U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
1. Name and Address of Reporting Person
Copeland, Walter B.
250 East Carpenter Freeway
Irving, TX 75062-2729
2. Date of Event Requiring Statement (Month/Day/Year)
7/31/96
3. IRS or Social Security Number of Reporting Person (Voluntary)
###-##-####
4. Issuer Name and Ticker or Trading Symbol
Associates First Capital Corporation
AFS
5. Relationship of Reporting Person to Issuer (Check all applicable)
( ) Director ( ) 10% Owner ( ) Officer (give title below) (X) Other
(specify below)
President of Subsidiary
6. If Amendment, Date of Original (Month/Day/Year)
8/7/96
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Table I -- Non-Derivative Securities Beneficially Owned |
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1. Title of Security |2. Amount of |3. Ownership |4. Nature of Indirect |
| Securities | Form: | Beneficial Ownership |
| Beneficially | Direct(D) or | |
| Owned | Indirect(I) | |
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<S> <C> <C> <C>
Class A Common Stock |3,450 (1) |D | |
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Class A Common Stock |2,500 (2) |I |By Trust |
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Table II -- Derivative Securitites Beneficially Owned |
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1.Title of Derivative |2.Date Exer- |3.Title and Amount | |4. Conver-|5. Owner- |6. Nature of Indirect |
Security | cisable and | of Underlying | |sion or |ship: | Beneficial Ownership |
| Expiration | Securities | |exercise |Form of | |
| Date(Month/ |-----------------------|---------|price of |Deriv- | |
| Day/Year) | |Amount |deri- |ative | |
| Date | Expira- | |or |vative |Security: | |
| Exer- | tion | Title |Number of|Security |Direct(D) or | |
| cisable | Date | |Shares | |Indirect(I) | |
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<S> <C> <C> <C> <C> <C> <C> <C>
Option with Appreciation|(3) |5/7/2008 |Class A Common Stock |19,830 |$29.00 |D | |
Rights | | | | | | | |
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Explanation of Responses:
1. These restricted shares of Class A Common Stock were granted by the issuer
without payment by me. The
grant includes the right, subject to approval by the issuer, to have shares
withheld to satisfy income tax obligations.
2. Purchased from underwriter in initial public offering at public offering
price.
3. These options with tandem stock appreciation rights were granted without
payment by me. Stock appreciation
rights were granted in tandem with all of these options. The options and
tandem stock appreciation rights are
exercisable, as to 6,900 shares, in full five years after the date of grant.
The options and tandem stock
appreciation rights are exercisable, as to 12,930 shares, to the extent of 33
1/3% of such shares after one year
from the date of grant, 66 2/3% after two years and in full after three years.
The options and tandem stock
appreciation rights include the right, subject to approval by the issuer, to
have shares withheld to satisfy income tax
obligations.
SIGNATURE OF REPORTING PERSON
Frederic C. Liskow on behalf of Walter B. Copeland
DATE
8/12/96
