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                                                                    EXHIBIT 23.5


                         INDEPENDENT AUDITORS' CONSENT

   
     We consent to the use in this Post-Effective Amendment No. 2 to
Registration Statement No. 333-56575 of Morgan Stanley Aircraft Finance and
Subsidiaries of our report dated January 22, 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
March 19, 1999