Ford Credit Earnings Climb 16% in 3Q
Ford Motor Credit Co. cited lower loss provisions and less lease depreciation as reasons for improved earnings last quarter.
The Ford Motor Co. captive earned $497 million in the third quarter, up from $427 million in the prior-year quarter. It had $85 billion of managed receivables, down from $95 billion at yearend 2009.
“The lower receivables primarily reflected the transition of Jaguar, Land Rover, Mazda, and Volvo financing to other finance providers and lower industry and financing volumes in 2009 and 2010 compared with prior years,” the company said.
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