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


     [X]     QUARTERLY  REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
             EXCHANGE  ACT  OF  1934
             FOR  THE  FISCAL  QUARTER  ENDED  SEPTEMBER  30,  2002

     [  ]    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 0-28376
                             _______________________



               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
             (Exact name of registrant as specified in its charter)


                    DELAWARE                            94-3209289
            (State or other jurisdiction of          (I.R.S. Employer
             incorporation or organization)           Identification No.)

          450 CARILLON PARKWAY, SUITE 200
                 ST. PETERSBURG, FL                       33716
          (Address of principal executive offices)      (Zip code)


     Registrant's  telephone  number,  including  area  code  (727)  803-8200
                             _______________________

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  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
                                             ---

<PAGE>

               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A DELAWARE LIMITED LIABILITY COMPANY)
                            CONDENSED BALANCE SHEETS
                 (in thousands of dollars, except unit amounts)
                                   (unaudited)
<TABLE>
<CAPTION>

<S>                                                         <C>              <C>
                                                             September 30,     December 31,
                                                                 2002             2001
                                                            ===============================
ASSETS

Equipment held for operating leases. . . . . . . . . . . .  $       89,583   $      89,833
Less accumulated depreciation. . . . . . . . . . . . . . .         (53,374)        (48,425)
                                                            ---------------  --------------
    Net equipment. . . . . . . . . . . . . . . . . . . . .          36,209          41,408


Cash and cash equivalents. . . . . . . . . . . . . . . . .          22,825          21,837
Restricted cash. . . . . . . . . . . . . . . . . . . . . .           1,206             553
Accounts receivable, less allowance for doubtful accounts
      of $3,231 in 2002 and $1,048 in 2001 . . . . . . . .           2,376           2,513
Investment in unconsolidated special-purpose entities. . .           2,219           2,754
Debt placement fees, less accumulated amortization
      of $101 in 2002 and $87 in 2001. . . . . . . . . . .              76              89
Prepaid expenses and other assets. . . . . . . . . . . . .             191             102
                                                            ---------------  --------------
      Total assets . . . . . . . . . . . . . . . . . . . .  $       65,102   $      69,256
                                                            ===============  ==============
LIABILITIES AND MEMBERS' EQUITY

Liabilities:
Accounts payable and accrued expenses. . . . . . . . . . .  $        1,370   $         625
Due to affiliates. . . . . . . . . . . . . . . . . . . . .             174             264
Lessee deposits and reserves for repairs . . . . . . . . .           3,966           3,739
Note payable . . . . . . . . . . . . . . . . . . . . . . .          19,000          19,000
                                                            ---------------  --------------
    Total liabilities. . . . . . . . . . . . . . . . . . .          24,510          23,628
                                                            ---------------  --------------
Commitments and contingencies

Members' equity:
Class A members (4,971,311 units in 2002 and 2001) . . . .          40,592          45,628
Class B member . . . . . . . . . . . . . . . . . . . . . .              --              --
                                                            ---------------  --------------
    Total members' equity. . . . . . . . . . . . . . . . .          40,592          45,628
                                                            ---------------  --------------

       Total liabilities and members' equity . . . . . . .  $       65,102   $      69,256
                                                            ===============  ==============
</TABLE>















       See accompanying notes to unaudited condensed financial statements.

<PAGE>

               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A DELAWARE LIMITED LIABILITY COMPANY)
                       CONDENSED STATEMENTS OF OPERATIONS
         (in thousands of dollars, except weighted-average unit amounts)
                                   (unaudited)
<TABLE>
<CAPTION>

<S>                                             <C>                     <C>                    <C>       <C>
                                                For the Three Months  For the Nine Months
                                                 Ended September 30,   Ended September 30,
                                                 2002         2001     2002        2001
                                                ========================================
REVENUES

Lease revenue. . . . . . . . . . . . . . . . .  $  4,243   $  5,141   $13,774   $14,173
Interest and other income. . . . . . . . . . .       105        207       294       622
Gain on disposition of equipment . . . . . . .       149          4       157       983
                                                ---------  ---------  --------  --------
    Total revenues . . . . . . . . . . . . . .     4,497      5,352    14,225    15,778
                                                ---------  ---------  --------  --------
EXPENSES

Depreciation and amortization. . . . . . . . .     1,643      2,338     5,067     7,653
Repairs and maintenance. . . . . . . . . . . .       576        243     1,446     1,333
Equipment operating expenses . . . . . . . . .     1,095        841     3,189     1,798
Insurance expense. . . . . . . . . . . . . . .        98        152       307       405
Management fees to affiliate . . . . . . . . .       188        271       616       751
Interest expense . . . . . . . . . . . . . . .       348        416     1,044     1,223
General and administrative expenses
      to affiliates. . . . . . . . . . . . . .        26         75       237       419
Other general and administrative expenses. . .       550        182     1,094       570
Provision for (recovery of) bad debts. . . . .       658        (1)    2,206        (4)
                                                ---------  ---------  --------  --------
    Total expenses . . . . . . . . . . . . . .     5,182      4,517    15,206    14,148
                                                ---------  ---------  --------  --------

Equity in net income (loss) of unconsolidated
      special-purpose entities . . . . . . . .        92      (231)      340       772
                                                ---------  ---------  --------  --------
      Net income (loss). . . . . . . . . . . .  $   (593)  $    604   $  (641)  $ 2,402
                                                =========  =========  ========  ========
MEMBERS' SHARE OF NET INCOME (LOSS)

Class A members. . . . . . . . . . . . . . . .  $   (812)  $    384   $(1,299)  $ 1,525
Class B member . . . . . . . . . . . . . . . .        219       220       658       877
                                                ---------  ---------  --------  --------
       Total . . . . . . . . . . . . . . . . .  $   (593)  $    604   $  (641)  $ 2,402
                                                =========  =========  ========  ========
Net income (loss) per
      weighted-average Class A unit. . . . . .  $  (0.16)  $   0.08   $ (0.26)  $  0.31
                                                =========  =========  ========  ========
Cash distribution. . . . . . . . . . . . . . .  $   1,471   $ 1,462   $ 4,395   $ 5,230
                                                =========  =========  ========  ========
Cash distribution per weighted-average
      Class A unit . . . . . . . . . . . . . .  $    0.25   $  0.25   $  0.75   $  0.88
                                                =========  =========  ========  ========
</TABLE>






       See accompanying notes to unaudited condensed financial statements.
<PAGE>

               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A DELAWARE LIMITED LIABILITY COMPANY)
               CONDENSED STATEMENTS OF CHANGES IN MEMBERS' EQUITY
           FOR THE PERIOD FROM DECEMBER 31, 2000 TO SEPTEMBER 30, 2002
                            (in thousands of dollars)
                                   (unaudited)

<TABLE>
<CAPTION>


                                              Class A    Class B    Total
                                             ==============================
<S>                                          <C>        <C>        <C>
  Members' equity as of December 31, 2000 .  $ 43,670   $     --   $43,670

Net income. . . . . . . . . . . . . . . . .     7,488      1,097     8,585

Cash distribution . . . . . . . . . . . . .    (5,530)    (1,097)   (6,627)
                                             ---------  ---------  --------
  Members' equity as of December 31, 2001 .    45,628         --    45,628

Net income (loss) . . . . . . . . . . . . .    (1,299)       658      (641)

Cash distribution . . . . . . . . . . . . .    (3,737)      (658)   (4,395)
                                             ---------  ---------  --------
  Members' equity as of September 30, 2002.  $ 40,592   $     --   $40,592
                                             =========  =========  ========
</TABLE>


































       See accompanying notes to unaudited condensed financial statements.

<PAGE>
<TABLE>
<CAPTION>

<S>                                                      <C>                    <C>
                  PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                         (A DELAWARE LIMITED LIABILITY COMPANY)
                           CONDENSED STATEMENTS OF CASH FLOWS
                               (in thousands of dollars)
                                      (unaudited)

                                                          For the Nine Months
                                                          Ended September 30,
                                                          2002          2001
                                                         ====================
OPERATING ACTIVITIES

Net income (loss) . . . . . . . . . . . . . . . . . . .  $   (641)   $ 2,402
Adjustments to reconcile net income (loss) to net cash
      provided by (used in) operating activities:
  Depreciation and amortization . . . . . . . . . . . .      5,067     7,653
  Provision for (recovery of) bad debts . . . . . . . .      2,206        (4)
  Gain on disposition of equipment. . . . . . . . . . .      (157)      (983)
  Equity in net income of unconsolidated
        special-purpose entities. . . . . . . . . . . .      (340)      (772)
  Changes in operating assets and liabilities:
    Restricted cash . . . . . . . . . . . . . . . . . .      (653)       (87)
    Accounts receivable . . . . . . . . . . . . . . . .    (2,069)    (1,018)
    Prepaid expenses and other assets . . . . . . . . .       (89)        78
    Accounts payable and accrued expenses . . . . . . .        745       541
    Due to affiliates . . . . . . . . . . . . . . . . .       (77)      (698)
    Lessee deposits and reserves for repairs. . . . . .        227        28
                                                         ----------  --------
        Net cash provided by operating activities . . .      4,219     7,140
                                                         ----------  --------

INVESTING ACTIVITIES

Payments for purchase of equipment and capitalized
      improvements. . . . . . . . . . . . . . . . . . .        (9)    (2,261)
Distributions from unconsolidated special-purpose
      entities. . . . . . . . . . . . . . . . . . . . .        862       931
Liquidation distributions from unconsolidated
      special-purpose entities. . . . . . . . . . . . .         --     1,805
Proceeds from disposition of equipment. . . . . . . . .        311     4,092
                                                         ----------  --------
      Net cash provided by investing activities . . . .      1,164     4,567
                                                         ----------  --------
FINANCING ACTIVITIES

