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                                                                    EXHIBIT 23.5


                         INDEPENDENT AUDITORS' CONSENT

   
     We consent to the use in this Amendment No. 2 to Registration Statement
No. 333-56575 of Morgan Stanley Aircraft Finance and Subsidiaries of our report
dated September 25, 1998 appearing in the Prospectus, which is a part of such
Registration Statement, and to the reference to us under the headings "Selected
Consolidated Financial Data" and "Experts" in such Prospectus.

/s/ DELOITTE & TOUCHE LLP

Deloitte & Touche LLP

New York, New York
October 30, 1998