UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
(X) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Hegarty, Kevin P.
250 E. Carpenter Freeway
Irving, TX 75062
2. Issuer Name and Ticker or Trading Symbol
Associates First Capital Corporation
AFS
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
08/1997
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Senior Vice President, Comptroller and Principal Accounting Officer
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
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<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
Class A Common Stock |08/15/|P (1| |0.8386 |A |$59.625 | |D | |
|1997 |) | | | | | | | |
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Class A Common Stock |08/25/|M (2| |2,300.000 |D |$60.50 | |D | |
|1997 |) | | | | | | | |
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Class A Common Stock |08/29/|P (1| |0.8611 |A |58.062 | |D | |
|1997 |) | | | | | | | |
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Class A Common Stock |08/29/|P (1| |.8602 |A |$58.125 |561.5570 |D | |
|1997 |) | | | | | | | |
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Class A Common Stock |08/15/|J (3|V|0.8750 |A |$59.75 | |I |By 401(k) Plan |
|1997 |) | | | | | | | |
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Class A Common Stock |08/29/|J (3|V|1.098 |A |$58.06 |31.7680 |I |By 401(k) Plan |
|1997 |) | | | | | | | |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Option with Stock Appr|$29.00 |08/25|M (2| |2,300. 000 |D |(2) |05/07|Class A Comm|2,300.0|$60.50 |4,600.00 |D | |
eciation Rights | |/1997|) | | | | |/2006|on Stock |00 | | | | |
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Explanation of Responses:
1. These shares were purchased through payroll deduction pursuant to the
company's employee stock purchase plan.
2. These shares were sold pursuant to the exercise of nonqualified stock
options granted to the reporting person by Associates First Capital
Corporation on May 8, 1996. The options were granted to the reporting person
without payment by him.
3. These shares were acquired under the exemption provided by Rule
16b-3(c).
SIGNATURE OF REPORTING PERSON
Frederic C. Liskow on behalf of Kevin P. Hegarty
DATE
September 8, 1997
