GE Commercial Equipment Financing LLC

SERIES 2004-1

STATEMENT TO NOTEHOLDERS

Collection Period Ended:	12/31/2004
Closing Date:	11/16/2004
Final Payment Date:	12/20/2015

Note Payment Detail

					in Dollars

					Principal	Interest
		Interest	Original Face	Beginning	Payment	Payment		Ending
Class	CUSIP	Rate	Value	Class Balance	Amount	Amount	Total	Class Balance

Class A-1	36828RAA2	LIBOR - 4 bps	203,000,000.00	203,000,000.00	60,200,490.87	734,637.85	60,935,128.72	142,799,509.13
Class A-2	36828RABO	LIBOR + 1 bps	152,000,000.00	152,000,000.00	0.00	619,832.78	619,832.78	152,000,000.00
Class A-3	36828RAC8	LIBOR + 2 bps	279,000,000.00	279,000,000.00	0.00	1,142,756.88	1,142,756.88	279,000,000.00
Class A-4	36828RAD6	LIBOR + 6 bps	126,514,000.00	126,514,000.00	0.00	527,326.17	527,326.17	126,514,000.00
Class B	36828RAE4	LIBOR + 20 bps	54,623,000.00	54,623,000.00	3,888,885.64	236,325.11	4,125,210.75	50,734,114.36
Class C		LIBOR + 60 bps	25,210,000.00	25,210,000.00	0.00	129,658.18	129,658.18	25,210,000.00

TOTALS			840,347,000.00	840,347,000.00	64,089,376.51	3,390,536.97	67,479,913.48	776,257,623.49


Factor Information per $1,000 of Original Face Value


Class	CUSIP	Beginning Principal Factor	Principal	Interest	Total	Ending Principal Factor

Class A-1	36828RAA2	1000.0000000	296.5541422	3.6189057	300.1730479	703.4458578
Class A-2	36828RABO	1000.0000000	0.0000000	4.0778472	4.0778472	1000.0000000
Class A-3	36828RAC8	1000.0000000	0.0000000	4.0959028	4.0959028	1000.0000000
Class A-4	36828RAD6	1000.0000000	0.0000000	4.1681250	4.1681250	1000.0000000
Class B	36828RAE4	1000.0000000	71.1950211	4.3264762	75.5214974	928.8049789
Class C		1000.0000000	0.0000000	5.1431250	5.1431250	1000.0000000

TOTALS		1000.0000000	76.2653719	4.0346868	80.3000588	923.7346281



				Factor Information per $1,000 of Original Face Value - Fees

				Servicing Fee		0.4237884
				Servicer Advances		0.0000000
				Administration Fees		0.0005950

GE Commercial Equipment Financing LLC

SERIES 2004-1

STATEMENT TO NOTEHOLDERS

Collection Period Ended:	12/31/2004
Closing Date:	11/16/2004
Final Payment Date:	12/20/2015

Funding of the Collection Account


(I)	Unscheduled Principal Payments Received	8,762,671.62
	Scheduled Principal Payments Received	53,961,932.55

	Total Principal Payments Received		62,724,604.17

(ii)	Interest payments received		7,240,504.03

(iii)	Net Swap Receipts and Swap Termination Payments		0.00

(iv)	Recoveries, Liquidation Proceeds, and Insurance Proceeds		0.00

(v)	Purchase Amount of Loans that became Purchased Loans in the current		0.00
	Collection Period

	Purchase Amount of Loans that became Purchased Loans in the current Collection Period pursuant to Section 7.2(b) of the Loan Purchase and Sale Agreement		0.00

(vi)	Investment Earnings		48,564.66


(vii)	Servicer Advances		0.00

(viii)	Termination Value payments		0.00

(ix)	Available Amounts		70,013,672.86

(x)	Draws on the Reserve Account		0.00

(xi)	Total Cash Available in the Collection Account		70,013,672.86

GE Commercial Equipment Financing LLC

SERIES 2004-1

STATEMENT TO NOTEHOLDERS

Collection Period Ended:	12/31/2004
Closing Date:	11/16/2004
Final Payment Date:	12/20/2015

Permitted Withdrawals from Collection Account

(i)	Amounts deposited in error		0.00

(ii)	Servicing Fee
	Previously accrued but unpaid	0.00
	Current period accrued	356,129.32
	Total amount due	356,129.32
	Total amount paid	356,129.32
	Closing accrued but unpaid	0.00

	Total Servicing Fee Paid		356,129.32

(iii)	Reimbursement of Servicer Advances		0.00

	Total of Permitted Withdrawals		356,129.32


	Total funds in the Note Distribution Account available for distribution		69,657,543.54

