Payment Date:	12/20/2004	GE Commercial Equipment Financing LLC
Collection Period Ended:	11/30/2004	SERIES 2004-1
Closing Date:	11/16/2004	STATEMENT TO NOTEHOLDERS
Next Payment Date:	1/20/2005
Final Payment Date:	12/21/2015

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		2.06125	%		203,000,000.00		203,000,000.00		36,670,678.95		395,187.43		37,065,866.38		166,329,321.05
Class A-2		36828RABO		2.11125	%		152,000,000.00		152,000,000.00		0.00		303,081.67		303,081.67		152,000,000.00
Class A-3		36828RAC8		2.12125	%		279,000,000.00		279,000,000.00		0.00		558,949.38		558,949.38		279,000,000.00
Class A-4		36828RAD6		2.16125	%		126,514,000.00		126,514,000.00		0.00		258,237.92		258,237.92		126,514,000.00
Class B		36828RAE4		2.30125	%		54,623,000.00		54,623,000.00		2,294,932.50		118,717.78		2,413,650.28		52,328,067.50
Class C				2.70125	%		25,210,000.00		25,210,000.00		0.00		64,315.26		64,315.26		25,210,000.00

TOTALS							840,347,000.00		840,347,000.00		38,965,611.45		1,698,489.44		40,664,100.89		801,381,388.55

Factor Information per $1,000 of Original Face Value

			Beginning Principal								Ending Principal
Class	CUSIP		Factor		Principal		Interest		Total		Factor

Class A-1		36828RAA2		1000.0000000		180.6437387		1.9467361		182.5904748		819.3562613
Class A-2		36828RABO		1000.0000000		0.0000000		1.9939584		1.9939584		1000.0000000
Class A-3		36828RAC8		1000.0000000		0.0000000		2.0034028		2.0034028		1000.0000000
Class A-4		36828RAD6		1000.0000000		0.0000000		2.0411806		2.0411806		1000.0000000
Class B		36828RAE4		1000.0000000		42.0140326		2.1734028		44.1874353		957.9859674
Class C				1000.0000000		0.0000000		2.5511805		2.5511805		1000.0000000

TOTALS				1000.0000000		46.3684781		2.0211763		48.3896544		953.6315219

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

Servicing Fee	0.1361111
Servicer Advances	0.0000000
Administration Fees	0.0002975


	1

Payment Date:	12/20/2004	GE Commercial Equipment Financing LLC
Collection Period Ended:	11/30/2004	SERIES 2004-1
Closing Date:	11/16/2004	STATEMENT TO NOTEHOLDERS
Next Payment Date:	1/20/2005
Final Payment Date:	12/21/2015

Funding of the Collection Account

(I)	Unscheduled Principal Payments Received	2,294,932.50
	Scheduled Principal Payments Received	35,966,736.37

	Total Principal Payments Received		38,261,668.87

(ii)	Interest payments received		3,705,758.84

(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		0.00
	Section 7.2(b) of the Loan Purchase and Sale Agreement

(vi)	Investment Earnings		14,705.06


(vii)	Servicer Advances		0.00

(viii)	Termination Value payments		0.00

(ix)	Available Amounts		41,982,132.77

(x)	Draws on the Reserve Account		0.00

(xi)	Total Cash Available in the Collection Account		41,982,132.77


	2

Payment Date:	12/20/2004	GE Commercial Equipment Financing LLC
Collection Period Ended:	11/30/2004	SERIES 2004-1
Closing Date:	11/16/2004	STATEMENT TO NOTEHOLDERS
Next Payment Date:	1/20/2005
Final Payment Date:	12/21/2015

Permitted Withdrawals from Collection Account

(i)	Amounts deposited in error	0.00

(ii)	Servicing Fee

Previously accrued but unpaid	0.00
Current period accrued	114,380.59
Total amount due	114,380.59
Total amount paid	114,380.59
Closing accrued but unpaid	0.00

Total Servicing Fee Paid		114,380.59

(iii)	Reimbursement of Servicer Advances		0.00

		Total of Permitted Withdrawals	114,380.59



	Total funds in the Note Distribution Account available for distribution		41,867,752.18


	3

Payment Date:	12/20/2004	GE Commercial Equipment Financing LLC
Collection Period Ended:	11/30/2004	SERIES 2004-1
Closing Date:	11/16/2004	STATEMENT TO NOTEHOLDERS
Next Payment Date:	1/20/2005
Final Payment Date:	12/21/2015

Payments from the Note Distribution Account

1.	Trustee Fee and Expenses Paid	265.00

2.	Administration Fee Paid	250.00

3.	Swap Payments to Swap Counterparty	499,193.70

4.	Ratably pay Class A Interest and Swap Termination Payment

	(a) Class A Note Interest Payment	1,515,456.40

	(b) Swap Termination Payments	0.00

5.	Class B Note Interest Payment	118,717.78

6.	Class C Note Interest Payment	64,315.26

7.	Principal Payments on the Notes

(i)	Class A Noteholders' Monthly Principal Payable Amount	35,966,736.37

(ii)	Class B Noteholders' Monthly Principal Payable Amount	2,294,932.50

(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	703,942.58

9.	Deposit to the Reserve Account, if any	0.00

10.	Previously unpaid trustee fees and expenses	0.00

11.	Released to Issuer	703,942.59


	4

Payment Date:	12/20/2004	GE Commercial Equipment Financing LLC
Collection Period Ended:	11/30/2004	SERIES 2004-1
Closing Date:	11/16/2004	STATEMENT TO NOTEHOLDERS
Next Payment Date:	1/20/2005
Final Payment Date:	12/21/2015

