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, 2004
                                    -----------------------

                                       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                   33-80849
                      ----------------------------

                      Capital Preferred Yield Fund-IV, L.P.
             (Exact name of registrant as specified in its charter)

         Delaware                                       84-1331690
         --------                                       ----------
(State of organization)                     (I.R.S. Employer Identification No.)


  7901 Southpark Plaza, Ste. 107
       Littleton, Colorado                                     80120
       -------------------                                     -----
(Address of principal executive offices)                     (Zip Code)

       Registrant's telephone number, including area code (303) 268-6550


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X    No .
                                      ---

                        Exhibit Index Appears on Page 14

                               Page 1 of 19 Pages
<PAGE>
                      CAPITAL PREFERRED YIELD FUND-IV, L.P.

                          Quarterly Report on Form 10-Q
                              For the Quarter Ended
                                 March 31, 2004


                                Table of Contents
                                -----------------


PART I.  FINANCIAL INFORMATION                                              PAGE
                                                                            ----

   Item 1.  Financial Statements (Unaudited)

            Balance Sheets - March 31, 2004 and December 31, 2003              3

            Statements of Income - Three Months Ended
            March 31, 2004 and 2003                                            4

            Statements of Cash Flows - Three Months Ended
            March 31, 2004 and 2003                                            5

            Notes to Financial Statements                                  6 - 7

   Item 2.  Management's Discussion and Analysis of Financial Condition
            and Results of Operations                                     8 - 12

   Item 3.  Quantitative and Qualitative Disclosures About Market Risk        12

   Item 4.  Controls and Procedures                                           12

PART II. OTHER INFORMATION

   Item 1.  Legal Proceedings                                                 13

   Item 6.  Exhibits and Reports on Form 8-K                                  13

            Exhibits                                                          14

            Signatures                                                        15

            Certifications                                                 16-19

                                       2
<PAGE>
                      CAPITAL PREFERRED YIELD FUND-IV, L.P.

                                 BALANCE SHEETS



                                     ASSETS
                                                      March 31,     December 31,
                                                        2004           2003
                                                    -----------    -----------
                                                    (Unaudited)


Cash and cash equivalents                           $   851,689    $   820,121
Accounts receivable, net                                151,345        205,574
Prepaid Insurance                                        75,607           --
Equipment held for sale or re-lease                     216,117        262,029
Net investment in direct finance leases               4,501,913      5,228,035
Leased equipment, net                                21,401,034     23,893,894
                                                    -----------    -----------

Total assets                                        $27,197,705    $30,409,653
                                                    ===========    ===========


                       LIABILITIES AND PARTNERS' CAPITAL

Liabilities:
     Accounts payable and accrued liabilities       $   815,519    $   830,414
     Payables to affiliates                             110,320        166,243
     Rents received in advance                           38,494         37,596
     Distributions payable to partners                  306,351        261,635
     Discounted lease rentals                        15,149,355     17,582,086
                                                    -----------    -----------

Total liabilities                                    16,420,039     18,877,974
                                                    -----------    -----------

Partners' capital:
     General partner                                       --             --
     Limited partners:
         Class A                                     10,544,133     11,298,258
         Class B                                        233,533        233,421
                                                    -----------    -----------

Total partners' capital                              10,777,666     11,531,679
                                                    -----------    -----------

Total liabilities and partners' capital             $27,197,705    $30,409,653
                                                    ===========    ===========

                 See accompanying notes to financial statements.

                                       3
<PAGE>
                      CAPITAL PREFERRED YIELD FUND-IV, L.P.

                              STATEMENTS OF INCOME
                                   (Unaudited)


                                                          Three Months Ended
                                                               March 31,
                                                      -------------------------
                                                          2004         2003
                                                      -----------   -----------

Revenue:
     Operating lease rentals                          $ 2,986,970   $ 4,054,330
     Direct finance lease income                           81,253       128,121
     Equipment sales margin                                55,108        36,135
     Interest income                                          996         1,919
                                                      -----------   -----------
Total revenue                                           3,124,327     4,220,505
                                                      -----------   -----------

