Ford Motor Credit

Ford Motor Company

2008-01-04T18:45:00.000-08:00

Ford Motor Company is an American multinational corporation and the world's third largest automaker based on worldwide vehicle sales.

For 2007, Ford is the third-ranked automaker in US sales after General Motors and Toyota. This is the first time in the past 75 years Ford was not second-ranked autmaker in US sales. Ford was also the seventh-ranked American-based company in the 2007 Fortune 500 list, based on global revenues of $160.1 billion. In 2006, Ford produced about 6.6 million automobiles, and employed about 283,000 employees at about 100 plants and facilities worldwide. In 2007, Ford had more quality awards from J.D Power than any other automaker.

Based in Dearborn, Michigan, a suburb of Detroit, the automaker was founded by Henry Ford and incorporated in June 16, 1903. Ford now encompasses many global brands, including Lincoln and Mercury of the US, Jaguar and Land Rover of the UK, and Volvo of Sweden. Ford also owns a one-third controlling interest in Mazda.

Ford introduced methods for large-scale manufacturing of cars and large-scale management of an industrial workforce, especially elaborately engineered manufacturing sequences typified by moving assembly lines. Henry Ford's combination of highly efficient factories, highly paid workers, and low prices revolutionized manufacturing and came to be known around the world as Fordism by 1914.

Ford Motor Credit Company

2008-01-03T16:40:00.000-08:00

Ford Motor Credit Company is the financial services arm of Ford Motor Company, and is headquartered in Dearborn, Michigan.

Its business activities are concentrated primarily in the area of automobile loans in support of its parent company. The company offers consumer loans and leases to car buyers, as well as business loans and lines of credit to dealerships selling Ford Motor Company products. The firm also issues commercial paper and other debt instruments on Ford's behalf.

Ford Credit, as it is popularly known, is analogous to GMAC (General Motors Acceptance Corporation), the credit and lending arm of competitor General Motors.

Ford Credit also owns PRIMUS Financial Services, formerly known as Primus Automotive Financial Services. PRIMUS specializes in non-Ford financing by providing private-label financing to other Ford owned but not Ford badged brands such as Mazda, Jaguar, Volvo, and Land Rover.

Primus was formerly known as Marine Midland Automotive Financial services (MMAFC) and was owned by Marine Midland Bank of Buffalo, New York. Ford Credit bought MMAFC in 1990 and moved the headquarters to Nashville and later Franklin, Tennessee.

General Motors Acceptance Corporation

2008-01-01T19:42:00.000-08:00

GMAC (or GMAC Financial Services), formerly known as General Motors Acceptance Corporation, was previously the wholly owned financial services arm of General Motors.

GMAC Financial Services provide a suite of financial programs including automotive financing, insurance and mortgage operations in 40 countries around the world.

GMAC also operates Nuvell Financial Services within its automotive financing division. While the main GMAC specializes in the financing of new and Certified Pre-Owned ("used") GM vehicles, Nuvell is for rival auto companies that do not have a financial arm, as well as for late-model used cars from dealerships that use bank financing. Kia Motors America is one of the companies to use Nuvell for their new vehicle sales.

Its other businesses include ResCap Holding, an umbrella company for GMAC's residential mortgage business, and GMAC Home Services, a real estate services subsidiary. As well, it is an associate sponsor of all Hendrick Motorsports racing teams.

ResCap Holding is the parent for GMAC Mortgage, GMAC-RFC, GMAC Bank, Ditech.com, and Homecomings Financial.

GMAC Home Services is the parent for GMAC Real Estate, formed by the purchase of Better Homes and Gardens Real Estate in 1998, GMAC Global Relocation Services, and GHS Mortgage.