Since then, profits of the financing arm, with $11 billion in assets, have steadily grown to $219 million last year, from $86 million in 1987.
Most financing available at new car dealerships is offered by the financing arm of the vehicle manufacturer or a local bank.
In 1977, he bought the financing arm of a prominent Chicago conglomerate.
The financing arm contributed $47.8 million in revenue in the fiscal year that ended on April 30, 1995.
At the company's financing arm, Ford Credit, net income in the first quarter rose to $442 million from $256 million.
Flag, the financing arm, is putting up 65 percent of the investment.
His only business experience came from about a year working with the financing arm of an engineering services company.
The company's corporate financing arm reported earnings of $801 million, up from $227 million last year.
Firestone began as chief financial officer and set up a tax-shelter lucrative financing arm.
While Ford's cash position improved in the most recent quarter, the company and its financing arm had long-term debt of approximately $170 billion.
