UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
1. Name and Address of Reporting Person
Bellows, Timothy W.
250 Carpenter Freeway
Irving, TX 75062
2. Date of Event Requiring Statement (Month/Day/Year)
04/10/97
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(s) 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)
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
<TABLE>
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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 |12,074.000 |D | |
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Class A Common Stock |1,558.826 |I (1) |By 401(k) plan |
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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 Stock Apprec|(2) |5/7/2006 |Class A Common Stock |12,070.00|$29.00 |D | |
iation Rights | | | |0 | | | |
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Stock Option |(3) |1/2/2007 |Class A Common Stock |10,000.00|$43.25 |D | |
| | | |0 | | | |
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Phantom Stock Units |(4) |(4) |Class A Common Stock |1.362.308|1-for-1 |D | |
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Phantom Stock Units |(5) |(5) |Class A Common Stock |1,848.027|1-for-1 |D | |
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</TABLE>
Explanation of Responses:
1. These share are included within the 6,160.921 acquired under the exemption
provided by Rule 16b-3(c).
2. 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 4,310 shares, in full five years after the date of grant.
The options and tandem stock
appreciation rights are exercisable, as to 7,760 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.
3. These options were granted without payment by me. The options are
exercisable 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 include the right, subject to approval by the issuer, to have shares
withheld to satisfy income tax
obligations.
4. The Phantom Stock units were acquired under AFS's Deferred Compensation Unit
Plan and are to be settled in
cash upon the reporting person's retirement at the time and in the manner
elected by the reporting person at the
time of the deferral
election.
5. The Phantom Stock Units were acquired under AFS's Executive Deferred Salary
Plan and are to be settled in
cash at the time and in the manner elected by the reporting person at the time
of the deferral election.
SIGNATURE OF REPORTING PERSON
Frederic C. Liskow on behalf of Timothy M. Bellows
DATE
April 17, 1997
