OHV 16V Posted November 19, 2009 Share Posted November 19, 2009 The House Financial Services Committee approved an amendment sponsored by Rep. Gary Peters, D-Bloomfield Twp., on Wednesday that would allow Ford Motor Co. to pursue its application for an industrial loan corporation, or ILC, for its credit unit -- a move that would make it easier to raise funds.Ford Motor Credit has sought an ILC since 2006. Other companies, including Toyota's credit arm in the United States, have an ILC. "The last thing we ought to do is lock one of our automakers into a permanent disadvantage relative to foreign-based competitors just as the company is beginning to return to profitability," Peters said. I'd post a link, but it's mixed in with a bunch of other crap over at Detroit News. That's the entire tidbit written over there. Quote Link to comment Share on other sites More sharing options...
jpd80 Posted November 19, 2009 Share Posted November 19, 2009 (edited) I'd post a link, but it's mixed in with a bunch of other crap over at Detroit News. That's the entire tidbit written over there. So Ford has cleared the first hurdle in Ford Credit becoming an "Industrial bank" - good for them. I remember someone on BON saying that Ford Credit didn't have sufficient capital to achieve banking status, maybe the rules are slightly different for an industrial loan corporation or maybe the +$100 billion in customer loans is enough ...... There's still a long way to go but this is all the government assistance Ford needs to combat its rivals... Edited November 19, 2009 by jpd80 Quote Link to comment Share on other sites More sharing options...
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