Cash distributions to Class A members . . . . . . . . .    (3,737)    (4,353)
Cash distributions to Class B member. . . . . . . . . .      (658)      (877)
                                                         ----------  --------
      Net cash used in financing activities . . . . . .    (4,395)    (5,230)
                                                         ----------  --------
Net increase in cash and cash equivalents . . . . . . .        988     6,477
Cash and cash equivalents at beginning of period. . . .     21,837    11,291
                                                         ----------  --------
Cash and cash equivalents at end of period. . . . . . .  $  22,825   $17,768
                                                         ==========  ========

SUPPLEMENTAL INFORMATION

Interest paid . . . . . . . . . . . . . . . . . . . . .  $     692   $   811
                                                         ==========  ========
</TABLE>



       See accompanying notes to unaudited condensed financial statements.
<PAGE>
               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A DELAWARE LIMITED LIABILITY COMPANY)
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (UNAUDITED)

1.     Opinion  of  Management
       -----------------------

In  the  opinion  of  the management of PLM Financial Services, Inc. (FSI or the
Manager),  the accompanying unaudited condensed financial statements contain all
adjustments  necessary,  consisting  primarily  of normal recurring accruals, to
present  fairly the unaudited condensed financial position of Professional Lease
Management  Income  Fund  I,  L.L.C.  (the  Fund)  as  of September 30, 2002 and
December  31,  2001,  the  unaudited  condensed statements of operations for the
three and nine months ended September 30, 2002 and 2001, the unaudited condensed
statements  of  changes in members' equity for the period from December 31, 2000
to  September 30, 2002, and the unaudited condensed statements of cash flows for
the nine months ended September 30, 2002 and 2001.  Certain information and note
disclosures  normally  included  in  financial statements prepared in accordance
with  accounting  principles  generally accepted in the United States of America
have  been  condensed  or  omitted  from  the  accompanying  condensed financial
statements.  For  further information, reference should be made to the financial
statements  and  notes thereto included in the Fund's Annual Report on Form 10-K
for  the  year  ended  December 31, 2001, on file at the Securities and Exchange
Commission.

2.     Schedule  of  Fund  Phases
       --------------------------

The  Fund  is  currently  in  its  investment phase during which the Fund uses a
portion  of  the  cash  generated  from  operations  and  proceeds  from  asset
dispositions  to  purchase  additional  equipment.  The  Manager  believes these
acquisitions  may  cause  the Fund to generate additional earnings and cash flow
for  the  Fund.

     Cash  generated  from  operations  or disposition proceeds after January 1,
2003  cannot  be used to purchase additional equipment.  The Fund will terminate
on  December  31, 2010, unless terminated earlier upon sale of all equipment and
certain  other  events.

3.     Reclassification
       ----------------

Certain  amounts  in  the  2001  financial  statements have been reclassified to
conform  to  the  2002  presentations.

4.     Cash  Distributions
       -------------------

Cash  distributions  are recorded when paid and may include amounts in excess of
net  income that are considered a return of capital.  For the three months ended
September  30,  2002 and 2001, cash distributions totaled $1.5 million.  For the
nine  months  ended September 30, 2002 and 2001, cash distributions totaled $4.4
million  and  $5.2  million,  respectively.  Cash  distributions  to the Class A
unitholders of $3.7 million and $2.8 million for the nine months ended September
30,  2002  and  2001,  respectively,  were  deemed  to  be  a return of capital.

Cash distributions of $0.8 million related to the results from the third quarter
of  2002  will  be  paid  during  the  fourth  quarter  of  2002.

5.     Transactions  with  Manager  and  Affiliates
       --------------------------------------------

The balance due to affiliates as of September 30, 2002 included $0.2 million due
to FSI and its affiliates for management fees.  The balance due to affiliates as
of  December  31,  2001, included $0.3 million due to FSI and its affiliates for
management  fees.


<PAGE>
               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A DELAWARE LIMITED LIABILITY COMPANY)
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (UNAUDITED)

5.     Transactions  with  Manager  and  Affiliates(continued)
       --------------------------------------------

The  Fund's  proportional  share  of  the  affiliated  expenses  incurred by the
unconsolidated  special-purpose  entities (USPEs) during 2002 and 2001 is listed
in  the  following  table  (in  thousands  of  dollars):
<TABLE>
<CAPTION>


                                   For the Three Months  For the Nine Months
                                    Ended September 30,  Ended September 30,
                                     2002        2001    2002         2001
                                    ======================================
<S>                                 <C>       <C>       <C>       <C>
Management fees. . . . . . . . . .  $     16  $     16  $     47  $     77
Data processing and administrative
   expenses. . . . . . . . . . . .         2        13        12        54
</TABLE>


These  affiliate  expenses  reduced  the Fund's proportional share of the equity
interest  in  the  income  of  USPEs.

6.     Equipment
       ---------

Owned  equipment held for operating leases is stated at cost.  The components of
owned  equipment  were  as  follows  (in  thousands  of  dollars):
<TABLE>
<CAPTION>


                                 September 30,    December 31,
                                     2002             2001
                               ===============================
<S>                            <C>              <C>
Marine containers . . . . . .  $       31,164   $      31,405
Railcars. . . . . . . . . . .          19,486          19,495
Marine vessel . . . . . . . .          17,000          17,000
Aircraft. . . . . . . . . . .          15,358          15,358
Trailers. . . . . . . . . . .           6,575           6,575
                               ---------------  --------------
                                       89,583          89,833
Less accumulated depreciation         (53,374)        (48,425)
                               ---------------  --------------
      Net equipment . . . . .  $       36,209   $      41,408
                               ===============  ==============
</TABLE>


As  of  September  30,  2002, all owned equipment in the Fund's portfolio was on
lease  except  for  135  railcars  with a net book value of $1.3 million.  As of
December 31, 2001, all owned equipment in the Fund portfolio was on lease except
for  62  railcars  with  a  net  book  value  of  $0.5  million.

No  equipment  was  purchased  during  the nine months ended September 30, 2002;
however,  the Fund made capital improvements for $9,000.  During the nine months
ended September 30, 2001, the Fund purchased marine containers for $2.3 million.

During  the  nine  months  ended September 30, 2002, the Fund disposed of marine
containers  and  a railcar with a net book value of $0.2 million for proceeds of
$0.3  million.  During  the  nine  months  ended  September  30,  2001, the Fund
disposed  of  a marine vessel, marine containers, trailers, and railcars with an
aggregate net book value of $3.2 million for aggregate proceeds of $4.2 million.

<PAGE>
               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A DELAWARE LIMITED LIABILITY COMPANY)
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (UNAUDITED)

7.     Investments  in  Unconsolidated  Special-Purpose  Entities
       ----------------------------------------------------------

The  Fund  owns  equipment  jointly  with  affiliated programs. These are single
purpose  entities  that  do  not  have any debt or other financial encumbrances.
Ownership  interest  is based on the Fund's contribution towards the cost of the
equipment  in  the  USPEs.  The  Fund's  proportional share of equity and income
(loss)  in  each  entity  is not necessarily the same as its ownership interest.
The  primary  reason  for  this  difference  has to do with certain fees such as
management  and  acquisition and lease negotiation fees varying among the owners
of  the  USPEs.

The  tables  below  set forth 100% of the assets, liabilities, and equity of the
entities  in which the Fund has an interest and the Fund's proportional share of
equity  in  each  entity  as  of  September  30,  2002 and December 31, 2001 (in
thousands  of  dollars):
<TABLE>
<CAPTION>

<S>                                        <C>          <C>      <C>
                                              TWA         TWA
                                            S/N 49183    MD-82
As of September 30, 2002. . . . . . . .   .  Trust1      Trust2   Total
-----------------------------------------------------------------------
Assets
  Equipment less accumulated depreciation  $       --   $ 4,542
                                           -----------  -------
    Total assets. . . . . . . . . . . . .  $       --   $ 4,542
                                           ===========  =======
Liabilities
  Due to affiliates . . . . . . . . . . .  $        6   $     6
                                           -----------  -------
    Total liabilities . . . . . . . . . .           6         6
                                           -----------  -------

Equity. . . . . . . . . . . . . . . . . .          (6)    4,536
                                           -----------  -------
    Total liabilities and equity. . . . .  $       --   $ 4,542
                                           ===========  =======

Fund's share of equity. . . . . . . . . .  $       --   $ 2,219   $2,219
                                           ===========  =======   ======
</TABLE>


<TABLE>
<CAPTION>

<S>                                        <C>          <C>      <C>
                                              TWA         TWA
                                            S/N 49183    MD-82
As of December 31, 2001 . . . . . . . .   .  Trust1      Trust2   Total
-----------------------------------------------------------------------
Assets
  Equipment less accumulated depreciation  $       --   $ 5,590
                                           -----------  -------
    Total assets. . . . . . . . . . . . .  $       --   $ 5,590
                                           ===========  =======
Liabilities
  Accounts payable. . . . . . . . . . . .  $        7   $     7
  Due to affiliates . . . . . . . . . . .           5        16
                                           -----------  -------
    Total liabilities . . . . . . . . . .          12        23
                                           -----------  -------

Equity. . . . . . . . . . . . . . . . . .         (12)    5,567
                                           -----------  -------
    Total liabilities and equity. . . . .  $       --   $ 5,590
                                           ===========  =======

Fund's share of equity. . . . . . . . . .  $       --   $ 2,754   $2,754
                                           ===========  =======   ======
</TABLE>







1     The Fund owns a 50% interest of the TWA S/N 49183 Trust that owns an MD-82
stage  III  commercial  aircraft.
2     The  Fund  owns  a  50% interest in the TWA MD-82 Trust that owns an MD-82
stage  III  commercial  aircraft.

