****


**GE Dealer Floorplan Master Note Trust
**2004-1**

**Reporting
      Period**
    
    
    ****12/31/2004******Collection
      Period Ended:**
    
    
    **12/31/2004****Closing
      Date:**
    
    
    **8/12/2004******
    
    
    ******Expected
      Principal Payment Date:**
    
    
    **7/20/2006****Final
      Maturity Date:**
    
    
    **7/21/2008**
**Note
      Payment Detail**Principal
    InterestOriginal
      Face
    Beginning
    Payment
    Payment
    
    EndingClass
    CUSIP
    Interest
      Rate
    Value
    Class
      Balance
    Amount
    Amount
    Total
    Class
      BalanceA
    36159LAA4
    LIBOR+
      5 bps
    1,202,000,000.00
    1,202,000,000.00
    0.00
    8,617,588.75
    8,617,588.75
    1,202,000,000.00B
    36159LAB2
    LIBOR
      + 26 bps
    38,000,000.00
    38,000,000.00
    0.00
    299,479.57
    299,479.57
    38,000,000.00C
    36159LAC0
    LIBOR
      + 47 bps
    10,000,000.00
    10,000,000.00
    0.00
    85,927.09
    85,927.09
    10,000,000.00TOTALS
    
    
    1,250,000,000.00
    1,250,000,000.00
    0.00
    9,002,995.41
    9,002,995.41
    1,250,000,000.00

Beginning
      of Month Balance
    
    
    2,867,458,269.91New
      Volume
    
    
    4,727,060,927.94Principal
      Collections
    
    
    3,893,049,111.12Defaulted
      Amount
    
    
    1,432,039.25End
      of Month Balance
    
    
    3,700,038,047.48**Overconcentrations**Dealer
      Overconcentration
    
    
    0.00Manufacturer
      Overconcentration
    
    
    0.00Product
      Line Overconcentration
    
    
    0.00**Collections**Principal
      Collections
    
    
    3,893,049,111.12Non
      Principal Collections
    
    
    64,668,632.12Total
      Collections
    
    
    3,957,717,743.24**Defaults**Default
      Amount
    
    
    1,432,039.25Series
      Allocation Percentage
    
    
    38.03
    %Investor
      Default Amount
    
    
    544,559.46**Charge-offs**Investor
      Charge-offs
    
    
    0.00
Values above include the Note Trust Certificate

**GE
Dealer Floorplan Master Note Trust**
**2004-1**

**Reporting
      Period**
    
    
    ****12/31/2004******Collection
      Period Ended:**
    
    
    **12/31/2004****Closing
      Date:**
    
    
    **8/12/2004******
    
    
    ******Expected
      Principal Payment Date:**
    
    
    **7/20/2006****Final
      Maturity Date:**
    
    
    **7/21/2008**

**Allocation
      of Available Non Principal Collections**Series
      Allocation Percentage
    38.03%Available
      Non Principal Collections Allocated to Series
    
    25,877,877.24**Application
      of Available Non Principal Collections and Available Principal Collections**(a)
    Available
      Non Principal Collections Allocated to Series
    25,877,877.24(i)
    
    (A)
    Amount
      to Indenture Trustee
    
    7,750.00(B)
    Amount
      to Trustee
    
    
    7,000.00(C)
    Amount
      to Administrator
    
    1000.00(D)
    Amount
      to Custodian
    
    
    0.00(ii)
    
    Noteholder
      Servicing Fee
    
    
    6,827,321.63Unpaid
      Servicer Advances and interest thereon
    
    0.00(iii)
    
    Class
      A Monthly Interest
    
    8,617,588.75(iv)
    
    Class
      B Monthly Interest
    
    299,479.57(v)
    
    Class
      C Monthly Interest
    
    85,927.09(vi)
    
    Investor
      Default Amount (treated as Available Principal
Collections)
    544,559.46Required
      Deposit to Principal Account
    
    0.00(vii)
    
