444,660
 Expenditures for financing transactions                                 (533,579)    (480,785)
 Net change in short-term financing transactions and financing
 contracts held for sale                                                 (286,216)    (206,743)
 Other                                                                        824        1,342
                                                                        ---------    ---------
     Net cash used in investing activities                               (295,001)    (197,978)
                                                                        ---------    ---------
FINANCING ACTIVITIES:
 Net borrowings under commercial paper and short-term loans               473,796      447,494
 Long-term borrowings                                                     100,000        5,625
 Repayment of long-term borrowings                                       (223,430)    (292,768)
 Proceeds from exercise of stock options                                    3,144        2,707
 Common stock purchased for treasury                                         --        (30,578)
 Dividends                                                                 (7,903)      (6,588)
 Net change in due to clients                                             (39,414)      78,903
                                                                        ---------    ---------
     Net cash provided by financing activities                            306,193      204,795
                                                                        ---------    ---------

Increase in cash and cash equivalents                                      16,974       36,179
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                             33,190       31,260
                                                                        ---------    ---------
CASH AND CASH EQUIVALENTS, END OF PERIOD                                $  50,164    $  67,439
                                                                        =========    =========
</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, 1998 AND 1997

NOTE A        BASIS OF PRESENTATION
-----------------------------------
         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, 1998, and the
results of  operations  and cash flows for the three months ended March 31, 1998
and 1997, have been included.  Interim results of operations are not necessarily
indicative of the results of operations for the full year.

         Previously,  volume-based  fees,  which represent fees generated by the
Inventory,  Factoring and Realty Capital lines of business, were classified as a
component of interest and income earned from financing transactions.  Commencing
in  1998,  the  Company  has  reported  these  amounts  as a  separate  item and
reclassified prior period amounts accordingly. This change in classification has
no effect on previously reported net income or earnings per share.

NOTE B        SIGNIFICANT ACCOUNTING POLICIES
---------------------------------------------
         In June 1997, the Financial  Accounting Standards Board ("FASB") issued
Statement  of  Financial  Accounting  Standards  ("SFAS")  No.  130,  "Reporting
Comprehensive  Income,"  which is  effective  for fiscal years  beginning  after
December  15,  1997.  The  statement  changes  the  reporting  of certain  items
currently  reported in the shareowners'  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.  The company has adopted
this  standard  effective  January  1,  1998.  Total  comprehensive  income  was
$39,019,000  and $30,067,000 for the three months ended March 31, 1998 and 1997,
respectively.  The primary  component  of  comprehensive  income  other than net
income was foreign currency translation.

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 credit
losses at the dates indicated.
                                       4
<PAGE>
                      INVESTMENT IN FINANCING TRANSACTIONS
                               BY LINE OF BUSINESS
                                 MARCH 31, 1998
                             (Dollars in Thousands)

