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]

By John Neff
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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]