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Ford Credit Earns $317 Million in the Third Quarter, Up 16 Percent

18 October 1999

Ford Credit Earns $317 Million in the Third Quarter, Up 16 Percent

    DEARBORN, Mich., Oct. 18 -- Ford Credit earned $317 million
in the third quarter of this year, up $45 million or 16 percent, from a year
ago, Chairman and Chief Executive Officer Philippe Paillart announced today.
Earnings in the first nine months of 1999 were $952 million, up $102 million
or 12%, compared with a year ago.
    Compared with the third quarter of 1998, the increase in earnings reflects
higher financing volumes and improved credit loss performance, offset
partially by costs related to employee separation programs.
    "Our third quarter results have put us solidly on track to meet our
milestone of 10 percent earnings growth for the year," said Paillart.  "We are
pleased with our earnings performance so far this year and anticipate ending
the year on a healthy note."
    Ford Credit's total net finance receivables increased to $134.0 billion at
September 30, compared with $120.1 billion a year earlier.
    As the world's largest automotive finance company, Ford Credit provides
vehicle financing in 36 countries for more than nine million customers and
11,000 automotive dealers.