EXHIBIT 23.1
 
                         CONSENT OF INDEPENDENT AUDITOR
 
   
    We consent to the reference to our firm under the caption "Experts" and to
the use of our report dated March 14, 1997, in Amendment No. 3 to the
Registration Statement (Form S-1 Registration No. 333-21697) and related
Prospectus of AFG Investment Trust B filed May 29, 1997 for the registration of
1,000,961 rights to acquire Class B Subordinated Interests and 1,000,961 Class B
Subordinated Interests.
    
 
                                          ERNST & YOUNG LLP
 
   
Boston, Massachusetts
May 29, 1997