Ford Motor Credit earns $577 mil in Q3

Ford has announced that its financial arm, Ford Motor Credit, has reported a net income of $577 million in the third quarter. That sounds like a lot, especially considering Ford proper reported a loss of $284 million in the third quarter for its vehicle division. Actually, however, FMC's earnings this quarter are $157 million off last year's Q3 earnings. The loss is reportedly due to higher borrowing costs and less business coming through the door. GM is reportedly considering selling a controlling stake in its financial arm, GMAC, despite it also earning a profit of $675 million in Q3, an increase over last year's earnings of $620 million in the same period.
[Source: Ford]