<PAGE>

               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A DELAWARE LIMITED LIABILITY COMPANY)
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (UNAUDITED)

7.     Investments  in  Unconsolidated  Special-Purpose  Entities  (continued)
       ----------------------------------------------------------

The  tables  below  set  forth  100%  of  the  revenues,  gain on disposition of
equipment,  direct  and indirect expenses, and net income (loss) of the entities
in  which  the Fund has an interest, and the Fund's proportional share of income
(loss) in each entity for the three and nine months ended September 30, 2002 and
2001  (in  thousands  of  dollars):
<TABLE>
<CAPTION>

<S>                                <C>         <C>       <C>      <C>
                                      TWA        TWA
For the three months ended. . . .   S/N 49183   MD-82
        September 30, 2002. . .   .  Trust1     Trust2    Other    Total
------------------------------------------------------------------------

  Revenues. . . . . . . . . . . .  $      315  $   315   $   --
  Less: Direct expenses . . . . .          --       --       (7)
            Indirect expenses . .          18      368       --
                                   ----------  --------  -------
    Net income (loss) . . . . . .  $      297  $   (53)  $    7
                                   ==========  ========  =======

Fund's share of net income (loss)  $      110  $   (21)  $    3   $   92
                                   ==========  ========  =======  ======
</TABLE>


<TABLE>
<CAPTION>

<S>                            <C>          <C>       <C>             <C>
                                   TWA        TWA
For the three months ended. .   S/N 49183    MD-82       Spear
        September 30, 2001.    .  Trust1     Trust2    Partnership3    Total
----------------------------------------------------------------------------

  Revenues. . . . . . . . . .  $      315   $   315   $         (10)
  Less: Direct expenses . . .           7         8              32
            Indirect expenses         476       516              71
                               -----------  --------  --------------
    Net loss. . . . . . . . .  $     (168)  $  (209)  $        (113)
                               ===========  ========  ==============

Fund's share of net loss. . .  $      (76)  $   (98)  $         (57)  $ (231)
                               ===========  ========  ==============  =======
</TABLE>


<TABLE>
<CAPTION>

<S>                                <C>          <C>       <C>             <C>
                                      TWA         TWA
For the nine months ended . . . .  S/N 49183     MD-82       Spear
        September 30, 2002. . . .    Trust1      Trust2    Partnership3    Total
--------------------------------------------------------------------------------

  Revenues. . . . . . . . . . . .  $      945   $   945   $          --
  Less: Direct expenses . . . . .          (1)       --              (7)
            Indirect expenses . .          60     1,111               1
                                   -----------  --------  --------------
    Net income (loss) . . . . . .  $      886   $  (166)  $           6
                                   ===========  ========  ==============

Fund's share of net income (loss)  $      405   $   (68)  $           3   $  340
                                   ===========  ========  ==============  ======
</TABLE>


<TABLE>
<CAPTION>

<S>                                  <C>          <C>      <C>            <C>
                                         TWA        TWA
For the nine months ended . . . . .   S/N 49183     MD-82     Spear
        September 30, 2001. . . . .     Trust1     Trust2   Partnership3   Total
--------------------------------------------------------------------------------

  Revenues. . . . . . . . . . . . .  $    1,162   $ 2,810  $         710
  Gain on disposition of equipment.          --        --            458
  Less: Direct expenses . . . . . .          17        19            578
            Indirect expenses . . .       1,418     1,522            280
                                     -----------  -------  -------------
    Net income (loss) . . . . . . .  $     (273)  $ 1,269  $         310
                                     ===========  =======  =============

Fund's share of net income (loss) .  $     (115)  $   653  $         234  $  772
                                     ===========  =======  =============  ======
</TABLE>


As  of  September 30, 2002 and December 31, 2001, all jointly-owned equipment in
the  Fund's  USPE  portfolio  was  on  lease.

1     The Fund owns a 50% interest of the TWA S/N 49183 Trust that owns an MD-82
stage  III  commercial  aircraft.
2     The  Fund  owns  a  50% interest in the TWA MD-82 Trust that owns an MD-82
stage  III  commercial  aircraft.
3     The  Fund  owned  a  50%  interest  in  the Spear Partnership that owned a
container  feeder  vessel.

<PAGE>
               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A DELAWARE LIMITED LIABILITY COMPANY)
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (UNAUDITED)

8.     Operating  Segments
       -------------------

The  Fund  operates  in five different segments: marine vessel leasing, aircraft
leasing,  railcar  leasing,  trailer leasing and marine container leasing.  Each
equipment  leasing segment engages in short-term to mid-term operating leases to
a  variety  of  customers.

The  following  tables present a summary of the operating segments (in thousands
of  dollars):
<TABLE>
<CAPTION>


                                             Marine                                        Marine
For the three months ended                   Vessel     Aircraft    Railcar    Trailer   Container
September 30, 2002                           Leasing    Leasing     Leasing    Leasing    Leasing     Other 1    Total
----------------------------------------------------------------------------------------------------------------------
<S>                                         <C>        <C>         <C>        <C>        <C>         <C>        <C>

REVENUES
  Lease revenue. . . . . . . . . . . . . .  $  1,251   $     757   $    733   $    239   $    1,263  $     --   $ 4,243
  Interest income and other. . . . . . . .         7          --         --         --           --        98       105
  Gain (loss) on disposition of equipment.        --          --         (5)        13          141        --       149
                                            ---------  ----------  ---------  ---------  ----------  ---------  --------
     Total revenues. . . . . . . . . . . .     1,258         757        728        252        1,404        98     4,497
                                            ---------  ----------  ---------  ---------  ----------  ---------  --------

COSTS AND EXPENSES
  Operations support . . . . . . . . . . .     1,324           7        190        219           14        15     1,769
  Depreciation and amortization. . . . . .       370          --        280         92          896         5     1,643
  Interest expense . . . . . . . . . . . .        --          --         --         --           --       348       348
  Management fees to affiliate . . . . . .        62          --         49         13           64        --       188
  General and administrative expenses. . .        15         (37)        51         50           --       497       576
  Provision for (recovery of) bad debts. .        --         663         (5)        --           --        --       658
                                            ---------  ----------  ---------  ---------  ----------  ---------  --------
      Total costs and expenses . . . . . .     1,771         633        565        374          974       865     5,182
                                            ---------  ----------  ---------  ---------  ----------  ---------  --------
Equity in net income of USPEs. . . . . . .         3          89         --         --           --        --        92
                                            ---------  ----------  ---------  ---------  ----------  ---------  --------
Net income (loss). . . . . . . . . . . . .  $   (510)  $     213   $    163   $   (122)  $      430  $   (767)  $  (593)
                                            =========  ==========  =========  =========  ==========  =========  ========

Total assets as of September 30, 2002. . .  $  8,058   $   3,543   $  7,743   $  1,950   $   20,641  $ 23,167   $65,102
                                            =========  ==========  =========  =========  ==========  =========  ========
</TABLE>


<TABLE>
<CAPTION>


                                             Marine                                       Marine
For the three months ended                   Vessel     Aircraft   Railcar    Trailer    Container
September 30, 2001                           Leasing    Leasing    Leasing    Leasing     Leasing     Other 2    Total
----------------------------------------------------------------------------------------------------------------------
<S>                                         <C>        <C>         <C>       <C>        <C>          <C>        <C>

REVENUES
  Lease revenue. . . . . . . . . . . . . .  $  1,741   $   1,014   $    849  $    298   $    1,239   $     --   $5,141
  Interest income and other. . . . . . . .        41          --         --        --           --        166      207
  Gain (loss) on disposition of equipment.        --          --         --        --            4         --        4
                                            ---------  ----------  --------  ---------  -----------  ---------  -------
     Total revenues. . . . . . . . . . . .     1,782       1,014        849       298        1,243        166    5,352
                                            ---------  ----------  --------  ---------  -----------  ---------  -------

COSTS AND EXPENSES
  Operations support . . . . . . . . . . .       910          10        153       128           19         16    1,236
  Depreciation and amortization. . . . . .       444         386        323       100        1,081          4    2,338
  Interest expense . . . . . . . . . . . .        --          --         --        --           --        416      416
  Management fees to affiliate . . . . . .        87          51         56        15           62         --      271
  General and administrative expenses. . .        10           1         20        57           --        169      257
  Provision for (recovery of) bad debts. .        --          --          7        --           (8)        --       (1)
                                            ---------  ----------  --------  ---------  -----------  ---------  -------
      Total costs and expenses . . . . . .     1,451         448        559       300        1,154        605    4,517
                                            ---------  ----------  --------  ---------  -----------  ---------  -------
Equity in net loss of USPEs. . . . . . . .       (57)       (174)        --        --           --         --     (231)
                                            ---------  ----------  --------  ---------  -----------  ---------  -------
Net income (loss). . . . . . . . . . . . .  $    274   $     392   $    290  $     (2)  $       89   $   (439)  $  604
                                            =========  ==========  ========  =========  ===========  =========  =======
</TABLE>



1     Includes  certain  assets  not  identifiable to a specific segment such as
cash,  certain  restricted  cash,  deferred  charges and prepaid expenses.  Also
includes  interest  income  and  costs not identifiable to a particular segment,
such  as  interest expense, and certain amortization, general and administrative
and  operations  support  expenses.
2     Includes  interest  income  and  costs  not  identifiable  to a particular
segment,  such  as  interest  expense,  and  certain  amortization,  general and
administrative  and  operations  support  expenses.