<TABLE>
<CAPTION>
                                                 Revenue Accruing                           Nonaccruing            
                                       ------------------------------------     -----------------------------------
                                                                    Repos-
                                                                    sessed                     Repos-        Leases
                                        Original     Impaired       Assets                     sessed          &   
                                          Rate         (1)            (2)       Impaired       Assets        Other 
                                       ------------------------------------     --------      ---------------------
<S>                                    <C>           <C>           <C>          <C>           <C>          <C>     
Transportation Finance (3 & 4)         $1,676,211    $             $            $             $            $       
Resort Finance (4)                      1,150,958                    14,400                     32,403             
Corporate Finance (4)                     804,064         921                     30,457                           
Communications Finance (4)                712,751       8,859                     24,427                           
Specialty Real Estate Finance             576,346      21,224        40,289        7,535         7,722          195
Rediscount Finance (4)                    601,552                                  5,306                           
Commercial Equipment Finance              583,022       1,748         4,064        8,169         2,190        2,795
Healthcare Finance                        539,269                                  5,554                        548
Inventory Finance (4)                     524,761                                  5,603                           
Franchise Finance (4)                     470,233         780                      6,254                        300
Factoring Services                        210,347                                 23,592         1,023             
Business Credit                           200,774                                  7,589                           
Public Finance                            136,031                                                                  
Realty Capital (5)                        153,421                                                                  
Other (6)                                  40,597                                                            23,605
                                       ----------    -----------   --------     --------      --------     --------
TOTAL  (4)                             $8,380,337    $ 33,532      $ 58,753     $124,486      $ 43,338     $ 27,443
                                       ==========    ===========   ========     ========      ========     ========
<CAPTION>
                                         Total                
                                        Carrying              
                                         Amount             % 
                                       -----------------------
<S>                                    <C>                <C> 
Transportation Finance (3 & 4)         $ 1,676,211        19.3
Resort Finance (4)                       1,197,761        13.8
Corporate Finance (4)                      835,442         9.6
Communications Finance (4)                 746,037         8.6
Specialty Real Estate Finance              653,311         7.5
Rediscount Finance (4)                     606,858         7.0
Commercial Equipment Finance               601,988         7.0
Healthcare Finance                         545,371         6.3
Inventory Finance (4)                      530,364         6.1
Franchise Finance (4)                      477,567         5.5
Factoring Services                         234,962         2.7
Business Credit                            208,363         2.4
Public Finance                             136,031         1.6
Realty Capital (5)                         153,421         1.8
Other (6)                                   64,202         0.8
                                       -----------       -----
TOTAL  (4)                             $ 8,667,889       100.0
                                       ===========       =====
</TABLE>

---------------------------------------
NOTES:
(1)  Represents original or renegotiated  market rate terms,  excluding impaired
     transactions.
(2)  The Company  earned  income  totaling  $0.9 million on  repossessed  assets
     during the three  months  ended March  31, 1998, including  $0.7 million in
     Specialty Real Estate Finance, and $0.2 million in Resort Finance.
(3)  Transportation  Finance  includes  $343.4  million  of  aircraft  financing
     business originated in the London office.
(4)  Excludes $464.5 million of assets securitized and participations sold which
     the  Company  manages,  including  securitizations  of  $300.0  million  in
     Corporate Finance and $36.0 million in Franchise Finance and participations
     sold of $41.0 million in Corporate Finance, $67.8 million in Communications
     Finance, $8.2 million in Transportation Finance, $4.7 million in Rediscount
     Finance,  $5.4  million in Resort  Finance  and $1.4  million in  Inventory
     Finance.
(5)  Represents financing contracts held for sale.
(6)  Includes London-based FINOVA Capital Limited and other.
                                       5
<PAGE>
Reserve for Credit Losses:

         The reserve for credit losses at March 31, 1998  represents 2.0% of the
Company's investment in financing  transactions and securitized assets.  Changes
in the reserve for credit losses were as follows:

                                                        Three Months Ended
                                                             March 31,
                                                    ---------------------------
                                                       1998              1997
                                                    ---------         ---------
                                                       (Dollars in Thousands)

Balance, beginning of period                        $ 177,088         $ 148,693
Provision for credit losses                             9,500             8,000
Write-offs                                            (13,912)           (5,300)
Recoveries                                                806             1,211
Other                                                   2,485               (59)
                                                    ---------         ---------
Balance, end of period                              $ 175,967         $ 152,545
                                                    =========         =========

         A  specific  impairment  reserve  of $28.6  million  at March 31,  1998
applies to $158.0 million of impaired loans. The remaining $147.4 million of the
reserve for 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, 1998
                    TO THE THREE MONTHS ENDED MARCH 31, 1997

         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").

Results of Operations

         Net income for the three months ended March 31, 1998 was $39.1  million
($0.66 per diluted  share)  compared to $31.7 million  ($0.56 per diluted share)
for the three months ended March 31, 1997.

