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                                September 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 October 31, 1997, 56,174,000 shares of Common Stock ($0.01 par value) were
outstanding.
<PAGE>
                              THE FINOVA GROUP INC.


                                TABLE OF CONTENTS
<TABLE>
<CAPTION>
                                                                                                    Page No.
                                                                                                    --------
PART I FINANCIAL INFORMATION.
<S>                                                                                                   <C>
       Item 1.     Financial Statements.
             Condensed Consolidated Financial Information:

             Condensed Consolidated Balance Sheet - September 30, 1997 and
                   December 31, 1996                                                                    1

             Condensed Consolidated Income Statement - Three and Nine Months
                   Ended September 30, 1997 and 1996                                                    2

             Condensed Consolidated Statement of Cash Flows - Nine Months
                   Ended September 30, 1997 and 1996                                                    3

             Notes to Interim Condensed Consolidated Financial Information                            4 - 6


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


PART II      OTHER INFORMATION.

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


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

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

                              THE FINOVA GROUP INC.
                      CONDENSED CONSOLIDATED BALANCE SHEET
                             (Dollars in Thousands)
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                  September 30,   December 31,
                                                                       1997           1996
                                                                   -----------    -----------
<S>                                                                <C>            <C>        
 CASH AND CASH EQUIVALENTS                                         $    42,567    $    31,260

 INVESTMENT IN FINANCING TRANSACTIONS:
 Loans and other financing contracts, less unearned income           5,823,834      5,305,678
 Operating leases                                                      697,908        517,690
 Factored receivables                                                  659,612        564,430
 Leveraged leases                                                      572,344        514,573
 Direct financing leases                                               321,902        396,388
                                                                   -----------    -----------
                                                                     8,075,600      7,298,759
 Less reserve for possible credit losses                              (167,754)      (148,693)
                                                                   -----------    -----------
 Investment in financing transactions - net                          7,907,846      7,150,066
 Other assets and deferred charges                                     357,307        345,408
                                                                   -----------    -----------
                                                                   $ 8,307,720    $ 7,526,734
                                                                   ===========    ===========
 LIABILITIES:
 Accounts payable and accrued expenses                             $   115,058    $   119,991
 Due to clients                                                        300,308        218,494
 Interest payable                                                       38,100         52,677
 Senior debt                                                         6,502,512      5,850,223
 Deferred income taxes                                                 262,271        244,208
                                                                   -----------    -----------
                                                                     7,218,249      6,485,593
                                                                   -----------    -----------

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

 SHAREOWNERS' EQUITY:
 Common stock, $0.01 par value, 100,000,000 shares
       authorized, 56,844,000 shares issued                                568            568
 Additional capital                                                    685,268        684,261
 Retained income                                                       355,768        276,151
 Cumulative translation adjustments                                       (221)         1,008
 Common stock in treasury, 2,402,000 and 1,786,000 shares,
  respectively                                                         (63,462)       (32,397)
                                                                   -----------    -----------
                                                                       977,921        929,591
                                                                   -----------    -----------
                                                                   $ 8,307,720    $ 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               Nine Months Ended
                                               September 30,                   September 30,
                                       ----------------------------    ----------------------------
                                           1997            1996            1997            1996
                                       ------------    ------------    ------------    ------------
<S>                                    <C>             <C>             <C>             <C>         
Interest and income earned from
  financing transactions               $    207,103    $    181,616    $    597,756    $    516,888
Operating lease income                       30,253          23,356          85,164          71,371
Interest expense                           (105,592)        (91,629)       (304,647)       (269,571)
Depreciation                                (17,727)        (15,247)        (51,786)        (47,150)
                                       ------------    ------------    ------------    ------------
Interest margins earned                     114,037          98,096         326,487         271,538
Provision for possible credit losses        (22,000)        (11,664)        (48,300)        (31,164)
                                       ------------    ------------    ------------    ------------
Net interest margins earned                  92,037          86,432         278,187         240,374
Gains on sale of assets                       8,706             397          22,407           8,442
                                       ------------    ------------    ------------    ------------
                                            100,743          86,829         300,594         248,816
Selling, administrative and other
 operating expenses                         (44,773)        (38,569)       (137,263)       (110,644)
                                       ------------    ------------    ------------    ------------
Income from continuing operations
 before income taxes and preferred
 dividends                                   55,970          48,260         163,331         138,172
Income taxes                                (20,103)        (17,771)        (59,954)        (52,075)
                                       ------------    ------------    ------------    ------------
Income from continuing operations
 before preferred dividends                  35,867          30,489         103,377          86,097
Dividends on preferred securities of
 subsidiary trust, net of tax                  (946)           --            (3,047)           --
                                       ------------    ------------    ------------    ------------
Income from continuing operations            34,921          30,489         100,330          86,097
Loss from discontinued operations,
 net of tax                                    --              (726)           --            (1,092)
                                       ------------    ------------    ------------    ------------
Net Income                             $     34,921    $     29,763    $    100,330    $     85,005
                                       ============    ============    ============    ============

