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                                    UNITED STATES
                         SECURITIES AND EXCHANGE COMMISSION
                               WASHINGTON, D.C. 20549

                                      FORM 8-K

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

          Date of Report (Date of earliest event reported) April 17, 2002

                               IBM CREDIT CORPORATION
                 __________________________________________________
                 (Exact Name of Registrant as Specified in Charter)


                 Delaware                 1-8175            22-2351962
          ____________________________  _____________  ___________________
          (State or Other Jurisdiction  Commission     (IRS Employer
           of Incorporation)            File Number)   Identification No.)

          North Castle Drive, MS NCA-306
                  Armonk, New York                     10504-1785
          __________________________________________   ___________
            (Address of Principal Executive Offices)   (Zip Code)

          Registrant's telephone number, including area code (914)765-1900


                                   Not Applicable

          _____________________________________________________________
          (Former Name or Former Address, if changed Since Last Report)


          Item 5.  Other Events

          The Registrant's press release dated April 17, 2002, regarding
          its financial results and selected balance sheet information as
          of and for the period ended March 31, 2002, is attached.





          SIGNATURES

               Pursuant to the requirements of the Securities Exchange Act
          of 1934, the registrant has duly caused this report to be signed
          on its behalf by the undersigned thereunto duty authorized.


                                               IBM CREDIT CORPORATION
                                                (Registrant)

                                               By:




                                               __________________________
                                               Name:  Paula L. Summa
          Date: April 17, 2002                 Title: Vice President,
                                               Finance, and Chief Financial
                                               Officer and Director

          April 17, 2002, 6:00 pm EDST




                                             Contact:  J. Timothy Ohsann
                                                       IBM Global Financing
                                                       (914) 765-6647
                                                       ohsann@us.ibm.com

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               IBM Credit Reports 2002 First-Quarter Financial Results

          ARMONK, N.Y., April 17, 2002 . . . IBM Credit Corporation today

          reported first-quarter 2002 net earnings of $80.87 million, a 22

          percent decrease over $104.07 million in the first quarter of

          2001.  The return on average equity was 21.0 percent in the first

          quarter of 2002, compared with 22.0 percent in 2001.

               New customer financing originations* for acquisition of

          information technology products and services decreased 8 percent

          to $1.38 billion in the first quarter of 2002, compared with

          $1.50 billion for the same period in 2001. New commercial

          financing originations -- providing working capital for





          inventory, accounts receivable and acquisition financing --

          decreased 17 percent to $2.47 billion, compared with $2.98

          billion for the same 2001 period.

               At March 31, 2002, total assets were $13.91 billion,

          compared with $15.31 billion at December 31, 2001, a decrease of

          9 percent.  Retained earnings were $1.00 billion, compared with

          $1.08 billion at December 31, 2001, a decrease of 7 percent.

               IBM Credit Corporation in the United States is part of the

          worldwide IBM Global Financing organization.  For more

          information, visit the IBM Global Financing home page at

          www.ibm.com/financing.

          Forward-Looking and Cautionary Statements

          Except for historical information and discussions contained

          herein, statements contained in this release may constitute

          "forward-looking statements" within the meaning of the Private

          Securities Litigation Reform Act of 1995. These statements

          involve a number of risks, uncertainties and other factors that

          could cause actual results to differ materially, as discussed in

          the company's filings with the Securities and Exchange

          Commission.

          *New customer financing originations reflect assets either owned
          or managed by IBM Credit Corporation.