<PAGE>
               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A DELAWARE LIMITED LIABILITY COMPANY)
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (UNAUDITED)

8.     Operating  Segments  (continued)
       -------------------
<TABLE>
<CAPTION>


                                          Marine                                      Marine
For the nine months ended                 Vessel    Aircraft    Railcar    Trailer   Container
September 30, 2002                        Leasing    Leasing    Leasing    Leasing    Leasing     Other 2    Total
------------------------------------------------------------------------------------------------------------------
<S>                                      <C>        <C>        <C>        <C>        <C>         <C>        <C>

REVENUES
  Lease revenue . . . . . . . . . . . .  $  4,504   $   2,273  $  2,404   $    897   $    3,696  $     --   $13,774
  Interest income and other . . . . . .         7          --        --         --           --       287       294
  Net gain on disposition of equipment.        --          --        (4)        13          148        --       157
                                         ---------  ---------  ---------  ---------  ----------  ---------  --------
     Total revenues . . . . . . . . . .     4,511       2,273     2,400        910        3,844       287    14,225
                                         ---------  ---------  ---------  ---------  ----------  ---------  --------

COSTS AND EXPENSES
  Operations support. . . . . . . . . .     3,792          20       511        529           43        47     4,942
  Depreciation and amortization . . . .     1,110          --       839        275        2,830        13     5,067
  Interest expense. . . . . . . . . . .        --          --        --         --           --     1,044     1,044
  Management fees to affiliate. . . . .       225          --       159         46          186        --       616
  General and administrative expenses .        35           2       135        153           --     1,006     1,331
  Provision for bad debts . . . . . . .        --       2,178         5         23           --        --     2,206
                                         ---------  ---------  ---------  ---------  ----------  ---------  --------
      Total costs and expenses. . . . .     5,162       2,200     1,649      1,026        3,059     2,110    15,206
                                         ---------  ---------  ---------  ---------  ----------  ---------  --------
Equity in net income of USPEs . . . . .         3         337        --         --           --        --       340
                                         ---------  ---------  ---------  ---------  ----------  ---------  --------
Net income (loss) . . . . . . . . . . .  $   (648)  $     410  $    751   $   (116)  $      785  $ (1,823)  $  (641)
                                         =========  =========  =========  =========  ==========  =========  ========
</TABLE>


<TABLE>
<CAPTION>


                                           Marine                                     Marine
For the nine months ended                  Vessel   Aircraft    Railcar    Trailer   Container
September 30, 2001                        Leasing    Leasing    Leasing    Leasing    Leasing     Other 2    Total
------------------------------------------------------------------------------------------------------------------
<S>                                       <C>       <C>        <C>        <C>        <C>         <C>        <C>

REVENUES
  Lease revenue. . . . . . . . . . . . .  $  3,740  $   3,043  $  2,524   $    828   $    4,038  $     --   $14,173
  Interest income and other. . . . . . .        41         34        --         --           --       547       622
  Net gain on disposition of equipment .       963         --         8          8            4        --       983
                                          --------  ---------  ---------  ---------  ----------  ---------  --------
     Total revenues. . . . . . . . . . .     4,744      3,077     2,532        836        4,042       547    15,778
                                          --------  ---------  ---------  ---------  ----------  ---------  --------

COSTS AND EXPENSES
  Operations support . . . . . . . . . .     2,489         21       473        404           56        93     3,536
  Depreciation and amortization. . . . .     1,332      1,543       968        301        3,496        13     7,653
  Interest expense . . . . . . . . . . .        --         --        --         --           --     1,223     1,223
  Management fees to affiliate . . . . .       187        152       168         42          202        --       751
  General and administrative expenses. .        45         19        51        141           --       733       989
  Provision for (recovery of) bad debts.        --         --        (7)         3           --        --        (4)
                                          --------  ---------  ---------  ---------  ----------  ---------  --------
      Total costs and expenses . . . . .     4,053      1,735     1,653        891        3,754     2,062    14,148
                                          --------  ---------  ---------  ---------  ----------  ---------  --------
Equity in net income of USPEs. . . . . .       234        538        --         --           --        --       772
                                          --------  ---------  ---------  ---------  ----------  ---------  --------
Net income (loss). . . . . . . . . . . .  $    925  $   1,880  $    879   $    (55)  $      288  $ (1,515)  $ 2,402
                                          ========  =========  =========  =========  ==========  =========  ========
</TABLE>


9.     Net  Income  (Loss)  Per  Weighted-Average  Class  A  Unit
       ----------------------------------------------------------

Net income (loss) per weighted-average Class A unit was computed by dividing net
income  (loss) attributable to Class A members by the weighted-average number of
Class A units deemed outstanding during the period.  The weighted-average number
of  Class  A  units  deemed  outstanding  during the three and nine months ended
September  30,  2002  and  2001  was  4,971,311  units.

10.     Debt
        ----

In July 2002, PLM International, Inc. (PLMI), the parent company of FSI, reached
an  agreement with the lenders of the $10.0 million warehouse facility to extend
the expiration date of the facility to June 30, 2003.  The warehouse facility is
shared  by  the  Fund,  PLM  Equipment  Growth  Fund  V,  PLM  Equipment  Growth
2     Includes  interest  income  and  costs  not  identifiable  to a particular
segment,  such  as  interest  expense,  and  certain  amortization,  general and
administrative  and  operations  support  expenses.

<PAGE>

               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A DELAWARE LIMITED LIABILITY COMPANY)
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (UNAUDITED)

10.     Debt  (continued)
        ----

Fund VI, PLM Equipment Growth & Income Fund VII and Acquisub LLC, a wholly owned
subsidiary  of PLMI.  The facility provides for financing up to 100% of the cost
of  the  equipment.  Outstanding  borrowings  by  one borrower reduce the amount
available  to  each  of  the  other  borrowers  under  the facility.  Individual
borrowings  may  be outstanding for no more than 270 days, with all advances due
no later than June 30, 2003.  Interest accrues either at the prime rate or LIBOR
plus  2.0%  at  the  borrower's  option  and is set at the time of an advance of
funds.  Borrowings  by  the Fund are guaranteed by PLMI.  The Fund is not liable
for  the  advances  made  to  other  borrowers.

As  of September 30, 2002, there were no outstanding borrowings on this facility
by  any  of  the  eligible  borrowers.

12.     Commitments  and  Contingencies
        -------------------------------

In  October  2002, PLM Transportation Equipment Corp. Inc. (TEC), a wholly owned
subsidiary  of  FSI,  arranged  for  the  lease  or purchase of a total of 1,050
pressurized  tank railcars by (i) partnerships and managed programs in which FSI
serves  as  the  general  partner  or  manager  and  holds an ownership interest
(Program  Affiliates)  or  (ii)  partnerships  or  managed programs in which FSI
provides  management  services  but does not hold an ownership interest or third
parties  (Non-Program  Affiliates).  These  railcars  will be delivered over the
next  three  years.  A  leasing  company  affiliated  with the manufacturer will
acquire  approximately  70%  of  the  railcars  and  lease them to a Non-Program
Affiliate.  The  remaining  approximately  30% will either be purchased by other
third parties to be managed by PLMI, or by the Program Affiliates.  An affiliate
of  TEC  will  manage  the  leased  and purchased railcars.  Neither TEC nor its
affiliate will be liable for these railcars.  TEC estimates that the total value
of  purchased  railcars  will  not  exceed  $26.0  million with one third of the
railcars  being purchased in each of 2002, 2003, and 2004.  Although the Manager
has  neither  determined which Program Affiliates will purchase the railcars nor
the  timing  of  any purchases, it is possible the Fund may purchase some of the
railcars.

13.     Accounting  Pronouncements
        --------------------------

In April 2002, the Financial Accounting Standards Board (FASB) adopted Statement
of Financial Accounting Standards (SFAS) No. 145, "Rescission of FASB Statements
No.  4,  44, and 64, Amendment of FASB No. 13, and Technical Corrections" ("SFAS
No.  145").  The  provisions  of  SFAS  No.  145  are effective for fiscal years
beginning  after  May 15, 2002.  As permitted by the pronouncement, the Fund has
elected  early adoption of SFAS No. 145 and, accordingly, if the Fund has a loss
on  extinguishment  of  long-term  debt, it will be reported as a loss in "Other
general  and  administrative  expenses".

The  Accounting  Standards  Executive  Committee  of  the  American Institute of
Certified  Public  Accountants  has  issued  an  exposure  draft  of  a proposed
statement  of  position  ("SOP")  entitled  "Accounting  for  Certain  Costs and
Activities Related to Property, Plant and Equipment".  The Fund has historically
accrued  legally  mandated  maintenance  such  as  marine vessel dry-docking and
aircraft  engine  maintenance over the periods prior to the required maintenance
date.  If  the SOP is adopted as proposed, the Fund would reverse all previously
accrued  maintenance  reserves.  If  this  proposed  change  were  in  effect at
September  30,  2002,  the  Fund would have been required to reverse maintenance
reserves of approximately $2.7 million.  Maintenance reserves will change during
the  remainder of 2002 as maintenance is performed and past maintenance reserves
are  depleted  and  additional reserves are recorded.  If adopted in its present
form,  charges  related  to  this  proposed  change  would be taken in the first
quarter  of  2003  and would be reported as a cumulative effect of an accounting
change,  in  the  statements  of  operations.


<PAGE>
ITEM  2.     MANAGEMENT'S  DISCUSSION  AND  ANALYSIS  OF FINANCIAL CONDITION AND
             -------------------------------------------------------------------
RESULTS  OF  OPERATIONS
    -------------------

(I)     RESULTS  OF  OPERATIONS

Comparison  of  the  Professional  Lease Management Income Fund I, L.L.C.'s (the
--------------------------------------------------------------------------------
Fund's) Operating Results for the Three Months Ended September 30, 2002 and 2001
--------------------------------------------------------------------------------

(A)      Owned  Equipment  Operations

Lease  revenues  less  direct  expenses  (defined  as  repairs  and maintenance,
equipment  operating,  and asset-specific insurance expenses) on owned equipment
decreased  during  the  third  quarter  of 2002, compared to the same quarter of
2001.  Gains or losses from the sale of equipment, interest and other income and
certain  expenses  such  as  management  fees  to  affiliate,  depreciation  and
amortization,  general  and  administrative expenses and provision for (recovery
of)  bad  debts  relating to the operating segments (see Note 8 to the unaudited
condensed  financial  statements),  are  not  included  in  the  owned equipment
operation  discussion  because  they  are indirect in nature and not a result of
operations  but  the  result  of owning a portfolio of equipment.  The following
table  presents  lease revenues less direct expenses by segment (in thousands of
dollars):
<TABLE>
<CAPTION>


                   For the Three Months
                    Ended September 30,
                    2002          2001
                   ===================
<S>                <C>        <C>
Marine containers  $  1,249   $  1,220
Aircraft. . . . .       750      1,004
Railcars. . . . .       543        696
Trailers. . . . .        20        170
Marine vessel . .      (73)        831
</TABLE>


Marine  containers:     Marine container lease revenues and direct expenses were
$1.3  million and $14,000, respectively, for the third quarter of 2002, compared
to $1.2 million and $19,000, respectively, during the same quarter of 2001.  The
increase  in lease revenues of $24,000 during the third quarter of 2002 compared
to  2001  was  due to higher utilization earned on the Fund's marine containers.