Note Interest Payment Amounts

Class A-1 Interest Payment Amount

Interest Payment Due			395,187.43
Interest Due Paid			395,187.43
Cumulative Interest Shortfall Amount			0.00


Class A-2 Interest Payment Amount

Interest Payment Due			303,081.67
Interest Due Paid			303,081.67
Cumulative Interest Shortfall Amount			0.00


Class A-3 Interest Payment Amount

Interest Payment Due			558,949.38
Interest Due Paid			558,949.38
Cumulative Interest Shortfall Amount			0.00


Class A-4 Interest Payment Amount

Interest Payment Due			258,237.92
Interest Due Paid			258,237.92
Cumulative Interest Shortfall Amount			0.00


Class B Interest Payment Amount

Interest Payment Due			118,717.78
Interest Due Paid			118,717.78
Cumulative Interest Shortfall Amount			0.00

Class C Interest Payment Amount

Interest Payment Due			64,315.26
Interest Due Paid			64,315.26
Cumulative Interest Shortfall Amount			0


	5

Payment Date:	12/20/2004	GE Commercial Equipment Financing LLC
Collection Period Ended:	11/30/2004	SERIES 2004-1
Closing Date:	11/16/2004	STATEMENT TO NOTEHOLDERS
Next Payment Date:	1/20/2005
Final Payment Date:	12/21/2015

Note Principal Payment Amounts

Class A-1 Principal Payment Amount
Class A-1 Principal Due	35,966,736.37
Class A-1 Principal Paid	35,966,736.37
Class A-1 Reallocated Principal Paid	0.00
Class A-1 Turbo Principal Paid	703,942.58
Class A-1 Total Principal Payment Amount		36,670,678.95


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	2,294,932.50
Class B Principal Paid	2,294,932.50
Class B Turbo Principal Paid	0.00
Class B Total Principal Payment Amount		2,294,932.50

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


	6

Payment Date:	12/20/2004	GE Commercial Equipment Financing LLC
Collection Period Ended:	11/30/2004	SERIES 2004-1
Closing Date:	11/16/2004	STATEMENT TO NOTEHOLDERS
Next Payment Date:	1/20/2005
Final Payment Date:	12/21/2015

Reserve Account

			%		%
			Current Balance		Original Balance

Initial Reserve Account Deposit		21,008,680.35		2.62%		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			2.62%		2.50%
Withdrawals from the Reserve Account	0.00			0.00%		0.00%
Available Reserve Account Amount		21,008,680.35		2.62%		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		2.62%		2.50%

Please note Investment Earnings of 14,705.06 have been deposited into Collections


	7

Payment Date:	12/20/2004	GE Commercial Equipment Financing LLC
Collection Period Ended:	11/30/2004	SERIES 2004-1
Closing Date:	11/16/2004	STATEMENT TO NOTEHOLDERS
Next Payment Date:	1/20/2005
Final Payment Date:	12/21/2015

Collateral Activity

Beginning Balance	840,347,214.10		Overcollateralization Amount:
Principal Collections	(38,261,668.87	)
Charge-offs	0.00		Pool Balance	802,115,591.03
Repurchased Contracts	0.00		Outstanding Principal Balance of Notes	801,381,388.55
Adjustments	30,045.80		Overcollateralization Amount	734,202.48
Recoveries	0.00
Ending Balance	802,115,591.03
			Interest Collections	3,705,758.84
			Total Collections	41,982,132.77

Delinquency Summary

	Number of Accounts		Ending Loan Value

Delinquent < 30 Days		1,209		800,900,201.24
Delinquent 31 - 60 Days		1		1,215,389.79
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		1,210		802,115,591.03

Other Pool Activity

Beginnnig

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

0.00

0.00

0.00

0.00%

Period pursuant to Section 2.4 of the Loan Purchase and Sale Agreement

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%


	8

Payment Date:	12/20/2004	GE Commercial Equipment Financing LLC
Collection Period Ended:	11/30/2004	SERIES 2004-1
Closing Date:	11/16/2004	STATEMENT TO NOTEHOLDERS
Next Payment Date:	1/20/2005
Final Payment Date:	12/21/2015

Historical Detail

Delinquencies

Payment

31-60 Days

61-90 Days

91-120 Days

121-150 Days

151-180 Days

180 + Days

Total

Date

Balance

12/20/2004

1,215,389.79

0.00

1,215,389.79


	9

Payment Date:	12/20/2004	GE Commercial Equipment Financing LLC
Collection Period Ended:	11/30/2004	SERIES 2004-1
Closing Date:	11/16/2004	STATEMENT TO NOTEHOLDERS
Next Payment Date:	1/20/2005
Final Payment Date:	12/21/2015

Historical Detail

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

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

Values above represent cumulative amounts as of the corresponding Payment Date


	10

Other Pool Activity

	Beginnnig		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		0.00		0.00		0.00		0.00%
Period pursuant to Section 2.4 of the Loan Purchase and Sale Agreement

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%

CEF EQUIPMENT HOLDING GE COMMERICAL EQUIP FIN SERIES 2004-1 8-K