Payment Date:	2/22/2005	GE Commercial Equipment Financing LLC
Collection Period Ended:	1/31/2005	SERIES 2004-1
Closing Date:	11/16/2004	STATEMENT TO NOTEHOLDERS
Next Payment Date:	3/21/2005
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	2.46000%	203,000,000.00	142,799,509.13	18,946,705.61	322,012.89	19,268,718.50	123,852,803.52
Class A-2	36828RABO	2.51000%	152,000,000.00	152,000,000.00	0.00	349,726.67	349,726.67	152,000,000.00
Class A-3	36828RAC8	2.52000%	279,000,000.00	279,000,000.00	0.00	644,490.00	644,490.00	279,000,000.00
Class A-4	36828RAD6	2.56000%	126,514,000.00	126,514,000.00	0.00	296,886.19	296,886.19	126,514,000.00
Class B	36828RAE4	2.70000%	54,623,000.00	50,734,114.36	104,809.38	125,566.93	230,376.31	50,629,304.98
Class C	36828RAL8	3.10000%	25,210,000.00	25,210,000.00	0.00	71,638.42	71,638.42	25,210,000.00

TOTALS			840,347,000.00	776,257,623.49	19,051,514.99	1,810,321.10	20,861,836.09	757,206,108.50

Factor Information per $1,000 of Original Face Value


		Beginning Principal				Ending Principal
Class	CUSIP	Factor	Principal	Interest	Total	Factor

Class A-1	36828RAA2	703.4458578	93.3335252	1.5862704	94.9197956	610.1123326
Class A-2	36828RABO	1000.0000000	0.0000000	2.3008334	2.3008334	1000.0000000
Class A-3	36828RAC8	1000.0000000	0.0000000	2.3100000	2.3100000	1000.0000000
Class A-4	36828RAD6	1000.0000000	0.0000000	2.3466667	2.3466667	1000.0000000
Class B	36828RAE4	928.8049789	1.9187774	2.2987923	4.2175697	926.8862014
Class C	36828RAL8	1000.0000000	0.0000000	2.8416668	2.8416668	1000.0000000

TOTALS		923.7346281	22.6710097	2.1542543	24.8252639	901.0636184

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

	Servicing Fee	0.2789040
	Servicer Advances	0.0000000
	Administration Fees	0.0002975

Payment Date:	2/22/2005	GE Commercial Equipment Financing LLC
Collection Period Ended:	1/31/2005	SERIES 2004-1
Closing Date:	11/16/2004	STATEMENT TO NOTEHOLDERS
Next Payment Date:	3/21/2005
Final Payment Date:	12/21/2015

Funding of the Collection Account




(I)	Unscheduled Principal Payments Received	104,809.38
	Scheduled Principal Payments Received	18,831,560.35

	Total Principal Payments Received		18,936,369.73

(ii)	Interest payments received		2,425,663.85

(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		36,860.49


(vii)	Servicer Advances		0.00

(viii)	Termination Value payments		0.00

(ix)	Available Amounts		21,398,894.07

(x)	Draws on the Reserve Account		0.00

(xi)	Total Cash Available in the Collection Account		21,398,894.07

Payment Date:	2/22/2005	GE Commercial Equipment Financing LLC
Collection Period Ended:	1/31/2005	SERIES 2004-1
Closing Date:	11/16/2004	STATEMENT TO NOTEHOLDERS
Next Payment Date:	3/21/2005
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	234,376.12
	Total amount due	234,376.12
	Total amount paid	234,376.12
	Closing accrued but unpaid	0.00

	Total Servicing Fee Paid		234,376.12

(iii)	Reimbursement of Servicer Advances		0.00

	Total of Permitted Withdrawals		234,376.12



	Total funds in the Note Distribution Account available for distribution		21,164,517.95

Payment Date:	2/22/2005	GE Commercial Equipment Financing LLC
Collection Period Ended:	1/31/2005	SERIES 2004-1
Closing Date:	11/16/2004	STATEMENT TO NOTEHOLDERS
Next Payment Date:	3/21/2005
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	187,021.60

4.	Ratably pay Class A Interest and Swap Termination Payment

	(a) Class A Note Interest Payment	1,613,115.75

	(b) Swap Termination Payments	0.00

5.	Class B Note Interest Payment	125,566.93

6.	Class C Note Interest Payment	71,638.42

7.	Principal Payments on the Notes

(i)	Class A Noteholders' Monthly Principal Payable Amount	18,831,560.35

(ii)	Class B Noteholders' Monthly Principal Payable Amount	104,809.38

(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	115,145.26

9.	Deposit to the Reserve Account, if any	0.00

10.	Previously unpaid trustee fees and expenses	0.00

11.	Released to Issuer	115,145.26

Payment Date:	2/22/2005	GE Commercial Equipment Financing LLC
Collection Period Ended:	1/31/2005	SERIES 2004-1
Closing Date:	11/16/2004	STATEMENT TO NOTEHOLDERS
Next Payment Date:	3/21/2005
Final Payment Date:	12/21/2015