Aircraft:     Aircraft  lease revenues and direct expenses were $0.8 million and
$7,000,  respectively,  for  the third quarter of 2002, compared to $1.0 million
and  $10,000,  respectively,  during  the same quarter of 2001.  The decrease in
lease revenues of $0.3 million during the third quarter of 2002 compared to 2001
was  due  to  disposition  of  an  owned  aircraft  during  2001.

Railcars:     Railcar  lease  revenues and direct expenses were $0.7 million and
$0.2  million,  respectively,  for  the  third quarter of 2002, compared to $0.8
million  and  $0.2  million, respectively, during the same quarter of 2001.  The
decrease  in  railcar  lease revenues of $0.1 million was due to the increase in
the  number  of  railcars  off-lease.

Trailers:     Trailer  lease  revenues and direct expenses were $0.2 million and
$0.2  million,  respectively,  for  the  third quarter of 2002, compared to $0.3
million  and $0.1 million, respectively, during the same quarter of 2001.  Lease
revenues  decreased  $0.1  million  in the third quarter of 2002 compared to the
same  period  in  2001  due  to  lower  lease rates on the Fund's trailer fleet.
Direct  expenses increased $0.1 million in the third quarter of 2002 compared to
2001  due  to  higher  repair  costs.

Marine  vessel:     Marine  vessel  lease revenues and direct expenses were $1.3
million  and $1.3 million, respectively, for the third quarter of 2002, compared
to $1.7 million and $0.9 million, respectively, during the same quarter of 2001.
Lease revenue decreased $0.5 million in the third quarter of 2002 due to a lower
lease  rate  earned  on this marine vessel.  Direct operating expenses increased
$0.4  million  during the third quarter of 2002 due to higher voyage expenses of
$0.2  million  and  higher  fuel  expense  of  $0.1  million.

<PAGE>
(B)      Interest  and  Other  Income

Interest  and  other  income  decreased  $0.1  million  due to a decrease in the
interest  rate  earned on cash balances in the third quarter of 2002 compared to
the  same  period  in  2001.

(C)      Indirect  Expenses  Related  to  Owned  Equipment  Operations

Total indirect expenses of $3.4 million for the three months ended September 30,
2002  increased  from  $3.3  million  for  the same period in 2001.  Significant
variances  are  explained  as  follows:

     (i)     A $0.7 million increase in the provision for bad debts was based on
the  Manager's evaluation of the collectability of receivables compared to 2001.
The  provision for bad debts recorded in the third quarter of 2002 was primarily
related  to  one  aircraft  lessee;

     (ii)     A  $0.3  million  increase  in general and administrative expenses
during  the three months ended September 30, 2002 was due to an increase of $0.1
million resulting from higher professional costs and $0.2 million resulting from
higher  administrative  costs;

     (iii)     A  $0.1  million  decrease  in  interest expense was due to lower
average  borrowings  outstanding  during  the  quarter  ended September 30, 2002
compared  to  the  same  period  in  2001;  and

     (iv)     A  $0.7  million decrease in depreciation expense from 2001 levels
reflects a decrease of $0.4 million resulting from certain assets becoming fully
depreciated  during  2001  and  a  decrease  of  $0.3  million  caused  by  the
double-declining  balance  method  of  depreciation  which  results  in  greater
depreciation  in  the  first  years  an  asset  is  owned.

(D)     Gain  on  Disposition  of  Owned  Equipment

Gain  on  disposition  of  owned equipment for the third quarter of 2002 totaled
$0.1  million  which  resulted  from the sale of marine containers and a railcar
with a net book value of $0.1 million for proceeds of $0.3 million.  The gain on
disposition  of  owned  equipment  for  the third quarter of 2001 totaled $4,000
which  resulted  from  the  sale  of  marine containers with a net book value of
$4,000,  for  proceeds  of  $8,000.

(E)     Equity  in  Net Income (Loss) of Unconsolidated Special-Purpose Entities
(USPEs)

Equity  in  net  income  (loss)  of USPEs represents the Fund's share of the net
income  or  loss  generated from the operation of jointly owned assets accounted
for  under  the  equity method of accounting.  These entities are single purpose
and  have no debt or other financial encumbrances.  The following table presents
equity  in  net  income  by  equipment  type  (in  thousands  of  dollars):
<TABLE>
<CAPTION>


                                             For the Three Months
                                              Ended September 30,
                                              2002        2001
                                             =================
<S>                                          <C>      <C>
Aircraft. . . . . . . . . . . . . . . . . .  $    89  $  (174)
Marine vessel . . . . . . . . . . . . . . .        3      (57)
                                             -------  --------
       Equity in net income (loss) of USPEs  $    92  $  (231)
                                             =======  ========
</TABLE>


Aircraft:  As  of  September  30, 2002 and 2001, the Fund owned interests in two
trusts  that  each  owns  a  commercial aircraft.  During the three months ended
September  30,  2002,  the  Fund's  share of lease revenues of $0.3 million were
offset  by  the  Fund's  share  of  depreciation  expense,  direct expenses, and
administrative  expenses  of  $0.2 million.  During the same period of 2001, the
Fund's  share  of lease revenues of $0.3 million were offset by the Fund's share
of  depreciation  expense,  direct expenses, and administrative expenses of $0.5
million.

The  decrease  in expenses of $0.3 million was due to lower depreciation expense
of $0.2 million resulting from one commercial aircraft in a trust becoming fully
depreciated  during  2001  and  $0.1 million decrease in depreciation expense on
another  commercial  aircraft resulting from the double declining-balance method
of  depreciation  which  results  in  greater depreciation in the first years an
asset  is  owned.

Marine  vessel:  As  of September 30, 2002 and 2001, the Fund no longer owned an
interest  in  an entity that owned a marine vessel.  During the third quarter of
2001,  no  lease  revenues  were  earned;  however, this entity did incur direct
expenses and administrative expenses of which the Fund's share was $0.1 million.

(F)     Net  Income  (Loss)

As  a  result  of the foregoing, the Fund had a net loss of $0.6 million for the
three  months  ended  September 30, 2002, compared to net income of $0.6 million
during  the  same  period  of  2001.  The Fund's ability to acquire, operate and
liquidate  assets,  secure leases, and re-lease those assets whose leases expire
is  subject  to  many  factors.  Therefore,  the Fund's performance in the third
quarter  of  2002 is not necessarily indicative of future periods.  In the third
quarter  of 2002, the Fund distributed $1.3 million to Class A members, or $0.25
per  weighted-average  Class  A  unit.

Comparison  of  the Fund's Operating Results for the Nine Months Ended September
--------------------------------------------------------------------------------
30,  2002  and  2001
--------------------

(A)      Owned  Equipment  Operations

Lease revenues less direct expenses on owned equipment decreased during the nine
months  ended  September  30,  2002,  compared  to the same period of 2001.  The
following  table  presents  lease  revenues  less direct expenses by segment (in
thousands  of  dollars):
<TABLE>
<CAPTION>


                    For the Nine Months
                    Ended September 30,
                    2002           2001
                   =====================
<S>                <C>        <C>
Marine containers  $   3,653  $   3,982
Aircraft. . . . .      2,253      3,022
Railcars. . . . .      1,893      2,051
Marine vessels. .        712      1,251
Trailers. . . . .        368        424
</TABLE>


Marine  containers:     Marine container lease revenues and direct expenses were
$3.7  million and $43,000, respectively, for the nine months ended September 30,
2002,  compared  to $4.0 million and $0.1 million, respectively, during the same
period  of 2001.  The decrease in lease revenues of $0.3 million during the nine
months  ended  September 30, 2002 compared to the same period of 2001 was due to
lower  lease  rates  earned  on  the  Fund's  marine  containers.

Aircraft:     Aircraft  lease revenues and direct expenses were $2.3 million and
$20,000, respectively, for the nine months ended September 30, 2002, compared to
$3.0  million  and  $21,000,  respectively, during the same period of 2001.  The
decrease  in  lease  revenues  of  $0.8  million  during  the  nine months ended
September  30,  2002  compared  to  2001  was due to the disposition of an owned
aircraft  during  2001.

Railcars:     Railcar  lease  revenues and direct expenses were $2.4 million and
$0.5  million,  respectively,  for  the  nine  months  ended September 30, 2002,
compared  to $2.5 million and $0.5 million, respectively, during the same period
of  2001.  The decrease in lease revenues of $0.1 million during the nine months
ended  September  30,  2002  compared  to the same period of 2001 was due to the
increase  in  the  number  of  railcars  off-lease.

Marine  vessels:     Marine  vessel lease revenues and direct expenses were $4.5
million  and $3.8 million, respectively, for the nine months ended September 30,
2002,  compared  to $3.7 million and $2.5 million, respectively, during the same
period  of  2001.  Lease  revenue  increased $0.8 million during the nine months
ended  September 30, 2002 due a to higher lease rate earned on the marine vessel
resulting  from  a  change  in  lease  type  from  a time charter under which it
operated  during  six  of  the nine months ended September 30, 2001, to a voyage
charter under which it operated during the nine months ended September 30, 2002.
Under  a  voyage  charter,  the  marine  vessel earns a higher lease rate but is
responsible  for additional operating costs.  The increase in lease revenues was
offset  by  a  $1.3 million increase in operating expenses resulting from higher
costs  for  fuel  of  $0.7  million  and  higher  port  charges of $0.5 million.

Trailers:     Trailer  lease  revenues and direct expenses were $0.9 million and
$0.5  million,  respectively,  for  the  nine  months  ended September 30, 2002,
compared  to $0.8 million and $0.4 million, respectively, during the same period
of  2001.  Lease  revenue  increased  $0.1  million  in  the  nine  months ended
September 30, 2002 compared to the same period in 2001 due to higher utilization
on the Fund's trailer fleet.  Direct expenses increased $0.1 million in the nine
months  ended  September  30,  2002 compared to 2001 due to higher repair costs.

