Ford Motor Credit Co. reported today higher overall volume and another record- low repossession rate for the fourth quarter of 2015. The captive also closed out 2015 with 9% full-year growth in U.S. loan and lease originations.
The origination volume for full year 2015 closed at 1.3 million contracts, while the 4Q15 volume hit 303,000, up 6.3% year-over-year. The repossession rate was the lowest fourth quarter on record, and tied for the lowest ever repo record for the captive at 0.98% of total outstandings. The company first hit the record low rate in 2Q14 when repossessions were also at 0.98%.
“Our portfolio performance continues to be very robust,” Marion Harris, Ford Credit’s chief financial officer, said during a conference call. “Our origination practices remain consistent, and our average Fico placement is consistent.”
Average Fico score at Ford Credit decreased slightly to 740, from 741 in fourth quarter 2014, according to Harris.
