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Ford Credit to wind down operations in Brazil and Argentina

Ford Credit to wind down operations in Brazil and Argentina




News from the auto space we're facing difficulties the finance services  arm of ford motor ford credit it would  wind down operations in brazil  and argentina and it will take a  non-cash charge of  375 million dollars as well ford said it  expects  most of these losses which include 365  billion dollars  linked to foreign currency will be  recognized  this year so the timing for completion  of shutdown is  uncertain so far the company said it  would pay about 10 million dollars in  cash for  employee separations earlier this month  media reports said  ford would pay roughly 495 million  dollars to  state of bahia after deciding to close  its plants in brazil  reports earlier said auto financing arm  of ford motor  it plans to stop giving new credit to  car buyers  and dealers in india also and will exit  from country  as some customers failed to make  repayments here dealers typically need  credit to  buy cars from automakers which they then  sell on customers  for credit which is automaker's  financing arm it stopped lending to car  buyers  at the end of last year it will seize  credit to dealers by june 30. in india  decision to exit financing business  comes at a time when ford is finalizing a new strategy  for country  offending its ties with eminem on december 31st.

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