Expenses:
     Depreciation                                       2,415,963     3,221,871
     Management fees to general partner                    75,092       100,014
     Direct services from general partner                  71,664        72,595
     General and administrative                           131,017       247,238
     Interest on discounted lease rentals                 301,949       473,873
     Provision for losses                                 110,000       100,500
                                                      -----------   -----------
Total expenses                                          3,105,685     4,216,091
                                                      -----------   -----------

Net income                                            $    18,642   $     4,414
                                                      ===========   ===========

Net income (loss) allocated:
     To the general partner                           $     7,515   $    14,200
     To the Class A limited partners                       11,015        (9,688)
     To the Class B limited partner                           112           (98)
                                                      -----------   -----------
                                                      $    18,642   $     4,414
                                                      ===========   ===========

Net income (loss) per weighted average Class A
          limited partner unit outstanding            $      0.02   $     (0.02)
                                                      ===========   ===========

Weighted average Class A limited partner
        units outstanding                                 484,149       484,590
                                                      ===========   ===========

                 See accompanying notes to financial statements.

                                       4
<PAGE>
                      CAPITAL PREFERRED YIELD FUND-IV, L.P.

                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                 Three Months Ended
                                                             --------------------------
                                                                March 31,     March 31,
                                                                 2004           2003
                                                             -----------    -----------
<S>                                                          <C>            <C>
Net cash provided by operating activities                    $ 3,192,238    $ 4,283,427
                                                             -----------    -----------

Cash flows from financing activities:
     Proceeds from discounted lease rentals                         --             --
     Principal payments on discounted lease rentals           (2,432,731)    (3,009,351)
     Redemptions of Class A limited partner units                (21,155)        (5,855)
     Distributions to partners                                  (706,784)    (2,341,531)
                                                             -----------    -----------

Net cash used in financing activities                         (3,160,670)    (5,356,737)
                                                             -----------    -----------

Net increase in cash and cash equivalents                         31,568     (1,073,310)

Cash and cash equivalents at beginning of period                 820,121      2,100,551
                                                             -----------    -----------

Cash and cash equivalents at end of period                   $   851,689    $ 1,027,241
                                                             ===========    ===========

Supplemental disclosure of cash flow information -Interest
     paid on discounted lease rentals                        $   301,949    $   473,873
</TABLE>


                 See accompanying notes to financial statements.

                                       5
<PAGE>
                      CAPITAL PREFERRED YIELD FUND-IV, L.P.

                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)

1.   Basis of Presentation
     ---------------------

     The accompanying unaudited financial statements have been prepared in
     accordance with accounting principles generally accepted in the United
     States of America for interim financial information and the instructions to
     Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not
     include all of the information and disclosures required by accounting
     principles generally accepted in the United States of America for annual
     financial statements. In the opinion of the general partner, all
     adjustments (consisting of normal recurring adjustments) considered
     necessary for a fair presentation have been included. The balance sheet at
     December 31, 2003 was derived from the audited financial statements
     included in the Partnership's 2003 Form 10-K. For further information,
     refer to the financial statements of Capital Preferred Yield Fund-IV, L.P.
     (the "Partnership"), and the related notes, included in the Partnership's
     Annual Report on Form 10-K for the year ended December 31, 2003, previously
     filed with the Securities and Exchange Commission.

     The preparation of financial statements in conformity with accounting
     principles generally accepted in the United States of America requires
     management to make estimates and assumptions that affect the reported
     amounts of assets and liabilities and disclosure of contingent assets and
     liabilities at the date of the financial statements and the reported
     amounts of revenue and expenses during the reporting period. For leasing
     entities, this includes the estimate of residual values and impairment as
     discussed below. Actual results could differ from those estimates. Included
     in the results of operations for the three months ended March 31, 2004 and
     2003 were $110,000 and $100,500 for provision for losses.

     The Partnership is in its liquidation period, as defined in the Partnership
     Agreement. Even so, because the liquidation period extends over an
     undefined number of accounting periods, the accompanying financial
     statements have been prepared on a going concern basis that contemplates
     the realization of assets and payments of liabilities in the ordinary
     course of business, which is in accordance with accounting principles
     generally accepted in the United States of America.


                                       6

<PAGE>
                      CAPITAL PREFERRED YIELD FUND-IV, L.P.

