UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C., 20549
   
                                  FORM 10-Q/A-1
    

(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, 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 July 31,  1998,  56,491,446  shares of Common Stock ($0.01 par value) were
outstanding.
<PAGE>

                              THE FINOVA GROUP INC.

                                TABLE OF CONTENTS



                                                                        Page No.
                                                                        --------
PART I FINANCIAL INFORMATION.

    Item 1.  Financial Statements.
          Condensed Consolidated Financial Information:

          Condensed Consolidated Balance Sheet - June 30, 1998 and
                December 31, 1997                                           1

          Condensed Consolidated Income Statement - Three and Six 
                Months Ended June 30, 1998 and 1997                         2

          Condensed Consolidated Statement of Cash Flows - Six 
                Months Ended June 30, 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

    Item 4. Submission of Matters to a Vote of Security Holders             9


PART II      OTHER INFORMATION.

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


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

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

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

                                                       June 30,     December 31,
                                                         1998           1997
                                                     -----------    ------------
ASSETS:
Cash and cash equivalents                            $    32,777    $    33,190

Investment in financing transactions:
  Loans and other financing contracts                  6,367,375      5,955,984
  Operating leases                                       646,675        712,927
  Leveraged leases                                       643,114        619,557
  Factored receivables                                   611,170        750,399
  Direct financing leases                                356,050        360,589
  Financing contracts held for sale                      304,260             --
                                                     -----------    -----------
                                                       8,928,644      8,399,456
Less reserve for credit losses                          (178,070)      (177,088)
                                                     -----------    -----------
Investment in financing transactions - net             8,750,574      8,222,368

Goodwill and other assets                                505,513        464,282
                                                     -----------    -----------
                                                     $ 9,288,864    $ 8,719,840
                                                     ===========    ===========

LIABILITIES:
Accounts payable and accrued expenses                $   132,898    $   147,280
Due to clients                                           195,245        278,571
Interest payable                                          55,139         52,643
Senior debt                                            7,345,194      6,764,581
Deferred income taxes                                    296,741        274,761
                                                     -----------    -----------
                                                       8,025,217      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                                       765,980        764,525
Retained income                                          450,962        386,665
Cumulative translation adjustments                           330            (10)
Common stock in treasury, 2,123,000 and 2,273,000
  shares, respectively                                   (65,760)       (61,311)
                                                     -----------    -----------
                                                       1,152,097      1,090,454
                                                     -----------    -----------
                                                     $ 9,288,864    $ 8,719,840
                                                     ===========    ===========

See notes to interim condensed 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,
                                      ---------------------------   ---------------------------
                                          1998           1997           1998           1997
                                      ------------   ------------   ------------   ------------
<S>                                   <C>            <C>            <C>            <C>
Interest and income earned
  from financing transactions         $    218,199   $    190,958   $    421,935   $    374,286
Operating lease income                      31,425         28,946         64,088         54,911
Interest expense                          (114,987)      (101,883)      (225,559)      (199,055)
Depreciation                               (20,495)       (17,610)       (37,665)       (34,059)
                                      ------------   ------------   ------------   ------------
Interest margins earned                    114,142        100,411        222,799        196,083
Volume-based fee income                     19,103          8,583         41,259         16,367
                                      ------------   ------------   ------------   ------------
Operating margin                           133,245        108,994        264,058        212,450
Provision for credit losses                (16,000)       (18,300)       (25,500)       (26,300)
                                      ------------   ------------   ------------   ------------
Net interest margins earned                117,245         90,694        238,558        186,150
Gains on disposal of assets                  9,582         10,468         10,805         13,701
                                      ------------   ------------   ------------   ------------
                                           126,827        101,162        249,363        199,851
Selling, administrative and other
  operating expenses                       (57,779)       (46,612)      (114,737)       (92,490)
                                      ------------   ------------   ------------   ------------
Income before income taxes and
  preferred dividends                       69,048         54,550        134,626        107,361
Income taxes                               (27,068)       (19,853)       (52,623)       (39,851)
                                      ------------   ------------   ------------   ------------
Income before preferred dividends           41,980         34,697         82,003         67,510
Dividends on preferred securities of
  subsidiary trust, net of tax                (945)          (946)        (1,891)        (2,101)
                                      ------------   ------------   ------------   ------------
NET INCOME                            $     41,035   $     33,751   $     80,112   $     65,409
                                      ============   ============   ============   ============

