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Ford Credit Adds New Initiatives in Latin America

20 May 1998

Ford Credit Adds New Initiatives in Latin America

    DEARBORN, Mich., May 20 -- Ford Credit has announced two
financing initiatives designed to help grow its business in Latin America.
    Ford Credit has introduced "Ford Credit Select," a new retail balloon
financing product for Ford customers in Argentina.  Another program offers
wholesale and retail financing to Ford dealers and their customers in
Colombia.
    Through Ford Credit Select in Argentina, customers make either 24 or 36
monthly payments plus one balloon payment.  Customers may finance any new Ford
car, including imports.  Ford Explorer also is available under this program.
    Customers have three options at the end of a Ford Credit Select contract:
They may turn in the vehicle and select a new Ford product; they may keep the
original vehicle by paying the fixed residual value; or they may return the
vehicle and walk away after settling any excess wear and tear or kilometrage
charges.
    Ford Credit Select is available now through 36 dealers in metropolitan
Buenos Aires and LaPlata.  The program will be expanded throughout all of
Argentina later this year.
    In Colombia, a cooperative agreement was reached between Ford Credit, Ford
of Colombia and Mazdacredito to develop and implement wholesale financing for
dealers and retail loan and lease products for consumers.  Mazdacredito will
offer the products under the Ford Credit name.
    "Latin America is important for our growth.  These two new initiatives
will allow us to broaden our customer base in the region even more," said
Gilberto Rustice, president, Ford Credit's Latin American Operations.
    Ford Credit offers financing to dealers and retail customers in Mexico,
Puerto Rico, Argentina, Brazil and Venezuela.  Ford Credit Argentina
operations are headquartered in Buenos Aires and the company's Latin American
Credit Operations (LACO) has headquarters near Miami, Fla.
    Ford Credit, a wholly owned subsidiary of Ford Motor Company , is
the world's largest company dedicated to automotive financing.  With 16,000
employees and 11,000 dealers around the world, Ford Credit provides financing
for more than eight million customers in 35 countries.