                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)

2.   Transactions With the General Partner and Affiliates
     ----------------------------------------------------

     Management Fees Paid to General Partner

     In accordance with the Partnership Agreement, the General Partner earns a
     management fee in connection with its management of the equipment,
     calculated as a percentage of the monthly gross rentals received, and paid
     monthly in arrears. Managemenet fees to the general partner for the three
     months ended March 31, 2004 and 2003 were $75,092 and $100,014,
     respectively. As of March 31, 2004 and December 31, 2003 management fees of
     $18,743 and $18,542 respectively, are included in payables to affiliates.

     Direct Services from General Partner

     The General Partner and an affiliate provide accounting, investor
     relations, billing, collecting, asset management, and other administrative
     services to the Partnership. The Partnership reimburses the General Partner
     for these services performed on its behalf as permitted under terms of the
     Partnership Agreement. Direct services from the general partner for the
     three months ended March 31,2004 and 2003 were $71,664 and $72,595,
     respectively. As of March 31, 2004 and December 31, 2003 direct services
     from the General Partner in the amount of $24,856 and $22,802,
     respectively, are included in payables to affiliates.

     General and Administrative Expenses

     The General Partner and an affiliate are reimbursed for the actual cost of
     administrative expenses incurred on behalf of the Partnership per the terms
     of the Partnership Agreement. General and administrative expenses for the
     three months ended March 31,2004 and 2003 were $131,017 and $247,238,
     respectively. As of March 31, 2004 and December 31, 2003 administrative
     expenses of $66,721 and $124,899, respectively, are included in payables to
     affiliates.


                                       7
<PAGE>
                      CAPITAL PREFERRED YIELD FUND-IV, L.P.

Item 2.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations, continued

Results of Operations
---------------------

Presented below are schedules (prepared solely to facilitate the discussion of
results of operations that follows) showing items of income and expense and
changes in those items derived from the Statements of Income:

                                            Three Months
                                           Ended March 31,
                                       ----------------------
                                         2004         2003         Change
                                       ---------    ---------    ---------

Leasing margin                         $ 350,311    $ 486,707    $(136,396)
Equipment sales margin                    55,108       36,135       18,973
Interest income                              996        1,919         (923)
Management fees to general partner       (75,092)    (100,014)      24,922
Direct services from general partner     (71,664)     (72,595)         931
General and administrative expenses     (131,017)    (247,238)     116,221
Provision for losses                    (110,000)    (100,500)      (9,500)
                                       ---------    ---------    ---------
  Net income                           $  18,642    $   4,414    $  14,228
                                       =========    =========    =========

The Partnership entered its liquidation period in 2002, as defined in the
Partnership Agreement, and will not purchase significant amounts of equipment in
future periods. Furthermore, during future periods, initial leases will expire
and the equipment will be remarketed (i.e., re-leased or sold). As a result,
both the size of the Partnership's leasing portfolio and the amount of total
revenue will decline ("portfolio runoff"). Even so, because the liquidation
period extends over an undefined number of accounting periods, the accompanying
financial statements have been prepared on a going concern basis that
contemplates the realization of assets and payments of liabilities in the
ordinary course of business, which is in accordance with accounting principles
generally accepted in the United States of America.

Leasing Margin

Leasing margin consists of the following:

                                                    Three Months Ended
                                                         March 31,
                                               ---------------------------
                                                   2004           2003
                                               -----------    -----------

Operating lease rentals                        $ 2,986,970    $ 4,054,330
Direct finance lease income                         81,253        128,121
Depreciation                                    (2,415,963)    (3,221,871)
Interest expense on discounted lease rentals      (301,949)      (473,873)
                                               -----------    -----------
     Leasing margin                            $   350,311    $   486,707
                                               ===========    ===========
     Leasing margin ratio                             11 %           12 %
                                                      ==             ==

Leasing margin and all of the components of leasing margin including operating
lease rentals, direct finance lease income, depreciation on leased equipment and
interest expense on discounted lease rentals decreased due to portfolio runoff.
Because the Partnership is in its liquidation stage, no additional equipment is
being purchased. As a result, leasing margin and its components will decline
over the remaining life of the related

                                       8
<PAGE>
                      CAPITAL PREFERRED YIELD FUND-IV, L.P.

Item 2.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations, continued

Results of Operations, continued
---------------------

leases in the Partnership's portfolio.