Basic earnings per share              $       0.73   $       0.62   $       1.43   $       1.21
                                      ============   ============   ============   ============
Basic average shares outstanding        56,230,000     54,006,000     56,189,000     53,965,000
                                      ============   ============   ============   ============

Diluted earnings per share            $       0.69   $       0.59   $       1.34   $       1.15
                                      ============   ============   ============   ============
Average shares outstanding
  assuming dilution                     61,138,000     58,561,000     61,092,000     58,598,000
                                      ============   ============   ============   ============
Dividends declared per common
  share                               $       0.14   $       0.12   $       0.28   $       0.24
                                      ============   ============   ============   ============
</TABLE>

See notes to interim condensed consolidated financial information.

                                       2
<PAGE>
                              THE FINOVA GROUP INC.
                 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
                             (Dollars in Thousands)
                                   (Unaudited)

                                                           Six Months Ended
                                                               June 30,
                                                      -------------------------
                                                          1998          1997
                                                      -----------   -----------
OPERATING ACTIVITIES:
  Net income                                          $    80,112   $    65,409
  Adjustments to reconcile net income to net cash
     provided by operating activities:
     Provision for credit losses                           25,500        26,300
     Depreciation and amortization                         49,177        42,576
     Gains on disposal of assets                          (10,805)      (13,701)
     Deferred income taxes                                 21,980        11,688
  Change in assets and liabilities, net of effects
     from subsidiaries purchased                          (64,629)      (33,183)
  Other                                                     2,460          (514)
                                                      -----------   -----------
       Net cash provided by operating activities          103,795        98,575
                                                      -----------   -----------
INVESTING ACTIVITIES:
  Proceeds from sale of assets                            167,065       109,250
  Proceeds from sale of assets securitized                 31,126        16,150
  Principal collections on financing transactions         905,996       946,031
  Expenditures for financing transactions              (1,104,014)   (1,146,890)
  Net change in short-term financing transactions
   & financing contracts held for sale                   (582,042)     (472,021)
  Other                                                     1,303         1,765
                                                      -----------   -----------
     Net cash used by investing activities               (580,566)     (545,715)
                                                      -----------   -----------
FINANCING ACTIVITIES:
  Net borrowings under commercial paper and
    short-term loans                                      623,870       632,868
  Long-term borrowings                                    610,000       565,625
  Repayment of long-term borrowings                      (653,316)     (710,479)
  Proceeds from exercise of stock options                   4,716         4,384
  Common stock purchased for treasury                      (9,771)      (37,296)
  Dividends                                               (15,815)      (13,094)
  Net change in due to clients                            (83,326)       23,459
                                                      -----------   -----------
    Net cash provided by financing activities             476,358       465,467
                                                      -----------   -----------


(Decrease) increase in cash and cash equivalents             (413)       18,327
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD             33,190        31,260
                                                      -----------   -----------
CASH AND CASH EQUIVALENTS, END OF PERIOD              $    32,777   $    49,587
                                                      ===========   ===========

See notes to interim condensed consolidated financial information.