         Interest  margins  earned.   Interest  margins  earned  represents  the
difference  between (a) interest and income earned from  financing  transactions
and  operating  lease  income  and (b)  interest  expense  and  depreciation  on
operating  leases.  Interest  margins  earned were $108.7  million for the first
three months of 1998, an increase of 14% over interest  margins  earned of $95.7
million for the first  quarter of 1997.  The increase was primarily due to a 16%
increase in managed assets to $9.13 billion at March 31, 1998 from $7.86 billion
at March 31, 1997.
                                       6
<PAGE>
         As a percentage of average earning assets (average  managed assets less
nonearning  assets and deferred  taxes on leveraged  leases),  interest  margins
earned were 5.4% for the three months ended March 31, 1998  compared to 5.5% for
the first three months of 1997.  The slight  decrease in margin  percentage  was
partially due to growth in earning assets occurring later in the quarter in 1998
than in 1997.

         Volume-based  fee  income.  Volume-based  fee  income is  generated  by
FINOVA's Inventory,  Factoring and Realty Capital lines of business.  These fees
are  predominately  based  on  volume  originated  rather  than the  balance  of
outstanding financing transactions during the period. For the three months ended
March 31,  1998,  volume-based  fee income was $22.2  million  compared  to $7.8
million in the first  quarter  of 1997.  Fee-based  volume  for the first  three
months of 1998 totaled $1.8 billion  compared to $0.8 billion in the same period
one year ago.  Included in the first quarter of 1998 were fees  associated  with
FINOVA Realty Capital and the Inventory  Finance  portfolio  purchased from AT&T
Capital Corp., both of which were acquired in the fourth quarter of 1997.

         Provision for credit losses.  The provision for credit losses increased
to $9.5  million for the three  months  ended  March 31,  1998  compared to $8.0
million for the first quarter of 1997. The increase is primarily attributable to
an increase in managed assets.  Write-offs during the first three months of 1998
totaled  $13.9  million,  compared to $5.3 million in the first quarter of 1997,
and  included  approximately  $9.2 million of loans,  relating  primarily to the
Factoring line of business,  for which a specific  reserve had  previously  been
provided.

         Gains on disposal of assets.  Gains on the disposal of assets were $1.2
million in the first quarter of 1998,  compared to $3.2 million  during the same
period a year  ago.  Gains on  disposal  primarily  relate to the sale of assets
coming off lease. While, in the aggregate,  FINOVA historically recognizes gains
on such  disposals,  the timing and amount of these gains is sporadic in nature.
There can be no  assurance  FINOVA  will  recognize  such  gains in the  future,
depending, in part, on market conditions at the time of sale.

         Selling,   administrative  and  other  operating   expenses.   Selling,
administrative  and  other  operating  expenses   ("operating   expenses")  were
generally  higher in all major  categories and increased to $57.0 million during
the first three  months of 1998  compared to $45.9  million for the three months
ended March 31, 1997, an increase of 24%. A primary reason for this increase was
the growth in managed assets during the year. Also  contributing to the increase
was the addition of FINOVA  Realty  Capital  which has a higher  operating  cost
structure than FINOVA,  including over 80 business  development officers and the
associated  support  staff.  Notwithstanding,  operating  expenses were 43.5% of
interest  margins and fees earned for the quarter  ended March 31, 1998 compared
to 44.3% for the first quarter of 1997.

