Captives See Mixed Results for 2Q 2001
The Big 3 captive finance arms had mixed results in the second quarter of 2001, according to published reports.
General Motors Acceptance Corp. (GMAC) had record second-quarter profits this year. An accounting change erased an improvement for Ford Motor Credit Co., and earnings fell more sharply for DaimlerChrysler Services.
GMAC earned $449 million in the second quarter of 2001, compared with $395 million in the second quarter of 2000. Lower short-term interest rates, which lowered GMAC's borrowing costs with an average of 5.9 percent cmopared with 6.56 percent a year ago, were among the factors in GMAC's increased profit.
Ford Credit would have earned $399 million this year compared with $388 million a year earlier without a one-time accounting change. The accounting change cut second-quarter earnings to $367 million.
Net income at DaimlerChrysler Services fell 14.7 percent to $98.3 million at current exchange rates. Responsible for part of DCX's difficulties was a drop in heavy-truck demand in the United States.
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