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Ford Financial Services Operations

The Ford Financial Services Operations comprise
  • Ford Credit
  • Hertz
  • The Associates*

* In April 1998, the Associates were spun-off to Ford shareholders.

Ford Credit

2001 Results

Ford Credit

Ford Credit earned $1.20 billion in 2001 excluding unusual items, down 22 percent from $1.54 billion in 2000. In the fourth quarter, Ford Credit reported a profit of $6 million before charges, compared to $410 million a year ago. The reduction was more than accounted for by a higher provision for credit losses.




Hertz reported full-year 2001 earnings of $23 million, down from $358 million in 2000. Hertz lost $58 million in the fourth quarter, compared to earnings of $56 million in the fourth quarter of 2000. The decline is attributable to a slowing U.S. economy which affected U.S. travel and car rentals, as well as a more competitive pricing environment for all Hertz business units.

2000 Results


Ford Credit earned $1.54 billion in 2000, up 22 percent from 1999. In the fourth quarter, Ford Credit earned $410 million, an increase of $101 million, primarily because of higher volume and an improved net financing margin, offset partially by higher credit losses associated with the restructuring of North American operations.


Hertz reported full-year 2000 earnings of $358 million, up from $336 million in 1999. It was the ninth consecutive year of improved earnings for Hertz. In the fourth quarter Hertz earned $56 million, down $5 million from the year-earlier period.

Source: Ford Motor Company Annual Report

Financial Services Operations Key Facts

1999 1998 1997 1996
Worldwide Sales (in $ Mill.) 25,585 25,333 30,692 28,968
Net Income (in $ Mill.) 1,516 1,187 2,206 2,791
Workforce in total


Ford Credit 15,900*
Hertz 21,500*
The Associates* 22,600*

* approx. headcount  in 1997

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