         Income  taxes.  Income  taxes were higher in the first  quarter of 1998
than the first quarter of 1997 primarily due to the increase in pre-tax  income.
In addition,  the  effective  tax rate for the quarter  ended March 31, 1998 was
39.0%  compared  to 37.9% in the first  three  months of 1997.  The  increase in
effective rate was primarily the result of lower levels of non-taxable municipal
income and higher state taxes.
                                       7
<PAGE>
Financial Condition, Liquidity and Capital Resources

         At March 31, 1998,  managed  assets  totaled $9.13 billion  compared to
$8.86 billion at December 31, 1997. Included in managed assets at March 31, 1998
are $8.67  billion  in funds  employed  (including  $153  million  of  financing
contracts  held for sale  generated by FINOVA Realty  Capital),  $336 million of
securitized assets managed by FINOVA and $129 million of participations  sold to
third parties.  The increase in managed assets was due to funded new business of
$692 million for the three months ended March 31, 1998, compared to $612 million
for the  quarter  ended March 31,  1997,  partially  offset by normal  portfolio
amortization and prepayments.

         The reserve for credit losses  decreased  slightly to $176.0 million at
March 31, 1998 from $177.0  million at December 31, 1997. The reserve at the end
of  1997  included   amounts  for  certain   specifically   reserved   accounts,
approximately  $9.2  million of which were  written off in the first  quarter of
1998. At March 31, 1998, the reserve for credit losses represents 2.0% of ending
managed  assets  (excluding  participations),  the same  percentage as year-end.
Non-accruing  assets at March 31, 1998 increased to $195.3  million,  or 2.2% of
ending managed assets (excluding participations), compared to $187.6 million, or
2.1% of ending managed assets (excluding participations) at year end.

         At March  31,  1998,  FINOVA  had  $7.12  billion  of debt  outstanding
compared to $6.76  billion at December 31,  1997.  Included in debt at March 31,
1998 is approximately $3.6 billion of commercial paper and short-term borrowings
supported by unused long-term revolving-credit agreements.  FINOVA's debt at the
end of the first  quarter of 1998 is 5.75  times the  company's  equity  base of
$1.24 billion  (including  $111.6 million of convertible  preferred  stock).  At
year-end 1997, FINOVA's debt was 5.63 times the equity base of $1.20 billion.

         Growth in funds employed is financed by FINOVA's  internally  generated
funds and new borrowings.  During the three months ended March 31, 1998,  FINOVA
issued $100 million of new long-term borrowings and recognized a net increase in
commercial  paper  outstanding of $474 million.  During the same period,  FINOVA
repaid $223 million of long-term borrowings.

Recent Developments and Business Outlook

         FINOVA continues to seek new business by emphasizing  customer service,
providing  competitive  interest  rates and focusing on selected  market niches.
Additionally,  FINOVA continues to evaluate potential acquisition  opportunities
it believes are consistent with its business  strategies.  The company continues
to  integrate  the fourth  quarter  acquisitions  of the  business of  Belgravia
Capital  Corporation  and the  inventory  finance  portfolio  acquired from AT&T
Capital Corporation.
                                       8
<PAGE>
                           PART II - OTHER INFORMATION
                           ---------------------------

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).
               
           27.1          Financial  Data  Schedule  for the three  months  ended
                         March 31, 1998.
               
           27.2          Restated Financial Data Schedule for the quarters ended
                         September 30, 1997, June 30, 1997 and March 31, 1997.
               
           27.3          Restated Financial Data Schedule for the quarters ended
                         September 30, 1996, June 30, 1996 and March 31, 1996.
               
           27.4          Restated  Financial  Data  Schedule for the years ended
                         December 31, 1996 and 1995.
           

    (b) Reports on Form 8-K:

              A  Report  on Form  8-K,  dated  April  21,  1998,  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, 1998 (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: May 11, 1998      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
                            MARCH 31, 1998 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).
               
           27.1          Financial  Data  Schedule  for the three  months  ended
                         March 31, 1998.
               
           27.2          Restated Financial Data Schedule for the quarters ended
                         September 30, 1997, June 30, 1997 and March 31, 1997.
               
           27.3          Restated Financial Data Schedule for the quarters ended
                         September 30, 1996, June 30, 1996 and March 31, 1996.
               
           27.4          Restated  Financial  Data  Schedule for the years ended
                         December 31, 1996 and 1995.
                                       11