                                       3
<PAGE>
                              THE FINOVA GROUP INC.
          NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
                 FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND 1997

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 condensed  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, 1998,
the results of operations for the quarter and six months ended June 30, 1998 and
1997 and cash flows for the six months  ended June 30, 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
Inventory  Finance,  Commercial  Services  (formerly  "Factoring  Services") and
FINOVA  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 $41.4
million  and $34.0  million for the three  months  ended June 30, 1998 and 1997,
respectively  and $80.5  million and $64.1 million for the six months ended June
30, 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
                                  JUNE 30, 1998
                             (Dollars in Thousands)
<TABLE>
<CAPTION>
                                         Revenue Accruing                     Nonaccruing
                                  -------------------------------    -----------------------------
                                                           Repos-           
                                                           sessed                 Repos-    Leases     Total      
                                    Original               Assets                 sessed      &       Carrying    
                                    Rate (1)   Impaired     (2)      Impaired     Assets    Other      Amount       %
                                  -------------------------------    -----------------------------   ------------------
<S>                               <C>          <C>        <C>        <C>         <C>       <C>       <C>           <C>
Transportation Finance (3 & 4)    $1,683,700   $          $          $           $         $ 4,009   $1,687,709    18.9
Resort Finance (4)                 1,133,435               15,497                 31,439              1,180,371    13.2
Corporate Finance (4)                795,487       858                 26,828                           823,173     9.2
Communications Finance (4)           738,594     9,028                 26,857                           774,479     8.7
Specialty Real Estate Finance        599,261    21,089     36,066       6,719      7,687       194      671,016     7.5
Rediscount Finance (4)               654,573                            4,757                           659,330     7.4
Commercial Equipment Finance         600,396     1,676      4,786       9,685        846     3,802      621,191     7.0
Inventory Finance (4)                537,020                            7,998                           545,018     6.1
Healthcare Finance                   501,093                            8,792                  873      510,758     5.7
Franchise Finance (4)                492,647       755                  5,118                  293      498,813     5.6
Realty Capital (5)                   307,530                                                            307,530     3.4
Business Credit (4)                  234,602                            7,236                           241,838     2.7
Commercial Services                  169,468                           18,516      1,060                189,044     2.1
Public Finance                       160,113                                                            160,113     1.8
Other (6)                             34,146                                                24,115       58,261     0.7
                                  ----------   -------    --------   --------    -------   -------   ----------   -----
TOTAL  (4)                        $8,642,065   $33,406    $ 56,349   $122,506    $41,032   $33,286   $8,928,644   100.0
                                  ==========   =======    ========   ========    =======   =======    =========   =====
</TABLE>                                                                    
----------
NOTES:
(1)  Represents original or renegotiated  market rate terms,  excluding impaired
     transactions.
(2)  The Company earned income totaling $1.7 million on repossessed  assets year
     to date  during  1998,  including  $1.2  million in  Specialty  Real Estate
     Finance,  $0.4  million in Resort  Finance and $0.1  million in  Commercial
     Equipment Finance.
(3)  Transportation  Finance  includes  $381.8  million  of  aircraft  financing
     business originated through the London office.
(4)  Excludes $502.0 million of assets securitized and participations sold which
     the  Company  manages,  including  securitizations  of  $300.0  million  in
     Corporate Finance and $67.9 million in Franchise Finance and participations
     sold of $45.3 million in Corporate Finance, $73.0 million in Communications
     Finance,  $5.3  million  in Resort  Finance,  $4.4  million  in  Rediscount
     Finance,  $3.0 million in Business Credit,  $2.9 million in  Transportation
     Finance and $0.2 million in Inventory Finance.
(5)  Includes $304.3 million of financing contracts held for sale.
(6)  Primarily includes  London-based FINOVA Capital Limited and other.

                                       5
<PAGE>

Reserve for Credit Losses:
         The reserve for credit losses at June 30, 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:

                                                  Six Months Ended
                                                       June 30,
                                                ----------------------
                                                  1998          1997
                                                ---------     --------
                                                (Dollars in Thousands)

Balance, beginning of period                    $ 177,088     $148,693
Provision for credit losses                        25,500       26,300
Write-offs                                       (28,272)      (16,858)
Recoveries                                          1,285        1,634
Other                                               2,469          (22)
                                                ---------     --------
Balance, end of period                          $ 178,070     $159,747
                                                =========     ========

         A specific impairment reserve of $28.5 million at June 30, 1998 applies
to $66.1 million of the $155.9 million of impaired loans.  The remaining  $149.6
million of the reserve for 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, 1998
                      TO THE SIX MONTHS ENDED JUNE 30, 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 six months  ended June 30,  1998 was $80.1  million
($1.34 per diluted  share)  compared to $65.4 million  ($1.15 per diluted share)
for the six months ended June 30, 1997.

