Posted on 01/16/2009 1:37:02 PM PST by BGHater
Ford Motor Co.'s (F) lending arm has been in talks with the U.S. Treasury Department about its financing needs, a government official said Friday.
The talks began shortly after Congress failed late last year to pass an auto- aid package that would have provided a line of credit to Ford. The official declined to say whether Ford's lending arm, Ford Motor Credit, is seeking aid.
"We have been in discussions," the official said. "I don't want to characterize the state of play. You'd have to reach out to them to get that characterization."
The official made the disclosure as the Treasury Department announced it would extend $1.5 billion in emergency loans to Chrsyler Financial Services LLC, the lending arm of imperiled auto maker Chrysler LLC.
(Excerpt) Read more at money.cnn.com ...
Any auto company that accepts bailout money will not get a penny of mine...other than what is taken in taxes.
To clarify, this is only Ford Credit, not the entire company.
Ford Motor Company’s position has not changed. We did not and are not seeking short-term financial assistance for our automotive operations from the government. What is in the news is Ford Credit’s discussions with the government regarding ways to restore liquidity to the financial markets to help us provide financing to our customers and dealers. We have been maintaining ongoing dialogue with the government on ideas to help unfreeze the credit markets. Ford Credit already has taken advantage of the Federal Reserve’s Commercial Paper Funding Facility. Ford Credit also has been seeking access to TALF, Treasury’s Term Asset Backed Securities Loan Facility, as well as FDIC approval of an application to establish an industrial loan corporation. Access to these credit facilities would help make credit available for customers to purchase new cars and trucks.
Scott Monty
Global Digital Communications
Ford Motor Company
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