Ford Credit Earns $528 Million in 1Q

Higher auction values and lower provisions for credit losses powered Ford Motor Credit Co.’s earnings last quarter, despite a decline in loans and leases outstanding.

The Ford Motor Co. captive earned $528 million last quarter. By comparison, it lost $13 million in 1Q09.

Ford Credit managed $90 billion of loans and leases as of March 31, down from $95 billion at yearend 2009. The decline stemmed, in part, from the transition of Jaguar, Land Rover, Mazda, and Volvo financing to other providers.

Parent company Ford Motor Co. earned $2.1 billion, or $0.50 per share, last quarter.