         Interest   margins  earned.   Interest  margins  earned  represent  the
difference  between (a) interest and income earned from  financing  transactions
and  operating  lease  income  and (b)  interest  expense  and  depreciation  on
operating  leases and other owned assets.  Interest  margins  earned were $222.8
million for the six months  ended June 30, 1998  compared to $196.1  million for
the six months ended June 30, 1997, a 14%  increase.  The increase was primarily
due to a 15% growth in  managed  assets to $9.43  billion at June 30,  1998 from
$8.22  billion at June 30, 1997.  Interest  margins  earned  remained at 5.5% of
average  earning  assets  (average  funds employed less  nonaccruing  assets and
deferred  taxes on leveraged  leases) for the six months ended June 30, 1998 and
1997.
                                       6
<PAGE>

         Volume-based  fee  income.  Volume-based  fee  income is  generated  by
FINOVA's Inventory Finance,  Commercial Services (formerly "Factoring Services")
and Realty  Capital  lines of business.  These fees are  predominately  based on
volume  originated  business  rather than the balance of  outstanding  financing
transactions  during  the  period.  For the six  months  ended  June  30,  1998,
volume-based fee income was $41.3 million compared to $16.4 million for the same
period in 1997.  Fee-based  volume for the first six months of 1998 totaled $3.8
billion  compared to $1.7  billion in the same period one year ago.  Included in
the first six months of 1998 were fees  associated  with FINOVA  Realty  Capital
("FRC") 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 was $25.5
million for the six months ended June 30, 1998 compared to $26.3 million for the
same period one year ago.  Net  write-offs  during the six months ended June 30,
1998 were $27.0  million  compared to $15.2 million for the same period in 1997.
The 1998 net write-offs  included $17.4 million of amounts  written off relative
to the  Commercial  Services  line of  business,  a portion  of which a specific
reserve had previously been provided.
    

         Gains on  disposal  of assets.  Gains on  disposal of assets were $10.8
million for the six months ended June 30, 1998 compared to $13.7 million for the
first six months of 1997.  Included in the 1997 amount was a $5.6  million  gain
resulting  from the sale of the  Company's  interest in a real estate  leveraged
lease  transaction.  Gains on  disposal  primarily  relate to the sale of assets
coming off lease and the sale of financing  contracts  held for sale  (primarily
generated by FRC). While, in the aggregate, FINOVA historically recognizes gains
on such disposals,  the timing and amount of these gains are 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 $114.7 million for the
first six months of 1998  compared to $92.5  million for the first six months of
1997.  This increase was partially  attributable to the growth in managed assets
during the year.  Also  contributing  to the  increase  was the addition of FRC,
which has a higher operating  structure than FINOVA,  including over 80 business
development officers and associated support staff. Meanwhile, operating expenses
remained at 43.5% of  operating  margins for the six months  ended June 30, 1998
and the  comparable  period in 1997.  Excluding  the  addition of FRC,  FINOVA's
operating  expense ratio would have been 41.6% for the six months ended June 30,
1998.

         Income taxes. Income taxes were higher for the first six months of 1998
compared  to the  corresponding  period in 1997 due to the  increase  in pre-tax
income and a higher  effective  tax rate in 1998 (39.1% vs 37.1%).  The 1997 tax
rate was lower due to certain tax credits realized in 1997.