EARNINGS FROM CONTINUING
 OPERATIONS PER COMMON
 AND EQUIVALENT SHARE                  $       0.62    $       0.54    $       1.79    $       1.54
                                       ============    ============    ============    ============

EARNINGS PER COMMON AND
 EQUIVALENT SHARE                      $       0.62    $       0.53    $       1.79    $       1.52
                                       ============    ============    ============    ============

DIVIDENDS DECLARED PER
 COMMON SHARE                          $       0.14    $       0.12    $       0.38    $       0.34
                                       ============    ============    ============    ============

AVERAGE OUTSTANDING COMMON
 AND EQUIVALENT SHARES                   56,064,000      56,062,000      55,908,000      55,942,000
                                       ============    ============    ============    ============
</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>
                                                                       Nine Months Ended
                                                                          September 30,
                                                                   --------------------------
OPERATING ACTIVITIES:                                                  1997           1996
                                                                   -----------    -----------
<S>                                                                <C>            <C>        
 Net income                                                        $   100,330    $    85,005
 Adjustments to reconcile net income to net cash provided by
   operating activities:
   Provision for possible credit losses                                 48,300         31,164
   Depreciation and amortization                                        64,620         57,509
   Gains on sale of assets                                             (22,407)        (8,442)
   Deferred income taxes                                                18,063         32,008
 Change in assets and liabilities, net of effects from companies
  purchased                                                            (61,569)      (121,380)
 Other                                                                  (3,546)           478
                                                                   -----------    -----------
      Net cash provided by operating activities                        143,791         76,342
                                                                   -----------    -----------
INVESTING ACTIVITIES:
 Proceeds from sale of assets                                          157,281         76,104
 Proceeds from assets securitized                                       16,150        100,000
 Principal collections on financing transactions                     1,445,225      1,260,788
 Expenditures for financing transactions                            (1,691,539)    (1,479,265)
 Net change in short-term financing transactions                      (747,479)      (499,802)
 Purchase of portfolios                                                   --           (7,455)
 Other                                                                   2,229          1,918
                                                                   -----------    -----------
     Net cash used in investing activities                            (818,133)      (547,712)
                                                                   -----------    -----------
FINANCING ACTIVITIES:
 Net borrowings under commercial paper                                 711,621        467,219
 Long-term borrowings                                                  688,625        564,988
 Repayment of long-term borrowings                                    (748,128)      (586,237)
 Proceeds from exercise of stock options                                 9,726          5,410
 Common stock purchased for treasury                                   (37,296)          --
 Dividends                                                             (20,713)       (18,628)
 Net change in due to clients                                           81,814          5,190
                                                                   -----------    -----------
     Net cash provided by financing activities                         685,649        437,942
                                                                   -----------    -----------

Increase (decrease) in cash and cash equivalents                        11,307        (33,428)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                          31,260         90,280
                                                                   -----------    -----------
CASH AND CASH EQUIVALENTS, END OF PERIOD                           $    42,567    $    56,852
                                                                   ===========    ===========
</TABLE>
See notes to interim consolidated financial information.
                                       3
<PAGE>
                              THE FINOVA GROUP INC.
          NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
              FOR THE NINE MONTHS ENDED SEPTEMBER 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 September 30, 1997, the
results of operations  for the quarter and nine months ended  September 30, 1997
and 1996 and cash flows for the nine months ended  September  30, 1997 and 1996,
have been included. Interim results of operations are not necessarily indicative
of the results of operations for the full year.

