DETROIT - Ford Motor Credit Co. and General Motors Acceptance Corp. reported higher third-quarter earnings, reflecting higher auto finance volume.
Ford Credit said its profits also included improved credit loss performance. Ford Credit earned $317 million, up 16.2 percent from the year-ago quarter. Parent Ford Motor Co. on Monday, Oct. 18, announced record third-quarter earnings of $1.1 billion, up about 11 percent (see story on Page 17). After nine months, Ford Credit was ahead of its 1999 goal of 10 percent earnings growth.
General Motors reported on Oct. 14 that income from continuing operations was $877 million overall, compared with a strike-impacted loss last year. GMAC earned $393 million.