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SEARCHFord Motor Credit Co. is easing its lending policies and changing how it looks at debt-to-income ratios for young car buyers.
Ford Motor Credit Co. is easing its lending policies and changing how it looks at debt-to-income ratios for young car buyers.
Ford Division President Steve Lyons said these changes meant that Ford would no longer use the same standards to assess people across all age groups and levels, reported Reuters. For young people who have no credit rating, Ford Credit would "stretch a little more, anticipating growth in income later on," Lyons said.
Major cuts in Ford's loan-loss reserve provisions helped the company achieve higher profits than expected last year. Lyon said the new policies in relation to young buyers wouldn't affect the provisions.
Lyon made these remarks to reporters last month at the National Automobile Dealers Association Convention and Expo.
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