Note Interest Payment Amounts

	Class A-1 Interest Payment Amount

	Interest Payment Due	322,012.89
	Interest Due Paid	322,012.89
	Cumulative Interest Shortfall Amount	0.00


	Class A-2 Interest Payment Amount

	Interest Payment Due	349,726.67
	Interest Due Paid	349,726.67
	Cumulative Interest Shortfall Amount	0.00


	Class A-3 Interest Payment Amount

	Interest Payment Due	644,490.00
	Interest Due Paid	644,490.00
	Cumulative Interest Shortfall Amount	0.00


	Class A-4 Interest Payment Amount

	Interest Payment Due	296,886.19
	Interest Due Paid	296,886.19
	Cumulative Interest Shortfall Amount	0.00


	Class B Interest Payment Amount

	Interest Payment Due	125,566.93
	Interest Due Paid	125,566.93
	Cumulative Interest Shortfall Amount	0.00

	Class C Interest Payment Amount

	Interest Payment Due	71,638.42
	Interest Due Paid	71,638.42
	Cumulative Interest Shortfall Amount	0

Payment Date:	2/22/2005	GE Commercial Equipment Financing LLC
Collection Period Ended:	1/31/2005	SERIES 2004-1
Closing Date:	11/16/2004	STATEMENT TO NOTEHOLDERS
Next Payment Date:	3/21/2005
Final Payment Date:	12/21/2015

Note Principal Payment Amounts

	Class A-1 Principal Payment Amount
	Class A-1 Principal Due	18,831,560.35
	Class A-1 Principal Paid	18,831,560.35
	Class A-1 Reallocated Principal Paid	0.00
	Class A-1 Turbo Principal Paid	115,145.26
	Class A-1 Total Principal Payment Amount		18,946,705.61


	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	104,809.38
	Class B Principal Paid	104,809.38
	Class B Turbo Principal Paid	0.00
	Class B Total Principal Payment Amount		104,809.38

	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

Payment Date:	2/22/2005	GE Commercial Equipment Financing LLC
Collection Period Ended:	1/31/2005	SERIES 2004-1
Closing Date:	11/16/2004	STATEMENT TO NOTEHOLDERS
Next Payment Date:	3/21/2005
Final Payment Date:	12/21/2015

Reserve Account
				%	%
				Current Balance	Original Balance

	Initial Reserve Account Deposit		21,008,680.35	2.77%	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		2.77%	2.50%
	Withdrawals from the Reserve Account	0.00		0.00%	0.00%
	Available Reserve Account Amount		21,008,680.35	2.77%	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	2.77%	2.50%


	Please note Investment Earnings of 36,860.49 have been deposited into Collections

Payment Date:	2/22/2005	GE Commercial Equipment Financing LLC
Collection Period Ended:	1/31/2005	SERIES 2004-1
Closing Date:	11/16/2004	STATEMENT TO NOTEHOLDERS
Next Payment Date:	3/21/2005
Final Payment Date:	12/21/2015

Collateral Activity

	Beginning Balance	777,653,500.28		Overcollateralization Amount:
	Principal Collections	(18,936,369,73	)
	Charge-offs	0.00		Pool Balance	758,860,147.06
	Repurchased Contracts	0.00		Outstanding Principal Balance of Notes	757,206,108.50
	Adjustments	143,016,51		Overcollateralization Amount	1,654,038.56
	Recoveries	0.00
	Ending Balance	758,860,147.06
				Interest Collections	2,425,663.85
				Total Collections	21,398,894.07

Delinquency Summary

		Number of Accounts	Ending Loan Value

	Delinquent < 30 Days	1,200	757,586,700.96
	Delinquent 31 - 60 Days	1	1,273,446.10
	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	1,201	758,860,147.06

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 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%

Payment Date:	2/22/2005	GE Commercial Equipment Financing LLC
Collection Period Ended:	1/31/2005	SERIES 2004-1
Closing Date:	11/16/2004	STATEMENT TO NOTEHOLDERS
Next Payment Date:	3/21/2005
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	# Balance	# Balance	# Balance	# Balance	# Balance	# Balance

	2/22/2005	1	0	0	0	0	0	1
		1,273,466.10	0.00	0.00	0.00	0.00	0.00	1273,446.10


	1/20/2005	1	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

Payment Date:	2/22/2005	GE Commercial Equipment Financing LLC
Collection Period Ended:	1/31/2005	SERIES 2004-1
Closing Date:	11/16/2004	STATEMENT TO NOTEHOLDERS
Next Payment Date:	3/21/2005
Final Payment Date:	12/21/2015

Historical Detail


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

2/22/2005	0.00	0.00	0.00	758,860,147.06	1,654,038.56	0.00	0.00	5.78%


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 8-K