EXHIBIT 23.2






                         CONSENT OF INDEPENDENT AUDITORS
                         -------------------------------


The Board of Directors
Capital Associates, Inc.:


We consent to the  incorporation by reference in the  registration  statement on
Form S-3 of Capital  Associates, Inc. of our reports dated July 14, 1995, except
for note 15,  which is as of  August  23,  1995,  relating  to the  consolidated
balance sheets of Capital  Associates,  Inc. and subsidiaries as of May 31, 1995
and 1994 and the related consolidated statements of income, stockholders' equity
and cash  flows for each of the  years in the  three-year  period  ended May 31,
1995, and the related  schedule, which reports appear in the May 31, 1995 annual
report on Form 10-K of Capital  Associates,  Inc. and the  reference to our firm
under the heading "Experts" in the Prospectus.


                                             /s/KPMG Peat Marwick LLP
                                             ----------------------------
                                             KPMG Peat Marwick LLP





Denver, Colorado
January 26, 1996