(B)     Interest  and  Other  Income

Interest  and  other  income  decreased  $0.3  million  due to a decrease in the
interest  rate  earned  on  cash balances in the nine months ended September 30,
2002  compared  to  the  same  period  in  2001.

(C)      Indirect  Expenses  Related  to  Owned  Equipment  Operations

Total indirect expenses of $10.3 million for the period ended September 30, 2002
decreased from $10.6 million for the same period in 2001.  Significant variances
are  explained  as  follows:

     (i)     A  $2.6  million  decrease in depreciation expense from 2001 levels
reflects  the  decrease  of  $1.5 million resulting from certain assets becoming
fully  depreciated  during  2001  and  a  decrease of $1.1 million caused by the
double-declining  balance  method  of  depreciation  which  results  in  greater
depreciation  in  the  first  years  an  asset  is  owned;

     (ii)     A  $0.2  million  decrease  in  interest  expense was due to lower
average  borrowings  outstanding  during  the  period  ended  September 30, 2002
compared  to  the  same  period  in  2001;  and

     (iii)     A  $2.2 million increase in the provision for bad debts was based
on  the  Manager's  evaluation  of the collectability of receivables compared to
2001.  The  provision  for  bad  debt  expense recorded in the nine months ended
September  30,  2002  was  primarily  related  to  one  aircraft  lessee.

     (iv)     A  $0.3  million  increase  in  administrative expenses was due to
higher  professional  services.

(D)     Gain  on  Disposition  of  Owned  Equipment

Gain  on  disposition of owned equipment for the nine months ended September 30,
2002  totaled $0.2 million which resulted from the sale or disposition of marine
containers  and  a railcar with a net book value of $0.2 million for proceeds of
$0.3  million.  The  gain  on disposition of owned equipment for the nine months
ended  September 30, 2001 totaled $1.0 million which resulted from the sale of a
marine  vessel,  marine containers, trailers, and railcars with a net book value
of  $3.2  million,  for  proceeds  of  $4.2  million.

(E)     Equity  in Net Income of Unconsolidated Special-Purpose Entities (USPEs)

Equity  in  net  income  of  USPEs represents the Fund's share of the net income
generated  from  the  operation  of jointly owned assets accounted for under the
equity method of accounting.  These entities are single purpose and have no debt
or  other  financial  encumbrances.  The  following table presents equity in net
income  by  equipment  type  (in  thousands  of  dollars):
<TABLE>
<CAPTION>


                                      For the Nine Months
                                      Ended September 30,
                                       2002       2001
                                      =================
<S>                                   <C>      <C>
Aircraft . . . . . . . . . . . . . .  $   337  $   538
Marine vessel. . . . . . . . . . . .        3      234
                                      -------  -------
       Equity in net income of USPEs  $   340  $   772
                                      =======  =======
</TABLE>


Aircraft:  As  of  September  30, 2002 and 2001, the Fund owned interests in two
trusts  that  each  owns  a  commercial  aircraft.  During the nine months ended
September  30,  2002,  the  Fund's  share of lease revenues of $0.9 million were
offset  by  the  Fund's  share  of  depreciation  expense,  direct expenses, and
administrative  expenses  of  $0.6 million.  During the same period of 2001, the
Fund's  share  of  lease  revenues of $1.2 million and the Fund's share of other
income  of $0.8 million were offset by the Fund's share of depreciation expense,
direct  expenses,  and  administrative  expenses  of  $1.4  million.

Lease  revenues  decreased  $0.2  million  due  to the leases for two commercial
aircraft  in  the  trusts  being  renegotiated  at  a  lower  rate.

The  decrease  in expenses of $0.8 million was due to lower depreciation expense
of $0.6 million resulting from one commercial aircraft in a trust becoming fully
depreciated  during  2001,  and  a  $0.2  million decrease on another commercial
aircraft  resulting  from  the  double  declining-balance method of depreciation
which  results  in  greater  depreciation  in the first years an asset is owned.

Marine  vessel:  As  of September 30, 2002 and 2001, the Fund no longer owned an
interest  in an entity that owned a marine vessel.  During the nine months ended
September  30,  2001, the Fund's share of lease revenues of $0.4 million and the
Fund's share of the gain of $0.3 million from the sale of a marine vessel entity
in  which  the  Fund  owned  an  interest  were  offset  by  the Fund's share of
depreciation  expense,  direct  expenses,  and  administrative  expenses of $0.4
million.

(F)     Net  Income  (Loss)

As  a  result  of the foregoing, the Fund had a net loss of $0.6 million for the
nine  months  ended  September  30, 2002, compared to net income of $2.4 million
during  the  same  period  of  2001.  The Fund's ability to acquire, operate and
liquidate  assets,  secure leases, and re-lease those assets whose leases expire
is  subject  to  many  factors.  Therefore,  the  Fund's performance in the nine
months ended September 30, 2002 is not necessarily indicative of future periods.
In  the  nine months ended September 30, 2002, the Fund distributed $3.7 million
to  Class  A  members,  or  $0.75  per  weighted-average  Class  A  unit.

(II)     CRITICAL  ACCOUNTING  POLICIES  AND  ESTIMATES

The preparation of financial statements in conformity with accounting principles
generally  accepted in the United States of America requires the Manager to make
estimates  and  assumptions  that  affect  the  reported  amounts  of assets and
liabilities  and the disclosure of contingent assets and liabilities at the date
of  the  financial  statements and the reported amounts of revenues and expenses
during  the  reporting  period.  On  a  regular basis, the Manager reviews these
estimates  including  those  related  to  asset  lives and depreciation methods,
impairment  of  long-lived  assets,  allowance  for  doubtful accounts, reserves
related  to legally mandated equipment repairs and contingencies and litigation.
These  estimates are based on the Manager's historical experience and on various
other  assumptions  believed  to  be reasonable under the circumstances.  Actual
results  may  differ  from  these  estimates  under  different  assumptions  or
conditions.  The  Manager believes, however, that the estimates, including those
for the above-listed items, are reasonable and that actual results will not vary
significantly  from  the  estimated  amounts.

The  Manager believes the following critical accounting policies affect the more
significant  judgments  and  estimates  used  in  the  preparation of the Fund's
financial  statements:

Asset  lives and depreciation methods:  The Fund's primary business involves the
purchase  and  subsequent  lease  of  long-lived  transportation  and  related
equipment.   The  Manager  has chosen asset lives that it believes correspond to
the  economic  life  of the related asset.  The Manager has chosen a deprecation
method  that it believes matches the benefit to the Fund from the asset with the
associated  costs.  These  judgments  have  been  made  based  on  the Manager's
expertise  in  each equipment segment that the Fund operates.  If the asset life
and depreciation method chosen does not reduce the book value of the asset to at
least the potential future cash flows from the asset to the Fund, the Fund would
be required to record a loss on revaluation.  Likewise, if the net book value of
the  asset  was  reduced  by  an  amount  greater  than  the  economic value has
deteriorated,  the  Fund may record a gain on sale upon final disposition of the
asset.

Impairment  of  long-lived  assets:  On a regular basis, the Manager reviews the
carrying  value  of  its  equipment and investments in USPEs to determine if the
carrying  value  of  the  assets  may not be recoverable in consideration of the
current  economic  conditions.  This  requires  the  Manager  to  make estimates
related to future cash flows from each asset as well as the determination if the
deterioration  is  temporary  or  permanent.  If  these estimates or the related
assumptions  change in the future, the Fund may be required to record additional
impairment  charges.

Allowance  for  doubtful  accounts:  The  Fund maintains allowances for doubtful
accounts  for  estimated  losses  resulting from the inability of the lessees to
make  the  lease payments.  These estimates are primarily based on the amount of
time  that  has  lapsed  since the related payments were due as well as specific
knowledge  related  to the ability of the lessees to make the required payments.
If the financial condition of the Fund's lessees were to deteriorate, additional
allowances  could  be  required  that  would  reduce income.  Conversely, if the
financial  condition  of  the  lessees  were  to improve or if legal remedies to
collect  past  due  amounts were successful, the allowance for doubtful accounts
may  need  to  be  reduced  and  income  would  be  increased.

Reserves  for  repairs:  The  Fund  accrues  for  legally  required  repairs  to
equipment  such  as  dry  docking  for  marine  vessels  and engine overhauls to
aircraft engines over the period prior to the required repairs.  The amount that
is  reserved  is based on the Manager's expertise in each equipment segment, the
past  history of such costs for that specific piece of equipment and discussions
with  independent, third party equipment brokers.  If the amount reserved is not
adequate  to  cover the cost of such repairs or if the repairs must be performed
earlier  than  the Manager estimated, the Fund would incur additional repair and
maintenance  or  equipment  operating  expenses.

Contingencies  and  litigation:  The  Fund  is  subject  to  legal  proceedings
involving  ordinary  and  routine  claims related to its business.  The ultimate
legal  and  financial liability with respect to such matters cannot be estimated
with  certainty  and  requires the use of estimates in recording liabilities for
potential litigation settlements.  Estimates for losses from litigation are made
after  consultation  with  outside  counsel.  If  estimates  of potential losses
increase  or  the related facts and circumstances change in the future, the Fund
may  be  required  to  record  additional  litigation  expense.

(III)      FINANCIAL  CONDITION  -  CAPITAL  RESOURCES  AND  LIQUIDITY

For  the nine months ended September 30, 2002, the Fund generated operating cash
of  $5.1 million (net cash provided by operating activities plus non-liquidating
distributions  from  USPEs)  to  meet  its  operating  obligations, pay debt and
interest  payments and make distributions (total of $4.4 million for nine months
ended  September  30,  2002)  to  the  members.

During  the  nine  months  ended September 30, 2002, the Fund disposed of marine
containers  and  a  railcar  for  proceeds  of  $0.3  million.

Restricted cash increased during the nine months ended September 30, 2002 due to
the deposit of $0.7 million into an escrow account related to collection efforts
from  an  aircraft  lessee.

