================================================================================

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON D.C. 20594

                                    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): August 28, 2000

                         Commission File Number 1-7543


                           FINOVA CAPITAL CORPORATION
             (Exact Name of Registrant as Specified in Its Charter)


               Delaware                                          94-1278569
   (State or Other Jurisdiction of                            (I.R.S. Employer
    Incorporation or Organization)                           Identification No.)


      4800 North Scottsdale Road
             Scottsdale, AZ                                      85251-7623
(Address of Principal Executive Offices)                         (Zip Code)


        Registrant's Telephone Number, Including Area Code: 480-636-4800

================================================================================

ITEM 5. OTHER EVENTS

         On August 28, 2000 The FINOVA Group Inc., through its subsidiary FINOVA
         Capital  Corporation  (collectively  "FINOVA"),  completed  the sale of
         substantially  all the assets of its  Commercial  Services  division to
         GMAC Commercial Credit LLC, a wholly owned subsidiary of General Motors
         Corporation,   for  approximately   $235  million,   subject  to  final
         determination.  The sale resulted in an after-tax loss from disposition
         of $6.9 million,  which included a $17.8 million  after-tax  charge for
         unamortized  goodwill.  FINOVA  will  account  for  the  division  as a
         discontinued operation.  Therefore, FINOVA has recorded a provision for
         a discontinued operation of $9.5 million after-tax for operating losses
         estimated  to occur  during the phase out period  from the date of sale
         until  remaining  assets are  disposed  of and  related  personnel  are
         terminated or reassigned.

         The Commercial Services division,  which operated out of offices in New
         York  and Los  Angeles,  provided  factoring  and  accounts  receivable
         management services to small and midsize  businesses,  primarily in the
         apparel and textile  industries.  FINOVA  decided to exit this business
         because  the   factoring   industry  has  become   increasingly   price
         competitive  over the past several years and it required  critical mass
         significantly greater than FINOVA's operations, and other reasons.

                                       2

                                   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 duly authorized.


                                      FINOVA CAPITAL CORPORATION
                                              (Registrant)


Dated: September 28, 2000              By /s/ Bruno A. Marszowski
                                          ------------------------------------
                                          Bruno A. Marszowski, Senior Vice
                                          President, Chief Financial Officer
                                          and Controller
                                          Principal Financial Officer/Authorized
                                          Officer

                                       3