         On August 14, 1997, the Board of Directors declared a two-for-one stock
split on the Company's  common stock effective  October 1, 1997 in the form of a
stock  dividend to holders of record on September  1, 1997.  Common stock issued
and additional  paid-in  capital as of September 30, 1997, have been restated to
reflect this split.  The number of shares  issued at September  30, 1997,  after
giving  effect to the split was  54,442,000  common  shares  (27,221,000  common
shares before the split).  All share and per share data  including  stock option
and stock purchase plan information has been restated to reflect the split.

         Amounts for the nine months ended September 30, 1996 have been restated
to reflect discontinued operations.

NOTE B   SIGNIFICANT ACCOUNTING POLICIES
------   -------------------------------
         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
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. Management does not expect this standard will 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.  Adoption  of this  standard  will  require  the  Company  to include
additional detail in its disclosures,  including certain disaggregated operating
information.

         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
                               SEPTEMBER 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)   $1,605,116   $     --     $     --     $     --     $       --     $     --     $1,605,116    19.9
 Resort Finance (4)                1,161,194         --         14,588        3,696         22,818         --      1,202,296    14.9
 Corporate Finance (4)               860,153        1,039         --         28,398           --           --        889,590    11.0
 Commercial Real Estate Finance      618,136       24,037       41,403        7,733         13,414          196      704,919     8.7
 Communications Finance (4)          580,278        8,570         --         12,875           --           --        601,723     7.5
 Commercial Equipment Finance        564,845         --           --         11,852           --          4,607      581,304     7.2
 Rediscount Finance (4)              547,040         --           --          1,059           --           --        548,099     6.8
 Healthcare Finance                  492,311         --           --          2,009           --            660      494,980     6.1
 Inventory Finance (4)               393,509         --           --          4,851           --           --        398,360     4.9
 Franchise Finance (4)               380,413          855         --          2,131           --            425      383,824     4.8
 Factoring Services                  242,636         --           --         27,425           --           --        270,061     3.3
 Commercial Finance                  186,990         --           --          9,762           --           --        196,752     2.4
 Public Finance                      147,237         --           --           --             --           --        147,237     1.8
 Other                                31,860         --           --           --             --         19,479       51,339     0.7
                                  ----------   ----------   ----------   ----------   ------------   ----------   ----------   -----
 TOTAL (4)                        $7,811,718   $   34,501   $   55,991   $  111,791   $     36,232   $   25,367   $8,075,600   100.0
                                  ==========   ==========   ==========   ==========   ============   ==========   ==========   =====
</TABLE>
(1) Represents  original or renegotiated  market interest rate terms,  excluding
    impaired transactions.
(2) The Company  earned  interest  income  totaling $3.0 million on  repossessed
    assets  during the nine months  ended  September  30, 1997,  including  $2.3
    million  in  Commercial  Real  Estate  Finance  and $0.7  million  in Resort
    Finance.
(3) Includes  $275.8  million of new aircraft  financing  business  entered into
    through the London office.
(4) Excludes $373.7 million of assets securitized and participations  sold which
    the Company services  including $316.6 million in Corporate  Finance,  $21.4
    million in Communications  Finance, $15.8 million in Franchise Finance, $8.6
    million in Transportation  Finance, $4.8 million in Rediscount Finance, $4.8
    million in Resort Finance, $1.7 million in Inventory Finance.
                                       5
<PAGE>
Reserve for Possible Credit Losses:

         The reserve for  possible  credit  losses of $167.8  million and $144.3
million at September  30, 1997 and 1996,  respectively,  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:

                                                          Nine Months Ended
                                                            September 30,
                                                   ----------------------------
                                                         1997            1996
                                                      ---------       ---------
                                                        (Dollars in Thousands)