Financial Condition, Liquidity and Capital Resources

         Managed  assets were $9.43  billion at June 30, 1998  compared to $8.86
billion at December  31, 1997.  Included in managed  assets at June 30, 1998 are
$8.93 billion in funds employed (including $304.3 million of financing contracts
held for sale generated by FRC), $367.9 million of securitized assets managed by
FINOVA and $134.1 million of participations sold to third parties.  The increase
in managed  assets was due to funded new  business  of $1.4  billion for the six

                                       7
<PAGE>

months  ended  June 30,  1998,  coupled  with a net  increase  in  volume  based
receivables, partially offset by normal portfolio amortization and prepayments.

         The reserve for credit losses  increased  slightly to $178.1 million at
June 30, 1998 from $177.1 million at December 31, 1997, while nonaccruing assets
increased to $196.8  million at June 30, 1998 from $187.4  million at the end of
1997.  However,  nonaccruing  assets  remained at 2.1% of ending  managed assets
(excluding participations sold).

         At June  30,  1998,  FINOVA  had  $7.35  billion  of debt  outstanding,
representing  5.81 times the Company's  equity base of $1.26 billion  (including
$111.6 million of convertible preferred securities).  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 six months  ended June 30,  1998,  FINOVA
issued $610 million of new long-term borrowings and recognized a net increase in
commercial  paper  outstanding of $624 million.  During the same period,  FINOVA
repaid $653 million of long-term borrowings.

         FINOVA repurchased  196,207 shares of its common stock during the first
six months of 1998.  These  shares are  intended to fund awards  under  FINOVA's
stock incentive plan.

Year 2000 Date Conversion

         FINOVA continues to implement changes necessary to assure accurate date
recognition and data processing with respect to the year 2000.  Primary internal
activities related to this issue are modifications to existing computer programs
and conversions to new programs. The Company is also communicating with software
vendors,  financial  institutions,  clients  and  others  with whom it  conducts
business  to  determine   the  nature  of  any  impact  on  FINOVA.   If  needed
modifications  and  conversions are not  accomplished  in a timely manner,  this
issue could have a material effect on the operations of FINOVA. As of this time,
however,  management  believes that  necessary  corrections  will be achieved on
time. Costs related to this issue, which have been immaterial to date, are being
expensed as incurred and are not expected to have a material  impact on FINOVA's
financial position.

Recent Development 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.

New Accounting Standards

         In June 1998, the FASB issued SFAS No. 133,  "Accounting for Derivative
Instruments and Hedging Activities",  effective for transactions entered into in
fiscal  quarters of fiscal years that begin after June 15, 1999.  This statement
establishes   standards  for  the   accounting   and  reporting  for  derivative
instruments  and for  hedging  activities.  The future  effect on the  Company's
financial position and the results of operations has not been determined.


                                       8
<PAGE>

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

         The Annual  Meeting of  Shareowners  of the Company was held on May 14,
1998. At that meeting,  Shareowners  owning  49,032,216  shares of the Company's
common  stock  ("Shares")  were present in person or by proxy.  The  Shareowners
approved each matter submitted by the following votes:
<TABLE>
<CAPTION>
                          Item                                    For         Against     Abstain*
--------------------------------------------------------------------------------------------------
<S>                                                            <C>             <C>         <C>
1. a)  Election of Mr. Samuel L. Eichenfield as a Director     48,526,516        N/A       505,700

   b)  Election of Mr. James L. Johnson as a Director          48,552,576        N/A       479,640

   c)  Election of Mr. John W. Teets as a Director             48,311,471        N/A       720,745

2. Appointment of Deloitte & Touche LLP as Auditors for 1998   48,801,063      47,693      183,460
</TABLE>

   * Abstain includes broker non-votes.


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.

     *  Previously filed
    
     (b)  Reports on Form 8-K:

               A  Report  on Form  8-K,  dated  July  28,  1998,  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, 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: August 7, 1998      By:              /s/ Bruno A. Marszowski
                               -------------------------------------------------
                                Bruno A. Marszowski, Senior Vice President,
                                Chief Financial Officer and Controller
                                Principal Financial and Accounting Officer




                                       10