Once again, Ford Motor Co. is making money on car loans - but not on the cars themselves.
Last week, the automaker reported a third-quarter net income of $266 million. That's a turnaround from the year-ago period, when Ford lost $25 million.
But all of the profit came from Ford's financial services business, which racked up pretax profits of $1.43 billion. That offset the automotive operation's quarterly pre-tax loss of $673 million.
Ford of Europe lost $33 million, which was better than expected. Meanwhile, Premier Automotive Group suffered a $171 million pretax loss, not counting Jaguar's $23 million restructuring charge.
Ford Motor says it expects pretax profits of $1.5 billion to $1.7 billion for the year, not including special charges in North America.
That implies that more losses are on the way for the fourth quarter, since Ford earned
$1.9 billion for the first nine months.
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