    Investor
      Charge-offs
    0.00Reimbursement
      of Investor Charge-offs
    0.00Unreimbursed
      Investor Charge-offs
    0.00Reallocation
      Principal Collections
    0.00Reimbursement
      of Reallocated Principal Collections
    0.00Unreimbursed
      Reallocated Principal Collections
    0.00Sum
      of Unreimbursed Investor Charge-offs and Reallocated Principal
      Collections
    
    0.00(viii)
    
    Amount
      Required to be Deposited to the Reserve Account
    0.00



**GE
Dealer Floorplan Master Note Trust**
**2004-1**

**Reporting
      Period**
    
    
    ****12/31/2004******Collection
      Period Ended:**
    
    
    **12/31/2004****Closing
      Date:**
    
    
    **8/12/2004******
    
    
    ******Expected
      Principal Payment Date:**
    
    
    **7/20/2006****Final
      Maturity Date:**
    
    
    **7/21/2008**

(ix)
    
    Remaining
      Amounts due to:Indenture
      Trustee
    
    
    
    0.00Trustee
    
    
    
    0.00Administrator
    
    
    
    0.00Custodian
    
    
    
    0.00(x)
    
    Amounts
      otherwise required to be Deposited to Principal Account
    
    
    0.00Excess
      Non Principal Collections for Series 2004-1
    10,031,810.20Excess
      Non Principal Collections for Series 2004-2
    
    9,904,726.88Total
      Excess Non Principal Collections
    
    
    19,936,537.08Non
      Principal Shortfalls for Series 2004-1
    
    0.00Non
      Principal Shortfalls for Series 2004-2
    
    0.00Total
      Non Principal Shortfalls
    
    0.00Aggregate
      Excess Non Principal Collections Applied to Non Principal Shortfalls for
      Series 2004-1
    
    0.00Aggregate
      Excess Non Principal Collections Applied to Non Principal Shortfalls for
      Series 2004-2
    
    0.00Total
      Aggregate Excess Non Principal Collections Applied to Non Principal
      Shortfalls
    
    
    0.00Released
      to Transferor
    
    
    
    19,936,537.08(b)
    
    Revolving
      PeriodPrincipal
      Collections Allocated to Series According to 4.3(b)(ii)(x) of Indenture
      Supplement
    
    1,566,672,266.02Available
      Principal Collections Treated as Shared Principal Collections Applied
      According to Section 8.5 of Indenture
    1,566,672,266.02(c)
    
    Controlled
      Accumulation PeriodPrincipal
      Collections Allocated to Series According to 4.3(b)(ii)(y) of Indenture
      Supplement
    
    0.00(i)
    Monthly
      Principal Deposited into the Principal Account
    
    
    0.00(ii)
    Monthly
      Principal Deposited to Distribution Account and paid to:Class
      A
    
    
    
    
    0.00Class
      B
    
    
    
    
    0.00Class
      C
    
    
    
    
    0.00(iii)
    Amounts
      Remaining as Shared Principal Collections Applied According to Section 8.5
      of Indenture
    0.00

**GE
Dealer Floorplan Master Note Trust**
**2004-1**

**Reporting
      Period**
    
    
    ****12/31/2004******Collection
      Period Ended:**
    
    
    **12/31/2004****Closing
      Date:**
    
    
    **8/12/2004******
    
    
    ******Expected
      Principal Payment Date:**
    
    
    **7/20/2006****Final
      Maturity Date:**
    
    
    **7/21/2008**

Early
      Amortization PeriodPrincipal
      Collections Allocated to Series According to 4.3(b)(ii)(z) of Indenture
      Supplement
    
    0.00(i)
    Monthly
      Principal Deposited into the Principal Account
    
    
    0.00(ii)
    Monthly
      Principal Deposited to Distribution Account and paid to:
    
    
    0.00Class
      AClass
      B
    
    
    
    
    
    0.00Class
      C
    
    
    
    
    
    0.00(iii)
    Amounts
      Remaining as Shared Principal Collections Applied According to Section 8.5
      of Indenture
    0.00**Shared
      Principal Collections for Principal Sharing
      Series**Aggregate
      Shared Principal Collections for Principal Sharing Series
    
    
    3,133,344,532.04Aggregate
      Principal Shortfall for Principal Sharing Series
    
    0.00Aggregate
      Shared Principal Collections Applied to Principal Shortfall for Series
      2004-1
    
