Most other 48-month loans through Ford Credit have a 7.9 percent rate.

Ford Credit is the most successful of the finance units, having made money every year since its creation in 1959.

Ford Credit earned $408 million on an operating basis, up from $389 million a year earlier.

Ford Credit's new business is risky on two counts.

Ford Credit reported net income of $734 million, up from $504 million in the period a year earlier.

Ford Credit posted a profit of $1.03 billion last year, down from $1.44 billion in 1996.

Ford Credit, the company's financing business, reported pretax profit of $1.08 billion, up from $678 million.

"They have the same set of problems, but Ford Credit's are more acute right now."

Ford Credit, which makes car loans and leases, had a 5 percent increase in profits, to $272 million.

Ford Credit had operating income of nearly $1.4 billion, while the company's automotive operations lost $539 million.

Most other 48-month loans through Ford Credit have a 7.9 percent rate.

Such buyers get a 10.5 percent rate at Ford Credit, or one percentage point below the national average today for car loans.

Ford Credit is the most successful of the finance units, having made money every year since its creation in 1959.

Ford Credit earned $408 million on an operating basis, up from $389 million a year earlier.

Ford Credit reported net income of $734 million, up from $504 million in the period a year earlier.

Ford Credit posted a profit of $1.03 billion last year, down from $1.44 billion in 1996.

Ford Credit, the company's financing business, reported pretax profit of $1.08 billion, up from $678 million.

Ford Credit, which makes car loans and leases, had a 5 percent increase in profits, to $272 million.

Ford Credit had operating income of nearly $1.4 billion, while the company's automotive operations lost $539 million.

Our ability to step in and fix Ford Credit was limited.