Accounts  receivable  decreased  $0.1 million in the nine months ended September
30,  2002.  This  decrease was due to increase in the allowance for bad debts of
$2.2  million  due to the Manager's evaluation of the collectibility of accounts
receivable.  This  decrease  was partially offset by an increase of $2.1 million
during  the  nine  months  ended  September  30,  2002 due to the timing of cash
receipts.

Investments  in  USPEs  decreased  $0.5  million  during  the  nine months ended
September  30,  2002 due to cash distributions of $0.9 million from the USPEs to
the  Fund  being partially offset by income of $0.3 million that was recorded by
the  Fund  for  its  equity  interests  in  the  USPEs.

Accounts  payable  increased $0.7 million during the nine months ended September
30,  2002  due  to  the  timing  of  cash  payments  to  vendors  and  lenders.

Lessee  deposits  and reserve for repairs increased $0.2 million during the nine
months  ended September 30, 2002 due to the accrual of marine vessel dry-docking
reserves.

Cash distributions of $0.8 million related to the results from the third quarter
of  2002  will  be  paid  during  the  fourth  quarter  of  2002.

The  Fund  is  scheduled  to  make an annual debt payment of $3.0 million to the
lenders  of  the  notes payable on December 31, 2002.  The cash for this payment
will  come  from  operations  and  proceeds  from  equipment  dispositions.

In  July  2002,  PLM  International  Inc.  (PLMI)  reached an agreement with the
lenders of the $10.0 million warehouse facility to extend the expiration date of
the  facility  to  June 30, 2003.  The warehouse facility is shared by the Fund,
PLM  Equipment Growth Fund V, PLM Equipment Growth Fund VI, PLM Equipment Growth
&  Income  Fund  VII,  and Acquisub LLC, a wholly owned subsidiary of PLMI.  The
facility  provides  for  financing  up  to  100%  of  the cost of the equipment.
Outstanding  borrowings  by  one borrower reduce the amount available to each of
the  other  borrowers  under  the  facility.  Individual  borrowings  may  be
outstanding  for no more than 270 days, with all advances due no later than June
30,  2003.  Interest  accrues either at the prime rate or LIBOR plus 2.0% at the
borrower's  option and is set at the time of an advance of funds.  Borrowings by
the  Fund  are guaranteed by PLMI.  The Fund is not liable for the advances made
to  other  borrowers.

As  of  November  13,  2002,  the  Fund had no borrowings outstanding under this
facility  and  there were no other borrowings outstanding under this facility by
any  other  eligible  borrower.

In  October  2002, PLM Transportation Equipment Corp. Inc. (TEC), a wholly owned
subsidiary  of  FSI,  arranged  for  the  lease  or purchase of a total of 1,050
pressurized  tank railcars by (i) partnerships and managed programs in which FSI
serves  as  the  general  partner  or  manager  and  holds an ownership interest
(Program  Affiliates)  or  (ii)  partnerships  or  managed programs in which FSI
provides  management  services  but does not hold an ownership interest or third
parties  (Non-Program  Affiliates).  These  railcars  will be delivered over the
next  three  years.  A  leasing  company  affiliated  with the manufacturer will
acquire  approximately  70%  of  the  railcars  and  lease them to a Non-Program
Affiliate.  The  remaining  approximately  30% will either be purchased by other
third parties to be managed by PLMI, or by the Program Affiliates.  An affiliate
of  TEC  will  manage  the  leased  and purchased railcars.  Neither TEC nor its
affiliate will be liable for these railcars.  TEC estimates that the total value
of  purchased  railcars  will  not  exceed  $26.0  million with one third of the
railcars  being purchased in each of 2002, 2003, and 2004.  Although the Manager
has  neither  determined which Program Affiliates will purchase the railcars nor
the  timing  of  any purchases, it is possible the Fund may purchase some of the
railcars.

(IV)     ACCOUNTING  PRONOUNCEMENTS

In April 2002, the Financial Accounting Standards Board (FASB) adopted Statement
of Financial Accounting Standards (SFAS) No. 145, "Rescission of FASB Statements
No.  4,  44, and 64, Amendment of FASB No. 13, and Technical Corrections" ("SFAS
No.  145").  The  provisions  of  SFAS  No.  145  are effective for fiscal years
beginning  after  May 15, 2002.  As permitted by the pronouncement, the Fund has
elected  early adoption of SFAS No. 145 and, accordingly, if the Fund had a loss
on  extinguishment  of  long-term  debt, it would have been reported the loss in
"Other  general  and  administrative  expenses"  as an extraordinary item in its
statements  of  operations.

The  Accounting  Standards  Executive  Committee  of  the  American Institute of
Certified  Public  Accountants  has  issued  an  exposure  draft  of  a proposed
statement  of  position  ("SOP")  entitled  "Accounting  for  Certain  Costs and
Activities Related to Property, Plant and Equipment".  The Fund has historically
accrued  legally  mandated  maintenance  such  as  marine vessel dry-docking and
aircraft  engine  maintenance over the periods prior to the required maintenance
date.  If  the SOP is adopted as proposed, the Fund would reverse all previously
accrued  maintenance  reserves.  If  this  proposed  change  were  in  effect at
September  30,  2002,  the  Fund would have been required to reverse maintenance
reserves of approximately $2.7 million.  Maintenance reserves will change during
the  remainder of 2002 as maintenance is performed and past maintenance reserves
are  depleted  and  additional reserves are recorded.  If adopted in its present
form,  charges  related  to  this  proposed  change  would be taken in the first
quarter  of  2003  and would be reported as a cumulative effect of an accounting
change,  in  the  statements  of  operations.

(V)     OUTLOOK  FOR  THE  FUTURE

Several  factors may affect the Fund's operating performance in the remainder of
2002  and  beyond, including changes in the markets for the Fund's equipment and
changes  in  the  regulatory  environment  in  which  the  equipment  operates.

The  Fund's  operation  of  a diversified equipment portfolio in a broad base of
markets is intended to reduce its exposure to volatility in individual equipment
sectors.

Other  factors  affecting  the  Fund's contribution in the remainder of 2002 and
beyond  include:

(1)     The cost of new marine containers has been at historic lows for the past
several  years,  which  has caused downward pressure on per diem lease rates for
this  type  of  equipment.  Starting  in  2003  and  continuing  through 2005, a
significant  number  of  the  Fund's marine containers currently on a fixed rate
lease  will  be  switching  to  a  lease  based  on  utilization.  The  Manager
anticipates  that  this will result in a significant decrease in lease revenues;

(2)     Railcar  freight  loadings  in the United States and Canada decreased 1%
and  3%,  respectively,  through the first nine months of 2002.  There has been,
however,  a  recent  increase  for some of the commodities that drive demand for
those  types  of  railcars  owned  by  the Fund.  It will be some time, however,
before  this  translates into new leasing demand by shippers since most shippers
have  idle  railcars  in  their  fleets;

(3)     Marine  vessel freight rates are dependent upon the overall condition of
the  international  economy.  Freight  rates  earned by the Fund's marine vessel
began to decrease during the latter half of 2001 and continued through the first
nine months of 2002.  This trend is expected to continue during the remainder of
2002  or  until  international  economies  stabilize  and  begin  to  improve;

(4)     Utilization  of  intermodal  trailers owned by the Fund decreased 15% in
the  nine  months  ended  September  30,  2002 compared to the nine months ended
September  30,  2001.  This  decline was similar to the decline in industry wide
utilization.  As  the Fund's trailers are smaller than many shippers prefer, the
Manager  expects  continued  declines  in  utilization  over the next few years.
Additionally,  one  of  the  major  shippers that leased the Fund's trailers has
entered  bankruptcy.  While  the  Fund  did not have any outstanding receivables
from  the  company, its bankruptcy may cause a further decline in performance of
the  trailer  fleet  in  the  future;  and

(5)     The  airline  industry  began to see lower passenger travel during 2001.
The  events  of  September 11, 2001, along with a recession in the United States
have  continued  to  adversely  affect  the  market demand for both new and used
commercial  aircraft  and to significantly weaken the financial position of most
major  domestic  airlines.  As a result of this, the Fund has had to renegotiate
leases  on its owned aircraft and partially owned aircraft during 2001 that will
result  in  a decrease in revenues during 2002.  The Manager believes that there
is  a  significant  oversupply  of  commercial  aircraft available and that this
oversupply  will  continue  for  some  time.

These  events  have had a negative impact on the fair market value of the Fund's
owned  and  partially  owned  aircraft.  Although  no revaluations were required
during  2002  to  these  aircraft, the Manager does not expect these aircraft to
return  to  their  September  11,  2001  values.

During  2001,  the  lessee  of three Stage II Boeing 737-200 commercial aircraft
notified  the  Manager  of its intention to return this aircraft.  The lessee is
located  in  Brazil,  a country experiencing severe economic difficultly.  As of
September  30,  2002,  the  lessee was thirteen lease payments in arrears to the
Fund.  The  Fund  has  a security deposit from this lessee that could be used to
pay  a  portion  of  the  amount  due.  During  October 2001, the Manager sent a
notification  of  default  to the lessee.  The lease, with an expiration date of
October  2002,  has certain return condition requirements for the aircraft.  The
Manager recorded an allowance for bad debts for the amount due less the security
deposit.  During  October 2002, the Manager reached an agreement with the lessee
of  this  aircraft for the past due lease payments and agreed to re-lease two of
these  aircraft to this lessee until March 2003 at a lower lease rate.  In order
to  give  the lessee an incentive to make timely payments in accordance with the
agreement,  the  Manager gave the lessee a discount on the total amount due.  If
the  lessee  fails  to  comply  with  the payment schedule in the agreement, the
discount  provision  will  be  waived and the full amount again becomes payable.
The  lessee  made  an  initial payment during October 2002, to be followed by 23
equal  monthly  installments  beginning  in  November  2002.  Unpaid outstanding
amounts  will  accrue  interest  at  a  rate  of  5%.  Due to the uncertainty of
ultimate  collection,  the  Manager  will  continue  to fully reserve the unpaid
outstanding  balance  from  this  lessee.