Leasing margin ratio will vary due to changes in the portfolio, including, among
other things, the mix of operating leases versus direct finance leases, the
average maturity of leases comprising the portfolio, the average residual value
of leased assets in the portfolio, and the amount of discounted lease rentals
financing the portfolio. Leasing margin ratio for a direct finance lease is
fixed over the term of the lease. Leasing margin ratio for an operating lease
financed with discounted lease rentals increases during the term of the lease
since rents and depreciation are typically fixed while interest expense declines
as the related discounted lease rentals principle is repaid. Leasing margin
ratio decreased primarily as a result of the increase in the average net book
value of the operating lease portfolio and an increase in the average balance of
discounted lease rentals outstanding, both of which are discussed above.

The ultimate profitability of the Partnership's leasing transactions is
dependent in part on interest rates at the time the leases are originated,
future equipment values, and on-going lessee creditworthiness. Because leasing
is an alternative to financing equipment purchases with debt, lease rates tend
to rise and fall with interest rates (although lease rate movements generally
lag interest rate changes in the capital markets).

Equipment Sales Margin

Equipment sales margin consists of the following:

                                       Three Months Ended
                                            March 31,
                                  --------------------------
                                     2004             2003
                                  ---------        ---------
Equipment sales revenue           $ 115,934        $ 329,185
                                  ---------        ---------
Cost of equipment sales             (60,826)        (293,050)
     Equipment sales margin       $  55,108        $  36,135
                                  =========        =========

Equipment sales margin fluctuates based on the composition of equipment
available for sale. Currently, the Partnership is in its liquidation period (as
defined in the Partnership Agreement). Initial leases are expiring and the
equipment is either being re-leased or sold to the lessee or a third party.
Equipment sales margin varies with the number and dollar amount of equipment
leases that mature in a particular period and the current market for specific
equipment and residual value estimates.

                                       9
<PAGE>
                      CAPITAL PREFERRED YIELD FUND-IV, L.P.

Item 2.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations, continued

Results of Operations, continued
---------------------

Interest Income

Interest income varies due to (1) the amount of cash available for investment
pending distribution to partners and (2) the interest rate on such invested
cash.

Expenses

Management fees paid to the general partner are earned on gross rents received
and will fluctuate due to variances in cash flow and the size of the
Partnership's portfolio. Management fees paid to the general partner decreased
due to the decrease in average portfolio size discussed above, which resulted in
a corresponding decrease in gross rents received.

General and administrative expenses decreased primarily due to a) upgrades to
computer equipment and the associated consulting expenses that were incurred in
2003 and b) change in recognition of prepaid insurance and state income tax
expenses.

Provision for Losses

The realization of greater than the carrying value of equipment (which occurs
when the equipment is remarketed subsequent to initial lease termination) is
reported as equipment sales margin (if the equipment is sold) or leasing margin
(if the equipment is re-leased). The realization of less than the carrying value
of equipment is recorded as provision for losses.

Residual values are established equal to the estimated value to be received from
the equipment following termination of the lease. In estimating such values, the
Partnership considers all relevant facts regarding the equipment and the lessee,
including, for example, the likelihood that the lessee will re-lease or purchase
the equipment. The nature of the Partnership's leasing activities is such that
it has credit exposure and residual value exposure and will incur losses from
those exposures in the ordinary course of business. The Partnership performs
quarterly assessments of the estimated residual value of its assets to identify
any impairments in value that, if any, are also recorded as provision for
losses.

The provision for losses of $110,000 recorded during the three months ended
March 31, 2004 related primarily to losses on equipment returned to the
Partnership at lease maturity occurring because the residual realized is
expected to be less than the residual value originally estimated.

                                       10
<PAGE>
                      CAPITAL PREFERRED YIELD FUND-IV, L.P.

Item 2.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations, continued

Liquidity & Capital Resources
-----------------------------

The Partnership is in its liquidation period, as defined in the Partnership
Agreement. The Partnership is not purchasing additional equipment, initial
leases are expiring, and the amount of equipment being remarketed (i.e.,
re-leased, renewed, or sold) is generally decreasing. As a result, both the size
of the Partnership's lease portfolio and the amount of leasing revenue are
declining. Even so, because the liquidation period extends over an undefined
number of accounting periods, the accompanying financial statements have been
prepared on a going concern basis that contemplates the realization of assets
and payments of liabilities in the ordinary course of business, which is in
accordance with accounting principles generally accepted in the United States of
America.