    0.00Aggregate
      Shared Principal Collections Applied to Principal Shortfall for Series
      2004-2
    
    0.00Amount
      Deposited into the Excess Funding Account
    
    
    0.00Released
      to Transferor
    
    
    3,133,344,532.04**Reserve
      Account (Series Level Account)**Beginning
      Reserve Account Amount
    
    
    39,393,931.20Required
      Reserve Account AmountRequired
      Reserve Account Percentage
    
    
    
    
    3.12%Note
      Principal Balance
    
    
    
    
    1,250,000,000.00Principal
      Overcollateralization Amount
    
    
    
    
    12,626,000.00Subtotal
    
    
    
    
    
    1,262,626,000.00Required
      Reserve Account Amount
    
    
    
    39,393,931.20Reserve
      Account Deficiency
    
    
    0.00Reserve
      Account Deposits
    
    
    224,430.43Reserve
      Account Withdrawals
    
    
    
    224,430.43Ending
      Reserve Account Amount
    
    
    39,393,931.20
**GE
Dealer Floorplan Master Note Trust**
**2004-1**
**Reporting
      Period**
    
    
    ****12/31/2004******Collection
      Period Ended:**
    
    
    **12/31/2004****Closing
      Date:**
    
    
    **8/12/2004******
    
    
    ******Expected
      Principal Payment Date:**
    
    
    **7/20/2006****Final
      Maturity Date:**
    
    
    **7/21/2008**
**Non-Principal
      Account (Series Level Account)**Beginning
      Balance
    
    
    0.00Deposits
    
    
    9,017,745.41Disbursements
    
    
    9,017,745.41Ending
      Balance
    
    
    0.00**Principal
      Account (Series Level Account)**Beginning
      Balance
    
    
    0.00Deposits
    
    
    0.00Disbursements
    
    
    0.00Ending
      Balance
    
    
    0.00**Free
      Equity Amount**Note
      Trust Principal Balance
    
    
    3,460,596,821.20Aggregate
      Collateral Amount for all Series of Notes
    
    
    2,525,252,000.00Free
      Equity Amount
    
    
    935,344,821.20Minimum
      Free Equity Percentage
    
    
    5.00
    %Note
      Trust Principal Balance
    
    
    3,460,596,821.20Minimum
      Free Equity Amount
    
    
    173,029,841.06**Excess
      Funding Account (Trust Level Account)**Beginning
      Balance
    
    
    0.00Deposits
    
    
    0.00Disbursements
    
    
    0.00Ending
      Balance
    
    
    0.00**Monthly
      Payment Rate**Current
      Monthly Payment Rate
    
    
    28.06
    %Prior
      Monthly Payment Rate
    
    
    29.68
    %Second
      Prior Monthly Payment Rate
    
    
    32.91
    %3
      Month Average Monthly Payment Rate
    
    
    30.22
    %
**GE
Dealer Floorplan Master Note Trust**
**2004-1**
**Reporting
      Period**
    
    
    ****12/31/2004******Collection
      Period Ended:**
    
    
    **12/31/2004****Closing
      Date:**
    
    
    **8/12/2004******
    
    
    ******Expected
      Principal Payment Date:**
    
    
    **7/20/2006****Final
      Maturity Date:**
    
    
    **7/21/2008**

**Summary
      of Allocation of Collections**Total
      Principal Collections
    
    
    3,893,049,111.12Principal
      Collections Allocated to Series 2004-1
    
    
    1,566,672,266.02Principal
      Collections Allocated to Series 2004-2
    
    
    1,566,672,266.02Principal
      Collections Not Allocated to Any Series and Released to
      Transferor
    
    
    759,704,579.08Total
      Non Principal Collections
    
    
    64,668,632.12Non
      Principal Collections Allocated to Series 2004-1
    
    
    25,877,877.24Non
      Principal Collections Allocated to Series 2004-2
    
    
    25,877,877.24Non
      Principal Collections Not Allocated to Any Series and Released to
      Transferor
    
