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Ford Motor Credit's 50th Anniversary

Ford's financing arm, Ford Motor Credit today celebrates its 50th anniversary since it official began operating as a division of the American manufacturer on August 20, 1959. The financing subsidiary is currently offering a wide array of products and services, including consumer and commercial vehicle loans and leases, dealer inventory, capital and facility financing, insurance and many others.

"When Ford Motor Company formed Ford Credit in 1959, we created a global partner dedicated to the sale of Ford cars and trucks – a very smart move,"
said Alan Mulally, Ford president and CEO. "Today, Ford Credit is more than ever a strategic asset for Ford. As we move forward together to achieve profitable growth for all, it is wonderful to know that our dealers and customers are in their capable hands."

Ford Motor Company decided to establish Ford Credit on August 20, 1959 when the financing arm had only 12 employees and a few offices. In North America, the subsidiary had only three branches and financed the first model, a Mercury Monterey, in 1960 in Indianapolis. During the '60s, Ford Motor Credit expanded its operations in South America, Asia and Europe, becoming one of the largest financing divisions in the world.

The company currently has 9.000 employees with a $100 billion loan and lease portfolio, according to official Ford figures.

"Through 50 years of changing economic, political and business conditions, Ford Credit has provided consistent profits and dividends that support Ford's product development, and a reliable source of financing for dealers and customers," said Mike Bannister, Ford Credit chairman and CEO and executive vice president of Ford Motor Company.
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About the author: Bogdan Popa
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Bogdan keeps an eye on how technology is taking over the car world. His long-term goals are buying an 18-wheeler because he needs more space for his kid’s toys, and convincing Google and Apple that Android Auto and CarPlay deserve at least as much attention as their phones.
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