Ford to Sell Subprime Unit
Ford Motor Co. will sell Triad Financial Corp., its subprime lending arm, to a group of investors.
Ford Motor Co. will sell Triad Financial Corp., its subprime lending arm, to a group of investors.
The automaker struck a preliminary deal in December, according to Automotive News. The sale should be final by June 30, pending regulatory and financing approval. The buyers are Gerald J. Ford of Dallas, GTCR Golden Rauner LLC of Chicago and Goldman Sachs of New York, said Ford Credit spokeperson Brenda Hines.
"The reason it is for sale is that Triad specialized in nonprime lending for late-model used-automobile purchases, and a large portion of its volume is generated by non-Ford dealers," Hines said. "Our present focus is to support Ford Motor Co. brands." Ford pulled back from financing non-Ford and used cars in 2002.
Ford Credit does buy a broad spectrum of business, said Hines. Michael Bannister, Ford Credit CEO, had said in October that it was planning to cautiously increase higher-risk loans.
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