    
    12,912,877.64

****
**GE Dealer Floorplan Master Note Trust
**2004-2**

**Reporting
      Period**
    
    
    ****12/31/2004******Collection
      Period Ended:**
    
    
    **12/31/2004****Closing
      Date:**
    
    
    **8/12/2004******
    
    
    ******Expected
      Principal Payment Date:**
    
    
    **7/20/2007****Final
      Maturity Date:**
    
    
    **7/21/2009**
**Note
      Payment Detail**Principal
    InterestOriginal
      Face
    Beginning
    Payment
    Payment
    
    EndingClass
    CUSIP
    Interest
      Rate
    Value
    Class
      Balance
    Amount
    Amount
    Total
    Class
      BalanceA
    36159LAD8
    LIBOR
      +  8 bps
    1,202,000,000.00
    1,202,000,000.00
    0.00
    8,739,792.07
    8,739,792.07
    1,202,000,000.00B
    36159LAE6
    LIBOR
      +  29 bps
    38,000,000.00
    38,000,000.00
    0.00
    303,342.91
    303,342.91
    38,000,000.00C
    36159LAF3
    LIBOR
      +  50 bps
    10,000,000.00
    10,000,000.00
    0.00
    86,943.75
    86,943.75
    10,000,000.00TOTALS
    
    
    1,250,000,000.00
    1,250,000,000.00
    0.00
    9,130,078.73
    9,130,078.73
    1,250,000,000.00

Beginning
      of Month Balance
    
    
    2,867,458,269.91New
      Volume
    
    
    4,727,060,927.94Principal
      Collections
    
    
    3,893,049,111.12Defaulted
      Amount
    
    
    1,432,039.25End
      of Month Balance
    
    
    3,700,038,047.48**Overconcentrations**Dealer
      Overconcentration
    
    
    0.00Manufacturer
      Overconcentration
    
    
    0.00Product
      Line Overconcentration
    
    
    0.00**Collections**Principal
      Collections
    
    
    3,893,049,111.12Non
      Principal Collections
    
    
    64,668,632.12Total
      Collections
    
    
    3,957,717,743.24**Defaults**Default
      Amount
    
    
    1,432,039.25Series
      Allocation Percentage
    
    
    38.03
    %Investor
      Default Amount
    
    
    544,559.46**Charge-offs**Investor
      Charge-offs
    
    
    0.00
Values above include the Note Trust Certificate

**GE
Dealer Floorplan Master Note Trust**
**2004-2**
**Reporting
      Period**
    
    
    ****12/31/2004******Collection
      Period Ended:**
    
    
    **12/31/2004****Closing
      Date:**
    
    
    **8/12/2004******
    
    
    ******Expected
      Principal Payment Date:**
    
    
    **7/20/2007****Final
      Maturity Date:**
    
    
    **7/21/2009**



**Allocation
      of Available Non Principal Collections**Series
      Allocation Percentage
    38.03%Available
      Non Principal Collections Allocated to Series
    
    25,877,877.24**Application
      of Available Non Principal Collections and Available Principal Collections**(a)
    Available
      Non Principal Collections Allocated to Series
    25,877,877.24(i)
    
    (A)
    Amount
      to Indenture Trustee
    
    7,750.00(B)
    Amount
      to Trustee
    
    
    7,000.00(C)
    Amount
      to Administrator
    
    1000.00(D)
    Amount
      to Custodian
    
    
    0.00(ii)
    
    Noteholder
      Servicing Fee
    
    
    6,827,321.63Unpaid
      Servicer Advances and interest thereon
    
    0.00(iii)
    
    Class
      A Monthly Interest
    
    8,739,792.07(iv)
    
    Class
      B Monthly Interest
    
    303,342.91(v)
    
    Class
      C Monthly Interest
    
    86,943.75(vi)
    
    Investor
      Default Amount (treated as Available Principal
Collections)
    544,559.46Required
      Deposit to Principal Account
    
    0.00(vii)
    
