Car lender losing money
FCA Holdings, formerly Ford Credit Australia Limited, has reported a lacklustre net profit of $24.8 million, down a quarter from the previous year. The 2007 calendar year profit is the lowest in five years, due to falling receivables, a trend that has existed for three years in a row. Total receivables fell to $2.4 billion in 2007 from $2.8 billion a year earlier, with 2005 $3.1 billion and 2004 $3.3 billion. Standard & Poor's maintained the Australian debt placements by the Company at B3 for short term guaranteed and B for long term guaranteed. Volvo Car Credit Australia transferred all assets and liabilities to FCA Holdings in March 2008, with the company no longer operating, until it is officially liquidated.
Source: The Sheet