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x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Delaware	37-1105865
(State of incorporation)	(IRS Employer I.D. No.)

2120 West End Ave. Nashville, Tennessee	37203-0001
(Address of principal executive offices)	(Zip Code)

		June 30,			December 31,			June 30,
		2004			2003			2003
Assets:
Cash and cash equivalents		$	87		$	69		$	120
Finance receivables
Retail notes receivable			4,315			4,372			4,169
Wholesale notes receivable			4,037			3,224			2,928
Notes receivable from Caterpillar			412			378			332
Finance leases and installment sale contracts - Retail			9,920			9,510			8,337
Finance leases and installment sale contracts - Wholesale			189			159			124
			18,873			17,643			15,890
Less: Unearned income			1,075			1,046			957
Allowance for credit losses			255			241			221
Total net finance receivables			17,543			16,356			14,712
Equipment on operating leases,
less accumulated depreciation			2,277			2,319			2,155
Deferred income taxes			18			19			14
Other assets			988			996			988
Total assets		$	20,913		$	19,759		$	17,989
Liabilities and stockholder's equity:
Payable to dealers and others		$	182		$	177		$	208
Payable to Caterpillar - other			24			16			16
Accrued expenses			155			175			151
Income taxes payable			92			54			43
Payable to Caterpillar - borrowings			265			475			767
Short-term borrowings			4,314			4,510			3,629
Current maturities of long-term debt			3,728			2,943			3,678
Long-term debt			9,459			8,852			7,261
Deferred income taxes and other liabilities			283			259			201
Total liabilities			18,502			17,461			15,954
Common stock - $1 par value
Authorized: 2,000 shares; Issued and
outstanding: one share (at paid in amount)			745			745			745
Retained earnings			1,538			1,403			1,269
Accumulated other comprehensive income			128			150			21
Total stockholder's equity			2,411			2,298			2,035
Total liabilities and stockholder's equity		$	20,913		$	19,759		$	17,989

		Three Months Ended						Six Months Ended
			June 30,			June 30,			June 30,			June 30,
			2004			2003			2004			2003
Revenues:
Wholesale finance		$	49		$	41		$	91		$	78
Retail finance			203			199			410			396
Operating lease			176			160			354			315
Other			39			45			69			59
Total revenues			467			445			924			848
Expenses:
Interest			121			123			242			248
Depreciation on assets leased to others			140			127			282			248
General, operating, and administrative			74			58			139			112
Provision for credit losses			32			27			52			50
Repo and repair			3			2			5			4
Total expenses			370			337			720			662
Profit before income taxes			97			108			204			186
Provision for income taxes			34			37			69			64
Profit		$	63		$	71		$	135		$	122

		Six months Ended
		June 30,						June 30,
		2004						2003
Common stock at paid-in amount:
Balance at beginning of year		$	745					$	745
Balance at end of period			745