The Partnership funds its operating activities principally with cash from rents
and sales of off-lease equipment. The decline of net cash provided by operating
activities of approximately $1,000,000 from the three months ended March 31,
2003 to March 31, 2004 is primarily due to a reduction in equipment under lease.
Available cash and cash reserves of the Partnership are invested in short-term
government securities pending distribution to the partners.

During the three months ended March 31, 2004, the Partnership declared
distributions to the Class A limited partners of $743,985 ($306,323 of which was
paid in April 2004). All such distributions are expected to constitute a return
of capital for economic purposes. Distributions may be characterized for tax,
accounting and economic purposes as a return of capital, a return on capital, or
a portion of both. The portion of each cash distribution that exceeds its net
income for the fiscal period may be deemed a return of capital for accounting
purposes. However, the total percentage of the partnership's return on capital
over its life will only be determined after all residual cash flows (which
include proceeds from the re-leasing and sale of equipment) have been realized
at the termination of the partnership.

The General Partner believes that the Partnership will generate sufficient cash
flows from operations during the remainder of 2004, to (1) meet current
operating requirements, and (2) fund cash distributions to Class A limited
partners in accordance with the Partnership Agreement. All distributions are
expected to be a return of capital for economic and accounting purposes.
Additionally, the General Partner anticipates that all equipment owned by the
Partnership will be sold and the Partnership liquidated between 2004 and 2006.
However, the Partnership has not entered into a formal liquidation plan as of
March 31, 2004.


                                       11
<PAGE>
                      CAPITAL PREFERRED YIELD FUND-IV, L.P.

Item 2.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations, continued

"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of
-----------------------------------------------------------------------------
1995
----

The statements contained in this report which are not historical facts may be
deemed to contain forward-looking statements with respect to events, the
occurrence of which involve risks and uncertainties, and are subject to factors
that could cause actual future results to differ both adversely and materially
from currently anticipated results, including, without limitation, the level of
lease originations, realization of residual values, the availability and cost of
financing sources and the ultimate outcome of any contract disputes. Certain
specific risks associated with particular aspects of the Partnership's business
are discussed under Results of Operations in this report and under Results of
Operations in the 2003 Form 10-K when and where applicable.


Item 3.  Quantitative and Qualitative Disclosures About Market Risk

The Partnership's leases with equipment users are non-cancelable and have lease
rates that are fixed at lease inception. The Partnership finances its leases, in
part, with discounted lease rentals. Discounted lease rentals are a fixed rate
debt. The Partnership's other assets and liabilities are also at fixed rates.
Consequently, the Partnership has minimal interest rate risk or other market
risk exposure.


Item 4.  Controls and Procedures

An evaluation was performed under the supervision and with the participation of
the General Partner's management, including the President and Director, and the
Principal Financial Officer, of the effectiveness of the design and operation of
the Partnership's disclosure controls and procedures. Based on that evaluation,
the General Partner's management, including the President and Director, and the
Principal Financial Officer, concluded that the Partnership's disclosure
controls and procedures are effective in timely alerting them to material
information relating to the Partnership required to be included in the
Partnership's periodic SEC reports.

                                       12
<PAGE>
                      CAPITAL PREFERRED YIELD FUND-IV, L.P.

                                    PART II.

                                OTHER INFORMATION



Item 1.    Legal Proceedings

           The Partnership is involved in routine legal proceedings
           incidental to the conduct of its business. The General Partner
           believes none of these legal proceedings will have a material
           adverse effect on the financial condition or operations of the
           Partnership.

Item 6.    Exhibits and Reports on Form 8-K

           (a)  Exhibits

           (b)  The Partnership did not file any reports on Form 8-K
                during the quarter ended March 31, 2004.



                                       13
<PAGE>
                                Index to Exhibits

Exhibit
Number     Description
------     -----------
* 99.1     Certification by John F. Olmstead pursuant to 18 U.S.C. Section 1350,
           as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

* 99.2     Certification by Mary M. Ebele pursuant to 18 U.S.C. Section 1350, as
           adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.


 *  Filed herewith




                                       14
<PAGE>
                      CAPITAL PREFERRED YIELD FUND-IV, L.P.

