Ford Motor Great Comirany 20000 ROTUNDA DRE OFFICERS T. 0. YNTEMA R. S. OLSON J. B. LACKEY Vice President E. E. BAGGERLY こ Vice President-Operations M. E. MAARTENS Vice President—International E. C. NEVERGOLD Vice President-Sales R. C. WHITE T. E. BROWN F. J. FORCE R. A. VON DREHLE 1E LATER. Im A Treas in A ELZE ia Face I f Lempeng EETSTN Fort Werest Company To Face and Tur gine Fan Commi Fri Mar Cory OPERATING GENERAL Ford Motor Credit Company was incorporated under the laws of Delaware on August 20, 1959, as a wholly-owned subsidiary of Ford Motor Company, primarily to provide wholesale credit to qualified Ford Motor Company dealers and to purchase acceptable retail instalment sales paper from them. Another subsidiary of Ford Motor Company, The American Road Insurance Company, provides physical damage insurance in connection with the operations of the Credit Company. SCOPE OF OPERATIONS On December 31, 1960, the Company operated branch offices in twenty-two cities located in fifteen states and the District of Columbia. In 1961, branch openings are expected to continue at a rapid pace. During the first two months of 1961, branch offices were opened in Springfield, Missouri; Philadelphia, Pennsylvania; Dayton, Ohio; Dearborn, Michigan; and Newark, New Jersey. By the end of March, 1961, thirty-three offices will be in operation. It is intended that Ford Motor Credit Company financing facilities will be provided in other areas of the United States as soon as practicable. PERSONNEL At the end of 1960, personnel employed by Ford Motor Credit Company totaled 196, an increase of 157 during the year. These employes, bringing with them the experience gained in many seasoned organizations, have quickly formed the nucleus of an excellent team. Although our employment of qualified personnel continues, we have begun an extensive program of "promotion from within." We continue to maintain an environment encouraging self-development and are expanding personnel training programs to assist employes in qualifying for positions of increased responsibility. REVIEW BORROWING PROGRAW Initial lines of wit were arranger with them tame during the Present Ines of £XLIOLIN se manter u met my immediat recurements in 1961. it is planner zu edant nur credit ine sunsantaly auditanna nenes wil a requested to provide ins of credit, anti a expected the same & our presen: Îmes vil be increased. In the spring of 196. our commercial page makeing astrig will begn mersing in Dearborn. Later in the yer i s pamer that an office wil re meet in the New York area to assist a pacement of our shore-term shigations. PURCHASING POLICY At the end of 2991). There were 34.22′′ veral contracts outstanding. These contracts were purchased within the framework of a reatively conservative purchase policy. One of our principal objective is to provide efficient inw-cost competitive financing service to Ford Motor Company deem and ther customers. OUTLOOK Additional offices expected to be activated each month will enable Ford Motor Credit Company to increase its service area, and to bring competitive retail financing to an increasing number of Ford products dealers and their customers. Ford Motor Credit Company ASSETS BALANCE SHEET CURRENT ASSETS Cash. U. S. Government obligations, at amortized cost and accrued interest (approximates market). Notes receivable (including instalments due after one year) Retail. Wholesale. Capital Loans. Deduct: Unearned income. Allowance for credit losses Notes receivable, net. Accounts receivable Customer and other. Affiliated companies. Repossessions, at estimated realizable value. Prepaid expenses.. Total current assets.. OTHER ASSETS Equipment at cost.. Less accumulated depreciation. Deferred charges. TOTAL ASSETS. $ 4,156,126 983,791 $44,941,968 23,622,889 831,841 69,396,698 (4,267,737) (1,251,994) 63,876,967 146,324 23,059 169,383 137,692 64,323 69,388,282 208,639 (23,206) 185,433 130,703 $69,704,418 |