    Investor
      Charge-offs
    0.00Reimbursement
      of Investor Charge-offs
    0.00Unreimbursed
      Investor Charge-offs
    0.00Reallocation
      Principal Collections
    0.00Reimbursement
      of Reallocated Principal Collections
    0.00Unreimbursed
      Reallocated Principal Collections
    0.00Sum
      of Unreimbursed Investor Charge-offs and Reallocated Principal
      Collections
    
    0.00(viii)
    
    Amount
      Required to be Deposited to the Reserve Account
    0.00

**GE
Dealer Floorplan Master Note Trust**
**2004-2**

**Reporting
      Period**
    
    
    ****12/31/2004******Collection
      Period Ended:**
    
    
    **12/31/2004****Closing
      Date:**
    
    
    **8/12/2004******
    
    
    ******Expected
      Principal Payment Date:**
    
    
    **7/20/2007****Final
      Maturity Date:**
    
    
    **7/21/2009**

(ix)
    
    Remaining
      Amounts due to:Indenture
      Trustee
    
    
    
    0.00Trustee
    
    
    
    0.00Administrator
    
    
    
    0.00Custodian
    
    
    
    0.00(x)
    
    Amounts
      otherwise required to be Deposited to Principal Account
    
    
    0.00Excess
      Non Principal Collections for Series 2004-1
    10,031,810.20Excess
      Non Principal Collections for Series 2004-2
    
    9,904,726.88Total
      Excess Non Principal Collections
    
    
    19,936,537.08Non
      Principal Shortfalls for Series 2004-1
    
    0.00Non
      Principal Shortfalls for Series 2004-2
    
    0.00Total
      Non Principal Shortfalls
    
    0.00Aggregate
      Excess Non Principal Collections Applied to Non Principal Shortfalls for
      Series 2004-1
    
    0.00Aggregate
      Excess Non Principal Collections Applied to Non Principal Shortfalls for
      Series 2004-2
    
    0.00Total
      Aggregate Excess Non Principal Collections Applied to Non Principal
      Shortfalls
    
    
    0.00Released
      to Transferor
    
    
    
    19,936,537.08(b)
    
    Revolving
      PeriodPrincipal
      Collections Allocated to Series According to 4.3(b)(ii)(x) of Indenture
      Supplement
    
    1,566,672,266.02Available
      Principal Collections Treated as Shared Principal Collections Applied
      According to Section 8.5 of Indenture
    1,566,672,266.02(c)
    
    Controlled
      Accumulation PeriodPrincipal
      Collections Allocated to Series According to 4.3(b)(ii)(y) of Indenture
      Supplement
    
    0.00(i)
    Monthly
      Principal Deposited into the Principal Account
    
    
    0.00(ii)
    Monthly
      Principal Deposited to Distribution Account and paid to:Class
      A
    
    
    
    
    0.00Class
      B
    
    
    
    
    0.00Class
      C
    
    
    
    
    0.00(iii)
    Amounts
      Remaining as Shared Principal Collections Applied According to Section 8.5
      of Indenture
    0.00
**GE
Dealer Floorplan Master Note Trust**
**2004-2**

**Reporting
      Period**
    
    
    ****12/31/2004******Collection
      Period Ended:**
    
    
    **12/31/2004****Closing
      Date:**
    
    
    **8/12/2004******
    
    
    ******Expected
      Principal Payment Date:**
    
    
    **7/20/2007****Final
      Maturity Date:**
    
    
    **7/21/2009**

Early
      Amortization PeriodPrincipal
      Collections Allocated to Series According to 4.3(b)(ii)(z) of Indenture
      Supplement
    
    0.00(i)
    Monthly
      Principal Deposited into the Principal Account
    
    
    0.00(ii)
    Monthly
      Principal Deposited to Distribution Account and paid to:
    
    
    0.00Class
      AClass
      B
    
    
    
    
    
    0.00Class
      C
    
    
    
    
    
    0.00(iii)
    Amounts
      Remaining as Shared Principal Collections Applied According to Section 8.5
      of Indenture
    0.00**Shared
      Principal Collections for Principal Sharing
      Series**Aggregate
      Shared Principal Collections for Principal Sharing Series
    
    
    3,133,344,532.04Aggregate
      Principal Shortfall for Principal Sharing Series
    
    0.00Aggregate
      Shared Principal Collections Applied to Principal Shortfall for Series
      2004-1
    
