200,000 Ford car loans sold to Macquarie
Macquarie Leasing will take over the servicing of the Ford loans by January 2010. The portfolio covers around 200,000 vehicles and adds to the bank’s existing leasing portfolio of 140,000 vehicles. Macquarie did not disclose terms, but given Ford Credit was a needy vendor they must have been pretty favourable. At December 2008 FCA Holdings, as Ford Credit is now formally known, had $2.1 billion in receivables. Taking into account the run down in its loan and lease book (since it stopped providing retail finance in early 2009) the financier will substantially (and perhaps completely) refinanced its loans through Macquarie.
Source: The Sheet