Ford Automotive Finance (China) Limited (FAFC)
Ford Automotive Finance (China) Limited (FAFC) is a wholly-owned branch of the finance unit of Ford Motor Co in China. Ford Credit has invested US$60 million in FAFC and will invest more as its business grows.
FAFC initially focused on providing vehicle inventory wholesale loans for Ford brand dealers and then piloting consumer installment loans in select markets in China. In details, FAFC aimed to support the sale of Ford vehicles made in China as well as those imported into the country. Later, it will also expand financing to dealers of other brands of Ford Motor, including Lincoln, Volvo, Land Rover and Jaguar.
The company received final approval from Chinese regulators to provide car loans on May 29th, 2005 and kicked off operations at the beginning of the third quarter of 2005. Ford Credit is the third foreign auto financing company to gain the final nod to open business in China.
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