 Balance, beginning of period                         $ 148,693       $ 129,077
 Provision for possible credit losses                    48,300          31,164
 Write-offs                                             (31,263)        (24,018)
 Recoveries                                               2,098           1,918
 Other                                                      (74)          6,152
                                                      ---------       ---------
 Balance, end of period                               $ 167,754       $ 144,293
                                                      =========       =========


         A specific  impairment  reserve of $8.3 million at  September  30, 1997
applies  to $36.5  million  of  impaired  loans  totaling  approximately  $146.3
million.  The remaining $159.5 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 reclassify 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 NINE MONTHS ENDED SEPTEMBER 30, 1997
                   TO THE NINE MONTHS ENDED SEPTEMBER 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 nine  months  ended  September  30,  1996  have  been  restated  to  reflect
discontinued  operations and per share data has been  retroactively  restated to
reflect a two-for-one stock split effective October 1, 1997.

Results of Operations

         Net income and income from  continuing  operations  for the nine months
ended  September  30, 1997 were both $100.3  million  ($1.79 per common  share),
compared to net income of $85.0 million ($1.52 per common share) and income from
continuing  operations of $86.1  million  ($1.54 per common share) for the first
nine 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  on
operating leases, were $326.5 million for the first nine months of 1997 compared
with  $271.5  million  during the same period in 1996,  an increase of 20%.  The
increase  was  primarily  due  to a  16%  increase  in  average  managed  assets
(investments in financing  transactions plus  securitizations and participations
sold) during the nine months ended September 30, 1997 compared to the first nine
months of 1996. In addition,  interest margins earned as a percentage of average
earning  assets for the first nine months of 1997 increased to 6.0% from 5.9% in
1996. The higher margin  percentages are primarily the result of a lower cost of
funds and lower debt leverage.
                                       6
<PAGE>
         Provision for Possible Credit Losses. The provision for possible credit
losses  increased to $48.3 million for the nine months ended  September 30, 1997
compared to $31.2  million for the first nine  months of 1996.  The  increase is
primarily  attributable  to the growth in managed  assets  during the first nine
months  of  1997,  coupled  with  reserve   requirements  related  to  increased
write-offs in the Company's Factoring portfolio. Write-offs for the remainder of
the Company  were lower on an aggregate  basis  through the first nine months of
1997 than the comparable period one year ago.

         Gains on Sale of Assets.  For the nine months ended September 30, 1997,
the Company  recorded $22.4 million in gains on sale of assets  compared to $8.4
million  in  the  first  nine  months  of  1996.  This  increase  was  primarily
attributable  to 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   Expenses.   Selling,
administrative and other operating expenses  ("operating  expenses") were higher
during the nine months ended  September 30, 1997, due primarily to the growth in
managed  assets,  as well as  incentives  related to the Company's new business,
profitability and stock performance. As a percentage of interest margins earned,
operating  expenses  for the first nine  months of 1997 were 42.0%  compared  to
40.7% for the nine months ended September 30, 1996.  Operating  expenses include
costs related to projects underway to develop accurate date recognition and data
processing  with respect to the Year 2000;  these costs have been  immaterial to
date and are not expected to have a material impact on the Company's earnings in
the future.

         Income  Taxes.  Income  taxes were  higher for the first nine 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 36.7% during the first nine
months of 1997 from 37.7%  during the first nine months of 1996,  was  partially
due to the Company's ability to utilize capital loss carryforwards.

Financial Condition, Liquidity and Capital Resources


         At September 30, 1997, managed assets totaled $8.45 billion compared to
$7.66  billion at December 31, 1996.  The increase in managed  assets was due to
new  business  of $2.31  billion  booked  during the first  nine  months of 1997
(compared to $1.87  billion  during the nine months ended  September  30, 1996),
partially offset by normal portfolio amortization and prepayments.  In addition,
the Company recorded $2.67 billion in fee-based volume for the nine months ended
September  30,  1997,  compared  to  $2.12  billion  for the nine  months  ended
September 30, 1996.

