Found financial info on Ford credit:
fordcredit.com
I see in 2002 they were still fighting with problems related to old leases.
What I didn't expect to see was lower receivables in 2003 than in 2002.
Loss-to-Receivables Ratios — On-Balance Sheet. In the second quarter of 2003, the on-balance sheet loss-to-receivables ratio was 1.82%, compared with 1.53% a year ago. In the first half of 2003, the on-balance sheet loss-to-receivables ratio was 1.94%, up from 1.65% a year ago.
The on-balance sheet loss-to-receivables ratios, excluding losses on reacquired receivables, for the second quarter and first half of 2003 were 1.70% and 1.88%, respectively. These increases in our loss-to-receivables ratios are a result of lower receivables and higher severity, reflecting
primarily declining auction values compared with the year-ago period.
Loss-to-Receivables Ratios — Managed. In the second quarter of 2003, the loss-to-receivable ratio for our managed portfolio was 1.72% compared with 1.23% a year ago. In the first half of 2003, the managed loss-to-receivables ratio was 1.77% compared with 1.32% a year ago.
These increases reflect the same factors as described above for the on-balance sheet loss-to-receivables ratio.
Delinquent Accounts/Bankruptcies. For quarterly ratios, delinquencies are expressed as apercent of the end-of-period accounts outstanding for non-bankrupt accounts. Full year ratios are expressed as an average of the quarterly ratios. At June 30, 2003, the over-60-day delinquency ratio was 0.35%, up from 0.29% a year ago.
At June 30, 2003, our allowance for credit losses was $3.2 billion, about $100 million higher than March 31, 2003, reflecting primarily continued weak economic conditions in the U. S. and the impact of stronger foreign exchange rates.
The allowance for credit losses as a percent of end-of-period net receivables was 2.42%, including reacquired receivables. Excluding reacquired receivables, our allowance for credit losses as a percent of end-of-period net receivables would have been 2.61%.
We consider our June 30, 2003 allowance for credit losses of $3.2 billion to be adequate to cover the probable losses on our on-balance sheet impaired receivables and leases.
Our allowance for credit losses does not include any allowance for receivables that we have sold in off-balance sheet securitizations.
Instead, when we sell receivables in off-balance sheet securitizations, we retain an interest-only strip asset included in our retained interest in securitized assets. In establishing the fair value of this asset, we include an estimated amount of expected future credit losses related to
securitized off-balance sheet receivables. |
