Ford Shuts Fairlane Credit - Ford Forums - Mustang Forum, Ford Trucks, Ford Focus and Ford Cars
LinkBack Thread Tools Display Modes
post #1 of 2 (permalink) Old 03-11-02, 04:06 AM Thread Starter
Join Date: Feb 2001
Location: Rocklyn
Posts: 7,750
Ford Shuts Fairlane Credit

In another retrenchment move, Ford Credit announced Thursday it would
close its high-risk-loan subsidiary, Fairlane Credit, of Colorado Springs,
Colo. The surprise move will not pull Ford Credit, the world's largest
consumer lender, out of so-called "subprime" vehicle loans, but Ford plans
to scale back on the extent of such loans, whose delinquency rates have
risen since zero-percent loans on new vehicles became popular after the
Sept. 11 terrorists attacks. Ford Credit and its new-vehicle loan arm,
PRIMUS Financial, of Franklin, TN, are taking over Fairlane's $2.5 billion
loan portfolio. Ford Credit boasts a $149 billion portfolio and underwent
a top executive shuffle last December when Donald A. Winkler was fired as
CEO as the financial institution amassed a rare fourth-quarter loss of
$297 million. His replacement, 29-year Ford Motor Co. veteran Greg C.
Smith, is implementing a policy of concentrating on financing of Ford's
three core brands plus those based overseas - Aston Martin, Jaguar, Land
Rover, Mazda and Volvo. Fairlane Credit, founded in 1997, is headed by
Ford Credit veteran Jerry Heimlicher. Its 360 employees are being offered
jobs with Ford Credit and its subsidiaries or early retirement packages.
Ford Credit was founded in 1959 and has more than 10 million customers and
20,000 employees in 38 countries. It financed sales and leases of in
excess of 5.5 million vehicles last year - a single-company record. Ford
Credit's world headquarters is next door to the Ford Motor Co. "glass
house" headquarters in Dearborn, Mich. -Mac Gordon
HSE2 is offline  
Sponsored Links
post #2 of 2 (permalink) Old 03-14-02, 05:30 PM
Registered User
Join Date: Mar 2002
Location: NY State
Posts: 5

The portfolio (existing accounts/outstandings) will be handled by PRIMUS FINANCIAL. PRIMUS is now owned by FORD. The idea is to service the existing loans on more of a "local" basis. PRIMUS has branch offices both Nation wide & World wide. PRIMUS is well suited to service This type of "paper", & continue to add to FORD'S bottom line & share holder profit.
Uncle D. is offline  
Sponsored Links

  Ford Forums - Mustang Forum, Ford Trucks, Ford Focus and Ford Cars > Fordforums Community > Latest Ford News and Racing News > Ford Worldwide News
Gear in this thread - Powered by O'Reilly Auto Parts

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page
Display Modes
Linear Mode Linear Mode

Similar Threads
Thread Thread Starter Forum Replies Last Post
U.S. Ford leadership depth critical to turnaround Stacy94PGT Ford Worldwide News 0 06-15-03 05:17 AM
FORD TOUGH: The pressure's on for Bill Ford Jr. to finish first Stacy94PGT Ford Worldwide News 0 06-10-03 05:52 AM
'Henry had the dream' Stacy94PGT Ford Worldwide News 0 03-28-03 06:58 AM
A CENTURY OF VISION: Fords built city, changed the world Stacy94PGT Ford Worldwide News 0 03-12-03 08:17 AM
Ford Product-Led Transformation: 2003 RPO83 Trans | Driveline 0 07-22-02 07:48 AM

Posting Rules  
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

For the best viewing experience please update your browser to Google Chrome