UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) 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
Horie, Wilfred Y.
250 East Carpenter Freeway
Irving, TX 75062-2729
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
1/1997
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)
Executive Vice President
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>
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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>
Stock Options |$43.25 |1/2/1|A (1|V|17,500 |A |(1) |1/2/2|Class A Comm|17,500 |(1) |17,500 |D | |
| |997 |) | | | | |007 |on Stock | | | | | |
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Phantom Stock Units |1-for-1 |10/1/|I (2|V| 2,197.160 |A |(2) |(2) |Class A Comm|2,197.1|$41.06 | 2,197.160 |D | |
| |1996 |) | | | | | |on |60 | | | | |
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| | | | | | | | | | | | | | |
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Explanation of Responses:
1. 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.
2. The Phantom Stock Units were acquired pursuant to an intra-plan transfer
under AFS's Agreement to Defer
Phantom Stock Appreciation 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
/s/ Frederic C. Liskowon behalf of Wilfred Y. Horie
DATE
February 5, 1997