GE Commercial Equipment Financing LLC

SERIES 2004-1

STATEMENT TO NOTEHOLDERS

Collection Period Ended:	12/31/2004
Closing Date:	11/16/2004
Final Payment Date:	12/20/2015

Payments from the Note Distribution Account

1.	Trustee Fee and Expenses Paid	530.00

2.	Administration Fee Paid	500.00

3.	Swap Payments to Swap Counterparty	811,827.71

4.	Ratably pay Class A Interest and Swap Termination Payment

	(a) Class A Note Interest Payment	3,024,553.68

	(b) Swap Termination Payments	0.00

5.	Class B Note Interest Payment	236,325.11

6.	Class C Note Interest Payment	129,658.18

7.	Principal Payments on the Notes

(i)	Class A Noteholders' Monthly Principal Payable Amount	58,835,718.53

(ii)	Class B Noteholders' Monthly Principal Payable Amount	3,888,885.64

(iii)	Reallocated Principal Paid to Class A Noteholders	0.00

(iv)	Class C Noteholder's Monthly Principal Payable Amount	0.00

8.	Pay 50% of Excess Spread Amount as Principal on Notes	1,364,772.34

9.	Deposit to the Reserve Account, if any	0.00

10.	Previously unpaid trustee fees and expenses	0.00

11.	Released to Issuer	1,364,772.34

GE Commercial Equipment Financing LLC

SERIES 2004-1

STATEMENT TO NOTEHOLDERS

Collection Period Ended:	12/31/2004
Closing Date:	11/16/2004
Final Payment Date:	12/20/2015

Note Interest Payment Amounts

	Class A-1 Interest Payment Amount

		Interest Payment Due	734,637.85
		Interest Due Paid	734,637.85
		Cumulative Interest Shortfall Amount	0.00


	Class A-2 Interest Payment Amount

		Interest Payment Due	619,832.78
		Interest Due Paid	619,832.78
		Cumulative Interest Shortfall Amount	0.00


	Class A-3 Interest Payment Amount

		Interest Payment Due	1,142,756.88
		Interest Due Paid	1,142,756.88
		Cumulative Interest Shortfall Amount	0.00


	Class A-4 Interest Payment Amount

		Interest Payment Due	527,326.17
		Interest Due Paid	527,326.17
		Cumulative Interest Shortfall Amount	0.00


	Class B Interest Payment Amount

		Interest Payment Due	236,325.11
		Interest Due Paid	236,325.11
		Cumulative Interest Shortfall Amount	0.00

	Class C Interest Payment Amount

		Interest Payment Due	129,658.18
		Interest Due Paid	129,658.18
		Cumulative Interest Shortfall Amount	0

GE Commercial Equipment Financing LLC

SERIES 2004-1

STATEMENT TO NOTEHOLDERS

Collection Period Ended:	12/31/2004
Closing Date:	11/16/2004
Final Payment Date:	12/20/2015

Note Principal Payment Amounts

	Class A-1 Principal Payment Amount
		Class A-1 Principal Due	58,835,718.53
		Class A-1 Principal Paid	58,835,718.53
		Class A-1 Reallocated Principal Paid	0.00
		Class A-1 Turbo Principal Paid	1,364,772.34
	Class A-1 Total Principal Payment Amount			60,200,490.87


	Class A-2 Principal Payment Amount
		Class A-2 Principal Due	0.00
		Class A-2 Principal Paid	0.00
		Class A-2 Reallocated Principal Paid	0.00
		Class A-2 Turbo Principal Paid	0.00
	Class A-2 Total Principal Payment Amount			0.00


	Class A-3 Principal Payment Amount
		Class A-3 Principal Due	0.00
		Class A-3 Principal Paid	0.00
		Class A-3 Reallocated Principal Paid	0.00
		Class A-3 Turbo Principal Paid	0.00
	Class A-3 Total Principal Payment Amount			0.00


	Class A-4 Principal Payment Amount
		Class A-4 Principal Due	0.00
		Class A-4 Principal Paid	0.00
		Class A-4 Reallocated Principal Paid	0.00
		Class A-4 Turbo Principal Paid	0.00
	Class A-4 Total Principal Payment Amount			0.00


	Class B Principal Payment Amount
		Class B Principal Due	3,888,885.64
		Class B Principal Paid	3,888,885.64
		Class B Turbo Principal Paid	0.00
	Class B Total Principal Payment Amount			3,888,885.64

	Class C Principal Payment Amount
		Class C Principal Due	0.00
		Class C Principal Paid	0.00
		Class C Turbo Principal Paid	0.00
	Class C Total Principal Payment Amount			0.00