         The reserve for possible  credit losses  increased to $167.8 million at
September  30,  1997,  compared to $148.7  million at December  31,  1996.  This
increase is  primarily  the result of the  increase in the  Company's  financing
portfolio;   the  reserve  as  a  percentage   of  managed   assets   (excluding
participations)  remains  at 2.0% at  September  30,  1997,  the  same  level as
year-end.  The  reserve  for  possible  credit  losses  increased  to  96.7%  of
non-accruing  assets at September  30,  1997,  compared to 95.6% at December 31,
1996; non-accruing assets at September 30, 1997, were $173.4 million compared to
$155.5 million at the end of 1996.

         At  September  30, 1997,  the Company had $6.50  billion of senior debt
outstanding,  representing  5.97 times the Company's  $1.09 billion  equity base
(including  $111.6 million of convertible  preferred  stock),  compared to $5.85
billion at December 31, 1996, representing 5.62 times the Company's equity base.

         Growth  in funds  employed  is  financed  by the  Company's  internally
generated funds and new  borrowings.  During the nine months ended September 30,
1997,  the  Company  issued  $688.6  million  in new  long-term  borrowings  and
recognized  a net  increase  in  borrowings  under  commercial  paper of  $711.6
million.  During the same period, the Company repaid $748.1 million in long-term
borrowings.  The Company 
                                       7
<PAGE>
repurchased  approximately  517,900  shares of its common stock during the first
nine  months  of 1997;  these  shares  are  intended  to fund  awards  under the
Company's stock incentive plans.

Recent Developments and Business Outlook

         On August  14,  1997,  the  Company's  board of  directors  declared  a
two-for-one  split of the Company's  common stock effective  October 1, 1997 for
shareowners  of record as of September 1, 1997.  The number of shares  issued at
September  30, 1997,  after  giving  effect to the split was  54,442,000  common
shares  (27,221,000  common shares  before  split).  At that time,  the board of
directors also increased the Company's  quarterly  dividend from $0.12 per share
to $0.14 per share (adjusted for post-split shares).

         Subsequent  to  September  30,  1997,  the  Company   consummated   the
acquisition of Belgravia  Capital  Corporation,  a commercial  mortgage  banking
organization  located  in  Irvine,  California.  The  terms  of the  transaction
included an initial payment to Belgravia's  shareholders of approximately  $87.5
million  in  FINOVA  stock  and  cash and up to  approximately  $30  million  in
additional  annual  payments  contingent  upon the  satisfaction  of certain net
income  requirements  over the next three years.  The Company  also  announced a
reorganization into three operating groups.


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

         (a) The following exhibits are filed herewith:

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

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

                    27            Financial Data Schedule.


         (b) Reports on Form 8-K:

                  A report on Form 8-K,  dated  August  14,  1997,  was filed by
         Registrant which reported under Items 5 and 7 the two-for-one  split of
         the Company's  common stock and an increase in the Company's  quarterly
         dividends.

                  A Report on Form 8-K,  dated  October  1,  1997,  was filed by
         Registrant  which reported under Items 5 and 7 certain  matters related
         to the Company's stock split and the revenues,  net income and selected
         financial  data and ratios for the third  quarter  ended  September 30,
         1997 (unaudited).
                                       8
<PAGE>
                              THE FINOVA GROUP INC.





                                   SIGNATURES




         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the  registrant  has duly  caused  this report to be signed on its behalf by the
undersigned thereunto duly authorized.





                              THE FINOVA GROUP INC.

                                  (Registrant)



Dated: October 31, 1997       By:           /s/ Bruno A. Marszowski
                                  ----------------------------------------------
                                   Bruno A. Marszowski, Senior Vice President, 
                                   Chief Financial Officer and Controller
                                   Principal Financial and Accounting Officer
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                              THE FINOVA GROUP INC.
                         COMMISSION FILE NUMBER 1-11011
                                  EXHIBIT INDEX
                          SEPTEMBER 30, 1997 FORM 10-Q


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

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

     27            Financial Data Schedule.
                                       10