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Old 03-23-2004, 15:46   #1 (permalink)
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U.S.A.:Ford Motor: Repossessions fell in Jan., Feb.

Reuters

NEW YORK -- A Ford Motor Co. unit on Tuesday said car repossessions fell in January and February, in the latest sign that consumer credit quality is starting to improve.

Ford Motor Credit Co., the finance arm of the nation's second-largest carmaker, repossessed 18,000 cars in January from people who didn't make their monthly payments, down from 19,000 in the same month last year, and 15,000 cars in February, down from 17,000 a year before, Ford said at an investor meeting.

The percentage of customers more than 60 days delinquent on their loans also fell, to 0.26 percent in January and 0.21 percent in February from an average of 0.42 percent in the first quarter last year.

With improving credit quality, Ford Credit said it was likely to reduce its loan loss provisions, which are upfront hits the company takes against earnings for expected losses from loans.

Improving loan performance is likely to be a positive for Ford's earnings this year, said Rod Lache, a stock analyst at Deutsche Bank in New York.

Because the company has some discretion as to when it reduces loss provisions, it is hard to estimate when and by how much the company's earnings will benefit, Lache said. Lache does not own shares of Ford.
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Old 03-29-2004, 11:54   #2 (permalink)
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Re: U.S.A.:Ford Motor: Repossessions fell in Jan., Feb.

Maybe now the US can get out of the hole it is in. OR is it that most of those with bad or no credit just buy GM cars, since they are cheap.
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