(6)     The  Manager  has  seen  an  increase  in  its insurance premiums on its
equipment  portfolio  and  is  finding  it  more  difficult to find an insurance
carrier  with which to place the coverage.  Premiums for aircraft have increased
over 50% and for other types of equipment the increases have been over 25%.  The
increase  in  insurance  premiums caused by the increased rate will be partially
mitigated by the reduction in the value of the Fund's equipment portfolio caused
by the events of September 11, 2001 and other economic factors.  The Manager has
also  experienced  an  increase  in  the deductible required to obtain coverage.
This  may have a negative impact on the Fund in the event of an insurance claim.

The  ability  of  the Fund to realize acceptable lease rates on its equipment in
the  different equipment markets is contingent on many factors, such as specific
market  conditions  and  economic  activity,  technological  obsolescence,  and
government  or other regulations. The unpredictability of some of these factors,
or  of  their  occurrence,  makes it difficult for the Manager to clearly define
trends  or  influences  that may impact the performance of the Fund's equipment.
The  Manager continually monitors both the equipment markets and the performance
of  the Fund's equipment in these markets.  The Manager may decide to reduce the
Fund's  exposure  to  equipment  markets if it determines that it cannot operate
equipment to achieve acceptable rates of return.  Alternatively, the Manager may
make  a  determination  to  enter  equipment  markets  in  which  it  perceives
opportunities  to  profit  from  supply/demand  instabilities  or  other  market
imperfections.

The  Fund  may  invest  cash  flow  and  equipment sales proceeds, if any, after
payment  of  operating  expenses,  loan  principal  and  interest  on  debt, the
maintenance  of working capital reserves, and cash distributions to the members,
generated  prior  to  January  1,  2003  into additional equipment.  The Manager
believes  these  acquisitions may cause the Fund to generate additional earnings
and  cash  flow  for  the  Fund.

Cash  flow  and  disposition proceeds generated from operations after January 1,
2003  cannot  be used to purchase additional equipment.  The Fund will terminate
on  December  31, 2010, unless terminated earlier upon sale of all equipment and
by  certain  other  events.

(VI)      FORWARD-LOOKING  INFORMATION

Except  for the historical information contained herein, this Form 10-Q contains
forward-looking  statements  that  involve  risks  and  uncertainties,  such  as
statements  of  the Fund's plans, objectives, expectations, and intentions.  The
cautionary  statements made in this Form 10-Q should be read as being applicable
to  all  related forward-looking statements wherever they appear  in  this  Form
10-Q.  The  Fund's  actual  results could differ materially from those discussed
here.

ITEM  3.     QUANTITATIVE  AND  QUALITATIVE  DISCLOSURES  ABOUT  MARKET  RISK
             ----------------------------------------------------------------

The  Fund's  primary  market risk exposure is that of currency devaluation risk.
During  the  nine months ended September 30, 2002, 77% of the Fund's total lease
revenues  from  wholly-and partially-owned equipment came from non-United States
domiciled  lessees.  Most  of the leases require payment in United States (U.S.)
currency.  If  these  lessees'  currency  devalues  against the U.S. dollar, the
lessees  could  encounter difficulty in making the U.S. dollar denominated lease
payment.

ITEM  4.     CONTROLS  AND  PROCEDURES
             -------------------------

Within  the  90-day  period prior to the filing of this report, evaluations were
carried  out  under  the supervision and with the participation of the Manager's
management,  including  its  President  and  Chief  Financial  Officer,  of  the
effectiveness  of  the  design  and  operation  of  our  disclosure controls and
procedures  (as  defined  in Rule 13a-14(c) under the Securities Exchange Act of
1934).  Based  upon those evaluations, the President and Chief Financial Officer
concluded  that  the  design  and  operation  of  these  disclosure controls and
procedures  were  effective. No significant changes have been made in the Fund's
internal  controls  or  in  other  factors that could significantly affect these
controls  subsequent  to  the  date  of  the  evaluations.



















                      (This space intentionally left blank)

<PAGE>
     PART  II  -  OTHER  INFORMATION



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

     (a)     Exhibits
             --------

1.     October  2002  purchase  agreement  between PLM Transportation Equipment
       Corp.,  Inc.  and  Trinity  Tank  Car,  Inc.

2.     Settlement  Agreement  between PLM Worldwide Leasing Corp. and Varig S.A.
       dated  October  11,  2002.

     (b)     Reports  on  Form  8-K
             ----------------------

               None.



















                      (This space intentionally left blank)


<PAGE>
------
CONTROL  CERTIFICATION
----------------------

I,  James  A.  Coyne,  certify  that:

1.     I  have reviewed this quarterly report on Form 10-Q of Professional Lease
Management  Income  Fund  I,  L.L.C.

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
registrant  as  of,  and  for,  the  periods presented in this quarterly report;

4.     The  registrant's  other  certifying  officer  and  I are responsible for
establishing  and  maintaining disclosure controls and procedures (as defined in
Exchange  Act  Rules  13a-14  and  15d-14)  for  the  registrant  and  we  have:

a)     designed  such disclosure controls and procedures to ensure that material
information  relating  to  the  registrant  is  made  known  to  us  by  others,
particularly  during  the  period  in  which  this quarterly report is prepared;

b)     evaluated  the  effectiveness of the registrant's disclosure controls and
procedures  as  of  a  date  within  90  days  prior  to the filing date of this
quarterly  report  (the  "Evaluation  Date");  and

c)     presented  in  this  quarterly  report  our  conclusions  about  the
effectiveness  of the disclosure controls and procedures based on our evaluation
as  of  the  Evaluation  Date;

5.     The  registrant's other certifying officer and I have disclosed, based on
our  most recent evaluation, to the registrant's auditors and board of Managers:

a)     all  significant  deficiencies  in  the  design  or operation of internal
controls  which  could  adversely  affect  the  registrant's  ability to record,
process,  summarize  and  report  financial  data  and  have  identified for the
registrant's  auditors  any  material  weaknesses  in  internal  controls;  and

b)     any  fraud,  whether  or  not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and

6.     The  registrant's  other  certifying officer and I have indicated in this
quarterly  report  whether  or  not  there  were significant changes in internal
controls  or  in other factors that could significantly affect internal controls
subsequent  to  the date of our most recent evaluation, including any corrective
actions  with  regard  to  significant  deficiencies  and  material  weaknesses.




Date:  November  13,  2002     By:     /s/  James  A.  Coyne
                                       ---------------------
     James  A.  Coyne
     President


<PAGE>
------
CONTROL  CERTIFICATION
----------------------

I,  Richard  K  Brock,  certify  that:

5.     I  have reviewed this quarterly report on Form 10-Q of Professional Lease
Management  Income  Fund  I,  L.L.C.

6.     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;

7.     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
registrant  as  of,  and  for,  the  periods presented in this quarterly report;

8.     The  registrant's  other  certifying  officer  and  I are responsible for
establishing  and  maintaining disclosure controls and procedures (as defined in
Exchange  Act  Rules  13a-14  and  15d-14)  for  the  registrant  and  we  have:

d)     designed  such disclosure controls and procedures to ensure that material
information  relating  to  the  registrant  is  made  known  to  us  by  others,
particularly  during  the  period  in  which  this quarterly report is prepared;

e)     evaluated  the  effectiveness of the registrant's disclosure controls and
procedures  as  of  a  date  within  90  days  prior  to the filing date of this
quarterly  report  (the  "Evaluation  Date");  and

f)     presented  in  this  quarterly  report  our  conclusions  about  the
effectiveness  of the disclosure controls and procedures based on our evaluation
as  of  the  Evaluation  Date;

5.     The  registrant's other certifying officer and I have disclosed, based on
our  most recent evaluation, to the registrant's auditors and board of Managers:

a)     all  significant  deficiencies  in  the  design  or operation of internal
controls  which  could  adversely  affect  the  registrant's  ability to record,
process,  summarize  and  report  financial  data  and  have  identified for the
registrant's  auditors  any  material  weaknesses  in  internal  controls;  and

b)     any  fraud,  whether  or  not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and

6.     The  registrant's  other  certifying officer and I have indicated in this
quarterly  report  whether  or  not  there  were significant changes in internal
controls  or  in other factors that could significantly affect internal controls
subsequent  to  the date of our most recent evaluation, including any corrective
actions  with  regard  to  significant  deficiencies  and  material  weaknesses.




Date:  November  13,  2002     By:     /s/  Richard  K  Brock
                                       ----------------------
     Richard  K  Brock
     Chief  Financial  Officer
     (Principal  Financial  Officer)

<PAGE>

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.


               PROFESSIONAL  LEASE  MANAGEMENT
               INCOME  FUND  I,  L.L.C.
               By:     PLM  Financial  Services,  Inc.
               Manager




Date:  November  13,  2002     By:  /s/  Richard  K  Brock     ___________
                                    ----------------------
     Richard  K  Brock
     Chief  Financial  Officer



CERTIFICATION

The undersigned hereby certifies, in their capacity as an officer of the Manager
of  Professional  Lease  Management  Income  Fund I, L.L.C. (the Fund), that the
Quarterly  Report  of  the  Fund on Form 10-Q for the period ended September 30,
2002,  fully  complies  with the requirements of Section 13(a) of the Securities
Exchange  Act  of  1934 and that the information contained in such report fairly
presents,  in  all material respects, the financial condition of the Fund at the
end  of  such  period and the results of operations of the Fund for such period.



     PROFESSIONAL  LEASE  MANAGEMENT
     INCOME  FUND  I,  L.L.C.
     By:     PLM  Financial  Services,  Inc.
          Manager




Date:  November  13,  2002          By:     /s/  James  A.  Coyne
                                            ---------------------
     James  A.  Coyne
     President




Date:  November  13,  2002          By:     /s/  Richard  K  Brock
                                            ----------------------
     Richard  K  Brock
     Chief  Financial  Officer