GE Commercial Equipment Financing LLC

SERIES 2004-1

STATEMENT TO NOTEHOLDERS

Collection Period Ended:	12/31/2004
Closing Date:	11/16/2004
Final Payment Date:	12/20/2015

Reserve Account
				%	%
				Current Balance	Original Balance

	Initial Reserve Account Deposit		21,008,680.35	2.71%	2.50%

	Required Reserve Account Amount


	Initial Aggregate Loan Value	840,347,214.10
	Multiplied By	2.50%
	Required Reserve Account Amount		21,008,680.35




	Opening Reserve Account Balance	21,008,680.35		2.71%	2.50%
	Withdrawals from the Reserve Account	0.00		0.00%	0.00%
	Available Reserve Account Amount		21,008,680.35	2.71%	2.50%


	Reserve Account Deficiency		0.00	0.00%	0.00%


	Deposits to the Reserve Account		0.00	0.00%	0.00%

	Ending Reserve Account Balance		21,008,680.35	2.71%	2.50%

Please note Investment Earnings of $48,564.66 have been deposited into Collections

GE Commercial Equipment Financing LLC

SERIES 2004-1

STATEMENT TO NOTEHOLDERS

Collection Period Ended:	12/31/2004
Closing Date:	11/16/2004
Final Payment Date:	12/20/2015

Collateral Activity

	Beginning Balance	840,347,214.10		Overcollateralization Amount:
	Principal Collections	(62,724,604.17)
	Charge-offs	0.00		Pool Balance		777,653,500.28
	Repurchased Contracts	0.00		Outstanding Principal Balance of Notes		776,257,623.49
	Adjustments	30,890.35		Overcollateralization Amount		1,395,876.79
	Recoveries	0.00
	Ending Balance	777,653,500.28
				Interest Collections		7,240,504.03
				Total Collections		70,013,672.86


Delinquency Summary

		Number of Accounts			Ending Loan Value

	Delinquent < 30 Days	1,202			777,653,500.28
	Delinquent 31 - 60 Days	0			0.00
	Delinquent 61 - 90 Days	0			0.00
	Delinquent 91 - 120 Days	0			0.00
	Delinquent 121 - 150 Days	0			0.00
	Delinquent 151 - 180 Days	0			0.00
	Delinquent 181+ Days	0			0.00
	Total	1,202			777,653,500.28


Other Pool Activity

		Beginnning	Current Period	Cumulative	Cumulative %
Aggregate amount of outstanding principal balance of Liquidated Loans		0.00	0.00	0.00	0.00%

Portion of outstanding principal balance of loans written off in respect of Loans that became Defaulted Loans		0.00	0.00	0.00	0.00%

Purchase Amount of Loans that became Purchased Loans in the current Collection Period pursuant to Section 2.4 of the Loan Purchase and Sale Agreement		0.00	0.00	0.00	0.00%

Purchase Amount of Loans that became Purchased Loans in the Current Collection Period pursuant to Section 7.2(b) of the Loan Purchase and Sale Agreement		0.00	0.00	0.00	0.00%

Losses		0.00	0.00	0.00	0.00%

Recoveries		0.00	0.00	0.00	0.00%

GE Commercial Equipment Financing LLC

SERIES 2004-1

STATEMENT TO NOTEHOLDERS

Collection Period Ended:	12/31/2004
Closing Date:	11/16/2004
Final Payment Date:	12/20/2015

Historical Detail


	Delinquencies
	Payment	31-60 Days	61-90 Days	91-120 Days	121-150 Days	151-180 Days	180 + Days	Total
	Date	# Balance	# Balance	# Balance	# Balance	# Balance	# Balance	# Balance


	1/20/2005	0	0	0	0	0	0	0
		0.00	0.00	0.00	0.00	0.00	0.00	0.00

	12/20/2004	1	0	0	0	0	0	1
		1,215,389.79	0.00	0.00	0.00	0.00	0.00	1,215,389.79

GE Commercial Equipment Financing LLC

SERIES 2004-1

STATEMENT TO NOTEHOLDERS

Collection Period Ended:	12/31/2004
Closing Date:	11/16/2004
Final Payment Date:	12/20/2015

Historical Detail

Performance Data
Payment Date	Liquidated Loans	Aggregate Purchase Amounts	Defaulted Loans	Pool Balance	Overcollateralization	Recoveries	Cumulative Losses	CPR

1/20/2005	0.00	0.00	0.00	777,653,500.28	1,395,876.79	0.00	0.00	6.88%

12/20/2004	0.00	0.00	0.00	802,115,591.03	734,202.48	0.00	0.00	4.47%

Values above represent cumulative amounts as of the corresponding Payment Date

CEF EQUIPMENT HOLDING GE COMMERICAL EQUIP FIN SERIES 2004-1 10-K