Ford Seeking Government Aid
Ford Motor Credit said today it was in talks with the Treasury Department and the Federal Reserve to obtain government aid, The Post's Kendra Marr reports.
The comments came on the same day that the Treasury announced a $1.5 billion loan to Chrysler Financial. In December, GMAC, which provides loans to General Motors customers, received $6 billion in federal aid. The moves by the government are an attempt to make auto loans more readily available.
Unlike Chrysler Financial and GMAC, however, Ford Motor Credit has been talking to government officials about receiving the money through the Term Asset-Backed Securities Loan Facility, or TALF, which was created by the Treasury and Fed to support auto, student and other consumer loans.
“We’re still funding our business,” Margaret Mellott, Ford Credit spokeswoman, who confirmed the talks. “We have strong liquidity.”
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