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SEARCHDEARBORN, Mich. -- Ford Motor Credit Co. reported record net income of $897 million in the second quarter of 2004, up $496 million from $401 million a year ago.
DEARBORN, Mich. -- Ford Motor Credit Co. reported record net income of $897 million in the second quarter of 2004, up $496 million from $401 million a year ago.
The company attributes the earnings success to continued improvement in credit loss performance, higher used vehicle prices and the impact of low interest rates.
"Results were very strong for the quarter, with significant improvements in credit losses," said Mike Bannister, chairman and CEO. "Improvement in the U.S. economy helped, but much of the success is due to our dedicated Ford Credit team and the support we receive from Ford Motor Company sales and marketing groups and from our dealers."
On a pre-tax basis from continuing operations, the finance arm earned $1.4 billion in the second quarter, compared with $661 million in the previous year.
Ford Credit provides auto finance in 36 countries to more than 10 million customers and 12,500 auto dealers.
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