ASSOCIATES FIRST CAPITAL CORP
424B3, 1994-05-20
PERSONAL CREDIT INSTITUTIONS
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<CAPTION>
                                                                                   Effective Annual Yield if
                                                                                   Interest Compounded 
                                                                                   Quarterly
                                                  Interest Rate                    and Paid Annually 
                      Note Maturity               Per Annum                        or at Maturity
                      ------------                -------------                    -------------------------
<S>                  <C>                          <C>                               <C>.
                      1 Year                       5.15%                             5.25%
SUPPLEMENT            2 Years                      6.00%                             6.14%
Dated                 3 Years                      6.50%                             6.66%
May 20, 1994          4 Years                      6.75%                             6.92%
                      5 Years                      7.00%                             7.19%          
                     

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                         $1,000 MINIMUM PURCHASE
                                           
                          ------------------------  

   The Notes are prepayable at the option of the party 
entitled to receive the proceeds of the Note under certain 
circumstances.  See  "Description of Notes -- Prepayment."



FINANCIAL INFORMATION AS OF MARCH 31, 1994

The following summary of certain consolidated financial
information supplements the corresponding information 
set forth on Page S-2 and is principally derived from the 
Company's Annual Report on Form 10-K for the year ended 
December 31, 1993 and its Quarterly  Report on Form 10-Q 
for the nine months ended September 30, 1993 to which reference 
should be made for the detailed information and financial 
information contained therein (Dollar Amounts in Millions).

   
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<CAPTION>                                                        

                                Year Ended            Three Months Ended
                                 or at                  or at March 31   
                               December 31,         1993          1993       1994 
                                 1993                    (Unaudited)    
                                                  
     
<S>                              <C>                 <C>           <C>
Revenue                          $ 3,705.6           $   882.1     $ 1,019.6
Earnings Before Provision for 
  Income Taxes                   $   751.8           $   173.9     $   204.9
Net Earnings                     $   470.1           $   110.6     $   126.5
Finance Receivables (net of 
  unearned finance income 
and allowance for losses)        $25,555.9           $22,572.1     $26,320.3
Stockholder's Equity             $ 2,506.4           $ 2,119.2     $ 2,562.8
Ratio of Earnings to Fixed Charges    1.56                1.53          1.59

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