Pricing Supplement No.  48             Rule 424(b)(2)                 
DATED:    12/6/95           Registration No. 33-56196                    
(To Prospectus Supplement dated January 8, 1993, including the Prospectus
dated December 30, 1992)                               


$1,000,000,000                                    
USL CAPITAL CORPORATION*                               
MEDIUM-TERM NOTES, SERIES C                                 
Due from Nine Months to 30 Years from Date of Issue                        
          

Floating Rate Note [ ]     6.37% Fixed Rate Note [X]             
Global Security:   [x] Yes   [ ] No          
Principal Amount:  $1,000,000                               
Settlement Date:   12/11/95   Maturity Date:  12/12/05           
Interest Accrual Date:  12/11/95                            

New Maturity Date(s): N/A     Notice of Renewal Date(s): N/A     

Issue Price:  100%            

Specified Currency: U.S. Dollars                  
Exchange Rate Agent: N/A                
Historical Exchange Rate: N/A                
Redemption Dates: N/A                   
Redemption Price(s): N/A                
Authorized Denominations (if other than denominations of $1,000 and integral
multiples of $1,000 in excess thereof in U.S. Dollars): N/A                
                    
Repayment Date(s): N/A                  
Repayment Price(s): N/A                 
Interest Payment Period:  Semi-Annually                
Interest Payment Dates:   3/1, 9/1                     
(Only applicable to Floating Rate Notes)                                   
Initial Interest Rate:                       
                                   
Index Maturity:                              
Base Rate(s):                           
If LIBOR, Designated LIBOR Page:                                 
     [  ] LIBOR Reuters                      
     [  ] LIBOR Telerate                     
     Index Currency:                            
Interest Reset Period:                                 
Interest Reset Dates: 
                                 
Spread (plus or minus):                           

Spread Multiplier:                                
Maximum Interest Rate:                                 
Minimum Interest Rate:                                 
Calculation Agent:

Original Issue Discount Note:                
[ ] Yes   [X] No
(Only Applicable to Original Issue Discount Notes):                   
Total Amount of OID:                    
Yield to Maturity:                 
Initial Accrual Period OID:                  
Method to Determine Yield to Maturity and Initial Accrual Period OID:      
          
Trade Date:      12/6/95           
Name of Agent:  Goldman, Sachs & Co.              
Agent's Discount or Commission:     $4,750             
Net Proceeds to Company:          $995,250       

[X]  Agent is Acting as Agent for the Sale of Notes              
     by the Company at a Price to the Public of        
     [X]  100% of Principal Amount
     [ ]  ___% of Principal Amount

[  ] Agent is Purchasing Notes from the Company as Principle          
     for Resale to investors and Other Purchasers at:       
     [  ] a fixed initial public offering price of     
          100% of the Principal Amount
     [  ] a fixed initial public offering price of     
          ___% of the Principal Amount
     [  ] varying prices relating to prevailing market prices    
          at time of resale to be determined by Agent  

Cusip Number:  91213LEQ4      

Additional Terms:             

*On November 12, 1993 United States Leasing International, Inc. changed its
name to USL Capital Corporation.