    0.00Aggregate
      Shared Principal Collections Applied to Principal Shortfall for Series
      2004-2
    
    0.00Amount
      Deposited into the Excess Funding Account
    
    
    0.00Released
      to Transferor
    
    
    3,133,344,532.04**Reserve
      Account (Series Level Account)**Beginning
      Reserve Account Amount
    
    
    39,393,931.20Required
      Reserve Account AmountRequired
      Reserve Account Percentage
    
    
    
    
    3.12%Note
      Principal Balance
    
    
    
    
    1,250,000,000.00Principal
      Overcollateralization Amount
    
    
    
    
    12,626,000.00Subtotal
    
    
    
    
    
    1,262,626,000.00Required
      Reserve Account Amount
    
    
    
    39,393,931.20Reserve
      Account Deficiency
    
    
    0.00Reserve
      Account Deposits
    
    
    224,430.43Reserve
      Account Withdrawals
    
    
    
    224,430.43Ending
      Reserve Account Amount
    
    
    39,393,931.20
**GE
Dealer Floorplan Master Note Trust**
**2004-2**
**Reporting
      Period**
    
    
    ****12/31/2004******Collection
      Period Ended:**
    
    
    **12/31/2004****Closing
      Date:**
    
    
    **8/12/2004******
    
    
    ******Expected
      Principal Payment Date:**
    
    
    **7/20/2007****Final
      Maturity Date:**
    
    
    **7/21/2009**
**Non-Principal
      Account (Series Level Account)**Beginning
      Balance
    
    
    0.00Deposits
    
    
    9,144,828.73Disbursements
    
    
    9,144,828.73Ending
      Balance
    
    
    0.00**Principal
      Account (Series Level Account)**Beginning
      Balance
    
    
    0.00Deposits
    
    
    0.00Disbursements
    
    
    0.00Ending
      Balance
    
    
    0.00**Free
      Equity Amount**Note
      Trust Principal Balance
    
    
    3,460,596,821.20Aggregate
      Collateral Amount for all Series of Notes
    
    
    2,525,252,000.00Free
      Equity Amount
    
    
    935,344,821.20Minimum
      Free Equity Percentage
    
    
    5.00
    %Note
      Trust Principal Balance
    
    
    3,460,596,821.20Minimum
      Free Equity Amount
    
    
    173,029,841.06**Excess
      Funding Account (Trust Level Account)**Beginning
      Balance
    
    
    0.00Deposits
    
    
    0.00Disbursements
    
    
    0.00Ending
      Balance
    
    
    0.00**Monthly
      Payment Rate**Current
      Monthly Payment Rate
    
    
    28.06
    %Prior
      Monthly Payment Rate
    
    
    29.68
    %Second
      Prior Monthly Payment Rate
    
    
    32.91
    %3
      Month Average Monthly Payment Rate
    
    
    30.22
    %
**GE
Dealer Floorplan Master Note Trust**
**2004-2**
**Reporting
      Period**
    
    
    ****12/31/2004******Collection
      Period Ended:**
    
    
    **12/31/2004****Closing
      Date:**
    
    
    **8/12/2004******
    
    
    ******Expected
      Principal Payment Date:**
    
    
    **7/20/2007****Final
      Maturity Date:**
    
    
    **7/21/2009**

**Summary
      of Allocation of Collections**Total
      Principal Collections
    
    
    3,893,049,111.12Principal
      Collections Allocated to Series 2004-1
    
    
    1,566,672,266.02Principal
      Collections Allocated to Series 2004-2
    
    
    1,566,672,266.02Principal
      Collections Not Allocated to Any Series and Released to
      Transferor
    
    
    759,704,579.08Total
      Non Principal Collections
    
    
    64,668,632.12Non
      Principal Collections Allocated to Series 2004-1
    
    
    25,877,877.24Non
      Principal Collections Allocated to Series 2004-2
    
    
    25,877,877.24Non
      Principal Collections Not Allocated to Any Series and Released to
      Transferor
    
    
    12,912,877.64****