                                   Signatures



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



                                     CAPITAL PREFERRED YIELD FUND-IV, L.P.

                                     By: CAI Equipment Leasing V Corp.


Dated: May 14, 2004                  By: /s/John F. Olmstead
                                         -------------------
                                         John F. Olmstead
                                         President and Director
                                         (Principal Executive Officer)

                                         CAPITAL PREFERRED YIELD FUND-IV, L.P.

                                     By: CAI Equipment Leasing V Corp.


Dated: May 14, 2004                  By: /s/Mary M. Ebele
                                         ----------------
                                         Mary M. Ebele
                                         Principal Financial Officer



                                       15
<PAGE>
                                  CERTIFICATION

I, John F. Olmstead, President and Director of CAI Equipment Leasing V Corp.,
the General Partner of Capital Preferred Yield Fund-IV, L.P. (the
"Partnership"), certify that:

     1. I have reviewed this quarterly report on Form 10-Q of the Partnership;

     2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

     3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
Partnership as of, and for the periods presented in this quarterly report;

     4. The Partnership's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Partnership and have:

          a. designed such disclosure controls and procedures or caused such
     disclosure controls and procedures to be designed under our supervision to
     ensure that material information relating to the Partnership, including its
     consolidated subsidiaries, is made known to us by others within those
     entities, particularly during the period in which this report in being
     prepared;

          b. evaluated the effectiveness of the Partnership's disclosure
     controls and procedures and presented in this report our conclusions about
     the effectiveness of the disclosure controls and procedures as of the end
     of the period covered by this report and based on such evaluation; and

          c. disclosed in this report any change in the Partnership's internal
     control over financial reporting that occurred during the Partnership's
     most recent fiscal quarter that has materially affected, or is reasonably
     likely to materially affect, the Partnership's internal control over
     financial reporting; and

     5. The Partnership's other certifying officer and I have disclosed, based
on our most recent evaluation of internal control over financial reporting, to
the Partnership's auditors:

          a. all significant deficiencies and material weaknesses in the design
     or operation of internal control over financial reporting which are
     reasonably likely to adversely affect the Partnership's ability to record,
     process, summarize and report financial information; and

          b. any fraud, whether or not material, that involves management or
     other employees who have a significant role in the Partnership's internal
     control over financial reporting.


                              /s/ John F. Olmstead
                              --------------------
                                John F. Olmstead
                             President and Director
                          (Principal Executive Officer)
                                  May 14, 2004


                                       16
<PAGE>
                                  CERTIFICATION

I, Mary M. Ebele, Principal Financial Officer of CAI Equipment Leasing V Corp.,
the General Partner of Capital Preferred Yield Fund-IV, L.P. (the
"Partnership"), certify that:

     1. I have reviewed this quarterly report on Form 10-Q of the Partnership;

     2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

     3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
Partnership as of, and for the periods presented in this quarterly report;

     4. The Partnership's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Partnership and have:

          a. designed such disclosure controls and procedures or caused such
     disclosure controls and procedures to be designed under our supervision to
     ensure that material information relating to the Partnership, including its
     consolidated subsidiaries, is made known to us by others within those
     entities, particularly during the period in which this report in being
     prepared;

          b. evaluated the effectiveness of the Partnership's disclosure
     controls and procedures and presented in this report our conclusions about
     the effectiveness of the disclosure controls and procedures as of the end
     of the period covered by this report and based on such evaluation; and

          c. disclosed in this report any change in the Partnership's internal
     control over financial reporting that occurred during the Partnership's
     most recent fiscal quarter that has materially affected, or is reasonably
     likely to materially affect, the Partnership's internal control over
     financial reporting; and

     5. The Partnership's other certifying officer and I have disclosed, based
on our most recent evaluation of internal control over financial reporting, to
the Partnership's auditors:

          a. all significant deficiencies and material weaknesses in the design
     or operation of internal control over financial reporting which are
     reasonably likely to adversely affect the Partnership's ability to record,
     process, summarize and report financial information; and

          b. any fraud, whether or not material, that involves management or
     other employees who have a significant role in the Partnership's internal
     control over financial reporting.


                                /s/ Mary M. Ebele
                                -----------------
                                   Mary M. Ebele
                           Principal Financial Officer
                                  May 14, 2004

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