Ford Motor Credit Co. will continue to buy subprime loans at lower volumes, but the captive finance company said last week it will phase out its Fairlane Credit LLC subprime subsidiary.
Fairlane, of Colorado Springs, Colo., will be phased out in July. Most of its 350 employees will find jobs at Ford Credit, said John Noone, Ford Credit executive vice president. Ford Credit will service existing Fairlane contracts.
Fairlane was created in 1997 to purchase subprime loans from Ford and Lincoln Mercury dealers.
Ford Credit has no immediate plans for major changes at its other subprime subsidiary, Triad Financial Corp. of Huntington Beach, Calif., which …
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