CONSENT OF INDEPENDENT AUDITORS

We  consent to  the reference  to our firm  under the  caption  "Experts" and to
the use of our reports  dated  September  24, 1999 and  January 25,  1999,  with
respect to the  consolidated  balance sheet of ATEL  Financial  Corporation  and
Subsidiary  at July 31,  1999,  and the  financial  statements  of ATEL  Capital
Equipment  Fund VIII, LLC at December 31, 1998, and for the period from July 31,
1998  (inception)  through  December  31,  1998,  respectively,  included in the
Supplement  dated August 31, 1999 to the  Registration  Statement  (Form S-1 No.
333-62477) and related  Prospectus of ATEL Capital  Equipment Fund VIII, LLC for
the registration of 15,000,000 limited liability company units.


                                             Ernst & Young, LLP


San Francisco, California
October 22, 1999